Interest rates on savings accounts vary greatly, which means you need to shop around to find your best rate available. It’s possible to find rates reaching well past 2%, while the average savings account rate stands at around 0.28% (as of October 2019). This is why we check rates daily at more than 5,000 U.S. banks and credit unions, to make it easy for you to gain the best possible return on your savings.
The savings account table below allows you to compare savings account rates offered by financial institutions such as online banks, credit unions, community banks and the big nationwide banks. The best savings account rates are published at the top of the table, and APYs decrease as you scroll down the list. Feel free to filter the results by location and investment amount for more customized results.
A savings account is a key component of everyone’s financial life. Whether you’re shopping around for a new savings account or you need to open one for the first time, this comprehensive guide should help you get started. Below, you’ll find the best savings accounts to choose from, and a full brief on every aspect of selecting the right account for your needs.
Everybody needs something a little different from their savings account. That might mean you want to maximize your interest earnings, while others might need easy branch access. For that reason, we’ve outlined the best savings accounts in several different categories to better help you find the right one for your preferences.
Best Savings Account Rates from Top Online Banks
Some people really put an emphasis on banking with a well-known, dependable bank that offers high rates and great features. For this reason, we’ve compiled a list of the big online banks that have had competitive rates for two consecutive years and either don’t require a minimum deposit amount or have a low minimum deposit amount requirement.
1. Goldman Sachs Bank USA – 1.90% APY, no minimum deposit to open account
You can easily fund the account by either transferring your funds directly from a linked external bank account, setting up direct deposit, sending a check or sending a domestic wire transfer. While you can deposit as much as $1 million per account, you’ll only be able to transfer a maximum of $125,000 per outgoing transfer when initiated online. Marcus does give you the option to call its customer service number if you need to withdraw more than that amount. Keep in mind that you’ll be limited to making six certain withdrawals or transfers per statement period.
One downside to this online-only bank is that it doesn’t currently have a mobile app that allows you to conduct transfers, so you’ll have to conduct transfers on Marcus’ website. However, the online bank did join forces with Clarity Money, a personal finance app from Goldman Sachs Bank USA. Through Clarity Money, you’ll be able to monitor your account and manage your finances in a simple way.
2. Barclays – 1.90% APY, no minimum deposit to open account
While Barclays had been predominantly making a name for itself in the credit card space, the bank launched its online savings account in 2012 with a fairly competitive rate. Since its launch, the bank has remained consistent with its rate and even decided to up its game in March 2019 to compete with the other online banks. Today, Barclays holds on to a 1.90% APY, and doesn’t require a minimum amount to open the account or a balance to earn that APY.
You can fund the account by transferring funds via ACH, setting up direct deposit, mailing a check or uploading a picture of a check via the bank’s Deposit Checks feature. Be aware that Barclays may hold your deposited funds for up to five business days if deposited by check or electronically. If you fund the account via ACH or transfer from another bank, the funds will be available immediately. The maximum amount that you can withdraw or deposit is $250,000 per transaction.
If having the ability to bank at the palm of your hand is important to you, you’ll be happy to know that Barclays has a mobile app.
3. American Express National Bank – 1.90% APY, $1 minimum balance amount
With our sponsored advertiser, American Express National Bank, you can also open deposit accounts like its Personal Savings Account. Luckily for banking customers, the account historically offers good rates that consistently land it in top rankings. Today, you can take advantage of its 1.90% variable Annual Percentage Yield (APY), as of 08/22/2019, with any deposit amount. The account doesn’t charge a monthly fee, nor any fees for wires or to deposit checks.
This high yield savings account does not come with an ATM/debit card or checks. You can deposit money by mailing a check and make online transfers to and from your account. When pulling funds from your external bank, it will take five business days to appear in your account when you initiate the transfer from your Personal Savings account, and one to three when you initiate through your external account. Sending funds from your Personal Savings Account will take one to three business days no matter which side you initiate from. American Express Personal Savings is accessible online only; it does not have a mobile app.
4. Synchrony Bank – 1.90% APY, no minimum deposit to open accounts
Back in 2014, having a savings account that offered a 1.00% APY was rare, but Synchrony Bank established itself by offering this rate. Since then, it has consistently offered one of the top savings account rates in the market; currently, it’s offering a 1.90% APY. There isn’t a minimum deposit requirement to open the account or earn the APY. There are also no monthly fees.
You can fund this savings account a number of ways: ACH, mobile check deposit, direct deposit, wire transfer, or a mailed check. Incoming transfers will typically take three business days to post unless you initiated the transfer after 10pm EST.
One really big perk of this account is that it comes with an ATM card — Synchrony is partnered with the Accel network for ATM access. You will be limited to withdrawing a maximum of $1,000 per day, and if you use an out-of-network ATM domestically, Synchrony will refund you up to $5 per statement cycle. Synchrony Bank has a mobile app for your convenience.
5. Ally Bank – 1.80% APY, no minimum deposit to open account
Today’s Online Savings Account rate may not be the highest we’ve seen from Ally Bank, but it has remained a top competitor nonetheless. Its 1.80% APY will still yield solid savings and requires no minimum deposit to get started. There’s no monthly fee here, either, which allows your savings to grow effortlessly. Ally Bank is relatively low on fees and maintains transparency around the fees it does charge — these include outgoing domestic wires, paid overdraft items and excessive transactions.
As an online bank, Ally Bank doesn’t allow for cash deposits to be made into its Online Savings Account, though you can still deposit checks remotely with Ally eCheck Deposit and make online, wire and mail transfers in and out of the account. You can also make transfers out of your account over the phone and by requesting a check. Online transfers between Ally Bank accounts are immediate, while transfers between Ally Bank and non-Ally accounts take three business days. Free next-day transfers are available to select customers depending on account tenure, account activity and transfer activity.
Ally Bank offers an extensive and helpful mobile app that allows you to make deposits, pay your bills, transfer money, find in-network ATMs and view your balances and transactions. You can download the app on various platforms including Android, iOS and Windows.
Best Rates from New Online Savings Accounts
Over the last year or so, there have been a ton of new online banks being created by bigger banks or big banks introducing new online savings options. This list includes those banks that have either launched within the last two years or introduced a brand-new savings account with consistently high rates within the last two years.
1. Vio Bank – 2.27% APY, $100 minimum deposit to open account
Vio Bank has certainly been a recent stand-out candidate for its competitively high rates on its CDs as well as its High Yield Online Savings Account. It currently earns 2.27% APY and compounds interest daily for better savings. Plus, there’s no monthly fee. You will need at least $100 to open the account. It’s better to stick to electronic statements here, because paper statements cost $7 each.
Vio Bank doesn’t provide debit cards or check writing capabilities on its High Yield Online Savings Account or any other accounts. Instead, you’ll have to make online ACH transfers. Deposits into the account may take five or more business days. You’re limited to $25,000 daily and $100,000 monthly on transfers to and from external accounts initiated by Vio Bank. There aren’t any limits on transfers initiated outside, though. You can fund your High Yield Online Savings Account by mailing a check, depositing a check on mobile or sending an incoming wire.
In addition to its online presence, Vio Bank extends itself to a mobile app, as well, which allows you to manage your accounts and make transfers on the go. It is available in the Apple App Store and Google Play Store.
2. CIT Bank – 2.10% APY, $100 minimum deposit to open account
The 2.10% APY on the Savings Builder account isn’t earned outright. When you open the account, it will start earning at a 2.176% interest rate from the day you open it through what’s known as the first “Evaluation Day,” which falls a couple months after opening. On each Evaluation Day, CIT will determine whether you qualify for the 2.10% APY for the next month. You can qualify by either maintaining a balance of $25,000 or more or making at least one monthly deposit of $100 or more. Failure to meet these requirements will bump your APY down to 1.24%. Interest is compounded daily.
You’ll need at least $100 to open a Savings Builder account. It does not charge a monthly maintenance fee. You can fund your Savings Builder account through electronic fund transfers, mailed checks or wires. You can use these same methods to transfer money out of your account; just note, though, that an outgoing wire will cost $10 for accounts with a balance of less than $25,000.
The CIT Bank mobile app provides another outlet to manage your accounts, deposit checks and make transfers.
3. HSBC Direct – 2.05% APY, $1 minimum deposit to open account
HSBC Direct provides Money Management Tools that are designed to help you manage your money, set goals and stick to a budget. This includes email alerts for bills, low balances and fees, customizable goals and comparable income and spending.
When you have an HSBC US account, you can pay bills and make transfers and other payments in the Move Money section. Transfers in and out of the account typically take three to five business days to clear. Deposits into the account are limited to $3,000 daily and $5,000 monthly. An ATM or debit card is not included with this account.
Take advantage of the HSBC Mobile Banking App for further accessibility, like mobile check deposit. You can find it in the App Store and Google Play.
4. CIBC USA – 2.05% APY, $1,000 minimum deposit to open account
The online-only CIBC Agility™ Online Savings Account offers a competitive 2.05% APY on all balances, although you’ll need at least $1,000 to open an account and get started. It does not charge a monthly fee, so your savings can keep growing uninterrupted.
To withdraw funds from your account, you can make transfers between accounts (both internal and external) or submit a request in writing for a check to be issued in your name. To deposit money, you can also make ACH transfers or send a cashier’s or personal check to CIBC USA in either the bank’s name or your name. Check deposits are placed on a 10-day hold.
In addition to online account access with CIBC NetBanking, you’ll also have further on-the-go access with the CIBC US Mobile Banking App.
5. Citizens Access – 2.00% APY, $5,000 minimum deposit to open account
Unlike its other competitors, Citizens Access has a bit of a higher minimum deposit to open its Online Savings Account, requiring $5,000. If you can meet that threshold, you can start earning at its 2.00% APY, but balances under $5,000 will drop to 0.25% APY. Citizens Access boasts zero fees, including for monthly maintenance.
To make a deposit into the Online Savings Account, you can make an online funds transfer or deposit a check through the mail or mobile check deposit; withdrawals are made in the same ways. When moving money from your Online Savings Account, it can take two to three business days for the funds to post in the external account.
Citizens Access doesn’t have a mobile app, but the website is designed to be easily accessible on mobile, including mobile check deposit capabilities.
Best High-Yield Savings Accounts
If the feature you care about the most is the rate a bank offers on a savings account, this list is for you. These banks are currently offering the highest savings account rates.
1. FitnessBank – 2.75% APY, $100 minimum deposit to open account
The Fitness Savings Account earns interest on balances over $100. The exact APY you earn on your Fitness Savings Account depends on your average daily step count which is calculated each month. The top rate of 2.75% APY is reserved for customers who log 12,500 steps or more. The rate drops to 2.50% APY for an average daily step count between 10,000 to 12,499; to 1.75% APY for 7,500 to 9,999 steps; and to 1.25% APY for 5,000 to 7,499 steps. Finally, the rate plummets to 0.50% APY if you’re logging 4,999 or fewer steps. When you open a new account and have at least $100, the account will have an initial APY of 2.75% until the rate adjustment date after the first full month.
You need at least $100 to open a new Fitness Savings Account. You must also maintain a $100 minimum average daily balance in order to waive the $10 maintenance fee. There is no fee for incoming wires. You can deposit money into your account through online transfers, which typically take three to five days to post.
To track your steps, you will need to download the FitnessBank Step Tracker app. Then you can link it with your Garmin, FitBit, Apple Health or Google Play.
2. TAB Bank – 2.40% APY, $0 minimum deposit to open account
Within the first six months after account opening, TAB Bank does not allow you to request transfers from external accounts while in your TAB account. Instead, TAB suggests you initiate those transfers from the external account itself. The limit on incoming transfers during this time is $1,000, then increases to $3,000 after this introductory period. Transfers out of your TAB Bank account are limited to $3,000 and typically take two to three days to post in the external account. TAB Bank provides mobile banking access, in addition to online and telephone access.
3. BrioDirect – 2.30% APY, $25 minimum deposit to open account
Open a BrioDirect High-Yield Savings account with just $25 to start. You’ll also need to maintain at least $25 in the account to earn the 2.30% APY. There is no monthly fee and the only other posted fees are a $10 excessive transaction charge and a $35 overdraft/insufficient funds fee.
You can transfer money between your BrioDirect savings account and other accounts using the bank’s External Transfers feature online or by calling the bank. You can also fund the account by wiring the money or sending a check. There isn’t a BrioDirect-branded mobile app, but you can use Sterling’s Personal Mobile Banking app to manage your accounts.
4. Popular Direct – 2.30% APY, $5,000 minimum deposit to open account
To take advantage of Popular Direct Ultimate Savings Account, you’ll need to have at least $5,000 to open an account. Interest is earned on all balances. Unlike other accounts on this page, this account charges a $4 monthly fee if your balance ever dips below $500.
Generally, transferring funds into your account using the Electronic Banking External Transfer service will take three business days to post (four, if made within 90 days after account opening). Direct deposits are made available on the same day the funds are deposited. Popular Direct’s mobile app allows you to manage your accounts, including mobile check deposit.
5. Customers Bank – 2.20% – APY, $25,000 minimum deposit to open account
You’ll need quite a big deposit to snag the Customers Bank High-Yield Savings Account’s 2.20% APY — it requires $25,000 to open and to earn interest. There is no maximum balance limit, though, so this may work best for individuals with higher balances. Interest is compounded monthly.
To fund a High-Yield Savings Account, you can transfer money from an existing Customers Bank account, make an online transfer or wire money from an external account or mail a check. Customers Bank offers a mobile app available in the Apple Store and Google Play.
Best Savings Account Bonus Offers
Some banks offer cash bonuses to bring in new customers. There are often requirements that need to be met in order to qualify for these bonuses, so you’ll want to pay attention to those prior to applying. This list includes banks offer bonuses for opening a savings account.
1. Discover – $200 bonus with $25,000 minimum deposit + 1.85% APY on all balances
You have until Nov. 4, 2019 to open a new Discover Online Savings Account and redeem this bonus offer. If you deposit at least $15,000 into the new account by Nov. 18, you’ll earn a $150 bonus. Deposit at least $25,000 by the same date, and you’ll earn a $200 bonus. If you qualify, the bonus will be deposited by Dec. 2.
The account itself earns at a solid 1.85% APY, and interest is compounded daily. There are no minimum deposit or balance requirements or a monthly fee.
2. Citibank – $400 bonus with $15,000 minimum deposit
Snag a $400 from Citibank by being a new customer an opening a Citibank Account Package by Dec. 31. Deposit at least $15,000 in either the checking or savings account within the package within 30 days of opening the account. The money must be new to Citibank and kept across both accounts for 60 days.
The Citibank Account package includes both the checking and savings account. There is a $25 monthly fee which you can waive with a $10,000 minimum balance across both accounts. The checking account earns a 0.01% APY, and the savings account will earn between 0.04% and 0.13%, depending on your balance. Citibank offers a mobile app to access your accounts.
3. Associated Bank — $400 bonus with $25,100 minimum deposit
Earn a $400 bonus when you open both an Associated Choice Checking account and an Associated Relationship Savings account by June 30, 2020. Open the Choice Checking account with at least $100. You must also make three payments through Associated Bank Online Bill Pay or at least one direct deposit of $300 or more within 45 days of account opening. Open the savings account with at least $25,000. You must maintain a $25,000 minimum combined balance between the two accounts for 90 days to receive the reward 120 days after account opening.
Email yourself a coupon code from the offer page to bring into a branch to redeem. Your new accounts must be funded with new money not already held with Associated Bank. Associated Bank employees and customers who already have or have had a checking account or Associated Relationship Savings account at Associated Bank within the last six months are not eligible for the offer.
The Associated Choice Checking account earns between 0.01% and 0.10% APY, where higher balances earn higher rates. There is a $25 monthly fee, which you can waive with at least $10,000 in combined deposit accounts or either an HSA or investment account. The Associated Relationship Savings account earns according to balance tiers, between 0.10% and 1.55% APY.
4. Chase – Up to $350 bonus with $10,000 minimum deposit and direct deposit in a qualifying checking account
Another checking and savings mix-and-match bonus, you have until Jan. 21, 2020 to open a new Chase Total Checking account. Once it’s open, setting up direct deposit will snag you a $200 bonus. Earn another $150 when you open a Chase Savings account and deposit at least $10,000 in new money within 20 business days. You must also maintain that balance for at least 90 days.
The accounts themselves aren’t too remarkable. The Chase Total Checking account charges a $12 monthly fee unless you have direct deposits totaling $500 or more, a minimum $1,500 balance at the beginning of each day or a $5,000 average beginning day balance in combined account balances. The Chase Savings account also charges a fee, $5 per month, that you can waive with a minimum $300 balance at the beginning of each day, at least one repeating automatic transfer of at least $25 or more from your personal Chase checking account or Chase Liquid® Card, a linked Chase College Checking account for Overdraft Protection, an account owner younger than 18 or a qualifying linked account. Chase provides users with a mobile app to manage accounts.
5. Wells Fargo – $250 bonus with $15,000 minimum deposit
Earn a $250 bonus by opening a new Wells Fargo savings account with a $25 minimum deposit by Dec. 31, 2019 and depositing at least $15,000 in new money within 10 days of opening. New money means that it must not already be held in a Wells Fargo account. You must also maintain a $15,000 minimum daily balance for 90 days after account opening.
Wells Fargo requires you to open the new savings account in a branch with a valid bonus offer code which you can find online. The offer’s scope is very limited, serving only customers in Dallas, Texas and Washington, D.C.
Wells Fargo has two savings accounts. Way2Save Savings earns a mere 0.01%APY, while the Platinum Savings account earns either 0.05% APY or 0.90% APY, depending on your balance. Wells Fargo provides a mobile app for its customers to deposit checks and manage accounts on the go.
Best Savings Account Rates from Credit Unions
Some people prefer to do their banking with credit unions because of the member benefits that extend beyond the deposit accounts. This list includes credit unions that currently offer the best savings account rates for low and high depositors.
1. Digital Federal Credit Union – 6.17% APY, up to $1,000 account balance
DCU offers its members a whopping 6.17% APY on its Primary Savings account. However, this high APY applies to the first $1,000 in your account. Everything over that will earn 0.25% APY. The account requires a $5 opening deposit and balance to maintain membership. There is no monthly service fee.
Transfers through DCU’s Payment Center impose a minimum amount of $0.01 and maximum amount of $2,500.
DCU offers account access through branches (both DCU and CO-OP), online, at ATMS and over the phone. There is no mobile app.
2. USALLIANCE Financial – 2.10% APY, $500 minimum balance amount
The High Dividend Savings account earns 2.10% APY and compounds interest daily. You’ll need to open an account with at least $500 and maintain a $500 minimum balance to keep earning dividends.
While there is no monthly fee, there is a $5 withdrawal fee that applies to any movement of money out of the account, including transfers. To transfer funds between accounts, you can initiate either through USALLIANCE or from your external account. Transfers will take a few days to post.
USALLIANCE offers its mobile app in both the Apple Store and Google Play. It allows you to view all your activity, pay bills, deposit checks and more.
3. CommunityWide Federal Credit Union – 2.00% APY, $1 minimum deposit to open account
The Funds account from CW is a unique approach to savings. You’re allowed to make a withdrawal from the account between the 1st and 5th of each month; any withdrawals outside of that period are subject to a penalty of seven days’ dividends. Complying with this account’s requirements allows you to earn at 2.00% APY, a higher rate than the credit union’s standard savings account. You need only $1 to open an account and there is no monthly fee to maintain the account.
In addition to online access, CW provides mobile access either through your browser or its mobile app available for iOS and Android, which allows for check deposit.
4. Alliant Credit Union – 1.80% APY, $100 minimum balance amount
The High-Rate Savings requires at least $5 to open, but Alliant will fund it for you. You’ll need to increase your average daily balance to at least $100 to earn 1.80% APY. There’s no monthly fee with eStatements, but paper statements will incur only a $1 fee.
You can easily make online transfers between your Alliant accounts and either external or other Alliant accounts. Alliant allows you to set immediate one-time, future, or recurring transfers. Deposits into an Alliant account typically credit within 24 hours of Alliant receiving the funds. You can make an unlimited number of transfers between accounts, but the limit for same-day ACH transfers is $25,000 per day. Benefit from further convenience with Alliant’s mobile app, available for Android and iOS.
5. Quorum Federal Credit Union – 1.72% APY, no minimum deposit to open account
Earn 1.72% APY with the HighQ Savings account, no matter your balance. There’s no minimum deposit requirement, either. There is no monthly fee when you elect for eStatements; otherwise, paper statements will incur a $10 monthly fee.
In addition to online and ACH transfers, you can deposit money into your Quorum account through mobile check deposit and deposit-taking ATMs and Shared Service Centers. Transferring money between an external account can take up to three business days. The Quorum mobile app allows you to manage your accounts and deposit checks on the go and is available for both Android and iOS.
Savings Account FAQs
Certificates of deposit
A certificate of deposit (CD) is a time deposit. Unlike savings accounts, which have no expiration date, CDs operate according to defined terms. Typically, CD terms range between three and 60 months, although some institutions offer terms beyond these parameters. Once you make your initial deposit, you have to wait for the term to expire — or mature — to access your funds and interest earnings.
CDs are a solid savings alternative for folks who have already maxed out their other savings accounts. They’re also good for longer-term savings goals. Opening a longer CD lets you lock in a high rate for the length of the term and not have to deal with the rate fluctuations that come with regular savings accounts.
CDs often require a minimum deposit to open, often ranging between $500 and $10,000. Any deposits larger than that are often considered “jumbo” CDs. However, there typically aren’t monthly fees to worry about with a CD.
Withdrawing money from a CD before maturity will result in an early withdrawal penalty. Remember how banks use savings accounts to fund their loans? The same is true here, except with CDs, you’re essentially making a promise to the bank that they can use those funds for a set amount of time.
For example, if you open a five-year CD, the bank expects to be able to use the funds for loans over a period of five years. If you withdraw that money after three years, the bank loses access to those assets and charge you a penalty. The penalty is often expressed as a portion of the interest earned. In this example, you might be charged 365 days’ worth of interest for making that early withdrawal. Some banks may offer “no-penalty” CDs, which tend to have shorter terms, that allow you to avoid the penalty.
Money market account
A money market account resembles a savings account more closely. It earns interest without an expiration date and limits your outgoing transactions to six per cycle. However, money market accounts can also include some checking account features like a debit card and the ability to write checks. This makes them a good alternative if you plan to dip into the account a bit more regularly, rather than using it only for emergencies.
Money market accounts tend to earn at higher interest rates than regular savings accounts. However, they also tend to require higher balances to open and then earn interest. Money markets often charge monthly fees, as well, even when they’re online.
Checking and savings accounts are the bread and butter of your financial life. While savings accounts are meant for stashing your money away, checking accounts are designed to help you move through the world, making payments, sending transfers, getting cash and more.
That doesn’t mean that your checking account can’t earn interest, too, however. Maximize your savings by opening a high-yield checking account to match your high-yield savings account. Checking accounts don’t earn at rates as high as savings accounts, but that way, all your money in all your accounts can be growing. For more efficiency, consider keeping the majority of your funds in your savings account for better growth — then you can transfer funds over to your checking account as needed.