NerdWallet’s Best Savings Accounts
A savings account provides a buffer against catastrophes and helps you prepare for big planned expenses. For such an account, you’re probably looking for the best yield and features, along with the highest interest rate.
Rates above 1% are possible, even in an environment of low national savings account rates. Our savings account search tool can help you find an account with the highest rates, but we’ve dug deeper to assemble our favorite accounts for your consideration.
Best savings rates: Barclays Dream Account and Synchrony High Yield Savings Account
Barclays charges overdraft fees of only $5 per item, but there is no limit on how many fees it’ll charge you on a given day. Customer service is also fairly limited; your best bet is to pick up the phone.
This account is best for people who are rarely overdrawn but want to maximize interest.
If you want an above-average interest rate, low fees and a rewards program, Synchrony is a good choice.
Best account for tech-savvy savers: Ally Bank
Ally is a good choice for people who want a top-tier online experience while still earning respectable interest.
Best savings account bonuses: Chase Savings and Capital One 360
Chase customers benefit from widely available branches and ATMs, and the customer service and mobile banking platform have a lot of fans. To avoid a $5 monthly fee, you need to keep a minimum balance of $300 or set up a recurring transfer of at least $25 a month from a Chase checking account.
Consider Chase if you like in-person banking coupled with a well-designed mobile app.
Add in a popular referral program, which gives you $20 for each friend whom you refer, and you’re looking at some nice padding for your savings account. Capital One 360 also allows up to 25 sub-accounts per customer, and you can change the names of each account to reflect what you’re saving for.
If you like to keep track of separate savings goals and want a great tech experience, Capital One 360 is worth a look.
Best credit union or community bank savings account: Kasasa Saver
Some banks do that by partnering with Kasasa, a third-party company that designs and manages rewards-based checking and savings accounts with low fees. The Kasasa Saver account helps you build your savings automatically by sending all rewards and ATM refunds there.
If a community bank or a credit union is your jam, consider looking for one that offers Kasasa accounts.
Making banking easier
It might be more convenient to have your checking and savings accounts at the same bank for ease of transferring money and for overdraft protection. Take a look at NerdWallet’s roundup of best checking accounts in order to make a good choice on an all-around bank that offers the products you want.
Have a favorite savings account we didn’t mention? Let us know in the comments.
*Interest rates updated weekly.
Updated June 15, 2015.
Image via iStock.