Best Savings Accounts

  • Compare our recommended saving accounts from our partners
  • Savings account independent ratings & reviews
  • National Savings Rate Average*: 0.47%
  • See nearly 10x higher rates from our partners
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We Believe in Financial Well-Being.

We believe everyone should have free access to information in order to make smarter financial decisions. Although our site doesn’t showcase every company or financial product available in the market today, we're confident in our recommendations, many of which are from our advertising partners, to help guide you on your financial journey. Free of charge for you.

Instead of charging you money, we're compensated by our partners and third-party advertisers. This compensation, along with our proprietary algorithms, may, at times, influence the products we decide to review, discuss, and their position on our site or the order in which they appear.

This article and the comparison table are not personal financial advice. While we provide information resources and educational pieces, the content here is not a substitute for personal financial guidance from a registered financial advisor.

  • National Savings Rate Average*: 0.47%
  • See nearly 10x higher rates from our partners
American First Credit Union Logo Powered By Raisin

Rating:

APY

5.24%

  • High Yield Money Market Account
  • Min. initial deposit: $1
  • 5.24% APY
  • American First is Federally Insured by NCUA, the National Credit Union Administration
  • NCUA Insured up to $250,000
  • No Monthly Fees
  • Unlimited Withdrawals
  • 9.2x National Avg. APY
  • Interest Compounded Daily
  • American First Has Served Its Members for Over 70 Years
  • Not-For-Profit Financial Institution
  • See Site for Details

On Raisin's Secure Site for American First Federal Credit Union, NCUA Insured

 

 Compare With

Chase Bank Logo

Rating:

APY

0.01%

Chase Bank Details

  • Savings Account
  • 0.01% APY
  • Min. Balance to Avoid Service Fee: $300
  • Monthly Service Fees: up to $5
  • Limit 6 Withdrawals per Monthly Statement Period
  • Withdrawal Overage Fees: up to $15 per month
  • Other Miscellaneous Fees Apply

Not Recommended.
Shown For Comparison Purposes Only.

 

Liberty Bank Logo Powered By Raisin

Rating:

APY

4.60%

  • High-Yield Savings Account
  • Min. initial deposit: $1
  • 4.60% APY
  • 12.4x National Avg. APY
  • No Monthly Fees
  • Founded in 1889
  • FDIC Insured up to $250,000
  • Strong History of Serving Communities Across America
  • See Site for Details

On Raisin's Secure Site for Liberty Bank, Member FDIC

 

 

citibank Logo

Rating:

APY

4.35%

Details

  • Savings Account
  • Min. balance for APY: $1
  • 4.35% APY
  • No Monthly Fees with Qualifying Activities

On CitiBank, N.A., Secure Site, Member FDIC

 

 Compare With

Wells Fargo Logo

Rating:

APY

0.15%

Wells Fargo Details

  • Savings Account
  • Min. Initial Deposit: $25
  • No Fee Min. Balance: $300
  • 0.15% APY
  • Monthly Maintenance Fee of $5. If Below Min. Balance
  • Other Fees May Still Apply

Not Recommended.
Shown For Comparison Purposes Only.

 

Rating:

APY

4.75%

Details

  • Savings Account
  • Min. balance for APY: $0
  • 4.75% APY

On Synchrony Bank's Secure Site, Member FDIC

 

Marcus Logo

Rating:

APY

4.40%

Details

  • Savings Account
  • Min. balance for APY: $0
  • 4.40% APY

On Marcus by Goldman Sachs' Secure Site, Member FDIC


American Express High Yield Savings Account Logo

Rating:

APY

4.30%

Annual Percentage Yield (APY)

  • High Yield Savings Account
  • Min. to Earn APY: $1
  • Min. Initial Deposit: $0
  • 4.30% APY
  • APY as of April 15, 2024
  • Interest Compounded Daily
  • $0 Monthly Fees
  • 24/7 Customer Service
  • FDIC Insured up to $250,000
  • Backed by the Service & Reliability of American Express
  • Terms Apply
  • See Site for Details

 On American Express National Bank's Secure Site, Member FDIC

Discover Bank Logo

Rating:

APY

4.25%

  • High Yield Savings Account
  • Min. balance for APY: $0
  • Min. Initial Deposit: $0
  • 4.25% APY
  • 5x National Savings Avg*
  • Mobile Check Deposit
  • No Monthly Fees
  • 100% U.S.-based Customer Service Available 24/7
  • Interest Compounded Daily
  • FDIC Insured up to $250,000
  • See Site For Details

On Discover Bank's Secure Site, Member FDIC

 

 Compare With

Bank of America Logo

Rating:

APY

0.01%

Bank of America® Details

  • Savings Account
  • No Fee Min. Balance: $500
  • 0.01% APY
  • Monlthy Maintence Fee of $8. If Below Min. Balance
  • $5 Fee for Statement Copies
  • Other Fees May Still Apply

Not Recommended.
Shown For Comparison Purposes Only.

 

What to Look for in a High-Yield Savings Account

It’s always wise to compare your options when opening a new savings account. Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in savings.

Here are the top features to look for and compare:

1. Interest Rate

The interest rate of a savings account is one of its most important features. However, a very high interest rate can get completely wiped out by monthly fees.

Although your main goal may be a higher interest rate, be sure to focus on low and better yet, no monthly fee accounts. Other important features of your savings account include the required initial deposit, minimum balance required, and how you access your money.

2. Monthly Fees

Monthly fees can destroy your return. You should avoid them like the plague. That’s why we recommend you focus on no monthly fee savings accounts to maximize your return.

3. Required Initial Deposit

Does the bank require a large initial deposit? Are you comfortable depositing that much right away? These days, most banks will allow you to open an account with as little as $1 or even $0 dollars.

Some banks may offer a higher yield with a higher initial deposit. You’ll just need to decide whether that higher initial deposit will be worth any increase in yield.

4. Minimum Balance Required

Minimum balance required to maintain your account is another feature to keep a close eye on.

Most of the banks we recommend do not have large minimum balance requirements, if any minimum balance requirement at all.

The accounts we do recommend that have a higher minimum required balance are usually CD accounts, which you don’t want to open unless you want to lock up your money for 6 months, 12 months or longer.

5. Accessing Your Money

Accessing your money is important with any account. Some high yield savings accounts allow you to transfer funds out of the account as often as you’d like, while others place limits on the number of outgoing transfers you can perform per month.

Additionally, some banks will issue a debit card for your high yield savings account, although that is more common for checking accounts.

We recommend to not focus on the debit card aspect too much and instead ask yourself “how often will I need to pull money from my savings?” We believe that savings should be left alone, until really needed, in order take advantage of compound interest.

Although a limit of 6 out going transfers sounds low, if you need to pull money out more often than that, we’d recommend putting those funds into a checking account instead.

*National Savings Rate Average as published by FDIC