Savings Account Finder

Compare APYs, fees and minimums to maximize your savings growth.

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Today’s leading savings accounts offer competitive interest rates, minimal fees, accessibility and protection to keep just about any balance safe and growing. We rolled up our sleeves to review and rate nearly 100 savings accounts — from the nation’s megabanks to competitive regional institutions, growing credit unions and savvy fintech startups — to help you compare what’s out there, whether you’re on the lookout for the strongest rates, fed up with fees or simply want a bank you can trust.

Editor's pick: Barclays Online Savings Account

  • Competitive interest rate
  • No monthly fees
  • No minimum balances to open

Editor's pick: Barclays Online Savings Account

Earn 20x the national savings account average with no fees or minimums.

  • Tools to help you save
  • Secure, 24/7 online access to your funds

Compare savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
Barclays Online Savings
Earn 20x the national savings account average with no fees or minimums.
American Express® Personal Savings High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Savings Builder High Yield Savings Account
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
BBVA Money Market
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
UFB Direct High Yield Savings
Earn a competitive rate with a balance higher than $10,000.
CIT Bank Money Market
A savings account with a higher-than-average rate and minimal fees.
Radius Bank High-Yield Savings
A free high-interest savings account with a $100 minimum deposit to open
Chase Savings
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 20 business days and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
Betterment Everyday Cash Reserve
This savings account has no account and overdraft fees, plus it requires no minimum balance.
UFB Direct Premium Money Market Account
$10 per month
(can be waived)
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
Huntington Relationship Money Market
$25 per month
(can be waived)
This money market account includes an ATM card and a 24-hour overdraft grace period.
Synchrony High Yield Savings
Earn one of the highest interest rates without the fees.
Citi Accelerate Savings
$4.50 per month
(can be waived)
This savings account offers no minimum deposit and a competitive APY in select areas.
HSBC Direct Savings
Get one of the highest interest rates available without high balance requirements or fees.
Discover Online Savings Account
Take advantage of a high-interest online savings account with no fees, no minimums and more.
Ally Bank Online Savings Account
An online-only savings account with no maintenance or hidden fees.

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Some of the top savings account providers we compare

Compare all accounts from 70+ banks, credit unions and brands

Interest rates and costs

For savings accounts, the interest rate is probably the most important factor in growing the money you’ve stashed away, and it’s usually expressed as a yearly rate called the annual percentage yield (APY). While many traditional banks and credit unions pay an interest rate somewhere around the national average of 0.10%, there are several others that pay around 2.00% or more. On a $5,000 balance, that’s a difference of $95 each year.

Also, keep in mind that if the interest rate you earn is less than the rate of inflation, your savings are actually declining in purchasing power. Over the past decade, inflation has fluctuated from a low of 0.1% in 2015 to a high of 3.2% in 2011.

The primary cost of a savings account is often the monthly fee – if the account has one. Many financial institutions now offer free savings accounts, while others are willing to waive the monthly fee if you maintain at least a minimum balance. Watch out, though, because a monthly fee can quickly and easily wipe out the benefits of interest earned. For example, even with 2.00% interest, you’d need to keep at least $3,000 in your account just to break even on a mere $5 monthly fee.

The rate of interest you earn on your savings is set by your bank, though interest rates generally fluctuate with the broader financial market and can be influenced by the rates set by the Federal Reserve Bank. Interest rates vary by bank and the type of savings account you choose.

Savings accounts typically accrue daily or monthly compound interest. With daily compound interest, your bank calculates interest on your balance each day using a specified rate. In effect, you end up earning interest on the interest you’ve already earned. Your bank then pays out the compounded interest monthly as a credit to your account.

Interest you earn on your savings account is taxed at the same rate as any earned income. And though you won’t pay taxes on savings below $10, you still have to report it to the IRS.

Why do banks offer interest rates?

Your money doesn’t sit in a savings account untouched. When you open an account, you give your bank access to lend your money out to others.

Banks reward you for that access with interest, even if those rates are slightly lower than the rate they charge borrowers. It’s how they stay in business.

And if the bank loses money on that loan, it doesn’t affect your account balance. Furthermore, the vast majority of banks and credit unions are insured by the government, so even if they go out of business, you’ll get up to $250,000 back.

How do I compare savings accounts?

High or competitive interest rates.

Your interest rate is your reward for allowing your bank to lend out your money. Make your money work hard with the highest interest rate you’re eligible for.

Low or no fees.

Most banks waive monthly fees on savings account as long as you maintain a minimum balance. If you’re paying a monthly fee with your account, it may be time to explore your options.

Easy to access your money.

Accessibility depends on your preferences and personal savings goals. A basic savings account allows you to take out money nearly instantly, while you’ll pay a penalty to withdraw a money from a CD that hasn’t yet matured.

Rewards for consistent savings.

If you find your savings balance building up but at a less-than-average rate, it could be time to switch to a high-yield or other account.

Compare savings accounts

Types of savings accounts

Savings accounts come in different shapes and sizes in order to meet the varying needs of savers across America. Check out each variant below and compare some of the best options for that type.

Best savings accounts

Based on our experience reviewing and rating more than 80 savings accounts, this is our curated list of the best overall picks.

High-interest savings

When a great interest rate is at the top of your list, these are the accounts to pick from.

Online savings

Without the cost burden of brick-and-mortar branches, online savings accounts can offer higher interest rates without the fees.

Free savings

Avoid the monthly fees that eat away at your savings by going with one that’s completely free.

Savings apps

Get a little help setting money aside with these innovative apps that automate saving.

Credit union savings

Put your money in the hands of a financial institution whose owners are its customers.

Not saving for yourself?

Business savings

Put your business on the path to meeting its financial goals with an account tailored to the business world.

Kids savings

Help your kids learn the habit of saving early in life with an account fit for them.

Student savings

Graduate your student’s savings account to one that can handle high school and college.

How do I open an account online?

How you’ll apply for a savings account depends on the bank or financial institutions you’re interested in. Generally, you’ll follow a standard series of steps like this:

  1. Go to the financial institution’s official website to start the application process.
  2. Enter in your personal information, including your full name, contact information, Social Security number, date of birth and government-issued ID, like your driver’s license or passport.
  3. Agree to the terms and conditions and certify your tax status.
  4. Answer a few short questions to verify your identity.
  5. Transfer money from an external checking account to fund your new account .

    How much should I save?

    The amount of money you accumulate in your savings account will vary depending on your goals. Here are a few popular reasons for saving money and how much you might want to keep in your savings account.

    • Vacation. You can avoid going into debt by saving up for a vacation ahead of time. As a rule of thumb, it’s not uncommon for Americans to spend about 10% of their annual income on vacation.
    • Emergencies. Many financial experts recommend saving up to six months’ worth of regular living expenses in case you get sick or injured, lose your job, have a family crisis or experience a natural disaster.
    • Retirement. Setting aside some of your earnings now is the first step to enjoying life in retirement later. After you’re in the habit and have some money to work with, consider delving deeper into retirement planning.
    • Major purchases. If you’ve got your eye on a new TV, a new car, new home furnishings or even a new home, you can set the estimated cost or down payment as your savings goal.

    Guides for specific savings goals

    Next steps for savings

    Beyond the variations of savings accounts available on the market, you have more complex options that can offer higher returns if you meet specified conditions.

    Money market accounts

    Not to be mistaken with a money market fund — an investment product that’s not insured by the FDIC — a money market account is a higher-yield savings account. A higher interest rate comes with a higher minimum balance — sometimes as high as $20,000. And there are a few additional privileges too. The funds in a money market account are easier to access because these accounts typically come with checks and a debit card.

    Certificates of deposit

    CDs can yield you the highest interest rates of all other options. But they aren’t the type of savings accounts that allow for withdrawals. With a CD, you agree to keep your money in a bank account for a specified term, often from a few months to several years. The longer the term, the stronger your interest rate. If you withdraw any bit of your money before the end of the term, when it’s considered “matured”, you pay a penalty fee. Unlike a savings account or money market account, a CD does not accrue interest over time. Rather, the interest is paid all at once when the CD matures.

    Other tips

    After you’ve narrowed down the savings account that’s right for your needs and budget, get the most out of it with our easy tips.

    • Keep transactions to a minimum. You’re typically limited to six withdrawals a month. If you need access to your money, avoid the limit by withdrawing at a branch or ATM.
    • Set up automatic deposits. Many institutions allow you to make automatic deposits from other accounts, paychecks and more. Choose an amount that works for your finances, and adjust it as your budget and finances change.
    • Consider other accounts. Basic savings accounts are a solid start to building a nest egg. But once you’ve got some money put aside, other options might better help you organize your money and reach your goals, like money market accounts or CDs.
    • Keep an eye on interest and fees. Interest rates and fees change over time, which makes monitoring your account a must.
    • Consider adding family to your account. Maximize your savings by adding a spouse, child or other family member to your account.

    Savings guides

    Bottom line

    Savings accounts are one of many tools you can leverage to reach your financial goals. They include everyday savings accounts offering low fixed interest to high-interest money market accounts that offer limited checks. For each, the earlier you start saving, the more time your money has to grow.

    Each type of savings account is designed to serve a different financial need. And with so many options at your disposal, weigh the benefits and drawbacks of each option to find the best fit for you. If you know what features you’re looking for, check out the top 10 lists we’ve put together in our guide to the best savings accounts.

    Compare savings accounts

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    2 Responses

    1. Default Gravatar
      LettieJuly 25, 2019

      Hello! I have a question about a kind of flexible time frame for a locked savings account. I have a plan that I want to move across country, so I need to save, but sometimes I’m bad with money Haha. So I was curious if you knew of a bank that might include a possible locked savings plan similar to what I’m searching for. Or what I could work with best. Thank you!

      • Avatarfinder Customer Care
        nikkiangcoJuly 26, 2019Staff

        Hi Lettie,

        Thanks for getting in touch! It’s great to hear that you have all these plans laid out! If you need savings to account that you can’t access until a certain time frame, you can refer to this page. As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of this account before applying. You may also contact the bank should you have any questions about their product.

        Hope this helps!


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