Best savings interest rates for April 2023

Savers are looking for the best interest rates to bolster their finances as inflation continues to put pressure on households. Thanks to Nerdwallet, finance analysts have broken the top savings accounts for this month.

Here is a full list of the best savings accounts for April 2023, as well as the corresponding interest rates:

• SoFi Checking and Savings – four percent interest rate with $0 minimum balance and $250 bonus (£201.27) bonus with direct deposit
• Marcus by Goldman Sachs Online Savings Account – 3.75 percent interest with $0 minimum balance
• CIT Bank Platinum Savings – 4.75 percent interest rate with $5,000 (£4,025.44) minimum balance
• American Express® High Yield Savings Account – 3.75 percent interest rate with $1 (£0.81)
• minimum balance
• Citizens Online Savings Account – 4.25 percent interest rate with $0.01 minimum balance
• LendingClub High-Yield Savings – 4.25 percent interest rate with $0 minimum balance
• Citi® Accelerate Savings – 3.85 percent interest rate with $1 (£0.81) minimum balance
• Discover Bank Online Savings – 3.60 percent interest rate with $0 minimum balance
• Bread Savings™️ High-Yield Savings Account – 4.50 percent interest with $100 (£80.51) minimum balance.

READ MORE: ISA alert as ‘early bird’ savers can avoid brutal ‘tax trap’

It should be noted that all of the above savings account rate are between four to five out of five on Nerdwallet’s ‘Best for Savings Accounts’ rating.

The Annual Percentage Yields (APY) for the products are current as of April 3, 2023, according to finance experts.

All information regarding the account is current t as of March 31, 2023 but savers should be aware that variable rates are subject to change.

On its website, Nerdwallet outlined why Americans should care about the best savings accounts currently available for April 2023.

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It explained: “If you have money left in your checking account each month — or you can adjust your budget so that you do — you should have a savings account with a high rate.

“It’s always helpful to have money set aside for emergencies, and it’ll earn you much more in an account that pays one of the best savings account rates than in a checking account.

“Just make sure you can keep enough in your savings account to avoid monthly fees. Most online savings accounts don’t charge these, but many traditional accounts do.”

Over the past year, the Federal Reserve has opted to raise interest rates in the wake of the COVID-19 pandemic’s economic fallout.

Richard Ollive, senior financial adviser at the Wesleyan, speaks exclusively to the Express about why investing may be a better option for bank customers at a time of high inflation.

He explained: “Just as there’s lots of different ways to save, there are also plenty of ways to invest.

“For example, you could invest in the stock of a specific company, or you could invest in funds – where your money is pooled with other investors to buy a range of ‘assets’ such as shares bonds or property.

“Whatever you invest in, you’re usually hoping to grow your money either through dividends (if you’re investing directly in shares) or through ‘capital appreciation’ (which is the value of your investment going up). You may benefit from both, depending on your investment portfolio.

“The potential rewards of investing can be greater than cash savings. But, by investing, you are exposed to the risk of the stock market. The value of your investment could fall rather than grow, and it may fluctuate up and down on a regular basis over the short term.”