- Best for high APY with $100 minimum deposit: CIT Savings Connect
- Honorable mention: Barclays Online Savings
- Best for high APY: UFB Secure Savings
- Best for investors: E-Trade Premium savings
- Best for ATM access: Synchrony High Yield Savings
- Best for ACH transfers: Marcus Online Savings
- Best for customer experience: Capital One 360 Performance Savings
- Best for automated savings: Ally Bank Savings Account
- Best for kids: Alliant Kids Savings Account
- Honorable mention: Bread Savingsâ„¢ High-Yield Savings
- Honorable mention: Bask Bank Interest Savings Account
- Honorable mention: LendingClub High-Yield Savings
Best savings accounts of 2023
The best accounts offer high APYs with few requirements to earn it.
The best savings account should topple the national average of 0.46% APY and have no monthly fees or large balance requirements so you can reap the full reward. With savings rates increasing this year, here are the best savings accounts that offer a large return on your investments without requiring you to jump through hoops.
The 13 best savings accounts
Closer look at the best savings accounts
The best savings accounts are those with the highest APYs, lowest fees and lowest minimum requirements on the market to help you grow your nest egg. Each account in our list meets the mark, with differences coming down to ATM access, family friendliness, customer support and knockout features like automated savings.
Best for high APY with $100 minimum deposit
CIT Savings Connect
Finder score
APY | 4.65% |
---|---|
Fee | $0 |
Minimum deposit to open | $100 |
Best for high APY
UFB Secure Savings
Finder score
APY | 5.25% |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
Best for ATM access
Synchrony High Yield Savings
Finder score
And with an optional ATM card, you can access your cash at any Plus or Accel ATM worldwide. Plus, Synchrony Bank will refund up to $5 per month for domestic ATM fees.
APY | 4.75% |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
Best for investors
E-Trade Premium savings
Finder score
APY | 4.25% |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
Best for ACH transfers
Marcus Online Savings
Finder score
APY | 4.40% |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
Best for customer experience

Capital One 360 Performance Savings
Finder score
APY | 4.35% |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
Best for automated savings
Ally Bank Savings Account
Finder score
APY | 4.25% |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
Best for kids
Alliant Kids Savings Account
Finder score
But the joint account owner must be an Alliant member. Luckily, anyone can join with a $5 donation to its partner charity, Foster Care to Success.
APY | 3.10% |
---|---|
Fee | $1 per month (can be waived) |
Minimum deposit to open | $5 |
Honorable mentions
These honorable mentions are still great options offering competitive interest rates and low minimum deposits to help diversify your funds.
Barclays Online Savings
Finder score
APY | 4.35% |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |

Bask Bank Interest Savings Account
Finder score
APY | 5.10% |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
Bread Savingsâ„¢ High-Yield Savings
Finder score
APY | 5.15% |
---|---|
Fee | $0 |
Minimum deposit to open | $100 |
LendingClub High-Yield Savings
Finder score
APY | 4.65% |
---|---|
Fee | $0 |
Minimum deposit to open | $100 |
Methodology: How we choose the best savings accounts
When judging the best savings accounts we look at major factors, including minimum opening deposits below $100, APYs and whether there are steep balance requirements to earn it. We choose accounts with the highest APYs and fewest requirements for our best list. When accounts are similar, we consider secondary features, such as the presence of additional fees, balance limitations or additional banking perks like optional ATM cards.
How to choose the best savings account
Watch our 60 second video below!
- Fits your needs. The right account should align with why you’re saving. For example, choose a business account if you’re a business owner, a kids savings account if you’re saving for your child, an ethical account if you want to make a difference and so on.
- Low fees. The best savings accounts don’t charge monthly fees. More rarely, you may find some savings accounts that don’t charge on certain wire transfers.
- Competitive APYs. You want an account that’s going to compound and reward you for saving. The best ones have competitive APY at least 10x higher than the national average.
- Low opening deposit. There are plenty of accounts that let you get started with as little $0 but some may require you to have $500 or more. Note any opening deposit requirements and make sure you can comfortably meet them.
- Easy access to your money. Most savings accounts don’t come with ATM cards, but some do. Think about how you want to access funds and find an account that matches your needs. Bear in mind that most savings accounts limit your monthly transactions to no more than six withdrawals.
- Safety. Make sure that your savings acccount is insured by the FDIC or NCUA. Most financial institutions offer insurance up to $250,000.
- Online savings. The best high-yield savings accounts are from online banks. Because they don’t have to worry about overhead costs, they can offer better perks like stronger APYs.
- Sign up bonus. While a sign-up bonus shouldn’t be the only factor you consider, if you’re between a few great savings accounts, check to see if any are offering a bonus for sigining up.
Pros and cons of savings accounts
With so many savings options out there, it can be hard to determine how to pick the best one for you. Consider these benefits and drawbacks to look out for:
Benefits
- Low opening deposits. You can open some savings accounts with as little as $0.
- No monthly fees. Many savings accounts waive monthly maintenance fees or don’t charge them at all.
- Savings perks. Savings accounts may come with features that help you grow your money. For example, Ally Bank rounds up purchases you make and deposits the extra into your account.
- Transfer funds. Most banks let you easily transfer money between your savings and other bank accounts.
- Protect other accounts. If you have your checking and savings account at the same bank, you can link them for free overdraft protection.
Drawbacks
- Limited accessibility. Most savings accounts don’t come with a debit or ATM card. You also may pay a fee if you make more than six outgoing transactions a month. Although this federal regulation is temporarily suspended during the coronavirus pandemic, some banks are still limiting transactions.
- Minimal return on investment. Savings account interest rates are affected by federal rates. This means that your APY may drop if the federal rates drop.
- Fees. You may pay fees if you can’t meet minimum deposit limits or you make more than six withdrawals a month.
- Tiered APY requirements. Some savings accounts come with balance requirements to earn the highest APY.
Savings account alternatives
If the best savings accounts don’t fit your financial goals, consider these alternatives:
- Money market accounts. Want the accessibility of a checking account with the earning power of a savings account? A top money market account might be right for you. But be prepared for higher opening deposits.
- Digital bank accounts. Many digital banks, like Chime and Varo, offer two-in-one accounts designed for spending and saving. Some even have budgeting tools to help you better manage your money.
- CDs. If you’re confident you won’t need your money for a while, lock it away in a CD with a high rate.
- Investment accounts. If you’re interested in higher rates of return and are willing to accept more risk, you could consider investing in brokerage, government or retirement investment accounts.
- Cash management accounts. A cash management account allows you to save and spend money, as well as manage manage investments and access various wealth management tools.
- Crypto savings accounts. These are similar to traditional savings accounts but house your cryptocurrency rather than FIAT money. investment accounts.
How to make the most out of your savings account
Follow these steps to use your savings account to its fullest potential:
- Maintain a minimum balance. Some accounts may require you to hold a monthly minimum balance to earn a higher rate or to avoid a fee. Make sure you maintain that balance to see your savings grow.
- Monitor account activity. Take advantage of your online or mobile app to monitor your activity and stay on top of any unexpected charges or fees.
- Savings features.Take advantage of savings roundups or set up recurring transfers to your savings account.
- Get a strong rate. Decide whether your rate is enough or if it’s worth shopping around for other savings accounts with higher interest rates. You’ll also want to ensure the account compounds daily, if possible.
- Consider investing. After your savings account has grown, you may want to consider other types of investments. Money market accounts and CDs can provide better returns than standard savings accounts, whereas mutual funds, stocks and other investments can offer even greater potential.
Compare savings accounts from our partners
Use this table to compare savings accounts by APY, monthly fee and minimum deposits. Then select up to four accounts and click Compare to see how their features stack up.
Bottom line
The best savings accounts feature low opening deposits and high APYs to help you grow your nest egg. As always, compare your options until you find a savings account that has everything you need.
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