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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.
December 2024: BEST SAVINGS ACCOUNT
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
- Top tier savings rate
- Convenient online and mobile tools
- Best-in-class customer service
- Deposit is insured by FDIC
APY
4.50%
Monthly Fee
$0
Minimum Balance to earn APY
$1,000
Minimum Deposit
$1,000
- New customers earn $10 for every $5,000 deposited with code CYBER. See site for important details.
- Federally insured by NCUA.
- Start saving with as little as $1 minimum deposit.
- 24/7 online access.
- 4.45% APY 12-month callable certificate, 1.4x6 higher than national average.
APY
4.45%
Monthly Fee
No
Minimum Balance to earn APY
$0,01
Minimum Deposit
$1
- New customers earn $10 for every $5,000 deposited with code CYBER. See site for important details.
- FDIC insured. No fees. $1 minimum deposit.
- 24/7 online access to funds.
- Gives back to schools and organizations in their local communities.
- Top offer: 4.16% APY* high-yield savings account, 9.7x6 higher than national average.
APY
4.16%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- Deposit a minimum of $500 with a guaranteed Annual Percentage Yield.339
- Collect dividends that are compounded and credited monthly.
- Your funds are insured for $250,000 on individual accounts by the federal government.
- At the end of your certificate’s term, withdraw your money plus the dividends you’ve earned, or roll over your earnings into a new certificate.
APY
See Terms
Monthly Fee
$0
Minimum Balance to earn APY
$500
Minimum Deposit
$500
- Federally insured by NCUA.
- Start saving with as little as $1 minimum deposit.
- 24/7 online access.
- 4.25% APY 48-month callable certificate, 1.5x6 higher than national average.
APY
4.25%
Monthly Fee
No
Minimum Balance to earn APY
$0,01
Minimum Deposit
$1
- Earn 4.41% APY, on $1,000 or more*
- No monthly account fees**
- Up to $1 million in FDIC or NCUA insurance through Cross River Bank or Participating Institutions***
APY
4.41% APY with $1,000 balance*
Monthly Fee
$0
Minimum Balance to earn APY
$1000
Minimum Deposit
$0
- Enjoy 4.00% APY with our High Yield Savings Account
- Earn more than 8x 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
4.00%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- CD Rates as high as 4.00%.
- 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 4.00%
Monthly Fee
No
Minimum Balance to earn APY
$500
Minimum Deposit
$500
- 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
- Up to 5.26% APY (Annual Percentage Yield).
- Low to no minimum opening deposit.
- FDIC or NCUA insured.
- Low to no fees.
- Open account online in minutes.
APY
up to 5.26%
Monthly Fee
See terms
Minimum Balance to earn APY
See terms
Minimum Deposit
See terms
- 3.75% APY 15 month share certificate, 1.3x6 higher than national average.
- Federally insured by NCUA. No fees. $1 minimum to open.
- 24/7 online access to funds.
APY
3.75%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- 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 4.15% APY
Monthly Fee
$0
Minimum Balance to earn APY
$1,000
Minimum Deposit
$1,000
- 3.75% APY 24 month certificate, 1.3X6 higher than national average.
- Federally insured by NCUA. No fees. $1 minimum to open.
- 24/7 online access to funds.
APY
3.75%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- 4.55% 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
4.55%
Monthly Fee
No
Minimum Balance to earn APY
$5,000
Minimum Deposit
$100
- 3.80% APY 18 month certificate, 1.3X6 higher than national average.
- Federally insured by NCUA. No fees. $1 minimum to open.
- 24/7 online access to funds.
APY
3.80%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- 4.00% APY 14-month high-yield CD, 2.2x6 higher than national average.
- FDIC insured. No fees. $1 minimum deposit.
- Putting educational and financial success within reach for more than 50 years.
APY
4.00%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- 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
- 4.25% APY Money Market Deposit Account, 5.5x6 higher than national average.
- Federally insured by NCUA. No fees. $1 minimum to open.
- 24/7 online access to funds.
APY
4.25%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- 4.00% APY 12 month certificate, 1.2X6 higher than national average.
- Federally insured by NCUA. No fees. $1 minimum to open.
- 24/7 online access to funds.
APY
4.00%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- 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
- 5.03% APY Money Market Deposit Account, 7.6x6 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
- 3.95% APY no-penalty CD, 2.4x6 higher than national average.
- FDIC insured. No fees. $1 minimum deposit.
- Putting educational and financial success within reach for more than 50 years.
APY
3.95%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- New customers earn $10 for every $5,000 deposited with code CYBER. See site for important details.
- 4.36% APY high-yield MMDA, 7.3x6 higher than national average.
- Deposits are FDIC insured through Liberty Savings Bank.
- No fees. $1 minimum deposit.
- 24/7 online access to funds.
APY
4.36%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- 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
- Open an account online in just 3 minutes
- Minimum of $500 required to open
APY
Up to 4.25%
Monthly Fee
$0
Minimum Balance to earn APY
$500
Minimum Deposit
$500
- 4.36% APY* high-yield savings account, 10.1x6 higher than national average.
- FDIC insured. No fees.
- A history of serving communities across America.
APY
4.36%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- 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
- Earn 4.00% 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
4.00%
Monthly Fee
$0
Minimum Balance to earn APY
$1
Minimum Deposit
$100
- FDIC insured. No fees.
- Bank with purpose: your deposit helps us keep investing in underserved communities hard hit by the Covid crisis.
- 1.31% APY high-yield CD, 0.7x6 higher than national average.
APY
1.31%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- Earn 4.75% 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
4.75% on all balances
Monthly Fee
$0
Minimum Balance to earn APY
$1
Minimum Deposit
$100
- 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
3.50%
Monthly Fee
No
Minimum Balance to earn APY
See Terms
Minimum Deposit
$1,000
- 3.00% APY high-yield CD, 1.7X6 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
- Boosting your savings. Earn 4.20% APY224
- Earn over 9x 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
4.20%
Monthly Fee
No
Minimum Balance to earn APY
See terms
Minimum Deposit
$100
- 3.00% APY high-yield CD, 13.0x6 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
3.00%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- 2.50% high-yield CD, 1.5X6 higher than national average.
- FDIC insured. No fees.
- Locally-owned independent community bank.
APY
2.50%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- 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
- 4.05% high-yield CD, 2.7X6 higher than national average.
- FDIC insured. No fees.
- Locally-owned independent community bank.
APY
4.05%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
- 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
- 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
- Competitive rates
- Terms up to 5 years
- Low minimum opening deposit
- Daily compounding interest
- No monthly maintenance fees
- FDIC insured
APY
Up to 3.5%
Monthly Fee
No
Minimum Balance to earn APY
See terms
Minimum Deposit
$1,000
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!).
Read FAQs about Savings Accounts
Or Ask Our Experts
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...
Have a Question about Savings Accounts?
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