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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 no minimum deposit

UFB Elite Savings

★★★★★

Finder rating 5 / 5

  • Earn a competitive rate of 3.01% APY no matter your balance
  • Open an account with as little as $0
  • Get an ATM card for easy access to your money

APY

3.01%

Fee

$0 per month

Go to site
on UFB Direct's secure site

Best for high APY

Aspiration Spend & Save Account

  • Earn up to 10% cash back rewards
  • Up to 5% APY interest

APY

5.00%

3.00%

Fee

From $0 per month

Go to site
on Aspiration's secure site

For no minimum balance

Lemmata Savings Bank Money Market Account

  • Earn a high savings rate of 2.8% APY with no minimum balance
  • Open with as little as $1
  • No monthly maintenance fee

APY

2.80%

Fee

$0 per month

Go to site
on Lemmata Savings Bank's secure site

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 - 7 of 33
Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Monthly
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect
2.70%
$0
$100
Daily
Earn an impressive APY on your entire balance. This straightforward online savings account has no monthly service or account opening fees.
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
2.90%
$0
$100
Daily
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
Barclays Online Savings
Finder Rating: 4.6 / 5: ★★★★★
Barclays Online Savings
2.25%
$0
$0
Daily
Barclays Online Savings account offers key features that can help you save, including a high-interest rate, no monthly fees, and no minimum deposit.
American Express® High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings Account
2.00%
$0
$0
Daily
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Save Market Savings
Bonus
Save Market Savings
Up to 4.46%
0.35% annually (can be waived)
$1,000
Annually
Each time you successfully refer a friend, Save invests an extra $1,000 on both of your behalfs. After a year is up, Save keeps the $1,000 and gives you all the earned interest.
Each time you successfully refer a friend, Save invests an extra $1,000 on both of your behalfs. After a year is up, Save keeps the $1,000 and gives you all the earned interest.
A savings account that invests your interest in the stock market where it can earn an average 4.46% return.
Varo
Finder Rating: 4.7 / 5: ★★★★★
Varo
Up to 5.00%
$0
$0
Daily
The Varo savings account is a no-fee account designed to offer benefits to help people save more money.
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Compare up to 4 providers

This article was reviewed by Brad Stevens, a member of the Finder Editorial Review Board and 30-year veteran of the credit industry who specializes in rehabilitating struggling banks.

70+
banks or brands
80+
savings accounts reviewed
160+
hours of research

Some of the top savings account reviews we compare

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 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 savings accounts.
  • Minimum and maximum account balances. Some accounts will penalize you if your balance is below or above a certain 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 requires 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 do I open a savings account?

To open a savings account, start by filling out an application and providing all of the requested details, including your name, address, Social Security number, driver’s license number and contact information. Then, review and agree to any terms and conditions, and fund the account with cash or a transfer from another bank or credit union.

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 secure your money against theft or damage. Keeping money at home usually isn’t ideal because it can easily get lost or stolen. Savings accounts are federally insured, so don’t have to worry about losing your money if your bank goes under.
  • 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.

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 influence 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 coronavirus, 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.

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

  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!

    • 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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