Looking for a Savings Account?

Savings account is a good way to keep your money in a safe place, earn some interest on it, and have emergency funds. Whether you're saving for vacation, big purchase, or for emergency situations, a savings account can help you. Some banks offer savings accounts with rather high interest rates, while the others give savings APY below the national average of 0.09%. So, shop around and compare interest rates and fees before you open any account.

Choose Savings Account from Our Partners

5
Overall Rating
  • Earn 1.75% APY.
  • Balance must be at least $0.01 to earn APY.
  • No minimum deposit to open account.
  • Start saving in minutes.
  • No fees. Ever.
  • FDIC insured for up to $5 million.
APY
1.75%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
No minimum deposit to open account
5
Overall Rating
  • Unlimited fee-free ATM withdrawals at Allpoint ATMs
  • Up to 10% cash back on debit card purchases
  • Up to 1.00% APY on savings
APY
up to 1.00%
Monthly Fee
Pay What Is Fair
Minimum Balance to earn APY
$10,000
Minimum Deposit
$10
5
Overall Rating
  • Minimum deposit of $100 to open
  • Multi-tiered account.
  • Min balance of $25K OR min monthly deposit of $100
  • No account opening or maintenance fees
  • Daily compounding interest
  • FDIC insured
APY
from 1.10% to 1.50% APY
Monthly Fee
See terms
Minimum Balance to earn APY
$25,000
Minimum Deposit
$100
5
Overall Rating
  • Apply with only $25 opening deposit. $10,000 minimum balance to earn APY
  • Interest compounds and is credited monthly
  • Easily withdraw money in branch and via BBVA USA ATMs with no ATM fees
  • Link to your BBVA checking account for Overdraft Protection
  • BBVA USA, Member FDIC
APY
0.13%
Monthly Fee
$15 (Waived for balances of $10,000+ )
Minimum Balance to earn APY
Minimum balance to earn interest $0
Minimum Deposit
$25
5
Overall Rating
  • Minimum deposit of $100 to open
  • No account opening or maintenance fees
  • Daily compounding interest
  • Free online & mobile banking with Bill Pay
  • FDIC insured
APY
1.60%
Monthly Fee
No
Minimum Balance to earn APY
No minimum monthly balance
Minimum Deposit
$100
5
Overall Rating
  • Minimum $1,000 deposit
  • FDIC insured up to $250,000
  • Security and Flexibilty
  • No Penalty for early withdraw
  • Daily compounding interest
  • No monthly maintenance fees
APY
1.45%
Monthly Fee
No
Minimum Balance to earn APY
See Terms
Minimum Deposit
$1,000
5
Overall Rating
  • Competitive rates
  • Terms up to 5 years
  • Low minimum opening deposit
  • Daily compounding interest
  • No monthly maintenance fees
  • FDIC insured
APY
1.45%
Monthly Fee
No
Minimum Balance to earn APY
See terms
Minimum Deposit
See terms

What Is A Savings Account?

Savings account is an account that earns interest on the money you deposit. There are different types of savings accounts: regular savings accounts, online savings accounts, money market accounts, and Certificate of Deposit (CD).

Savings accounts work best when used as a place to hold money. They do not earn much interest, but it is possible to find offers with up to 2.00% APY. Savings accounts give easy access to the funds, but you should remember about possible fees associated with the withdrawal transactions. Nevertheless, savings accounts are a cheap type of accounts as many fees can be avoided. Thus, monthly fees can be waived if you maintain a minimum deposit. If you perform less than six withdrawal transactions a month, you won't be charged withdrawal fees.

To open a savings account, you will need to provide some personal information and pay a minimum opening deposit (if required). Those who are under 18 will need a parent or a guardian to sign as a co-owner of the account.

Savings accounts are FDIC-insured. That means you will have your money even if the bank goes out of business (which is rare!).

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Read FAQs about Savings Accounts

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You will need to provide some personal information and pay an opening deposit if required. The personal information includes a government-issued ID, Social Security number, proof of address, and email. The opening deposit is usually between...
First of all, when you open a savings account, you may need to pay an opening deposit which is between $25-$100 on average. Some banks do not require any opening deposit though. Then, most savings accounts come with maintenance fees, like monthly...
Yes. You can link your checking account to your savings account. It will actually give you access to some good features. Notably, you will be able to set automatic deposits from your checking account to savings account. This will help your savings...
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