Best Savings Account Rates
By: Conor Keenan Last updated on January 7, 2025
Conor Keenan, co-founder of CompareAccounts.com, is a notable personal finance expert, with work seen in The Wall Street Journal, CNN, Fox News, MSN and Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.
Right now, banks are offering some of the highest interest rates in decades. It’s your time to cash in on these returns.
High APY
4.75% APY
On Openbank By Santander Bank's
Secure Site, Member FDIC
Best For: High APY From An Online Bank
Now available in the U.S. with FDIC insurance up to $250,000 per depositor and industry-leading security, Openbank offers top-tier rates with the stability of a top global bank.
Openbank was built by Santander, a top global bank with nearly 170 million customers worldwide and is best for consumers looking for an online bank with a highly competitive yield on a savings account without monthly fees or transaction fees.
This high yield savings account offers 4.75% APY with a minimum opening deposit of $500.
As of 2023, Santander’s total assets were almost $2 trillion (USD) worldwide.
Openbank High Yield Savings is currently unavailable to individuals who reside in CT, DE, MA, NH, NJ, NY, PA, or RI, and to Santander Bank customers with: (1) a deposit account(s) opened in these states or FL, or (2) a lending account. Terms Applyⓘ
As the biggest 100% digital bank in Europe, Openbank was created to make banking simple & seamless. Join millions around the world & start earning a higher APY now.
See Openbank by Santander's Secure Site For More Details.
High APY
4.40% APY
On Raisin's Secure Site for
Western Alliance Bank, FDIC Insured
Best For: High APY Interest Rates
Western Alliance Bank offers 4.40% APY exclusively through the Raisin Platform.
This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.
In addition to this high APY, Western Alliance offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.
Customer service is located in New York, NY and is available via email and phone. You'll have online access to your funds 24/7.
Western Alliance Bank is consistenly ranked among the top banks. The bank has over $80 Billion in Assets and were ranked #1 top-performing large bank with assets greater than $50 billion in 2021, 2022, 2023 & 2024 by American Banker. Serving clients across the country wherever business happens.
See Raisin's Secure Site for Western Alliance Bank For More Details.
Annual Percentage Yield (APY)
3.80% APY
APY as of January 13, 2025
On American Express National Bank's
Secure Site, Member FDIC
Best For: Competitive APY From An Online Bank
Your interest compounds daily and is deposited in your account monthly.
Other benefits of this account include $0 monthly fees, 24/7 Customer Service, FDIC insurance up to $250,000 per depositor and the fact it's backed by the service & reliability of American Express, it's a no brainer as to why so many people are signing up.
To top it off, you can easily check balance and transaction history, deposit funds, and more within the American Express® App.
See American Express National Bank's Secure Site For More Details.
Bonus Offer
3.75% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Welcome Bonus With Qualifying Deposits
Discover Bank offers 3.75% APY with no monthly fees and $0 initial deposit.
Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."
Whereas other banks may charge you a fee for certain services, Discover won't charge you a fee on any of the following items: monthly maintenance, official bank check, expedited delivery for official bank checks, deposited item returned, stop payment order, insufficient funds, or for closing your account.
For a limited time, Discover Bank is also offering a bonus for qualifying deposits on your first Discover Online Savings Account.
You can earn a $150 bonus when you deposit at least $15,000 or a $200 bonus when you deposit at least $25,000 within 45 days of account open date. Terms apply.ⓘ
Bonus Promo Code: CA924
You must open your account by 3/13/2025 to be eligible for the bonus.
This account is insured by the FDIC for up to $250,000 per depositor and Discover also boasts 100% U.S.-based Customer Service Available 24/7.
If you're looking for a competitive APY with "No. Fees. Period." and a nice welcome bonus, then this account is for you.
See Discover Bank's Secure Site For More Details.
Compare With
Not Recommended
0.01% APY
Not Recommended. Shown For Comparison Purposes Only.
Chase Bank is one of the largest and most well known banks in the United States. Unfortunately, they offer a measley 0.01% APY on their savings account.
In fact, if you're not careful and perform enough qualifying activies, having a savings account with them can actually cost you money.
The average minimum balance to avoid a monthly service fee is $300. Monthly service fees can be up to $5 per month. They limit withdrawals to 6 per monthly statement period. If you go over this number, you'll be hit with an overage fee up to $15 per month.
Other miscellaneous fees may apply as well. Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Chase Bank.
4.35% APY
On CIT Bank's Secure Site,
Member FDIC
Best For: Customer Experience + High APY Interest Rates
CIT Bank ranked #1 in the nation for humanizing the customer experience in a recent survey conducted by American Banker of more than 5,000 consumers covering 50 financial institutions.
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
They currently offer 4.35% APY on their high yield savings account with no monthly fees. Minimum Balance for this APY is $5,000.
You can open a CIT Bank platinum savings account in as little as 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
See CIT Bank's Secure Site For More Details.
4.01% APY
On Raisin's Secure Site
for Customers Bank, FDIC Insured
Best For: High APY + No Monthly Fees
Customers Bank high yield savings account offers 4.01% APY exclusively through the Raisin Platform.
Using a single secure login, the Raisin Platform brings together 70+ federally insured banks & credit unions to help accomplish your savings goals.
In addition to this high APY, Customers Bank offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.
These features plus the high APY make this account a rare offer.
Founded in 2009, Customers Bank is a super-community bank with over $22 billion in assets.
Ranked by total assets, Customers Bank is in the top 5% of all banks in America and is consistently ranked as one of the best banks in America by Forbes.
See Raisin's Secure Site for Customers Bank For More Details.
Compare With
Not Recommended
0.15% APY
Not Recommended. Shown For Comparison Purposes Only.
Wells Fargo is also one of the largest banks in the United States and also offers a very low APY for their savings accounts.
They currently offer a sad 0.15% Way2Save Savings Account.
They require a minimum opening deposit of $25 and also force people to jump through hoops to avoid their monthly fees. You can avoid the fee with a $300 minimum daily balance, qualified transfers from a linked Wells Checking account and vice versa or if the primary account holder is 24 years old or under.
However, other fees may still apply. See terms for full details.
Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Wells Fargo.
4.00% APY
On CIT Bank's Secure Site,
Member FDIC
Best For: High APY Interest Rates + Mobile App
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
They currently offer 4.00% APY on their high yield savings connect account with no monthly fees.
CIT Bank’s mobile app give you 24/7 access to your savings account. It also lets you deposit checks remotely & make transfers easily. The mobile app is available for both IOS & Andriod devices.
You can open a CIT Bank savings connect account with as little as $100 and it only takes about 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
See CIT Bank's Secure Site For More Details.
3.65% APY
On Raisin's Secure Site for
RBMAX, FDIC Insured
Best For: High APY Rates
RBMAX, Republic Bank's digital banking service, offers a high yield savings account with 3.65% APY exclusively through the Raisin Platform.
Raisin is a SOC 2 certified platform, meaning it has been validated by outside auditors across five (5) key information security principles.
Customer service is located in New York, NY and is available via email and phone. You'll have online access to your funds 24/7.
In addition to this high APY, RBMAX offers $0 monthly maintenance fees, unlimited withdrawals, and is insured by the FDIC for up to $250,000 per depositor.
Republic Bank was founded in 1982, was recently announced as one of America's best online lenders by Newsweek & now has over $6 billion in assets.
See Raisin's Secure Site for RBMAX For More Details.
Compare With
Not Recommended
0.01%
Not Recommended. Shown For Comparison Purposes Only.
Bank of America, another large bank that offers nearly nothing on their savings accounts.
They currently offer a regretful 0.01% APY on their Advantage Savings Account.
Bank of America will charge you a $8 monthly maintence fee unless one of the following conditions is met.
Minumum daily balance of $500, if you are a Bank of America Preferred Rewards client, if you link your Savings account to your Bank of America Advantage Relationship Banking® account, are under the age of 18 or if you're under the age of 25 and can qualify as a student.
Other miscellanerous fees may apply as well, such as $5 for statement copies. Because of the bottom barrel APY and various fees, we don't recommend you opening a savings account with Bank of America.
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
American Express® High Yield Savings Account: 3.80% APY as of January 13, 2025
Discover® Bank Online Savings Account: 3.75% APY - Earn up to $200 with Promo Code: CA924
RBMAX High Yield Savings Account: 3.65% APY
Customers Also Viewed: High-Yield Certificate of Deposit Accounts
APY
4.05%
6 Month Term
- High-Yield CD
- Min. initial deposit: $1
- Term: 6 Months
- 4.05% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
- Exclusive Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured
High APY
APY
3.80%
9 Month CD
- High Yield CD
- Term: 9 Months
- Min. Initial Deposit: $0
- 3.80% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 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
APY
3.50%
13 Month Term
CIT Bank® CD Details
- High Yield CD
- Term: 13 Months
- 3.50% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- Interest Compounded Daily
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
What Determines Savings Account Interest Rates?
Savings account interest rates are typically determined by a variety of factors, including the supply and demand for funds in the financial system, the overall level of interest rates in the economy, and the policies of the financial institution that is offering the savings account. In general, savings account interest rates tend to be lower than rates on other types of financial products, such as loans, because they involve a lower level of risk for the lender. However, the specific interest rate that a financial institution offers on a savings account can vary based on a number of factors, such as the type of account, the balance of the account, and the length of time the funds are deposited.One other factor that can affect savings account interest rates is the level of competition among financial institutions. In a market with many banks and credit unions offering savings accounts, the institutions may need to offer higher interest rates in order to attract customers. On the other hand, in a market with fewer options for savings accounts, financial institutions may be able to offer lower interest rates and still attract depositors. Additionally, some financial institutions may offer higher interest rates on certain types of accounts, such as online-only accounts or accounts with higher minimum balance requirements, in order to differentiate their products and attract certain types of customers.
What is the Lowest Interest Rate Available?
The lowest interest rate on a savings account can vary depending on the financial institution and the specific terms of the account. Some financial institutions may offer very low interest rates on their savings accounts, like some of the banks above who only offer 0.01% APY.Although interest rate is one of the most important factors, other factors, such as fees, minimum balance requirements, and the convenience of the institution’s locations and services, may also be important to consider. It may be a good idea to shop around on compareaccounts.com and compare the terms and conditions of different savings accounts in order to find the one that best meets your needs.
What is the Federal Reserves Role in Setting Interest Rates?
The Federal Reserve, or the “Fed,” is the central bank of the United States and is responsible for implementing monetary policy in the country. One of the main tools the Fed uses to influence monetary policy is setting the target range for the federal funds rate, which is the interest rate at which banks lend money to each other overnight. The Fed uses this tool to help achieve its goals of maximum employment, stable prices, and moderate long-term interest rates.The Fed adjusts the federal funds rate by buying and selling securities, such as government bonds, in the open market. When the Fed wants to increase the federal funds rate, it will sell securities and take money out of circulation, which reduces the supply of funds available for lending and pushes up interest rates. Conversely, when the Fed wants to lower the federal funds rate, it will buy securities and add money to circulation, which increases the supply of funds available for lending and pushes down interest rates.The federal funds rate is a benchmark for many other interest rates in the economy, including the prime rate, which is the rate at which banks lend to their most creditworthy customers. As a result, changes in the federal funds rate can affect the interest rates that individuals and businesses pay on loans, as well as the returns they earn on investments such as savings accounts and certificates of deposit.One thing to note is that the Federal Reserve’s ability to influence interest rates is not unlimited. If the Fed tries to set the federal funds rate at a level that is significantly higher or lower than the level that the market would dictate based on supply and demand, it could lead to distortions in the financial system and disrupt the normal functioning of credit markets. Therefore, the Fed typically seeks to align its target for the federal funds rate with the “neutral” rate, which is the level of the federal funds rate that is consistent with sustainable economic growth and low and stable inflation over the long run.It is also worth noting that the Federal Reserve’s ability to set the federal funds rate is not the only factor that determines interest rates in the economy. Other factors, such as the level of risk associated with a particular type of loan or the level of competition among lenders, can also affect the interest rates that are offered to borrowers. Additionally, the Federal Reserve’s monetary policy decisions can be influenced by a variety of economic and financial conditions, both within the United States and around the world.
