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March 2020's Best Savings Accounts

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure

Finding the Best Savings Accounts

The best savings accounts are those which grow your money, give you the freedom to do with it as you like and don’t cost a lot to maintain. At SmartAsset, we analyzed many different savings accounts to find the top overall options, as well as others which are the best for people in specific situations. 

Bank APY Minimum Deposit Highlights
Varo Bank Varo Bank logo Read More 1.92% $0
  • No monthly fees
  • APY can be upgraded
  • Minimum to earn APY - $0.01
HSBC HSBC logo Read More 1.70% $1
  • Plethora of mobile/online banking features
  • No monthly fees
TAB Bank TAB Bank logo Read More 1.70% $0
  • No minimum
  • Daily compounding interest
Ally Bank Ally Bank logo Read More 1.50% $0
  • Strong customer service
  • Mobile app with check deposit
Synchrony Synchrony logo Read More 1.50% $0
  • High interest-earning potential
  • No monthly fees
Discover Bank Discover Bank logo Read More 1.50% $0
  • No fees or minimums
  • Highly rated mobile app
American Express National Bank American Express National Bank logo Read More 1.70% $0
  • No monthly maintenance fees
  • Can be linked with external accounts
  • Minimum to Earn APY - $1
  • Sponsored
CIBC Bank USA CIBC Bank USA logo Read More 1.45% $1,000
  • No monthly fees
  • Fantastic APY
Capital One Capital One logo Read More 1.50% $0
  • No fees or minimums
  • Wide selection of accounts
Chase Bank Chase Bank logo Read More 0.01% $25
  • Significant branch and ATM access
  • Mobile-friendly account

How We Determine the Best Savings Accounts

SmartAsset’s team of personal finance experts rounded up an exhaustive list of savings accounts at many different banks. We scored each on their APY, minimum balance, monthly fees, bonuses, customer support, product offerings and customer experience.

Varo Savings Account

Varo Savings Account

Varo is a unique bank, as the entirety of its services are only accessible through its mobile banking platforms. But if you’re willing to manage your money on your smartphone, you’ll get the chance to open some strong accounts. The Varo Savings Account is perhaps its best offering, as it boasts a 1.92% APY with no monthly fees. There is a minimum of $0.01 required to begin earning interest, but after that, there are no balance requirements to earn the base APY.

Additionally, Varo provides an opportunity for account holders to boost their APY to a significantly higher 2.80%. To earn this upgrade, you’ll need to meet the following three requirements:

  • Keep your account balance at or below $50,000
  • Use your Varo debit card for at least five purchases in a calendar month
  • Receive at least $1,000 in direct deposits in a calendar month

To help you save more, Varo has integrated two automatic savings features into this account. The first is “Save Your Pay,” which takes a percentage of each direct deposit you receive and transfers it to your savings balance. The other is “Save Your Change,” which rounds up each transaction you make to the nearest dollar and adds that to your savings balance.

As you might expect from a mobile-only bank, Varo’s Apple and Android apps are top-notch. On the Apple app store, the app holds a rating of 4.7 stars, while Android users rate it at 4.6 stars. If you need help from a real person, Varo’s customer service hotline can be reached seven days a week.

HSBC Direct Savings

Direct Savings

Direct Savings from HSBC is an online savings account that comes with a great 1.70% APY. All you need is $1 to open this account, so virtually anyone can get started saving immediately. You don't need to worry about losing your savings to monthly fees either, as HSBC doesn't charge any with this account. Additionally, the 1.70% APY applies to all balances regardless of whether you’ve saved $20 or $20,000.

Although HSBC operates around 200 branches throughout the U.S., Direct Savings account holders cannot manage their account anywhere but through their computer and mobile device. Because of this, the HSBC mobile app and online banking website will become customers’ lifeline to their accounts. HSBC doesn’t include a debit card with this account either, so ATM withdrawals are out of the question.

Despite the web-centric nature of HSBC, its mobile app has not fared well in terms of user reviews. Across over 2,000 reviews between the Apple and Android app stores, the app holds an average rating of about 2.9 stars out of 5. Its features include mobile check deposit, eStatements with seven years of extended access, online money transfers between in-house and outside accounts, online bill pay and more.

TAB Bank High-Yield Savings Account

High-Yield Savings Account

If your aim is to save as much money as possible, there are few savings account on the market that are better than TAB Bank’s High-Yield Savings account. The hallmark of this account is its 1.70% APY, which significantly outpaces the average savings account and can really grow your money.

Another point in this account’s favor: You only need to maintain a $1 balance to gain access to the aforementioned 1.70% rate. That’s in contrast to some accounts which require you to maintain a high minimum balance to get a top APY. There are also no monthly fees associated with this account, so every bit of interest you earn will stay in your pocket.

Customers of TAB Bank will manage their account balances through either its website or mobile app. TAB has done a masterful job of creating its Apple and Android mobile offerings, as users have rated them an average of about 4.7 stars between the two competing app stores. Features available via this platform include full balance and transaction histories, inter-account and outside account money transfers, mobile check deposit and online bill pay. The High Yield Savings account, in particular, does not come with a debit card.

Unlike some other online banks, TAB has a full range of banking products available for its customers. So if you’re interested in more than just a savings account, you can choose from a selection of checking accounts, certificates of deposit (CDs), money market accounts and other savings accounts here. For the most part, each of these TAB accounts has strong interest rates in comparison to the rest of the market and does not come with monthly fees or tough-to-meet minimums.

Ally Bank Online Savings Account

Ally Online Savings Account

At Ally Bank, you get a savings account with a relatively high interest rate and a platform that makes it easy to control your money. Ally Bank currently offers a 1.50% APY that compounds daily. (A savings calculator can help you see how your money will grow over time at different rates.) However, if your APY is what's most important to you, you will be able to find higher rates at other banks. 

What sets Ally apart from the other banks we reviewed is the customer experience. With Ally you do not need a minimum deposit or minimum balance to open an account. You also do not have to worry about monthly maintenance or hidden fees. Depositing, withdrawing and sending money is simple at Ally. The mobile app is easy to use and comes with 24/7 chat support if you have any issues. You also get versatility with Ally.

You can open up a free checking account when you open your savings account and transfer money between the two. From your checking account you can withdraw money by using an ATM or a debit card. You can make free withdrawals at any of the 55,000 Allpoint® ATMs throughout the country. The main downside to Ally Bank is that it is an entirely online bank. You cannot drive to your nearest Ally Bank location because those do not exist. They also do not accept cash deposits. If you find yourself frequently depositing cash or visiting a brick-and-mortar bank location, banks with branch locations may be better for you.

Save more with these rates that beat the National Average
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Synchrony High Yield Savings

High Yield Savings

According to SmartAsset's research, Synchrony Bank has one of the better savings accounts available today. Its central feature is a 1.50% APY, which is one of the higher rates on the market. There's no minimum with this account, making it a viable option for just about anyone. Beyond that, there are no monthly fees, but you must transfer your funds to another bank account in order to withdraw them.

Synchrony offers fee-free ATM access to thousands of machines across the U.S. It does so through two ATM networks, Plus and Accel, giving it a more robust selection than Ally’s network. Also like Ally, Synchrony has the drawback of not accepting cash deposits. 

Synchrony is a great choice for anyone that doesn't want to be tempted to touch the funds in their account. The extra step of having to externally transfer funds to withdraw them may be enough to stop you from doing so, which then allows it to grow at the high 1.50% interest rate.

Discover Online Savings Account

Online Savings Account

With a 1.50% APY, Discover Bank’s Online Savings Account comes in near the top of the market. Interest rates at Discover also compound daily, maximizing your earnings potential. The account has no monthly fees, ensuring that every dollar you save will stay in your pocket. There’s also no minimum opening deposit, which makes the account technically accessible for anyone.

As an online/mobile bank, customers will interact with their Discover account through its online banking website and Apple and Android mobile banking apps. Current account holders are apparently happy with the bank’s app, as it holds a 4.6-star rating on the Google Play store and a 4.8-star rating on the Apple app store. Features include Face ID login, customer service chat via text message, free FICO scores, account balances and transaction histories, mobile check deposit and more.

American Express Personal Savings

Personal Savings

American Express is most well-known as a credit card company, but it has some significant banking offerings as well. For starters, the bank’s Personal Savings account boasts a 1.70% APY with no minimum deposit to open the account, but a minimum of $1 requried to receive the APY. Amex does not charge a monthly fee for this account either, which means everything you save will remain in your account.

The mobile and web banking platforms at Amex are the only ways you can manage your account, as it’s a branchless, online bank. Through these mediums, you can check the balances and transaction histories of both your Amex bank and credit card accounts. You can also link up to three outside bank accounts to Personal Savings, allowing you to seamlessly send money between them.

American Express National Bank is a savings-only financial institution. That means you can only open savings accounts and certificates of deposit (CDs), with no checking account offerings. So if you want a checking account under the same roof as your savings account, Amex might not be a good choice.

CIBC Bank USA Agility Online Savings Account

Agility Online Savings Account

The U.S. branch of Canadian Imperial Bank of Commerce (CIBC) is called CIBC Bank USA, and its Agility Online Savings Account provides one of the best rates on the market. As long as you can meet the account’s $1,000 minimum, you’ll gain access to a 1.45% APY. Beyond that, there are no monthly fees to eat away at your interest-based earnings.

The CIBC Bank USA mobile banking app is available for both Apple and Android users. Through it, you can view account balances and transaction histories, send and receive money, pay your bills, deposit checks remotely and even more.

Capital One 360 Performance Savings

360 Performance Savings

The 360 Performance Savings account from Capital One has a 1.50% APY. You can fund the account with any amount of money, and there are no monthly fees of any kind - maintenance or otherwise. The account also comes with an automatic savings plan that allows you to set aside a specific amount of money on a timeline that works for you. As your savings balance builds, you can take advantage of Capital One’s “My Savings Goals” feature to track how close you are to reaching your objectives.

Although Capital One has branch locations in eight states and Washington, D.C., this specific account is online-only. Therefore, you cannot manage your account in-person. However, if you choose to do all of your banking with Capital One, the above may not be a major issue for you.

The bank has all the perks of any major financial institution, as it offers checking accounts, teen and kids accounts, certificates of deposit (CDs), individual retirement accounts (IRAs) and more. If you need access to an ATM, Capital One has thousands of fee-free machines throughout the U.S.

Between the Apple and Android app stores, the Capital One mobile banking app has received an average rating of around 4.7 stars out of 5 across well over one million customer reviews. Mobile check deposit, account statements, transaction histories and online bill pay are all included features.

Chase Savings


Chase will be your best option for a savings account if you prefer to be able to bank in person. Chase has over 5,000 branches in many states, making it one of the most accessible banks in the country. Online banks cannot match the level of access that a nationwide institution like Chase offers.

Chase has two types of savings options: a regular account and a premier account meant for those with high balances. With Chase, you can have your financial accounts all in the same place. The company allows you to link your Chase checking account directly to your Chase savings accounts, with an easy-to-use mobile app for checking balances and paying bills. You need at least $300 in the account ($15,000 for Premier Savings) to avoid paying a maintenance fee of $5 ($25 for Premier Savings). You also need at least $25 to open an account ($100 for Premier Savings).

Since Chase is a brick and mortar bank, however, you cannot reap the same types of interest rates that purely web-based banks can manage to provide. Interest rates are 0.01% with the regular savings account. For the Premier Savings account, you need at least $50,000 to earn more than a 0.03% APY, and that’s only if you meet the requirements for relationship bonuses.

Save more with these rates that beat the National Average
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Best Places for Women to Save

SmartAsset’s interactive map highlights the places in the country where working women have the greatest opportunity to save money. Zoom between states and the national map to see the best places for women to save.

Rank County Median Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where in the country do women have the greatest opportunity to build savings? To answer that question, SmartAsset analyzed county-level data on female income, tax rates and cost of living.

Specifically, we looked at the income women earned working full-time over a period of 12 months. We used federal and state tax rates to calculate the median after-tax income in each location. Then we subtracted the cost of living in that county. The cost of living value is an aggregate of several average expenses, including food, transportation, housing and medical costs and comes from the MIT Living Wage Study. The difference represents the amount of money women could potentially put into savings.

Finally, we ranked the counties by that amount. Places with the largest difference between after-tax income and cost of living represented the places where women have the best opportunity to build their savings.

Sources: US Census Bureau 2017 5-Year American Community Survey, MIT Living Wage Study