Best Savings Accounts of 2024

Conor Keenan Author Bio By: Conor Keenan  Last updated on April 9, 2024
Conor Keenan is compareaccounts.com's co-founder. His work in personal finance has been featured by MSN, CNN, AOL, Fox News, Yahoo News & many more.

Editorial Freedom: The opinions, recommendations or reviews expressed in any article by our team are not endorsed by any financial institution or partner. Compareaccounts is free thanks to commissions we receive from our partner offers below. Our team's content is not commissioned by our advertising partners or any financial institution herein.

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 FDIC insured up to $250,000 per depositor.

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

 

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

Rating:

APY

4.25%

  • Money Market Account
  • Up to 4.25% APY
  • Rate available for new Elite Money Market Account clients
  • Min. initial deposit: $100
  • 4.25% APY Min. Balance: $25,000
  • Avoid maintence fees with $10,000+ avg. daily balance
  • Best for branch access with over 2,000 branches nationwide
  • See Site for Details

On U.S. Bank National Association's Secure Site, Member FDIC

Customers Bank Powered By Raisin

Rating:

APY

5.16%

  • High Yield Savings Account
  • Min. initial deposit: $1
  • 5.16% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • Interest Compounded Daily
  • Exclusive Offer From Customers Bank Powered by The Raisin Platform
  • The Raisin Platform is an Exclusive Selection of Savings Solutions
  • Customers Bank was Ranked as One of America's Best Banks in 2023 by Forbes with over $20 Billion in Assets
  • See Site for Details

On Raisin's Secure Site for
Customers Bank, FDIC 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.

 

Cit Bank Logo

Rating:

APY

5.05%

  • High Yield Savings Account
  • Balance for APY: $5,000
  • 5.05% APY
  • No Monthly Service Fees
  • Earn a Higher APY with a Higher Min. Balance
  • 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

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.

 

Cit Bank Logo

Rating:

APY

4.65%

  • High Yield Savings Account
  • Min. initial deposit: $100
  • 4.65% 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

 

RBMax High Yield Savings Account Powered by Raisin

Rating:

APY

5.20%

  • High Yield Savings Account
  • Min. initial deposit: $1
  • 5.20% 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

 

Idabel National Bank Logo Powered By Raisin

Rating:

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

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.

 

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

 

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

Customers Also Viewed: High-Yield Certificate of Deposit Accounts

 High APY 

Western Alliance Bank Powered by Raisin

5.26% APY

Rating:

On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured

 

Best For: Shorter Term + High APY

Term: 3 Months

Western Alliance Bank offers 5.26% 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.

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.

4.75% APY

Rating:

On U.S. Bank National Association's
Secure Site, Member FDIC

Best For: Shorter Term + Branch Access

Term: 7 Months

U.S. Bank offers a 7 month CD with up to 4.75% APY with no monthly fees and $1,000 initial deposit.

Rates vary by state & zip code.

U.S. Bank has over 2,000 branch locations in more than half of U.S. states.

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.

Interest compounds daily so lock in your 7 Month CD rate today & start earning guaranteed interest now.

See U.S. Bank's Secure Site For More Details.

Discover Bank Logo

4.25% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + Customer Service

Term: 9 Months

Discover Bank offers 4.25% 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 4.70%​ 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