Western Alliance Bank High Yield Savings Account through SaveBetter
- 4.8% APY
- $0 fees
- $1 minimum deposit
- FDIC insured
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For High APY
Western Alliance Bank High Yield Savings Account through SaveBetter
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CIT Bank Platinum Savings
For 24/7 customer service
American Express® High Yield Savings Account
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.
Looking for other strong rates? These high-yield alternatives offer rates that are 13x higher the national average on savings accounts.
Earn Yield on Uninvested Cash
Robinhood Gold
Certificate of deposit
Western Alliance Bank 12 months CDs through SaveBetter
Certificate of Deposit
Ponce Bank 1 month CDs through SaveBetter
When looking for a savings account, make sure it’s FDIC-insured and consider the following features:
There are at least 12 types of savings accounts, including:
Type of savings account | Highlights | Learn more |
---|---|---|
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-yield savings accounts | When a great interest rate is at the top of your list, these are the accounts to pick from. | |
Free savings accounts | Avoid the monthly fees that eat away at your savings by going with one that’s completely free. | |
Money 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. | |
Christmas accounts | You 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 accounts | Put your business on the path to meeting its financial goals with a savings account tailored to the business world. | |
Kids savings accounts | Help your kids learn the habit of saving early in life with an account fit for them. | |
Student savings accounts | Graduate your student’s savings account to one that can handle high school and college. | |
Crypto savings accounts | Leverage digital currencies to earn incredible APYs, but there is some degree of risk with these accounts. |
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 APY | Fewer fees | More branch access | ATM access | Federally insured | |
---|---|---|---|---|---|
Traditional savings | Depends | ||||
Online savings | Depends | ||||
Crypto savings |
Follow these steps when you’re looking to open a savings account.
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.
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:
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.
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:
A savings account can help you reach your goals by offering these benefits:
A savings account can help you tackle your financial goals with unique features, but there are also some limitations to be aware of.
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.
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:
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.
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.
Cassidy Horton is a freelance copywriter and journalist, specializing in personal finance. Her writing and analysis has been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.
Data from the OECD about how US savings balances compare to other nations.
This buy now, pay later service has stepped into the savings account game. But is it worth it?
A free savings account with an industry-leading APY — but only one way to grab your money.
The Patriot Bank High-Yield Money Market Deposit account is a free savings account that earns 0.55% APY.
A free savings account that earns a strong APY once you meet the $100 opening deposit requirement.
USAlliance MyLife Savings for Kids earns 2% APY but only on balances up to $500.
With no fees and a 0.7% APY, Smartypig is among today’s best savings accounts.
TAB Bank’s high-yield savings account has a competitive APY, but it’s probably best for truckers.
See top bank accounts that currently offer 5% or higher interest right now, plus see options that allow you to lock in your rate.
These international banks offer accounts with 12% APYs or higher, but watch out for risks.
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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!
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