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It’s pretty much universally accepted that saving money is a good idea. It’s not always easy to save money, and it will often take a lot of hard work to change your spending habits. However, it’s always a good idea to save money whenever possible. 

One of the easiest ways to save money is to open a savings account. The exact qualifications you’ll need to do this can vary, but for the most part, you’ll need a government-issued ID, Social Security number, contact/personal information, and an open checking account. 

Why Should I Open a Savings Account? 

The simple answer is that many benefits come with having a savings account and there are virtually no downsides. The money in your savings account is FDIC insured and backed by the National Credit Union Administration (NCUA), so the government protects you against loss. You can’t lose any money in your account as you might with an investment. The money is liquid, so you can use it whenever you want. The list goes on and on, but you get the idea. 

If you don’t already have a savings account, you should consider opening one. With mobile banking, savers can open online accounts with traditional banks for easy access, wire transfers, check writing, and higher interest rates. 

Of course, there are plenty of in-person options for compound interest and high-yield savings accounts, savings account offers with low or no ATM fees, and check deposit insurance. With so many options, it makes sense to consider a savings account.

What are the best savings accounts in 2023? 

It’s not particularly difficult to find a financial institution that offers a savings account to new or existing customers. Financial institutions rely on savings accounts to grant loans and make money. They commonly compete for your business and incentivize you to stash as much cash in their vaults as possible.

These incentives might not be as lucrative as other saving options out there. However, the low risk, accessibility, and simplicity of a traditional savings account make them a viable option for people of all ages

These are the six best savings accounts currently available in 2023:




Marcus by Goldman Sachs is a high-yield online savings account option. The key benefit to this savings account is that it can come with the highest rate of 2.7% APY(annual percentage yield), which is well above the national average for savings accounts. While this APY is only available in the Marcus Referred program, all others can still receive a competitive rate of 1.7% APY, which is a higher APY than the national average. 

There are no minimum deposit or minimum balance requirements and no monthly maintenance fees. Marcus is a significant financial product, qualifying you to transfer up to $100,000 from other banks within the same day. 

The main downside of using Marcus is that it’s an online bank, so you’ll encounter a few limitations in terms of convenience. For example, there are no physical branches or ATM access and the customer service support hours are limited. Also, there is no feature for writing checks or mobile deposits of checks. That means that all deposits will have to be transferred electronically or automated.




Synchrony is an online bank that offers a variety of consumer-financing options. The most significant benefit of using Synchrony bank is that it comes with a 1.8% APY for savings accounts, making it one of the best high-yield savings accounts. There are no monthly fees or minimum deposit requirements. 

One of the essential features of a Synchrony savings account is its very convenient use. For example, the mobile app allows you to deposit checks and make transfers whenever possible. There is also an optional ATM card that you can use to make cash withdrawals and other transactions at the various ATMs located around the U.S.

The biggest drawback of Synchrony is that there are no brick-and-mortar banks. That means you have to be careful to use only ATMs within the Synchrony network to avoid potential fees. There is also no option for opening a checking account, so your account is strictly savings only. A balance of $0 for more than 60 days can result in your account being closed automatically.




Barclays is a British financial institution best known for its credit cards. However, it’s also a viable option for savings accounts. The interest rate on a Barclays savings account is around 1.8% APY, which is higher than the national average for savings account interest rates. No monthly fees or minimum balance requirements make statement cycles less stressful. 

The mobile app will allow you to deposit checks, transfer funds, and look up your FICO score. Barclays also offers Savings Assistant tools that can help you to save money more effectively. 

One of the main issues with Barclays is that there are only five branches nationwide. While that’s more than most other options on this list, it can still be quite a hassle, especially since Barclays isn’t a part of any ATM network. 

You have the option to write checks, but you’ll have to make transfers to linked bank accounts if you want to make cash withdrawals. You’re only permitted to make six monthly withdrawals before Barclay tacks on a $5 service charge.


SoFi is an online-based American personal finance company that offers a variety of products, including loans, mortgages, credit cards, investing, and banking. The most significant benefit of using SoFi is that you’ll receive an APY that can reach as high as 2%. 

There are no minimum balance requirements or monthly fees, and direct deposits can arrive up to two days early. SoFi uses the Allpoint ATM network and has more than 55,000 locations throughout the United States. Establishing a monthly direct deposit into your savings account could qualify you for a cash bonus worth up to $300. 

The biggest issue with SoFi is that cash deposits are only available through a third-party vendor. The vendor charges a fee that can cost as much as $4.95 for each deposit. Another issue is the fee for using ATMs that are out of network. While many ATMs are spread across the country, you’ll have to use ones in the network to avoid the fee.


Citizens Access


Citizens Access is part of the online division of Citizens Bank. It makes this list for its incredible 2.1% APY, among the best in the industry. Unfortunately, there aren’t many other perks to a Citizens Access account other than the high-interest rates. There are no monthly maintenance fees, but the main benefit of this account is the high APY.

The biggest issue with Citizens Access is that there is no ATM access or mobile app. The lack of these options makes it one of the more inconvenient options on this list. Also, you’ll need to maintain a minimum balance of at least $5,000 to qualify for the highest interest rate.


CIT Bank


CIT Bank is the online division of the First Citizens Bank & Trust Company. There are three savings accounts options with distinct attributes:

The Savings Builder account offers 0.85% APY if you make monthly deposits of at least $100 or maintain a $25,000 balance. You’ll also need to make a minimum deposit of at least $100 to open the account.

The Money Market account offers a 1.4% APY. This account has no monthly service fees, but you must make a minimum deposit of $100 to open the account. 

The Savings Connect account offers 2.1% APY if you set up a minimum $200 automated deposit with a linked e-checking account. You’ll also need to make a $100 minimum opening deposit to open the account. 

Save today to prepare for tomorrow

The future is always uncertain, and you never know when the next emergency might hit. Depending on the type of emergency, the contents of your savings account can be the difference between eviction, severe illness, and even death. 

Learning how to save is a skill that requires a lot of patience, practice, and discipline. It can be very challenging for some adults to hone this skill, but it’s essential for financial security and stability. 

The quickest way to jumpstart your savings journey is to open a savings account with one of the financial institutions listed above. Of course, other banking options didn’t quite make a list, including:

  • Ally Bank
  • Capital One
  • Discover
  • LendingClub 


Building your savings account will take time, but the above incentives will make it easier for you. Remember that every savings account starts small and grows over time. If you keep adding money to it, you’ll reach your savings goals before you know it. 

Information provided on Entrepreneur Guide is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, we do not recommend or advise individuals to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results

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