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December 2022'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
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
UFB Direct UFB Direct logo Read More 3.83% $0
  • Highest APY in our study
  • No monthly account charges
Valley National Bank Valley National Bank logo Read More 4.00% $1
  • Great APY
  • Interest is compounded daily
Capital One Capital One logo Read More 3.00% $0
  • Great APY
  • No monthly fees
First Foundation Bank First Foundation Bank logo Read More 4.00% $1,000
  • High APY 
  • No monthly fees
Synchrony Synchrony logo Read More 3.00% $0
  • Solid savings option
  • No minimums or monthly fees
CIT Bank CIT Bank logo Read More 3.60% $100
  • High APY
  • No monthly fees
Bread Financial Bread Financial logo Read More 3.00% $100
  • Great APY 
  • No monthly fees
CIBC Bank USA CIBC Bank USA logo Read More 3.03% $1,000
  • High APY
  • 24/7 access for account holders
TAB Bank TAB Bank logo Read More 3.00% $0
  • High APY
  • Daily compounding interest rates
BrioDirect BrioDirect logo Read More 2.80% $500
  • Great APY
  • No monthly fees
Live Oak Bank Live Oak Bank logo Read More 2.75% $0
  • Great interest rate
  • Minimal fee structure
Quorum Federal Credit Union Quorum Federal Credit Union logo Read More 2.50% $0
  • Great interest rate
  • No opening minimums or maintenance fees

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 balances, monthly fees, customer support, product offerings and customer experience. Accounts are listed in the order that their scores ranked at the time of writing.

UFB Direct High Yield Savings

UFB Direct's high-yield savings account has a strong APY at 3.83%, which is the highest rate on our list. The account also comes with additional perks. You don’t have to worry about fees digging into your hard-earned money. In fact, the bank offers no monthly maintenance fees when you open a high-yield savings account. UFB Direct also has no minimum deposit requirements. That makes it so just about anyone can get their hands on one of these accounts.

Another perk that comes with the UFB high-yield savings account is a complimentary ATM Card. The bank also provides a 24/7 customer service hotline, as well as an online chat function and text messaging. You can also reach UFB Direct over their mobile app and deposit checks no matter where you are. The bank’s locations are in fewer than 10 states, though UFB has a large free ATM network that’s about 91,000 machines strong.

Valley Direct High-Yield Savings Account

Valley Direct’s online savings account boasts a 4.00% APY, which places it near the top of the market. The minimum opening requirement for this account is just $1, with only a $0.01 minimum needed to receive this strong APY. If you have $500 to spare and can let your money grow untouched, that rate could produce around $80 in interest over five years. Valley Direct also offers no monthly maintenance fees in their online savings account.

Valley Direct does have a downside for those looking for physical locations. It’s part of a regional bank called Valley Bank, meaning the institution has much less reach across the country than the major banks. You can, however, find Valley locations in New York, New Jersey, Alabama, and Florida.

Capital One 360 Performance Savings

Capital One Bank’s 360 Performance Savings Account sports a great 3.00% APY, which ranks among the highest rates in the market. With this account, interest compounds monthly, which can help in the long run.

The 360 Performance Savings Account comes with a lot of perks. First, you don’t need to make a minimum deposit to open the account. That means once you enroll, you can begin saving at a great rate. In addition, the account comes with no monthly fees, which means more money stays in your wallet. 

If you are on the go and need to make a quick trip to an ATM, Capital One has over locations available nationwide. If you want to review your 360 Performance Savings Account’s history and balance, you have flexible options as you can check out Capital One's Apple and Android mobile apps, respectively, and through your computer. These are helpful options to choose from considering Capital One only has branches in eight states, plus Washington, D.C.

First Foundation Bank Online Savings Account

First Foundation Bank provides 31 locations across California, Florida, Texas, Nevada and Hawaii. First Foundation also offers an attractive 4.00% APY, which can save you plenty of money over time. Note that opening a savings account with First Foundation Bank requires at least a $1,000 deposit.

If you decided to open a First Foundation savings account with $5,000 to go along with its 4.00% APY, and you let your money grow over five years, you would gain $588 in your savings account. The account comes with different benefits such as no monthly maintenance fees or transaction fees related to transfers. But be aware that your external bank or another third party could charge a transfer fee.

First Foundation Bank is especially user-friendly for mobile customers. Their mobile app allows users to easily access their banking information through their iPhone and Android devices. But despite this level of digital access, First Foundation Bank branches are available in less than 10 states.

Synchrony High Yield Savings

Synchrony Bank has one of the better savings accounts available today. Its central feature is a 3.00% APY, which is one of the higher rates on the market. There are no minimum deposit requirements with this account, making it a viable option for just about anyone. Beyond that, there are no monthly fees that will eat into your interest earnings.

Synchrony offers a rare set of features for a savings account, as it provides account holders with an ATM card and fee-free ATM access to thousands of machines throughout the U.S. and abroad. It does so through two ATM networks, Plus and Accel, giving it a more robust selection than some other online banks.

Synchrony's mobile app is also fairly highly rated, which is a benefit for any online bank. Through the app, customers can set up Touch ID and Face ID login, deposit checks remotely, live chat with a customer service representative, check their balances and more. The app is available to both Apple and Android mobile users.

CIT Bank Savings Connect

CIT Bank’s Savings Connect account is an exclusively online bank account. Because online savings accounts are low-cost for banks to run, ones like CIT’s can therefore afford to provide some of the top rates available. CIT’s Savings Connect offers a quality 3.60% APY to start your savings journey, which is one of the better APYs out there. 

CIT Bank also offers a handful of free features for account holders. It offers a mobile app that allows you to make deposits and transfers with no hassle. The Savings Connect account also comes with no monthly maintenance fees.

However, CIT Bank does require $100 to open the Savings Connect account. And as mentioned above, CIT is solely an online institution. There are no physical branches or ATMs available for customers.

Bread Financial High-Yield Savings Account

Bread Financial comes in second on our list with one of the highest APYs on the market at 3.00%. With this high-yield savings account, you don’t have to worry about many fees. Bread Financial offers no monthly fees while maintaining an account. However, the bank does require $100 to become an account holder. 

Bread Financial offers other perks, like free ACH transfers and incoming wire transfers, as well as unlimited deposits via its mobile app. But do be aware that it costs $25 per outgoing wire transfer and $15 per check request.

Outside of online banking, Bread Financial offers the ability for on-the-go customers to track their savings online and while using the mobile app. And while Bread Financial has easy access for online users, the bank has no physical locations, including no ATMs available.

CIBC Agility Online Savings Account

CIBC Bank’s Agility Online Savings Account comes in with a great 3.03% APY. This is ideal for customers who are looking to get their savings off on the right foot. The bank also charges no monthly maintenance fees, keeping more of your money in your pocket in the process. Additionally, CIBC affords customers around-the-clock customer service. This includes 24/7 access for account holders who use the CIBC mobile banking app or CIBC’s NetBanking service.

CIBC Bank does require a $1,000 minimum deposit to open an account, which can be a drawback for some customers. In terms of locations, CIBC Bank is limited since there are branches in less than 10 states across the U.S. Factor in limited ATMs available and the services for online banking will be most enticing for those who want to open an account.

TAB Bank High-Yield Savings Account

TAB Bank’s High-Yield Savings account offers a 3.00% APY, which is one of the better rates currently available on the market. Another point in this account’s favor: You only need to maintain a $1 balance to gain access to this 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 hands.

Customers of TAB Bank manage their account balances through either its website or mobile apps. TAB has done a masterful job of creating its Apple and Android mobile offerings, as Apple and Android users have rated them at 4.7 stars and 3.9 stars out of 5, respectively. Features available via these platforms include full balance and transaction histories, inter-account and outside account money transfers, mobile check deposit and online bill pay. 

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.

BrioDirect High-Yield Savings

BrioDirect is an online banking institution that offers a high-yield savings account. This account sports an extremely strong APY at 2.80%. In addition, the bank offers no monthly maintenance fees whatsoever. However, opening an account does come with a small price. BrioDirect requires $500 to open a high-yield savings account.

Users are able to track their savings online and in BrioDirect’s mobile app. And while the bank has easy access for online users, it has no physical locations, including no ATMs available for savings account holders. This means everything related to the account is handled online and over the phone.

BrioDirect working exclusively online can be a positive for users who want easy access to their bank accounts at all times of the day. However, if you prefer to make transactions in person, BrioDirect may not be the best choice.

Live Oak Online Savings Account

Live Oak Bank, which has traditionally been known for its business banking and loan services, offers a top-tier consumer savings account. In fact, its Online Savings Account has a sizable 2.75% APY, which is a great reason to consider it.

This savings account has no monthly service fees, which means all of your earnings should stay in your pocket. In addition, the account has no minimum opening deposit, and account holders are only required to maintain a $0.01 balance to access the 2.75% APY.

You won’t have any branch access when you open an Online Savings Account with Live Oak Bank, as it is an entirely online financial institution. Therefore, the vast majority of your account management will be done through Live Oak’s Apple and Android mobile apps and its website. Features available through these platforms include detailed histories of your account balances and past transactions, mobile check deposit, online money transfers and direct customer service. You can even link your outside bank accounts in the app so you can view all of your balances in a single place.

Quorum HighQ Savings

Online-based Quorum Federal Credit Union features the HighQ Savings Account, which boasts one of the better rates on the market with a 2.50% APY, and you don’t need to maintain a balance in your account to get it. You can sign up today and add money later.

This product comes with additional enticing perks. In fact, you can gain access to your money through over 90,000 surcharge-free ATMs nationwide. 

In addition, the Quorum HighQ Savings Account doesn’t charge monthly maintenance fees for most things, which can really add up over the long term. However, if you choose to receive your bank statements in the mail instead of online, you will receive a $10 fee per statement. The fee is waivable otherwise. 

If you want to review your account, there’s no physical branches available with Quorum, so online services are your only option. Quorum has mobile apps available on Apple and Android, and you can also check out your account on your computer.

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