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Savings Account Finder

Compare savings accounts by interest rates and monthly fees and discover how much you should save each month.

Best for online savings

CIT Savings Connect

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on CIT Bank's secure site

  • 4.05% APY, 16x the national average
  • $0 monthly fee
  • Mobile check deposit

Best for no minimum deposit

Barclays Online Savings

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on Barclays's secure site

  • Competitive 3.40% APY
  • $0 monthly fees
  • $0 balance requirements
  • Unlimited transactions

High APY CD

Bread CD

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on Bread Savings's secure site

  • 4.5% APY
  • 1, 2, 3, 4 & 5 year terms
  • $0 hidden fees

Compare savings accounts and alternatives

We reviewed and rated nearly 100 savings accounts to help you find an account to maximize your savings growth. Use this table to compare savings accounts by interest rates, monthly fees and minimums.

$
1 - 6 of 38
Name Product Annual Percentage Yield (APY) Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect

4.05%

$0
$100
$1,041.33
Secure a 4.05% APY, 16x the national average. Pay $0 in monthly fees and no account opening fee.
Barclays Online Savings
Finder Rating: 4.6 / 5: ★★★★★
Barclays Online Savings

3.40%

$0
$0
$1,034.58
Earn 3.4% APY, 5X higher than the national average with no minimum balance requirements. Get unlimited transactions and tools that help you save. Pay $0 monthly fees.
Bread CD
Finder Rating: 3.8 / 5: ★★★★★
CD
Bread CD

4.50%

$0
$1,500
$1,046.02
Earn an impressive 4.5% APY with this FDIC insured CD. Available in 1-, 2-, 3-, 4- and 5-year terms. No monthly fees and no hidden fees.
American Express® High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings Account

3.30%

$1
$0
Earn a referral bonus, No matter which card your friend gets.
Your friend can receive a welcome offer after they apply through the referral link and are approved and get their new card.
$1,033.55
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
UFB Best Savings
Finder Rating: 5 / 5: ★★★★★
UFB Best Savings

4.21%

$0
$0
$1,043
Score an impressive 4.21% APY, and pay $0 in monthly fees. No minimum deposit requirement.
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings

4.00%

$0
$100
$1,040.81
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
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How do I compare savings accounts?

When looking for a savings account, make sure it’s FDIC-insured and consider the following features:

  • 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 accounts 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 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 savings account.
  • Minimum and maximum account balances. Some accounts will penalize you if your balance is below or above a specific threshold. Make sure the savings account you choose is the right fit for the nest egg you’re tucking away.
  • Account requirements. Some savings accounts will require a linked checking account. Credit union accounts can require you to work at a specific place, live in a specific area or meet other membership requirements.
  • Additional account. Some banks require you to also open a checking account at the bank. If you’re not looking to also open a checking account with your savings account, you’ll want to look elsewhere.

Types of savings accounts

There are at least 12 types of savings accounts, including:

Type of savings account

Highlights

Learn more

Savings accountsBased on our experience reviewing and rating more than 80 savings accounts, this is our curated list of the best overall picks.
High-yield savings accountsWhen a great interest rate is at the top of your list, these are the accounts to pick from.
Free savings accountsAvoid the monthly fees that eat away at your savings by going with one that’s completely free.
Money savings appsGet a little help setting money aside with these innovative apps that automate saving.
Credit union savingsPut your money in the hands of a financial institution whose owners are its customers.
Christmas accountsYou typically can’t access this savings account until November. And they generally don’t offer high interest rates, but can be a useful way to set money aside for the holidays.
Business savings accountsPut your business on the path to meeting its financial goals with a savings account tailored to the business world.
Kids savings accountsHelp your kids learn the habit of saving early in life with an account fit for them.
Student savings accountsGraduate your student’s savings account to one that can handle high school and college.
Crypto savings accountsLeverage digital currencies to earn incredible APYs, but there is some degree of risk with these accounts.

What’s the difference between a traditional, online and crypto savings account?

Traditional, online and crypto savings accounts are all designed to help you save money, but there are some key differences to keep in mind.

Higher APYFewer feesMore branch accessATM accessFederally insured
Traditional savings
Depends
Online savings
Depends
Crypto savings

How to open a savings account

Follow these steps when you’re looking to open a savings account.

  1. Look for an account that fits your goals. You may want automated savings to help you reach a deadline, tools for budgeting or high interest to grow your savings.
  2. Compare savings accounts. You could start with your current bank or branch out to find a high-yield savings account with an online bank.
  3. Start the application online or in person. If you’re opening an account online, check if there are any signup bonuses first.
  4. Fill in your personal information. You’ll need your contact information, Social Security or Individual Taxpayer Identification number, date of birth and a government-issued ID. You need to be at least 18 years old to open an account. Savings accounts store your money out of sight, out of mind and limit how and how much you can withdraw. For instance, most don’t come with a card for pulling from an ATM.
  5. Review disclosures and account terms. Make sure you read and understand all the fees and disclosures. While most savings accounts are free, check to see if yours has a monthly maintenance charge or minimum balance.
  6. Fund the minimum opening deposit. Many savings accounts require you to open it with a specific amount, like $500 or $1,000. You may have to fund it immediately or within a timeframe, depending on the bank.

Do I need to open a checking account first?

Most banks don’t require you to open a checking account before opening a savings account, especially online banks. But some digital banks like Chime or Varo require you to open their checking account before you have access to their savings.

Does opening a savings account affect my credit score?

Opening a savings account won’t affect your credit score because unlike a loan or credit card, you’re not applying for credit.

However, the bank may pull a report from ChexSystems, an organization that keeps tabs on your banking history. If you regularly overdraft your account, that information might show up on your ChexSystems report. Other information that shows up on your ChexSystems report include:

  • Applying for multiple accounts at once
  • Identity theft or fraud
  • Account closures
  • Unpaid fees
  • Unpaid negative balances

How many savings accounts should I have?

There isn’t a set number of savings accounts you should have. It’s completely up to you. But if you’re coming close to your bank’s $250,000 FDIC coverage limit, you’ll want to find another bank to open an additional savings account.

Aside from this, some people like opening up a separate savings account for every savings goal, so they’re not tempted to spend the money on other things. Others are comfortable keeping all their money in one place. You may also consider keeping a separate one for you and another one under a joint savings account with your spouse. Do what works best for you.

Some savings accounts — such as Ally Online Savings — let you divide your money out into different categories, so you can visualize your progress toward each goal without having to manage multiple savings accounts.

Savings guides

Is a savings account worth it?

Yes, savings accounts are useful tools to help you save. Your money is safe, protected, easily accessible and effortlessly works for you by earning interest. Here are three signs it’s time to get a savings account:

  • You’re saving up for an emergency or big purchase. If you’ve got your eyes set on an emergency fund, vacation fund, or a big purchase, then a savings account is for you. You’ll earn interest on your deposits, which means you’ll reach your savings goals faster.
  • You want to keep your money safe. Make sure you open an account that’s insured by the Federal Deposit Insurance Corporation (FDIC) so that your money is guaranteed by the federal government even if your bank goes bankrupt.
  • You want to earn interest. Some , but savings accounts almost always have better interest rates.
  • You’re tempted to spend every dollar. When you keep your money in a savings account, you’re less likely to spend it because it’s out of sight. The distance between your saving and spending money makes it easier to reach your goals. Plus, you’ll earn more interest than you would with a checking account.

Guides for specific savings account goals

Savings account pros

A savings account can help you reach your goals by offering these benefits:

  • Competitive APYs. Unlike most checking accounts, savings accounts pay you a competitive rate for keeping your money in the account. That means you can reach your savings goals even quicker when your money is working hard to make you even more money.
  • Savings tools. Modern banks are known for offering automated savings tools and free budgeting templates that help you track, manage and automate your financial goals.
  • Low account minimums. Most banks let you open a savings account with as little as $0 to $100 — making it easy to open an account today.
  • LMoney is stashed away. Savings accounts store your money out of sight, out of mind and limit how and how much you can withdraw. For instance, most don’t come with a card for pulling from an ATM.

Savings account cons

A savings account can help you tackle your financial goals with unique features, but there are also some limitations to be aware of.

  • Variable interest rates. If your savings account has a variable interest rate, your APY could drop in the future — but it could also rise. Interest rates on variable accounts are influenced by the economy and the Federal Reserve rate.
  • Withdrawal limitations. If you make more than six withdrawals per month, you could be charged fees. Due to the pandemic, many banks are temporarily suspending this policy, so check with your institution to be sure.
  • Watch out for introductory rates. Some savings accounts offer a higher interest rate for an introductory period. If you sign up for one of these accounts, check what your long-term interest rate will be.

Interest rate changes on your savings account

When interest rates drop, the growth of your savings slows — and it can happen without you even knowing it. Your account’s terms and conditions often allow your bank to change your interest rate without notification. Learning how to predict these changes and find out if they affect your account can help you stay on top of your finances.

Why do banks change interest rates?

Banks are private businesses with the right to set and change interest rates as they please. However, these rate changes don’t come out of nowhere — the interest rate on your savings account usually fluctuates for three different reasons:

  • Inflation. Interest rates tend to move in the same direction as inflation. So, if inflation is high, your bank may follow suit by raising interest rates.
  • Supply and demand. Credit rates are directly tied to savings rates. If borrowers are willing to pay a higher interest rate for a loan, you’ll earn a higher rate on your savings account because the bank will be lending out your funds.
  • The Federal Reserve. The Fed sets target rates for banks. By law, banks aren’t required to adopt the federal funds rate, choosing instead a higher or lower rate as they’d like. But the Federal Reserve offers securities and other incentives to banks that tend to keep their APY rates close to the Fed’s.

What an interest rate change means for your savings

You may think your money is working as hard as possible, growing at the APY you signed on to when opening your account. But chances are good that the interest rate on your savings account has changed without your knowledge.

Banks are given a lot of freedom in how they operate — including the freedom to change your APY without notification.

The Truth in Savings Act doesn’t require banks to notify customers of interest rate changes on variable-rate accounts. Rather, you may notice it down the line on, say, a bank account statement reflecting the adjusted rate.

Bottom line

A savings account is 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.

Read more on this topic

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2 Responses

    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!

      Default Gravatar
      nikkiangcoJuly 26, 2019

      Hi Lettie,

      Thanks for getting in touch!

      It’s great to hear that you have all your savings plans laid out. If you need savings to an account you can’t touch, then a savings account with no ATM access may be suitable for you.

      As a friendly reminder, review the eligibility criteria as well as the account terms and conditions before applying and making a decision on whether it is right for you.

      Hope this helps!

      Best,
      Nikki

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