Compare the best savings accounts by interest rates +more |

Get a higher interest rate by comparing the best savings accounts

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Find the best savings account to make your money work harder for you.

Our top pick: CIT Bank Savings Builder High Yield Savings Account

  • Interest compounded daily
  • 24/7 online account access
  • FDIC insured

Our top pick: 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.

  • APY: 2.45% with a minimum balance of $25,000 or a monthly deposit of $100+
  • APY: 1.17% with a balance below $25,000 and monthly deposit of less than $100
  • Monthly fee: None
Name Product Fee Minimum deposit to open Minimum balance to earn interest APY
or set up a direct deposit of $100+ each month
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Enjoy no monthly fees and a competitive APY with this online-only savings account.
Earn one of the highest interest rates without the fees.
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you have at least $10,000 in savings, and access your money by ATM, check or bill pay.
Reach your savings goals with a CIT Bank Money Market account. $100 minimum opening deposit.
MySavings Account
MySavings Account
My Savings Direct offers flexibility, freedom and security in personal banking.

Compare up to 4 providers

The best savings accounts for earning interest

The primary feature of a savings account is to safely grow your money over time, so the interest rate offered by the bank determines how little or how much you can earn. An extra 1% yield on an account with a balance of $5,000 will pay out about $50 each year, which is more than you likely pay in fees. When considering a savings account, look at the APY to determine how much you can earn on your savings. As with any income, though, you’ll have to pay taxes on the interest you earn.

Savings accountAPY
CIT Bank Savings Builder account2.45%
Salem Five Direct eOne savings2.05%
Bank5 Connect high-interest savings account2.05%
HSBC Direct Savings2.22%
Utah First Credit Union personal savings account2.00%
Citizens Access Online savings account2.00%
Popular Direct Plus savings account2.26%
Northpointe Bank ultimate savings1.95%
CIBC Agility Savings2.39%
PurePoint Financial Online Savings2.35%
Colorado Federal Savings Bank premier savings1.90%
IncredibleBank high-yield savings1.88%

The best free savings accounts

Fees can rob you of the interest you’d earn in your savings account. Fortunately, you can still get great rates with an account that charges absolutely no monthly, quarterly or annual fee to maintain it. Here are some of the best.

Savings accountAPY
Northpointe Bank Ultimate Savings1.95%
Marcus Online Savings Account2.25%
PurePoint Financial Online Savings2.35%
CIBC Agility Savings2.39%
Synchrony Bank High Yield Savings2.25%
Barclays Online Savings Account2.2%
American Express Personal Savings2.1%
Alliant Credit Union High-Rate Savings2.1%
Ally Bank Online Savings2.2%
Discover Online Savings Account2.1%

How do I find the best savings account for me?

Think about the ways you save money. Do you need access to your accounts or do you want to tuck a large chunk of money away for the future? Match your savings style to the points below to help you choose the best savings account type for your situation.

What are the biggest benefits of savings accounts?

There are so many savings options out there, it can be hard to determine how to pick the best for your savings style. Here are the benefits to look for:

  • A $0 minimum deposit. With some savings accounts, you can open the account with a low, or even no, initial deposit. Some accounts don’t require a minimum monthly balance requirement to earn interest or avoid fees.
  • No monthly fees. Thanks to competition, you’ll find that many banks waive monthly maintenance or account-keeping fees.
  • Set it and forget it. Savings accounts allow you to grow your money without thinking about it. You can make one large deposit and let it earn interest, or schedule payments into your account to help it grow.
  • Transfer funds. With the growing popularity of mobile and internet banking, look for banks that let you easily transfer money between your savings and other bank accounts.
  • Protect other accounts. A great feature of some savings accounts is their ability to protect against overdrafts for a linked checking account. If the checking account runs out of money, you’ll simply draw the funds from the savings account without any penalty.

What are the biggest drawbacks of savings accounts?

Savings accounts are a great place to start growing your money, but there are also other ways to make your money work even harder for you. Consider these drawbacks:

Is a joint savings account right for me?

Joint accounts are a great way to reach joint financial goals. Generally, joint accounts allow up to two account holders, but some providers allow for even more. Before opening a joint savings account, consider if it’s right for your financial situation.

Pros of joint savings accounts

  • See lower fees and more interest with a high balance.
  • Less legal complications if a partner dies.
  • Easier to manage household budgeting and long-term goals.
  • Create accountability between you both.
  • Easier to reach higher minimum deposits for bigger savings.

Cons of joint savings accounts

  • Have less financial independence.
  • Could create communication issues around spending.
  • Creates complications in a separation or divorce.
  • Tough to divide funds for individual costs like a car accident or expensive hobby.

Advantages and disadvantages of savings accounts

Beyond savings accounts

When interest rates are low, where can you get the best return for your money? If the best high-interest savings accounts aren’t enough or don’t fit your financial goals, there are other ways of getting the most out of your money.

Consider these other ways to save:

  • Whole life insurance. If you want to save up for a major purchase or save for retirement, you can put your money into the cash value portion of a whole life insurance policy. If you need access to cash, you can withdraw it, borrow against your policy, surrender the policy or even sell it. Some policies can consistently pay more than 5% interest on the cash value. Universal life insurance policies offer the potential for even greater returns because they focus more on investments.
  • Health savings account. If you want to save up specifically for medical expenses, a health savings account can provide tax advantages for any money you put into it, and your savings roll over from one year to the next. However, to open an account, you’ll also need a high-deductible health insurance policy, and you’ll pay a penalty if you spend the money on anything unrelated to medical expenses.
  • College savings account. Often called a 529 plan, college savings accounts provide tax advantages for money saved up for future education expenses. But if the money is spent on anything else, taxes and penalties may apply.
  • Bonds or other investments. If you’re interested in higher rates of return and are willing to accept more risk, you could consider investing in government or corporate bonds. There are no guarantees with bonds, but they’re less volatile than stocks, mutual funds and ETFs. Either the government or company whose bonds you buy pays them back with interest or it’ll default on them.

Traps to avoid

The FDIC (Federal Deposit Insurance Corporation) was designed to promote financial stability in the US. While your deposits likely are insured for up to $250,000, you should also keep an eye out for these risks:

  • Not meeting the terms of your savings account

If you don’t meet your monthly minimum deposit, you might be hit with fees. If you’re unsure if you can meet the minimum deposits, an online savings account may suit you better.

  • What happens to my savings account if my bank goes bust?

Normally, shareholders are affected first, followed by the bonds issued by the banks. Deposits that are guaranteed by the FDIC won’t be affected. In the case of a bank failure, eligible deposits are insured for up to $250,000 per person, per institution. Learn more about how the FDIC protects your money.

  • Your introductory rate won’t last forever

Many institutions have special offers or promotions as an incentive to bank with them, usually higher introductory interest rates for a set period of time. Keep in mind that introductory rates won’t last forever, so while you might get a great rate for the first few months, it will likely revert to a lower rate at the end of the introductory period.

  • Regulation D and the six-transaction limit

Regulation D is a Federal Reserve regulation that sets reserve requirements for banks in the US. It places a limit of six outgoing transfers per month, resulting in a fee or fine from your bank for going over. However, it only applies to “convenient” withdrawals, which include preauthorized transfers, transfers by phone, or payments made to third parties by check, draft or debit. Making withdrawals in person, by mail, at an ATM or by phone if the check is mailed to you won’t count towards the limit.

  • Variable interest rates could mean that you lose out if the federal rate decreases.

Banks often adjust interest rates based on the markets and economic changes. If your account has a variable interest rate, you may lose out if the federal rate drops. Contact your financial institution if your interest rate drops and you’re not sure why.

How do I open a savings account?

In most cases, you can apply and open the savings account online as long as you can provide documentation that confirms your identity. If you’re a new customer, legally, you’ll need to verify your identity, and may have to do so in person. For those younger than 18, a joint or custodial account may be necessary. Learn more about kids bank accounts.

How to get the most out of your savings account

  • Make sure you keep a minimum balance. Some accounts may require you to hold a minimum balance from month to month, otherwise, you may be hit with fees. Find out if your account requires a minimum balance and make sure you keep your account above that number.
  • Monitor account activity. You should always monitor account activity to stay on top of any unexpected charges or fees. Most savings accounts allow you to do this from your computer or mobile phone.
  • Think about 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.
  • Limit your transactions. Don’t forget that savings accounts are limited to six outgoing transactions per month, and you’ll face a fee for every transaction above that limit.
  • Keep an eye out once the introductory rate expires. Most special offers and introductory interest rates aren’t permanent, meaning your interest drops to a lower rate after the introductory period ends. Decide whether your new rate is enough or if it’s worth shopping around for other savings accounts that offer higher introductory interest rates.

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