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Matthew Goldberg is a consumer banking reporter at Bankrate where he uses his more than 13 years of financial services experience to help inform readers about their important personal finance decisions.
Marc Wojno is a seasoned and accomplished finance editor and writer with more than two decades of experience editing and writing across a variety of news platforms including newswires, newsletters, magazines and online news sites.
Before joining Bankrate, Marc was Senior Editor at CNET Money and Senior Editor of Finance for ZDNet, both Red Ventures companies, where he wrote and edited news articles and features on a variety of topics including banking, blockchain, credit cards, cryptocurrency, fintech, home equity, investing and taxes.
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
Marc Wojno is a seasoned and accomplished finance editor and writer with more than two decades of experience editing and writing across a variety of news platforms including newswires, newsletters, magazines and online news sites.
Before joining Bankrate, Marc was Senior Editor at CNET Money and Senior Editor of Finance for ZDNet, both Red Ventures companies, where he wrote and edited news articles and features on a variety of topics including banking, blockchain, credit cards, cryptocurrency, fintech, home equity, investing and taxes.
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
A savings account can be a great place to set aside money that you’re saving and want to earn a competitive APY on, even if you aren’t sure on the time horizon for the money. Bankrate’s top savings rates are much higher than the current national average savings yield of 0.59 percent.
Bankrate provides you with timely news and rate information on the top savings yields from some of the most popular and largest FDIC banks and NCUA credit unions. This way you don’t have to spend time searching many bank and credit union websites. Since 1976, Bankrate has been a trusted source of banking information to help you make well-informed decisions on your finances.
If you are looking for a low-risk way to save money over a long period of time, high yield savings accounts may be a good option for you. Banks that offer online savings accounts tend to have higher rates for a better return on your deposited funds, as long as you can follow any minimum balance and monthly fee rules. Keep in mind that savings rates are subject to change over time.
UFB Direct — 5.25% APY, no minimum deposit to open
EverBank (formerly TIAA Bank) — 5.15% APY, no minimum deposit to open
Bread Savings — 5.15% APY, $100 minimum deposit to open
Popular Direct — 5.15% APY, $100 minimum deposit to open
Bask Bank — 5.10% APY, no minimum deposit to open
Salem Five Direct — 5.01% APY, $10 minimum deposit to open
CIBC Bank USA — 5.01% APY, $1,000 minimum deposit to open
CIT Bank — 5.00% APY, $5,000 minimum deposit to open
Citizens Access — 4.50% APY, $1 minimum deposit to open
Capital One — 4.25% APY, no minimum deposit to open
Note: Annual percentage yields (APYs) shown were updated between May 14 and May 20. All other information is current as of May 20. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Current savings trends
Bankrate Partner average
4.90% APY
National average
0.59% APY
The "Bankrate Partner average" is calculated from the average of the top savings
account offers from the institutions we track, included on this page as of 5/21/2024. "National average"
is determined by Bankrate's comprehensive national survey of savings accounts and CDs.
Note: Annual percentage yields (APYs) shown were updated between May 14 and May 20. All other information is current as of May 20. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
UFB Direct
Rating: 4.5 stars out of 5
4.5
Overview
UFB Direct is known for its high-yield savings account and money market account. Both the UFB Secure Savings account and UFB Secure Money Market account have very competitive yields. One of the differences is that the UFB Secure Savings account doesn’t have a monthly service fee.
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
UFB Direct
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20.
National average APY
How do we get this data?
Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
UFB Direct savings rates
Date
Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.
UFB Direct
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20
National average APY
The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024
5.25%
0.58%
03/05/2024
5.25%
0.57%
01/02/2024
5.25%
0.58%
12/05/2023
5.25%
0.57%
11/07/2023
5.25%
0.60%
10/03/2023
5.25%
0.58%
09/05/2023
5.25%
0.57%
08/15/2023
5.25%
0.54%
07/25/2023
5.06%
0.54%
07/04/2023
4.81%
0.54%
06/06/2023
4.81%
0.49%
05/23/2023
4.81%
0.47%
UFB Direct’s Secure Savings account offers a top-tier yield.
It also offers ATM access, which isn’t offered by every online bank.
You can use mobile deposit to deposit checks at UFB Direct.
Unlike the UFB Secure Money Market Account, the UFB Secure Savings account doesn’t have a monthly service fee or minimum balance requirement.
The UFB Secure Savings account doesn’t require a minimum opening deposit.
Time will tell if UFB Direct’s yield stays among the highest APYs over time, since savings APYs are variable.
UFB Direct has five balance tiers. All of them yielded the same APY during Bankrate’s review, but this could change in the future.
EverBank (formerly TIAA Bank)
Rating: 5 stars out of 5
5.0
Overview
The EverBank Performance Savings account earns more than the national average APY. There’s no minimum deposit required to open the account. The account comes with EverBank’s Yield Pledge promise: EverBank adjusts its APY so that it remains within the top 5 percent of accounts.
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
EverBank (formerly TIAA Bank)
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20.
National average APY
How do we get this data?
Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
EverBank (formerly TIAA Bank) savings rates
Date
Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.
EverBank (formerly TIAA Bank)
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20
National average APY
The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
01/03/2024
5.15%
0.58%
12/04/2023
5.15%
0.57%
10/02/2023
5.15%
0.58%
09/01/2023
5.00%
0.57%
08/01/2023
4.75%
0.54%
07/10/2023
4.50%
0.54%
05/31/2023
4.50%
0.47%
There’s no monthly account fee.
EverBank doesn’t have a minimum opening balance requirement for its Performance Savings account.
Some savings accounts from other banks offer slightly higher yields.
Bread Savings
Rating: 4.8 stars out of 5
4.8
Overview
Bread Savings is an online bank that offers a high-yield savings account and five terms of CDs. Bread Savings requires at least $100 to open this account, which is a lot lower than the $1,500 required to open one of its CDs. The Bread Savings account doesn’t have a monthly service fee or minimum balance requirements after your opening deposit.
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Bread Savings
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20.
National average APY
How do we get this data?
Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bread Savings savings rates
Date
Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.
Bread Savings
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20
National average APY
The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/18/2024
5.15%
0.58%
09/27/2023
5.15%
0.57%
08/02/2023
5.00%
0.54%
07/10/2023
4.90%
0.54%
06/07/2023
4.75%
0.49%
Bread Savings pays very competitive yields on its savings account.
With just $100 needed to open an account and no monthly maintenance fees, savers of all types may find it to be an appealing option.
A paper statement will cost you $5 per request at Bread Savings.
The bank also charges $25 to send a wire transfer and $15 for an official bank check.
Bread Savings doesn’t have ATM access.
Popular Direct
Rating: 4.8 stars out of 5
4.8
Overview
Popular Direct is known for having some of the highest savings yields and much higher minimum deposit requirements than most other online banks. A Popular Direct Select Savings account is opened through Popular Bank. You’ll need to deposit at least $100 to open the account, but there’s no monthly maintenance fee. Popular Direct also offers mobile deposit.
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Popular Direct
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20.
National average APY
How do we get this data?
Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Popular Direct savings rates
Date
Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.
Popular Direct
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20
National average APY
The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024
5.15%
0.58%
03/12/2024
5.15%
0.57%
03/05/2024
5.20%
0.57%
01/09/2024
5.20%
0.58%
01/02/2024
5.25%
0.58%
12/12/2023
5.35%
0.57%
12/05/2023
5.40%
0.57%
11/07/2023
5.40%
0.60%
10/17/2023
5.40%
0.58%
10/03/2023
5.25%
0.58%
09/26/2023
5.25%
0.57%
09/05/2023
5.20%
0.57%
08/22/2023
5.20%
0.54%
08/08/2023
5.15%
0.54%
07/04/2023
5.05%
0.54%
06/27/2023
5.05%
0.49%
06/06/2023
5.00%
0.49%
05/23/2023
4.85%
0.47%
Popular Direct’s Select Savings account pays a top-tier yield.
The Select Savings account doesn’t have a monthly maintenance fee.
You can deposit checks through the bank’s app.
There’s also a $5 fee for withdrawals or transfers that exceed six during a monthly statement cycle.
And there’s a $25 fee if you close your savings account during the first 180 days.
Bask Bank
Rating: 4.7 stars out of 5
4.7
Overview
Bask Bank is known for its Bask Interest Savings account. It’s also known for a unique account, the Bask Mileage Savings account, where you can earn American Airlines miles. Bask Bank, a division of Texas Capital Bank, made its debut in early 2020 with its Mileage Savings Account. In February 2022, Bask introduced its Interest Savings Account, which offers a very competitive yield and doesn’t require a minimum opening deposit.
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Bask Bank
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20.
National average APY
How do we get this data?
Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bask Bank savings rates
Date
Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.
Bask Bank
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20
National average APY
The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024
5.10%
0.58%
03/05/2024
5.10%
0.57%
01/02/2024
5.10%
0.58%
12/05/2023
5.10%
0.57%
11/03/2023
5.10%
0.60%
10/18/2023
5.10%
0.58%
10/03/2023
5.00%
0.58%
09/05/2023
5.00%
0.57%
07/31/2023
5.00%
0.54%
07/04/2023
4.85%
0.54%
06/08/2023
4.85%
0.49%
06/06/2023
4.75%
0.49%
05/23/2023
4.75%
0.47%
Bask Bank has consistently offered a top-tier APY on its Interest Savings Account since it first debuted in early 2022.
Bask Bank doesn’t have a minimum balance requirement.
The Bask Bank Interest Savings Account doesn’t have a monthly service fee.
You’ll need to fund your Bask Bank Interest Savings Account within 15 days of opening it; otherwise, the account could be closed.
The bank charges $35 for outgoing wire transfers.
Though Bask Bank has a top-tier yield, some banks do offer higher APYs.
Salem Five Direct
Rating: 4.9 stars out of 5
4.9
Overview
Salem Five Direct is known for being the online division of Salem Five, a bank founded in 1855 in Salem, Massachusetts. The division was the first online bank, started in 1995. It’s also known for offering a high-yield savings account, checking account and CDs. Its eOne Savings account only requires a $10 opening deposit, and it doesn’t have a monthly service fee or minimum balance requirements.
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Salem Five Direct
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20.
National average APY
How do we get this data?
Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Salem Five Direct savings rates
Date
Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.
Salem Five Direct
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20
National average APY
The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024
5.01%
0.58%
03/05/2024
5.01%
0.57%
01/02/2024
5.01%
0.58%
12/05/2023
5.01%
0.57%
11/07/2023
5.01%
0.60%
10/03/2023
5.01%
0.58%
09/05/2023
5.01%
0.57%
07/04/2023
5.01%
0.54%
06/20/2023
5.01%
0.49%
05/24/2023
5.01%
0.47%
An eOne Savings account can be opened with $10.
A competitive APY is paid on balances up to $1 million.
You can mobile deposit checks at this bank.
The eOne Savings account is available only to customers who don’t have an existing checking or savings account with Salem Five Bank.
There might be a fee for exceeding the bank’s six transfers in a calendar month.
Balances over $1 million could be transferred into a 0.01 percent APY savings account. (Always remember to follow FDIC limits and guidelines.)
CIBC Bank USA
Rating: 4.9 stars out of 5
4.9
Overview
CIBC Bank USA is currently known for offering a competitive yield on its CIBC Agility Online Savings Account, which charges no monthly service fee. The bank also is known for offering CDs that have a slightly higher yield with a deposit of at least $25,000. But its savings account has a much lower minimum opening deposit amount of $1,000.
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
CIBC Bank USA
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20.
National average APY
How do we get this data?
Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
CIBC Bank USA savings rates
Date
Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.
CIBC Bank USA
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20
National average APY
The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024
5.01%
0.58%
03/05/2024
5.01%
0.57%
01/02/2024
5.01%
0.58%
12/05/2023
5.01%
0.57%
11/07/2023
5.01%
0.60%
10/13/2023
5.01%
0.58%
10/03/2023
4.76%
0.58%
09/05/2023
4.76%
0.57%
08/04/2023
4.76%
0.54%
07/10/2023
4.67%
0.54%
07/04/2023
4.52%
0.54%
06/06/2023
4.52%
0.49%
05/23/2023
4.52%
0.47%
The CIBC Bank USA Agility Online Savings Account offers a top-tier yield.
It’s a good option for some savers who have at least $1,000 to initially deposit. The Agility Online Savings Account doesn’t have a monthly service fee.
CIBC’s Agility Online Savings Account requires at least $1,000 as an opening deposit. This is a much higher requirement than some other online banks.
You also won’t be able to make external transfers via CIBC NetBanking during the first 30 days that you have the account.
The Agility Online Savings Account doesn’t have ATM access.
CIT Bank
Rating: 4.6 stars out of 5
4.6
Overview
CIT Bank is known for offering multiple savings accounts. CIT Bank’s Platinum Savings account earns the highest yield on balances of $5,000 or more, while the Savings Connect account can be opened with just $100. These accounts don't charge a monthly maintenance fee. CIT Bank also has most of the other bank accounts a person could need, including a checking account, a money market account and CDs.
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
CIT Bank
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20.
National average APY
How do we get this data?
Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
CIT Bank savings rates
Date
Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.
CIT Bank
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20
National average APY
The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/13/2024
5.00%
0.58%
05/07/2024
5.05%
0.58%
05/01/2024
5.00%
0.58%
04/02/2024
5.05%
0.58%
03/05/2024
5.05%
0.57%
01/02/2024
5.05%
0.58%
12/05/2023
5.05%
0.57%
11/07/2023
5.05%
0.60%
10/03/2023
5.05%
0.58%
09/05/2023
5.05%
0.57%
07/27/2023
5.05%
0.54%
07/04/2023
4.95%
0.54%
06/16/2023
4.95%
0.49%
06/06/2023
4.85%
0.49%
05/23/2023
4.85%
0.47%
CIT Bank offers a very competitive yield.
Like many online banks, CIT doesn’t have a monthly service fee.
You’ll need at least $5,000 to earn the top yield in the Platinum Savings account.
Citizens Access
Rating: 4.9 stars out of 5
4.9
Overview
Citizens Access is known for being the online bank division of Citizens Bank. Citizens Access offers a high-yield online savings account and CDs with terms between six months and five years. The online savings account doesn’t have a maintenance fee, and you only need 1 cent to open an account. Currently, all balances receive the bank’s competitive APY.
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Citizens Access
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20.
National average APY
How do we get this data?
Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Citizens Access savings rates
Date
Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.
Citizens Access
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20
National average APY
The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/02/2024
4.50%
0.58%
03/05/2024
4.50%
0.57%
01/02/2024
4.50%
0.58%
12/05/2023
4.50%
0.57%
11/07/2023
4.50%
0.60%
10/03/2023
4.50%
0.58%
09/05/2023
4.50%
0.57%
07/04/2023
4.50%
0.54%
06/06/2023
4.50%
0.49%
05/23/2023
4.50%
0.47%
Citizens Access offers a competitive yield on its savings account, and it doesn’t charge a monthly fee.
You only need 1 cent to open a Citizens Access savings account.
At the moment, all balances earn the same yield at Citizens. But the bank does have a balance tier of under $5,000 and a balance tier for people with more than $5,000 in their account.
The Citizens Access app doesn’t have mobile check deposit capabilities, but you can make a mobile deposit on the bank’s website.
Capital One
Rating: 4.4 stars out of 5
4.4
Overview
Capital One is known for having competitive yields on its savings accounts and CDs. It’s also known for its credit cards, and it offers a checking account. For saving, the Capital One 360 Performance Savings Account earns a competitive yield. It doesn’t have a monthly service fee, and you won’t need a minimum deposit to open this account. Capital One is one of the top 10 largest banks in the U.S.
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Capital One
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20.
National average APY
How do we get this data?
Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Capital One savings rates
Date
Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.
Capital One
APY
APY last updated between 5/14 and 5/20.
APY
APY last updated between 5/14 and 5/20
National average APY
The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/16/2024
4.25%
0.58%
04/02/2024
4.35%
0.58%
03/05/2024
4.35%
0.57%
01/02/2024
4.35%
0.58%
12/06/2023
4.35%
0.57%
12/05/2023
4.30%
0.57%
11/07/2023
4.30%
0.60%
10/03/2023
4.30%
0.58%
09/05/2023
4.30%
0.57%
07/21/2023
4.30%
0.54%
07/04/2023
4.15%
0.54%
06/23/2023
4.15%
0.49%
06/13/2023
4.10%
0.49%
06/02/2023
4.00%
0.49%
05/24/2023
3.90%
0.47%
This savings account comes with a competitive yield, and it doesn’t have a monthly service fee.
Nearly any saver can open the account since it doesn’t have an opening deposit requirement.
Customers can also set savings goals and establish automatic savings plans.
There’s no ATM card available for this savings account.
Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.
Looking at savings yields through the lens of inflation, the returns on savings will continue to be among the best in the past two decades – even as yields pull back in 2024.
— GREG MCBRIDE, CFA | BANKRATE CHIEF FINANCIAL ANALYST
It’s easy to find a savings account with a rate that outpaces the current inflation rate of 3.5 percent at online-only banks and credit unions. Currently, top-yielding savings accounts earn APYs above 5 percent.
A key factor that influences savings account yields are the 11 federal funds rate increases the Fed has made since March 2022. Savings account rates at competitive banks tend to fluctuate along with the fed funds rate, while savings account rates from large brick-and-mortar banks often remain at near-zero. The national average savings account rate is currently 0.59 percent, according to Bankrate’s most recent survey on May 21, 2024.
In June 2023, Bankrate updated its methodology that determines the national average savings account rates. More than 500 banks and credit unions are surveyed to generate weekly national averages. Among these institutions are those that are broadly available and offer high yields, as well as some of the nation’s largest banks.
How to choose the best savings account for you
The three most important factors to consider when choosing a savings account are:
You want to make sure you’re earning a competitive yield that’s a lot higher than the national average. You’re even able to outpace inflation with a top savings yield in 2024.
Paying fees cuts into any interest you’re earning. You don’t want any fees to take away from your interest earnings.
Savings accounts are ideal for an emergency fund. But you need to be able to access your money if an emergency ever happens.
What to know about savings accounts
A savings account is a type of deposit account found at both banks and credit unions that generally offers a variable yield and it allows withdrawals generally when you need to make them without incurring a penalty.
What fees are associated with a savings account?
Earning a competitive APY and then having fees eat into your interest earning isn’t a good saving strategy.
Method of calculating interest where interest earned over time is added to the principal. Compounding is usually done on a daily or monthly basis and the more frequently it is done, the faster your savings can grow.
Interest
Money that you earn for having your funds deposited with a bank.
Interest rate
A number that doesn't take into account the effects of compounding.
Annual Percentage Yield (APY)
A rate that takes into account the effects of compounding during the year. It's best to compare yields (APYs) rather than interest rates.
Minimum balance requirement
The minimum amount needed in a savings account to avoid a monthly maintenance fee.
Money market account
A type of savings account that may offer checks, and/or an ATM or debit card for teller machine withdrawals. Here are the best money market accounts right now.
A savings account is useful if you have money that you’re not sure when you’re going to need, but you want it to grow by earning interest. Savings accounts are useful because the top accounts are outpacing inflation.
Since some savings accounts at online-only banks don’t have minimum opening deposit requirements or monthly service fees, these accounts are accessible for most people.
College savers
Saving for college is one of the biggest expenses parents face. Saving for students should be a marathon, not a sprint. An FDIC-insured savings account is a safe place to save for your child’s college education.
Future retirees
A savings account is one of the vehicles that should be used to prepare for retirement and should be a part of your retirement plan.
Disciplined planners
It's crucial to have an emergency savings account. This account should be able to cover at least six months' worth of expenses. You never know what the future will hold, so it’s best to be prepared.
What is needed to open a savings account?
Whether opening an account online or in a bank or credit union, you'll likely be asked for similar information.
Savings accounts, like all financial tools, come with benefits and risks. It's wise to weigh the pros and cons to see if one of these accounts is ideal for your financial situation.
Pros
FDIC protection: Savings accounts at an FDIC-insured bank are federally insured for up to $250,000, per depositor, per FDIC-insured bank, per ownership category, according to the FDIC.
Liquidity: You can generally access your savings in your account when needed.
Earnings: The money you keep in a savings account earns interest over time and compounds, offering a return on the principal.
Higher interest: The best savings accounts usually earn more interest than a checking account — and some even have a higher yield than money market accounts.
Low-fee options: There are many savings account options that either have a $1 minimum balance or no minimum. With these options, it’s easy to avoid a maintenance fee.
Cons
Low interest: A CD – or other investments – might earn a higher yield/return.
Accessibility: Unlike checking accounts, savings accounts often have a limit on the number of withdrawals and transfers you can make each monthly statement cycle.
Fees: Some banks charge minimum balance fees. Those maintenance fees can eat into interest earned – and even your principal.
Variable APY: Yields for savings accounts can change based on fluctuations in interest rates made by the Federal Reserve.