Best Banks for Savings Accounts

Our guide to find the best bank interest rates on savings accounts

The bank with the best savings account rate is currently a tie between Fitness Bank and CFG Bank, both offering 2.30% APY. Below you can find all of the top-ranked nationally available savings account from our rate research on more than 200 banks and credit unions that offer savings accounts nationwide. In cases where more than one institution has the same top rate, we've ranked accounts by those requiring the smallest minimum ongoing balance.

Best Banks to Open a Savings Account

  • Fitness Bank and CFG Bank: Top nationally available rate - 2.30% APY (Note: For Fitness Bank you'll need to reach a "steps goal" to get this rate. See their website for details.)
  • TAB Bank - Top rate with no minimum balance or fees - 2.10% APY (Note: Technically requires a $1 minimum balance)
  • State Bank of India (Chicago) and Customers Bank: Top rate from an institution that also offers a nationwide checking account - 2.25% APY

Note that some banks opt to call their savings account a "money market" account. Traditionally, money market accounts offer the ability to write checks, while savings accounts do not. The accounts you'll find in our ranking below all operate like a savings account, with no check-writing privileges, even if the name might suggest otherwise.

Below you'll find the top savings account rates available from our partners, followed by our complete ranking of banks with the best savings account rates nationwide.

Fitness Bank, Savings Account - 2.30% APY

In order to get the 2.30% APY, Fitness Bank requires an average daily step count of 12,500 which is tracked through their app. There are tiered APYs for lesser step counts.

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $100
  • Monthly fee: None with $100 ongoing balance; otherwise $10/month
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: No

CFG Bank, High Yield Money Market Account - 2.30% APY

CFG also offers a Top 20 rate of 2.15% for a lower minimum balance of $1,000. Note: Although this account has "money market" in its name, it offers no check-writing privileges so instead operates like a savings account.

  • Minimum initial deposit: $1,000
  • Minimum ongoing balance: $25,000 to earn stated APY
  • Monthly fee: None with $1,000 ongoing balance; otherwise $10/month
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

State Bank of India (Chicago), Savings Account – 2.25% APY

  • Minimum initial deposit: $500
  • Minimum ongoing balance: $0.01
  • Monthly fee: None with $500 ongoing balance; otherwise $10/quarter
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: Yes
  • CDs available: Yes

Customers Bank, Ascent Money Market Savings Account – 2.25% APY

Note: Although this account has "money market" in its name, it offers no check-writing privileges so instead operates like a savings account.

  • Minimum initial deposit: $25,000
  • Minimum ongoing balance: $25,000 to earn stated APY
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: Yes
  • CDs available: Yes

BrioDirect, High Yield Savings Account – 2.20% APY

  • Minimum initial deposit: $25
  • Minimum ongoing balance: $25
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: Yes

CFG Bank, High Yield Money Market Account - 2.15% APY

CFG also offers a higher rate of 2.30% for a minimum balance of $25,000. Note: Although this account has "money market" in its name, it offers no check-writing privileges so instead operates like a savings account.

  • Minimum initial deposit: $1,000
  • Minimum ongoing balance: $1,000 to earn stated APY
  • Monthly fee: None with $1,000 ongoing balance; otherwise $10/month
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

TAB Bank, High Yield Savings Account – 2.10% APY

  • Minimum initial deposit: $0
  • Minimum ongoing balance: $1
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

Elements Financial Credit Union, Helium Savings Account – 2.10% APY

The 2.10% APY is a 1-year promotion, guaranteed for 12 monthly statement cycles and only available to new customers. Joining Elements Financial Credit Union can be done with a $5 donation.

  • Minimum initial deposit: $0
  • Minimum ongoing balance: $2,500 to earn stated APY
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

SFGI Direct, Savings Account – 2.07% APY

  • Minimum initial deposit: $500
  • Minimum ongoing balance: $1
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: No
  • CDs available: No

HSBC, Direct Savings Account – 2.05% APY

  • Minimum initial deposit: $1
  • Minimum ongoing balance: $0
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

earn.bank, Money Market Account - 2.05% APY

Note: Although this account has "money market" in its name, it offers no check-writing privileges so instead operates like a savings account.

  • Minimum initial deposit: $10,000
  • Minimum ongoing balance: $0
  • Monthly fee: None with $10,000 ongoing balance; otherwise $10/month
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

Vio Bank, High Yield Online Savings Account – 2.02% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $0
  • Monthly fee: $0
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

Virtual Bank, eMoney Market Account - 2.01% APY

Note: Although this account has "money market" in its name, it offers no check-writing privileges so instead operates like a savings account.

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $0.01
  • Monthly fee: None with $100 ongoing balance; otherwise $5/month
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

MemoryBank, Online Money Market Account - 2.00% APY

Note: Although this account has "money market" in its name, it offers no check-writing privileges so instead operates like a savings account.

  • Minimum initial deposit: $0
  • Minimum ongoing balance: $0
  • Monthly fee: None
  • ATM card: Only with linked Checking
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: No

Comenity Direct, High-Yield Savings Account – 2.00% APY

  • Minimum initial deposit: $100
  • Minimum ongoing balance: $0
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

CommunityWide Federal Credit Union, Savings Account - 2.00% APY

Joining the credit union can be accomplished with a $5 donation.

  • Minimum initial deposit: $5
  • Minimum ongoing balance: $1
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

First Foundation Bank, Online Savings Account – 2.00% APY

The online high yield savings account is the only account type available nationwide, but for consumers living near a branch in CA, NV, or HI, checking accounts and CDs are available.

  • Minimum initial deposit: $1,000
  • Minimum ongoing balance: $1,000 to earn stated APY
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: Yes
  • Checking accounts available: Yes in CA, NV, and HI
  • CDs available: Yes in CA, NV, and HI

UFB Direct, High Yield Savings Account - 2.00% APY

  • Minimum initial deposit: $0
  • Minimum ongoing balance: $10,000 to earn stated APY
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: No
  • CDs available: Yes

One American Bank, FREEDOM High Yield Savings - 2.00% APY

  • Minimum initial deposit: $25,000
  • Minimum ongoing balance: $25,000 to earn stated APY
  • Monthly fee: None
  • ATM card: No
  • Mobile check deposit: No
  • Checking accounts available: Yes
  • CDs available: Yes

Prime Alliance Bank, Personal Savings Account – 1.96% APY

If your account balance goes below $10,000, the APY is 1.86%.

  • Minimum initial deposit: $10,000
  • Minimum ongoing balance: $10,000 to earn stated APY
  • Monthly fee: None
  • ATM card: Yes
  • Mobile check deposit: Yes
  • Checking accounts available: Yes
  • CDs available: Yes

Savings Account Interest Rates: The Fine Print

When searching for the best bank savings account interest rates, it pays to read the terms and conditions to ensure that you are comparing apples to apples. Is a minimum deposit required to open an account? Do you have to maintain a minimum balance to get the advertised interest rate annual percentage yield (APY)? By knowing the ins and outs, you can ensure the best fit and the best rates.

Key Takeaways

  • Dozens of high-yield savings accounts earn 20 to 25 times the national average rate.
  • Most of the highest interest-bearing savings accounts are available with online banks.
  • Putting money into online savings can also be done through electronic funds transfer. Some online banks let you deposit paper checks with a mobile app that takes a picture of the check.
  • Each account is insured by the FDIC for up to $250,000. Withdrawals or transfers from these accounts are generally limited to six per monthly statement period.

Savings accounts don't offer check writing but do allow you to link to a checking account—even one not from that bank—to make deposits and transfer funds. The money you deposit in a bank savings account is covered by the FDIC up to $250,000 per account holder. State-chartered savings and cooperative banks in Massachusetts (many of which allow out-of-state accounts) provide additional unlimited insurance over that provided by the FDIC.

It’s important to know that an FDIC regulation limits the number of certain transactions to six each month, including transfers processed via phone and automatic or preauthorized transfers, such as bill payments and other recurring transfers. The six-transactions limit doesn't apply to withdrawals or transfers made at ATMs and transactions made in person at a bank.

The Best Rates Are Online

Most of the highest-paying banks are online. It costs less to operate online than it does to maintain a physical presence. This means that to get the best rates, you will likely have to forgo instant access to your funds at a local branch or ATM. Withdrawing funds from an online bank normally takes two to four days and is typically done via an electronic funds transfer using your linked checking account.

Putting money into online savings can also be done through electronic funds transfer. Some online banks let you deposit paper checks with a mobile app that takes a picture of the check. Otherwise, paper checks must be mailed in since you can't use an ATM.

Wall Street is Showing Interest

Goldman Sachs Bank USA, the consumer-oriented side of the well-known Wall Street bank, created Marcus to grow its deposit base. In July 2018, Goldman reported that since the consumer bank started in 2016, it’s attracted more than 1.5 million customers, made $3.1 billion of loans and gathered $23 billion of digital deposits.

According to Goldman Sachs President and COO David Solomon, the company plans to expand its Marcus brand into a whole list of consumer products including mortgages, credit cards, auto loans, and insurance. The goal is to build Marcus as a platform for Goldman Sachs over the next half-century.

Some Customers Fail To Note Interest Rates

Some large U.S. banks apparently have no desire to enter the interest-rate race. Chase Bank, for example, offers just 0.01% interest on savings accounts with no minimum balance requirement. That increases to 0.11% once account holders have $250,000 in the bank (the level that FDIC insurance stops covering an individual), link the account to Premier Plus Checking or a Sapphire Checking account and make a least five transactions in their checking account. 

Bank of America offers 0.03%, rising to 0.06% for its most preferred customers (Preferred Rewards, Platinum Honors Tier). Bank of America customers who helped the bank increase savings deposits by $54 billion in 2017 didn’t seem to care about the low interest rate. As a result, Bank of America’s low deposit costs helped it post an $18 billion profit.

Furthermore, Bank of America hauled in $6.9 billion in first-quarter profits in 2018 with no sign of slowing down. Clearly, Bank of America’s roughly 4,600 branches and approximately 16,000 ATMs, compared with Goldman Sachs and its zero branches and nonexistent ATMs, make a difference to Bank of America customers that leads them to ignore the low rates.