Savings accounts are great for storing your cash and earning a little interest — and different savings accounts can be geared toward different goals. Because everyone’s priorities vary, we reviewed hundreds of accounts across our sister site DepositAccounts, financial institution websites and other sources to find the best savings account in several categories.
We ranked accounts higher if they had higher interest rates, fewer fees, higher-rated mobile apps and wider account accessibility. We also prioritized elements of each specific category. Using our unique methodology, our pick for the overall best savings account is Marcus by Goldman Sachs Online Savings.
|Category||Account||Annual percentage yield (APY)|
|Best overall||Marcus by Goldman Sachs Online Savings||3.30% on all balances|
|Best APY for low balances||Affinity FCU SmartStart Savings||3.50% on balances up to $5,000|
|Best APY for high balances||UFB Elite Savings||3.16% on all balances|
|Best for avoiding fees||Discover Online Savings||3.30% on all balances|
|Best for students||SoFi Student Checking and Savings||3.75% on all balances|
|Best for automated savings||Ally Online Savings||3.40% on all balances|
|Best for mobile and online banking||Capital One 360 Performance Savings||3.40% on all balances|
|Best for access to cash||Synchrony High-Yield Savings||3.75% on all balances|
Why we picked it: The Marcus by Goldman Sachs Online Savings account stands out for its accessibility (same-day transfers), affordability (very few fees) and APY (much higher than the national average).
You get same-day transfers of up to $100,000 to and from your checking or savings accounts at other banks via the Marcus app or by phone. Highly rated in both the Apple App Store and Google Play Store, the Marcus app allows you to review transactions, monitor transfers and make use of the Marcus Insights tools and trackers.
Get answers from the website’s extensive FAQs or reach customer service 24/7 via chat or phone. If you’re an everyday saver looking to earn a little on your balance and easily access your cash without risking hidden fees, this might be ideal for you.
Why we picked it: This account is great for that little stash of cash you’re looking to grow. For any deposits under $5,000, you’ll earn one of the highest APYs in the market. Of course, for balances over $5,000, your APY drops to a tiered rate, but it’s still higher than the national average for savings accounts.
It’s an easy-to-join credit union — you only need to open and maintain a $5 membership eligibility account and make a $5 donation to the New Jersey Coalition for Financial Education or the Connecticut Jump$tart Coalition.
The mobile app ranks highly in both app stores and has capabilities that most mobile banking apps have — recurring transfers, bill pay, Zelle, mobile deposit, money management tools and more. Customer service is pretty accessible, too: via phone 24/7, a chatbot or live chat with a banker during office hours.
If you don’t mind taking the extra step to apply for membership and plan on maintaining a lower balance, you’ll see the most return with SmartStart Savings.
Why we picked it: You’ll see higher returns for your larger deposits with this account –– without worrying about a minimum balance or monthly fee. The complimentary ATM card gives you access to around 91,000 ATMs nationwide and UFB does not limit the number of transfers you make.
On top of being FDIC insured, UFB Direct claims they’ll cover 100% of any losses due to things like an unlikely break-in, misplaced or lost funds or funds taken out without your permission, which might offer some peace of mind for more substantial balances.
The UFB Direct Mobile app also holds strong ratings for both Apple and Android products, and the online banking portal essentially acts as a full-service bank, allowing you to get quotes and even prequalify for loans or refinancing. You can contact customer service via chat in the app during business hours or contact a banker directly 24/7, apart from certain holidays.
Why we picked it: If fees keep following you around, Discover Online Savings might be the hero you’re looking for. Apart from a $30 service fee for outgoing wire transfers, this account has no fees for:
The Discover Mobile app is pretty popular for both Apple and Android. It lets you monitor your savings, set up alerts, deposit checks, send and transfer money and pay bills. It also appears to work well with a variety of wearable devices.
You can chat with Discover customer service through the app or contact the help center 24/7 by phone. For financial advice, the site’s Modern Money Blog talks about saving, debt resolution, budgeting and other financial topics. If “fee-free” is top-of-mind for you, this account gives you that, plus a decent APY.
Why we picked it: Students need to save, too, right? The SoFi Student Checking and Savings account earns the same competitive 3.75% APY as SoFi’s regular checking and savings account when you set up direct deposit. Without direct deposit, you’ll still earn 1.20% APY –– above the national average.
Don’t worry about overdraft fees or fees at 55,000-plus ATMs nationwide –– huge benefits for the student on a budget who’s attending school out of state. And the mobile app lets you monitor your savings and spending, pay friends, deposit checks, set up alerts and organize your savings into vaults with recurring deposits. If you need a banking professional, call or chat with customer support during office hours, and even meet with a career coach or financial planner at no additional cost.
SoFi is currently offering a sign-up bonus of up to $30 on this account if you meet certain requirements (like signing up with your .edu email address, adding $10 to your account and spending $100 on your SoFi debit card within the first 30 days of your account).
Why we picked it: This account does a good job of removing savings obstacles with several saving features and tools, including:
Ally also can help you get past mental blocks when it comes to saving with comprehensive financial education resources. The Ally blog addresses career, college and retirement, but also budgeting, estate planning and finance basics. And you can sign up for Ally Wallet Wise, the bank’s free financial education program or check out their content library tailored to saving during significant phases of life.
If you need more help with your finances, you can call, chat or email support 24/7 and speak to a real banker.
Why we picked it: Capital One mobile app has excellent ratings for both app stores and offers convenient features and automatic savings tools. It’s also a bonus that this account is offering a decent APY, minimal fees and accessible customer support.
With the mobile app, you can:
You’ll also have access to Eno within the app –– Capital One’s 24/7 virtual assistant –– and can set up automatic transfers or create multiple performance savings accounts for each of your savings goals. For more customer support, Capital One has a 24/7 interactive phone service or you can speak to a live associate seven days a week during office hours.
Why we picked it: Synchrony Bank is an online-only bank, but it makes it pretty easy to access the cash in your high-yield savings account. You get a highly-rated mobile app, free ATM card and fee-free access to the bank’s widespread ATM network. You can even combine up to four of your accounts onto a single ATM card — just give the bank a call to set it up.
Synchrony will reimburse you for any out-of-network ATM fees you accrue up to $5 per statement cycle (Diamond tier customers will receive unlimited ATM fee refunds). The ATM cash withdrawal limit is $1,000 per day, with a separate $500 limit per day for ATM point-of-sale transactions.
You can transfer your money online for free from any Synchrony account, or transfer it from a non-Synchrony account that you’ve linked up. There is no fee to receive a wire transfer, but there is a $25 fee to send one (Diamond tier customers receive three wire transfers per statement cycle).
The Synchrony mobile app provides a full-scale view of your accounts, even with a widget for your phone’s home screen to check balances at a glance. You can deposit checks, link up accounts, track spending and activity and chat with a live banker for questions. Otherwise, you can call or chat with an agent on the site during business hours, while the automated customer service line is available 24/7.
Using information from our sister site DepositAccounts, financial institution websites and other sources, MagnifyMoney reviewed hundreds of accounts to determine the best savings account for categories important to banking customers. To be considered, accounts must be available across the United States and insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).
While each category winner is based on particular criteria, we also considered the following features when selecting our accounts. We ranked higher those with:
A savings account is a part of many people’s financial portfolio. It’s a secure bank account where you can store money that earns interest, growing your balance over time. It’s commonly used to build an emergency fund, save for big life purchases (like a car or a home) or even put away future college funds.
Traditional savings accounts from big banks don’t typically offer the best APY. Online banks tend to have some of the best high-yield rates because they don’t have costs associated with running brick-and-mortar banks.
Typically, there are transaction limits (six per month) on savings accounts, a rule that used to be enforced by the Federal Reserve but has since been suspended because of the COVID-19 pandemic. Some banks and credit unions still choose to enforce it, so be aware so that you don’t accrue any excess transaction fees by going over the limit.
Ensuring your bank is FDIC insured or your credit union is NCUA insured is important in keeping the funds in your savings account safe. FDIC and NCUA insurance protects deposit accounts funds up to $250,000 per depositor, per bank and per ownership category.
You’ll see these terms pop up a lot in your search, and if you’re already familiar with them, it never hurts to have a refresher.
Here’s what we recommend looking for when you’re prepared to open an account:
Savings accounts come with very little risk and give you a secure place (separate from your other finances) to save for longer-term goals and earn interest along the way.
Typically, no. Savings accounts are not designed for frequent transactions (like checking accounts are), so they often do not come with checks or debit cards. But you can make transfers in person at the bank.
After reviewing hundreds of accounts across our sister site DepositAccounts and other financial institution websites, we found that Marcus by Goldman Sachs Online Savings was the best. It has a higher-than-average APY, no monthly maintenance fees, no opening deposit requirement, 24/7 customer service and a highly rated mobile app.