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.
|UFB Direct Read More||2.21%||$0|| |
|Valley National Bank Read More||2.20%||$1|| |
|Bread Financial Read More||2.15%||$100|| |
|BrioDirect Read More||2.15%||$25|| |
|TAB Bank Read More||2.16%||$0|| |
|Synchrony Read More||2.25%||$0|| |
|First Foundation Bank Read More||2.75%||$1,000|| |
|CIT Bank Read More||2.40%||$100|| |
|CIBC Bank USA Read More||1.95%||$1,000|| |
|Discover Bank Read More||2.00%||$0|| |
|Marcus by Goldman Sachs Read More||2.15%||$0|| |
|Barclays Read More||2.00%||$0|| |
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 an enticing APY of 2.21%, 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 2.20% 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 being needed to receive this strong APY. If you have $500 to spare and can let your money grow untouched, that rate could produce $57 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.
Bread Financial High-Yield Savings Account
Bread Financial comes in second on our list with one of the highest APYs on the market at 2.15%. 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.
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 2.15%. In addition, the bank offers no monthly maintenance fees whatsoever. However, opening an account does come with a small price. BrioDirect requires $25 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.
TAB Bank High-Yield Savings Account
TAB Bank’s High-Yield Savings account offers a 1.92% 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.
Synchrony High Yield Savings
Synchrony Bank has one of the better savings accounts available today. Its central feature is a 2.25% 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.
First Foundation Bank Online Savings Account
First Foundation Bank is one of the larger banks in the U.S. and provides 31 locations across the U.S. The states where you’ll find branches include California, Florida, Texas, Nevada and Hawaii. First Foundation also offers an attractive 2.75% 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 2.75% 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.
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 2.40% 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.
CIBC Agility Online Savings Account
CIBC Bank’s Agility Online Savings Account comes in with a great 1.95% 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.
Discover Online Savings Account
The Discover Online Savings Account is a great option for anyone who's looking for an online bank that's easy to use and understand. Savings account holders will earn a 1.70% APY on all balances, with no restrictions. This is certainly lower than you might find at other banks, online and not, but Discover has a number of attributes that make it an attractive option. There's no minimum to open an account and there are no monthly services charges or minimum account balance requirements, as you might find at other banks. On top of that, this account compounds interest on a daily basis.
One thing to note and remember about Discover is the fact that it's an online bank with no physical presence. This may make some people uncomfortable, but if you're looking to ease your way into online banking, Discover could be a great fit. The bank is known for it's phenomenal customer service and easy-to-use interface. Discover also offers other financial products, so you can open a checking account or a new credit card all within the same platform.
Marcus Online Savings Account
Marcus by Goldman Sachs has become one of the top banks in the U.S. when it comes to savings rates, and its Online Savings Account doesn’t disappoint. The offering comes with a 2.15% APY, giving it one of the better rates right now. There's also no minimum balance necessary to get this APY, as the 2.15% rate will apply to any size balance. Marcus does have a maximum balance limit on its accounts, though it’s one few savers will hit: $1 million. The Marcus Online Savings Account has no monthly maintenance fees whatsoever.
True to its reputation as a savings-focused bank, Marcus has a number of strong certificate of deposit (CD) offerings too. The bank has CD terms that range in length from six months to six years, with great rates available for each of them. Although the savings benefits of Marcus are clear, the bank does not have any checking accounts available. So if you’d like the ability to make frequent withdrawals, you’ll have to open a checking account at a different bank.
Barclays Online Savings Account
The Barclays Online Savings Account boats an impressive 2.00% APY which is somewhat unlike what we’ve seen from Barclays in the past. There’s no minimum to open an account and no minimum to earn the competitive APY. All you need to do is open an account, fund it and you’ll begin earning.
Barclays is a well-known financial institution with a number of other financial services available to its members. These include checking accounts, investment accounts, credit cards and more. There are no monthly fees and you can access your money 24/7 online. Barclays also has the benefit of providing access to brick and mortar locations for its clients if you prefer working in person. To top it all off, you’ll have access to Barclays savings assistant and other tools to help you save even more money.