Looking for best ways to save money?

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.

February 2024: BEST SAVINGS ACCOUNT

5
Overall Rating
APY
2.00% Annual Percentage Yield (APY)4
Monthly Fee
$0
Minimum Balance to earn APY
No minimum balance requirements
Minimum Deposit
$0
  • No Monthly Fees.
  • Grow your savings automatically.3
  • Signing up takes 2 minutes!

Choose Savings Account from Our Partners

5
Overall Rating
  • Move your money to First Tech to earn 5.05% Annual Percentage Yield293.
  • Get one of the highest rates in the country.
  • Easy to open, easy renewal, and no account set-up or maintenance fees.
  • A minimum opening balance is $500.
  • Insured by the National Credit Union Administration (NCUA).
APY
5.05% APY293
Monthly Fee
$0
Minimum Balance to earn APY
$500
Minimum Deposit
$500
5
Overall Rating
  • Earn 5.07% APY, on $1,000 or more*
  • No monthly account fees**
  • FDIC - Insured through Cross River Bank***
APY
5.07% APY with $1,000 balance*
Monthly Fee
$0
Minimum Balance to earn APY
$1000
Minimum Deposit
$0
5
Overall Rating
  • FDIC insured. No fees. $1 minimum deposit.
  • 24/7 online access to funds.
  • Locally owned and community focused.
  • 5.60% APY high-yield CD, 3.9x6 higher than national average.
APY
5.60%
Monthly Fee
No
Minimum Balance to earn APY
$0,01
Minimum Deposit
$1
5
Overall Rating
  • FDIC insured. No fees. $1 minimum deposit.
  • 24/7 online access to funds.
  • Combines the benefits of big banks with the commitment to enhance local communities.
  • 5.20% APY High-Yield Savings Account, 11.3x6 higher than national average.
APY
5.20%
Monthly Fee
No
Minimum Balance to earn APY
$0,01
Minimum Deposit
$1
5
Overall Rating
  • Enjoy 4.80% APY with our High Yield Savings Account
  • Earn more than 10x the national average*
  • 24/7 online and mobile access
  • Only $1 minimum deposit to open
  • All accounts are FDIC insured up to $250,000 per depositor, per account ownership category
APY
4.80%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1

This offer is only available in AZ, CA, CO, FL, GA, KS, MD, MO, NC, NM, OK, OR, SC, TN, TX, VA, WA, WI, WV.

5
Overall Rating
  • Available exclusively online
  • 5.00% APY290
  • $5,000 minimum deposit291
  • Amounts available from $5,000 - $250,000
  • FDIC Insured
  • Funds must come from outside First Citizens Bank

This offer is only available in AZ, CA, CO, FL, GA, KS, MD, MO, NC, NM, OK, OR, SC, TN, TX, VA, WA, WI, WV.

APY
5.00%290
Monthly Fee
No
Minimum Balance to earn APY
$5,000
Minimum Deposit
$5,000
5
Overall Rating
  • CD Rates as high as 4.80%.
  • Fund your account up to $500,000.
  • $500 minimum deposit required to open.
  • Your money is held for a fixed time period**.
  • Great for saving for a home down payment, college, or a big purchase.
  • All accounts are FDIC insured up to $250,000 per depositor, per account ownership category.
  • Valley Direct CDs must be opened online only.
APY
As high as 4.80%
Monthly Fee
No
Minimum Balance to earn APY
See terms
Minimum Deposit
$500
5
Overall Rating
  • Federally insured by NCUA.
  • Start saving with as little as $1 minimum deposit.
  • 24/7 online access.
  • 4.50% APY certificate, 1.4X6 higher than national average.
APY
4.50%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • No Monthly Fees.
  • Grow your savings automatically.3
  • Signing up takes 2 minutes!
  • Chime Checking Account is required to be eligible for a Savings Account.
  • Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
  • 3Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your Savings Account.
  • 4The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
APY
2.00% Annual Percentage Yield (APY)4
Monthly Fee
$0
Minimum Balance to earn APY
No minimum balance requirements
Minimum Deposit
$0
5
Overall Rating
  • 5.25% APY 15 month share certificate, 1.8x6 higher than national average.
  • Federally insured by NCUA. No fees. $1 minimum to open.
  • 24/7 online access to funds.
APY
5.25%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 4.40% APY
  • Open account online in minutes
  • Human-powered support
  • FDIC insured up to $250,000
  • No online banking or monthly maintenance fees
  • Available to people nationwide
APY
4.40%
Monthly Fee
$0
Minimum Balance to earn APY
$0.01
Minimum Deposit
$0
5
Overall Rating
  • Low minimum deposit of only $1,000; no maximum302
  • Jumbo certificates may be available for a higher rate if you deposit $75,000 or more302
  • Choose from a variety of maturity dates including 12-month and 60-month terms302
  • Dividends compounded every month and at maturity302
  • Funds are insured up to $250,000 by NCUA
APY
Rate up to 5.45% APY
Monthly Fee
$0
Minimum Balance to earn APY
$1,000
Minimum Deposit
$1,000
5
Overall Rating
  • 4.00% APY – one of the best rates for business savings in the country
  • No online banking or monthly maintenance fees
  • No minimum balance requirements
  • Open account online in minutes
  • Human-powered support
  • Available to businesses nationwide
  • FDIC insured up to $250,000
APY
4.00%
Monthly Fee
$0
Minimum Balance to earn APY
$0.01
Minimum Deposit
$0
5
Overall Rating
  • 4.50% APY 24 month certificate, 1.5X6 higher than national average.
  • Federally insured by NCUA. No fees. $1 minimum to open.
  • 24/7 online access to funds.
APY
4.50%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 5.05% APY295 on balances of $5,000 or more
  • Earn 10x the National Average on your savings223
  • Minimum deposit of $100 in both Savings and eChecking accounts to open
  • No account opening or monthly services fees
  • FDIC insured
  • CIT Bank's mobile app makes it easy to manage your account
APY
5.05%
Monthly Fee
No
Minimum Balance to earn APY
$5,000
Minimum Deposit
$100
5
Overall Rating
  • Federally insured by NCUA.
  • Start saving with as little as $1 minimum deposit.
  • 24/7 online access.
  • 3.00% APY certificate, 1.0X6 higher than national average.
APY
3.00%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 4.75% APY 18 month certificate, 1.6X6 higher than national average.
  • Federally insured by NCUA. No fees. $1 minimum to open.
  • 24/7 online access to funds.
APY
4.75%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 4.75% APY no-penalty CD, 2.6x6 higher than national average.
  • FDIC insured. No fees. $1 minimum deposit.
  • Putting educational and financial success within reach for more than 50 years.
APY
4.75%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • The Ultimate Mobile Bank Account.
  • Get your government benefits up to 4 days early. Plus, direct deposit unlocks exclusive perks!
  • Get your pay up to 2 days early with eligible direct deposit.
  • No monthly fees with eligible direct deposit, otherwise $5 per month.
  • No hidden fees.
  • No minimum balance to open an account online.
  • Fees, terms and conditions apply. Learn more at www.go2bank.com.
APY
4.50%
Monthly Fee
No monthly fees with eligible direct deposit, otherwise $5 per month
Minimum Balance to earn APY
See terms
Minimum Deposit
No minimum balance required to open an account online
5
Overall Rating
  • 5.15% APY Money Market Deposit Account, 7.1x6 higher than national average.
  • Federally insured by NCUA. No fees. $1 minimum to open.
  • 24/7 online access to funds.
APY
5.15%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 4.90% APY 12 month certificate, 1.5X6 higher than national average.
  • Federally insured by NCUA. No fees. $1 minimum to open.
  • 24/7 online access to funds.
APY
4.90%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 3.0% APY high-yield CD, 1.6X6 higher than national average.
  • Deposits are FDIC insured through Liberty Savings Bank.
  • No fees. $1 minimum deposit.
  • 24/7 online access to funds.
APY
3.0%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • Federally insured by NCUA.
  • Start saving with as little as $1 minimum deposit.
  • 24/7 online access.
  • 4.20% APY certificate, 1.3X6 higher than national average.
APY
4.20%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 5.03% APY Money Market Deposit Account, 7.7x6 times the national average APY.
  • No fees. $1 minimum deposit. 24/7 online access to funds.
  • Lemmata gives back through charitable donations when you save.
  • Deposits are FDIC insured through California Bank of Commerce.
APY
5.03%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 5.15% APY* high-yield CD, 2.8X6 higher than national average.
  • FDIC insured. No fees.
  • Financial solutions to help you do more of what you love.
APY
5.15%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 5.22% APY* high-yield MMDA, 8.0x6 higher than national average.
  • FDIC insured. No fees.
  • Financial solutions to help you do more of what you love.
APY
5.22%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 4.70% APY no-penalty CD, 2.5x6 higher than national average.
  • FDIC insured. No fees. $1 minimum deposit.
  • Putting educational and financial success within reach for more than 50 years.
APY
4.70%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • Federally insured by NCUA.
  • Start saving with as little as $1 minimum deposit.
  • 5.24% APY MMDA, 7.2X6 higher than national average.
  • For a limited time, SkyOne will plant a tree in recognition of new MMDA depositors!
APY
5.24%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 5.05% APY high-yield savings account, 10.7X6 higher than national average.
  • FDIC insured. No fees.
  • Locally-owned independent community bank.
APY
5.05%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 4.70% APY high-yield MMDA, 7.2x6 higher than national average.
  • Deposits are FDIC insured through Liberty Savings Bank.
  • No fees. $1 minimum deposit.
  • 24/7 online access to funds.
APY
4.70%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 3.0% APY high-yield CD, 1.6X6 higher than national average.
  • Deposits are FDIC insured through Liberty Savings Bank.
  • No fees. $1 minimum deposit.
  • 24/7 online access to funds.
APY
3.0%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • Open an account online in just 3 minutes
  • Minimum of $500 required to open
APY
Up to 5.30%
Monthly Fee
$0
Minimum Balance to earn APY
$500
Minimum Deposit
$500
5
Overall Rating
  • 4.60% APY* high-yield savings account, 9.8x6 higher than national average.
  • FDIC insured. No fees.
  • A history of serving communities across America.
APY
4.60%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 1.21% APY high-yield CD, 0.7X6 higher than national average.
  • FDIC insured. No fees.
  • Bank with purpose: your deposit helps us keep investing in underserved communities hard hit by the Covid crisis.
APY
1.21%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • Earn 4.50% APY with a Quontic High Yield Savings Account
  • Start earning interest from Day 1 of your first deposit with no limit on how much you can earn.
  • Open an account online in just 3 minutes
  • Interest is compounded daily and credited to your account every month
APY
4.50%
Monthly Fee
$0
Minimum Balance to earn APY
$1
Minimum Deposit
$100
5
Overall Rating
  • FDIC insured. No fees.
  • Bank with purpose: your deposit helps us keep investing in underserved communities hard hit by the Covid crisis.
  • 5.35% APY high-yield CD, 3.2x6 higher than national average.
APY
5.35%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • Earn 5.00% Annual Percentage Yield with a Quontic Money Market Account
  • Let our highest yield savings account do all of the work.
  • $100 minimum deposit required to open an account
APY
5.00% on all balances
Monthly Fee
$0
Minimum Balance to earn APY
$1
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
4.90%
Monthly Fee
No
Minimum Balance to earn APY
See Terms
Minimum Deposit
$1,000
5
Overall Rating
  • 3.50% APY high-yield CD, 1.9X6 higher than national average.
  • FDIC insured. No fees.
  • Locally-owned independent community bank.
APY
3.50%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • Boosting your savings. Earn 4.65% APY224
  • Earn over 10x the national average with a Savings Connect account223
  • Minimum deposit of $100 in both Savings and eChecking accounts to open
  • Flat Rate
  • No account opening or maintenance fees
  • Free online banking with Bill Pay, Zelle, Samsung Pay and Apple Pay
  • Use any U.S. ATM to access funds. No CIT fees on ATM transactions and up to $30 per month reimbursement to offset other bank’s charges
  • Daily compounding interest
APY
4.65%
Monthly Fee
No
Minimum Balance to earn APY
See terms
Minimum Deposit
$100
5
Overall Rating
  • 5.30% APY high-yield CD, 23.0x6 higher than national average.
  • FDIC insured. No fees.
  • Bank with purpose: your deposit helps us keep investing in underserved communities hard hit by the Covid crisis.
APY
5.30%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • 3.00% high-yield CD, 2.0X6 higher than national average.
  • FDIC insured. No fees.
  • Locally-owned independent community bank.
APY
3.00%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • No monthly maintenance fees
  • No minimum balance requirements
  • $250 minimum opening deposit
  • Free Incoming Wires
  • Zero Minimum Balance Requirement
APY
Up to 0.61%
Monthly Fee
No
Minimum Balance to earn APY
No
Minimum Deposit
$250 minimum balance to open an account
5
Overall Rating
  • 5.15% high-yield CD, 3.1X6 higher than national average.
  • FDIC insured. No fees.
  • Locally-owned independent community bank.
APY
5.15%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
5
Overall Rating
  • Minimum deposit of $100 to open
  • No account opening or maintenance fees
  • Daily compounding interest
  • Access your money easily with Zelle® & Bill Pay
  • FDIC insured
APY
1.55%
Monthly Fee
No
Minimum Balance to earn APY
No minimum monthly balance
Minimum Deposit
$100
5
Overall Rating
  • Minimum deposit of $100 to open
  • Multi-tiered account.
  • Monthly $100 deposit requirement or $25K min balance for highest APY
  • No account opening or maintenance fees
  • Daily compounding interest
  • FDIC insured
APY
Earn up to 1.00% APY
Monthly Fee
No
Minimum Balance to earn APY
$25,000
Minimum Deposit
$100
5
Overall Rating
  • Competitive rates
  • Terms up to 5 years
  • Low minimum opening deposit
  • Daily compounding interest
  • No monthly maintenance fees
  • FDIC insured
APY
Up to 5%
Monthly Fee
No
Minimum Balance to earn APY
See terms
Minimum Deposit
$1,000

This offer is only available in AZ, CA, CO, FL, GA, KS, MD, MO, NC, NM, OK, OR, SC, TN, TX, VA, WA, WI, WV.

5
Overall Rating
  • No monthly fees
  • No minimum balance
  • Open with as little as $50
  • Interest is compounded daily
  • 2 Free withdrawals or transfers per month. $3 for each thereafter.
  • You can link your Online Savings to your First Citizens checking account for overdraft protection (a $12 transfer fee applies if you link your savings to your checking account and overdraft)
  • Free digital banking with mobile app so you can monitor your account
  • No-fee channel access: You can access your account digitally, but also at branch or ATM at no charge.

This offer is only available in AZ, CA, CO, FL, GA, KS, MD, MO, NC, NM, OK, OR, SC, TN, TX, VA, WA, WI, WV.

APY
Earn 0.03% APY
Monthly Fee
No
Minimum Balance to earn APY
No
Minimum Deposit
$50

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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