7 BEST High Yield Savings Accounts for 2023

Here are the current 7 best high yield savings accounts for January 2023.

High Yield Savings Accounts (HYSA) are back to offering some of the highest interest rates we've seen in a long time. In this video I am going to discuss 7 different high yield savings accounts ranging from 3.75 to 4.35% APY. I'm also going to share which HYSA did not make the rankings for this month and which HYSA we recently switched to.

TIMESTAMPS
0:00 - Intro
0:35 - CIT Bank
1:35 - My Savings Direct
2:15 - SoFi
4:16 - PNC Bank & BMO Harris Bank
5:27 - Bask Bank
6:04 - Salem Five Direct
6:48 - What Happened to UFB Direct
7:39 - HYSA We Switched To!
8:44 - Final Thoughts on High Yield Savings Accounts

NOTE: MySavingsDirect states in their Account Disclosure: "Your MySavings Account ("Account") can be opened by authorizing us to transfer funds electronically which then will be processed through an Automated Clearing House ("ACH") entry from a transaction Account designated by you at an external financial institution (the "External Account") or by completing an online application and sending your personal check by mail."

Links to sign up for HYSAs:

[bitterswtmocha]

0:35 CIT Bank
1:38 My Savings Direct (Emigrant Bank)
2:17 Sofi
4:17 PNC and BMO Harris
5:28 Bask
6:07 Salem Five Direct
6:52 UFB

[ModelInAVan]

I was all excited to open a Bask Bank account. I have tried 6 times to open either account with no luck in completing the verification and now I've decided to shop for a different bank that's more reliable from the get go. Just thought I would throw in my 2 cents

[janellfields]

I have UFB and have the 4.11% APY I’ve had them since last year and haven’t had a lot of issues with switching rates

[themajesticwierdo]

Thank you for giving us more options and keeping us updated! 🙏🏿

[Ken-wejc]

Keep the videos on APY coming. Geat work.

[normansanders]

I opened a UFB a few weeks ago and so far been happy with them. Only issue I had was solved very quickly by calling UFB. Bonus: just seen they have raised my rates on saving and my money market to 4.21.

[DZ-Z]

I wouldn't recommend CIT. It literally takes up to 3 weeks to see your deposits show up even though it says 3 to 5 business days. It's kind of nerve-wracking. I lost trust in them and close my account.

[andrewtate]

My Guy Matt, Love your videos, very informative and interesting in today's world.

[bluegodofspeed]

Love Sofi. Not sure if you've done a video on this, but I shuffle banks for direct deposit bonus. Got $250 from BMOHarris, and wanted to do a couple more but not eligible due to lack of citizenship. Laurel road offers $300 for direct deposit I think, and $20 monthly for when direct deposit is sustained. Something else offered $400 straight.

[Native]

Can you do a review on bread financial savings?

[y.h]

Thanks for this video. I'm planning to open an account with Bask Bank. Have your heard anything negative about it?

[sd]

The issues with banks such as PNC and others with a zip code restriction is that it limits where you can live in order to get the rate. For example if you move or if they open a brick and mortar branch near your location you could lose the rate. So in addition to variable rates you also have to worry about that in the back of your mind. To me these are HUGE things to be incorporated in your breakdown.

[PRD]

if i put in 1k in my AMEX HYSA on march 1st, how much would i make by next month

[treyparks]

And I’m surprised PNC had a yield that high because they have a ridiculous amount of fees. They would always hit me with a $15 a month fee for not having $500+ in my checking account when I was broke and in school. That’s just a poor person tax basically

[greeneking]

2:06 I see there on the screen it also says "If you choose this option..", so I'm not too sure about that. I looked on the site all the way at the bottom in the fine print and clicked on account disclosures then scrolled down to account opening and is says you have the option to authorize them to do an ACH from your external bank. The page you are on is the F.A.Qs and that paragraph specifcally stats "can I open my account with a check?" I agree there is conflicting info but I don't think they would shoot themselves in the foot like that.

[louieborges]

Great video. Very helpful & informative. Thanks.

[loolootutu]

Does CIT bank have fees for wire transfers or transferring money electronically from one U.S. bank to theirs and vice versa?

[treyparks]

UFBdirect is the highest i saw at 5.02% I just opened an account there

[nickab]

Hi. Thank you for updating us. I opened a SoFi account. I deposited a qualifying amount and setup direct deposit. However, I won’t start getting funds directly deposited until February, 2023 bc I’m starting a new job. So, my question is: will I be qualified to receiving the bonus since promotion ends 1/31/23???

[jamiewilliams]

For BMO Harris and PNC Bank, the 4% is for CDs not a Savings Account.