Not all savings accounts are created equal. Most of the biggest US Banks offer paltry savings rates for your money and the national average yield isn't much better, but you can still find great high yield savings accounts elsewhere. Compare the highest savings interest rates across thousands of banks and credit unions. Use the filters below to find the best savings account for you!
The best high-yield savings accounts can offer rates well above the national average and provide better accessibility than CDs. If you need a convenient place to store your savings, and still access them when necessary, a savings account is a great option.
Savings account basics
Most banks and credit unions offer savings accounts as a simple way for consumers to keep their extra funds safe. Credit unions often require a savings account to be opened as a part of the membership process. Savings accounts are considered to be the most straightforward of bank accounts, but they do have a few particular features that you should keep in mind.
Transaction Limits – By law, you are permitted 6 withdrawals or outgoing transfers per month from a savings account. If you make more than 6 withdrawals or transfers in a given month, you may incur a fee from your bank or credit union, and continued violations could result in account closure.
Variable Rates – Savings account rates are subject to change without notice and can shift daily at the discretion of the bank or credit union. The interest rate you receive when you open the account may not be the same rate a year later.
Fees – Some savings accounts carry monthly maintenance or service fees and have minimum balance requirements. Make sure to read your account’s fee schedule before opening.
Tips to find higher savings account rates
The best way to find a high-yield savings account is to look around and compare options. NerdWallet’s Savings Account rate tool above will help you find a savings account anywhere, from online banks to local community banks or credit unions. However, there are additional options to help you attain high interest rates.
Special savings accounts – some banks and credit unions offer holiday savings accounts or special savings accounts, which have higher interest rates than regular savings accounts.
Rewards savings accounts – some banks or credit unions have savings accounts with increased interest rates that are linked to rewards checking accounts. When you meet the monthly qualifications for the rewards checking account, you also receive the bonus savings rate.
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