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Best Savings Accounts of 2024
By: Conor Keenan Last updated on October 14, 2024
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.
Compare savings accounts from our partners with ease, find the right one for you, and open your account in minutes. Open your new account with confidence. Each of our recommendations is federally insured up to $250,000 per depositor.
APY
4.10%
Annual Percentage Yield (APY)
- High Yield Savings Account
- Min. to Earn APY: $0
- Min. to Open: $0
- 4.10% APY
- APY as of October 14, 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
APY
4.10%
- High Yield Savings Account
- Min. balance for APY: $0
- Min. Initial Deposit: $0
- 4.10% 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's Secure Site, Member FDIC
New Bonus Offer
APY
4.51%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.51% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked as One of America's Best Banks in 2023 by Forbes with over $20 Billion in Assets
- Bonus offer: Earn up to $2,000 in referral bonuses
- This Customers Bank Offer is powered by Raisin
- The Raisin Platform Brings Together 70+ Insured banks
& Credit Unions Using a Single Secure Login - See Site for Details
On Raisin's Secure Site for
Customers Bank, FDIC Insured
Compare With
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.
APY
4.35%
- High Yield Savings Account
- Min. initial deposit: $100
- 4.35% APY
- No Monthly Service Fees
- No Minimum Monthly Balances
- 12x National Avg. APY
- Mobile App Online Banking
- Deposit Checks Remotely & Make Transfers Easily
- FDIC Insured up to $250,000
- Sign Up in Under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
Compare With
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.
APY
4.15%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.15% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- RBMAX is Republic Bank's Digital Banking Service
- Founded in 1982, Republic Bank Now Has Over $6 Billion in Assets
- Exclusive High APY Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site for
RBMAX, FDIC Insured
APY
3.25%
- High Yield Money Market Account
- Min. initial deposit: $1
- 3.25% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- 24 /7 Access to Funds
- 5.3x National Avg. APY
- Interest Compounded Daily
- An Independent Community Bank Since 1921
- See Site for Details
On Raisin's Secure Site for Idabel National Bank, FDIC Insured
Compare With
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.
APY
4.50%
- High-Yield Savings Account
- Min. initial deposit: $1
- 4.50% 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
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
American Express® High Yield Savings Account: 4.10% APY as of October 14, 2024
Discover® Online Savings Account: 4.10% APY
RBMAX High Yield Savings Account: 4.15% APY
Customers Also Viewed: High-Yield Certificate of Deposit Accounts
4.05% APY
On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured
Best For: Shorter Term + High APY From a Top Bank
Term: 3 Months
Western Alliance Bank offers 4.05% APY exclusively through the Raisin Platform on their 3 month CD.
Interest compounds daily and is posted to your account monthly.
This CD is a great fit if you're looking for a high APY but want access to your money sooner than other CD terms.
In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
The Raisin platform also offers you the opportunity to access up to $10 million in federal deposit insurance through its network, all from a single secure login.
Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.
Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.
See Raisin's Secure Site for Western Alliance Bank to Get More Details.
4.00% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Online Banking Experience + Customer Service
Term: 9 Months
Discover Bank offers 4.00% APY with no monthly fees and $2,500 initial deposit on their 9 Month CD.
Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.
Interest compounds daily on this offer so lock in your 9 Month CD rate today & start earning guaranteed interest now.
See Discover Bank's Secure Site For More Details.
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 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 4.50% 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