Best Savings Accounts of 2026
By: Conor Keenan | Last updated: July 29, 2026
Conor Keenan, AWMA®, is the Co-Founder of CompareAccounts. An Accredited Wealth Management Advisor® professional with over a decade of experience covering consumer banking and investing trends, his work has appeared in The Wall Street Journal, Reuters, Yahoo Finance, and more.
Editorial Independence: Our opinions, reviews, and recommendations are our own. Partner commissions keep our site free, but our content remains independent.
You’re in the right place. Every day, we help thousands of serious savers earn more than 0.38% national average APY. Simply by opening a new account below your money could grow 8x – 10x faster. These are the same vetted accounts we trust with our own families’ money. See the full list & choose the right one for you to start earning more.
APY
Annual Percentage Yield (APY)
- High Yield Savings Account
- Min. to Earn APY: $0
- Min. to Open2: $0
- 3.00% APY1
- APY as of July 29, 2026
- Interest Compounded Daily
- $0 Monthly Fees
- 24/7 Customer Service
- FDIC Insured up to $250,000
- Backed by the Award-Winning Service & Reliability of American Express®
- Terms Applyⓘ
- See Site for Details
Terms Disclosure:
1. The Annual Percentage Yield (APY) as advertised is accurate as of July 29, 2026. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded
2. There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.
3. iOS and Android only. See app store listings for operating system info.
4. For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.
On American Express
National Bank's Secure Site,
Member FDIC
APY
Annual Percentage Yield (APY)
- High Yield Savings Account
- Min. to Earn APY: $0
- Min. to Open2: $0
- 3.00% APY1
- APY as of July 29, 2026
- Interest Compounded Daily
- $0 Monthly Fees
- 24/7 Customer Service
- FDIC Insured up to $250,000
- Backed by the Award-Winning Service & Reliability of American Express®
- Terms Applyⓘ
- See Site for Details
Terms Disclosure:
1. The Annual Percentage Yield (APY) as advertised is accurate as of July 29, 2026. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded
2. There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.
3. iOS and Android only. See app store listings for operating system info.
4. For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.
On American Express
National Bank's Secure Site,
Member FDIC
APY
Annual Percentage Yield (APY)
- High-Yield Savings Account
- 3.80% APYⓘ
- Min. Opening Deposit: $500
- Min. to Earn APY: $0.01
- $0 Account Fees
- Interest Accrues Daily and is Paid Monthly
- Open an Individual or Joint Account
- FDIC Insured up to $250,000 per depositor
- U.S.-based Customer Service Available from 6 a.m. to 6 p.m. PDT Monday – Friday
- Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, 2023, & 2024 by American Banker
- See Site for Details
Western Alliance Bank APY Disclosure
ⓘ The annual percentage yield (APY) is accurate as of January 20, 2026 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.On Western Alliance Bank's
Secure Site, Member FDIC
APY
Annual Percentage Yield (APY)
- High-Yield Savings Account
- 3.80% APYⓘ
- Min. Opening Deposit: $500
- Min. to Earn APY: $0.01
- $0 Account Fees
- Interest Accrues Daily and is Paid Monthly
- Open an Individual or Joint Account
- FDIC Insured up to $250,000 per depositor
- U.S.-based Customer Service Available from 6 a.m. to 6 p.m. PDT Monday – Friday
- Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, 2023, & 2024 by American Banker
- See Site for Details
Western Alliance Bank APY Disclosure
ⓘ The annual percentage yield (APY) is accurate as of January 20, 2026 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.On Western Alliance Bank's
Secure Site, Member FDIC
Up to $400 Bonus
up to
3.80%
Annual Percentage Yield (APY)
- Checking & Savings Account
- Min. to Open: $0
- Bonus: up to $400 with Direct Depositⓘ
- Up to 3.80% APY on Savings Balances with Qualifying Activities
- $0 Monthly Fees
- FDIC Insured up to $250,000
- Earn $50 or $400 with direct deposit, terms apply
- Limited Time Offer: +0.70% Boost to 3.80% APY for up to 6 Months on New Accounts with Eligible Direct Deposit.
- Terms Applyⓘ
- See Site for Details
1. Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct
Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible
Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have
satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct
Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
3. Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees
may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.70% Savings APY Boost
Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with
Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
On SoFi's Secure Site,
Member FDIC
High APY
up to
Annual Percentage Yield (APY)*
- High Yield Savings Account
- Balance for APY: $5,000
- 3.75% APY1
- No Monthly Service Fees
- Terms Applyⓘ
- Limited Time Offer: +0.35% Boost to 4.10% APY* for up to 6 Months on New Accounts
- Use Promo Code: CITBoost
- Insured up to $250,000
- Sign Up in Under 5 Minutes
- See Site for Details
Disclosures:
1Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of June 15, 2026.
* Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends August 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, CITBoost. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code CITBoost.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code CITBoost.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code CITBoost.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
- Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes. For complete list of account details and fees, see our Personal Account Disclosures
On CIT Bank's Secure Site,
Member FDIC
What matters most to you right now?
What matters most to you right now?
APY
Annual Percentage Yield (APY)
- High-Yield Savings Account
- Min. initial deposit: $0.00
- 3.30% APY — far above the national average
- Member FDIC
- No Minimum Balance
- No Monthly Fees
- Interest Compounded Daily
- Full Liquidity - Withdraw Funds Anytime
- Terms Applyⓘ
- Trusted Fortune 500 Bank with Nationwide Reach Serving Millions of Customers
- See Site for Details
Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
On Synchrony Bank's
Secure Site, Member FDIC
Compare With
Not Recommended.
For Comparison Only.
APY
Annual Percentage Yield (APY)
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
APY
Annual Percentage Yield (APY)
- High Yield Savings Account
- Min. initial deposit: $1
- 2.51% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Established 1901 (Oklahoma community bank)
- Available Nationwide Through Raisin Platform
- See Site for Details
On Raisin's Secure Site for
State Exchange Bank,
Member FDIC
APY
Annual Percentage Yield (APY)
- High Yield Savings Account
- Min. opening deposit: $100
- 3.65% APY1
- No Monthly Service Fees
- No Minimum Monthly Balances
- Mobile App Online Banking
- Deposit Checks Remotely & Make Transfers Easily
- FDIC Insured up to $250,000
- Sign Up in Under 5 Minutes
- Terms Applyⓘ
- See Site for Details
Savings Connect Account Disclosure
APY — Annual Percentage Yield is accurate as of July 1, 2026. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://www.cit.com/cit-bank/resources/forms
On CIT Bank's Secure Site,
Member FDIC
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
American Express® High Yield Savings Account: 3.00% APY as of July 29, 2026
American Express® High Yield Savings Account: 3.00% APY as of July 29, 2026
SoFi® Checking and Savings: 3.80% APY & Earn up to $400 with qualifying activities
CIT Bank® Platinum Savings Account: up to 4.10% APY - with Promo Code: CITBOOST
CIT Bank® Savings Connect Account: 3.65% APY
Customers Also Viewed: Bonus Checking Accounts
Up to $400 Bonus
up to
3.80%
Annual Percentage Yield (APY)
- Checking & Savings Account
- Min. to Open: $0
- Bonus: up to $400 with Direct Depositⓘ
- Up to 3.80% APY on Savings Balances with Qualifying Activities
- $0 Monthly Fees
- FDIC Insured up to $250,000
- Earn $50 or $400 with direct deposit, terms apply
- Limited Time Offer: +0.70% Boost to 3.80% APY for up to 6 Months on New Accounts with Eligible Direct Deposit.
- Terms Applyⓘ
- See Site for Details
1. Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct
Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible
Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have
satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct
Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
3. Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees
may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.70% Savings APY Boost
Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with
Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
On SoFi's Secure Site,
Member FDIC
Direct Deposit Benefits
- Chime® Checking Account
- Chime Visa® Debit Card
- No Monthly Fees
- No Overdraft Fees
- 24/7 Live Support with a Real Human
- Access to over 47,000 fee-free ATMs at locations like Target, Walgreens®, 7-Eleven® & more
- Some Direct Deposit Benefits Include:
- MyPay®1: Get up to $5002 of your pay before payday. Note: Only offered in select states.
- Early Pay Access: Get your paycheck up to 2 days earlier with direct deposit
- SpotMe®: Eligible members can access up to $200 in fee-free SpotMe coverage when using their Chime Visa® Debit Card. Eligibility requirements and limits apply.
- Terms & Conditions Apply to The Features of this Accountⓘ
- See Site for Details
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.
SpotMe Disclosure: SpotMe® on Debit is an optional service that provides fee-free overdraft if a member meets certain qualification criteria. Chime SpotMe enables members to draw their Chime Checking Account negative for debit card transactions, ATM withdrawals, cash back transactions or “over the counter” or OTC withdrawals (“Qualifying Transactions”) up to a specified amount (the “Limit”). This Limit is determined by Chime in its sole discretion based on the history of any Chime-branded accounts you have, direct deposit history and direct deposit amounts, spending activity and other risk-based factors. SpotMe on Debit is not a credit product, cash advance, a loan, or overdraft protection. Comparing SpotMe to any of these other products is not accurate and would diminish integrity of the product's structure.
SpotMe® on Credit is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime® Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card.
Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won’t cover non-card transactions. SpotMe on Chime Card Terms and Conditions apply.
Chime ATM Disclosure: Out-of-network ATM withdrawal and over the counter advance fees may apply except at FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint® or Visa® Plus Alliance ATM participating in the Allpoint network.
Fee-Free Banking Disclosure: Optional services and products may have fees or charges, such as outbound instant transfers, out-of-network transactions, and credit products. Learn more here.
Chime Early Pay Disclosure: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Chime MyPay® Disclosure: MyPay® line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS 2316451).
To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is only offered in select states and is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.
MyPay®: MyPay is a line of credit that allows members to get up to $500 of their pay anytime before payday with no interest, no credit check, and no mandatory fees. Most members’ credit limits start between $50 and $100, and can increase over time up to $500 depending on factors such as length and amount of your direct deposit activity. Members can get funds for free within 24 hours, or instantly for a fee of 3% of the advance amount ($2 minimum, $5 maximum) per advance. See Bancorp MyPay Agreement or Stride MyPay Agreement for details. MyPay is not an earned wage access product.
State Eligibility: You must live in one of the following states or the District of Columbia (Washington, D.C.) to be eligible for MyPay: Alabama, Alaska, Arizona, Arkansas, California, Delaware, District of Columbia (Washington, D.C.), Georgia, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, and West Virginia. Please see the MyPay Agreement for the most up-to-date state eligibility.
Optional services and products may have fees or charges, such as outbound instant transfers, out-of-network transactions, and credit products.
On Chime's Secure Site,
FDIC Insured
What to Look for in a 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.
Frequently Asked Questions About The Best Savings Accounts
What is a Savings Account?
A savings account is a type of bank account that offers a higher Annual Percentage Yield (APY) than a checking account.
A checking account is used for money that needs to be moved quickly such as to pay bills or use for everyday spending.
Whereas a savings account is a better option for money that doesn’t need to be used right away, for example, your emergency fund.
How to Find The Best Savings Account?
Arguably the best way to find the best savings accounts is right here on www.compareaccounts.com. Although we don't showcase every single savings account available, we stand by our recommendations as the highest tier of the best accounts in America.
Why are Online Savings Accounts Better Than Traditional Ones?
Traditional banks offer low rates on savings accounts. This is because they're managing insanely large amounts of money and need to manage their risk profile. The less “guaranteed returns” they provide, the less risky their overall portfolio becomes. As a result, traditional banks only offer about .01-.10% interest on their savings accounts. A high yield account offers up to 3.86% interest on your savings. Which is much higher than 10x the national average. Now you know why so many people are switching to a high-yield savings account.
Is My Money Safe?
Yes! Savings accounts listed on this page are protected by the Federal Deposit Insurance Corporation (FDIC). The Federal Deposit Insurance Corporation insures Bank and thrift deposits of up to $250,000.
How Do I Open a Savings Account?
Easy. Decide which savings account is best for you, then simply click on the "open account" button above. Once you arrive at our partner's site, you'll be able to open your new savings account safely and securely.
*National Savings Rate Average as published by FDIC