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16 Best Savings Accounts of November 2019

Margarette BurnetteNovember 1, 2019

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Summary of Best Savings Accounts of November 2019

BankAPYLearn More
American Express National Bank Personal Savings

American Express National Bank Personal Savings

at American Express National Bank,

Member, FDIC

1.75%

With $0 minimum balance

at American Express National Bank,

Member, FDIC

Goldman Sachs Bank USA Online Savings

Goldman Sachs Bank USA Online Savings

at Goldman Sachs Bank USA,

Member, FDIC

1.90%

With $0 minimum balance

at Goldman Sachs Bank USA,

Member, FDIC

Barclays Online Savings Account

Barclays Online Savings Account

at Barclays,

Member, FDIC

1.90%

With $0 minimum balance

at Barclays,

Member, FDIC

Citizens Access Online Savings Account

Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

1.85%

With $5000 minimum balance

at Citizens Access,

Member, FDIC

Alliant Credit Union High-Rate Savings

Alliant Credit Union High-Rate Savings

at Alliant Credit Union,

Federally insured by the NCUA

1.70%

With $100 minimum balance

at Alliant Credit Union,

Federally insured by the NCUA

Discover Online Savings

Discover Online Savings

at Discover,

Member, FDIC

1.80%

With $0 minimum balance

at Discover,

Member, FDIC

Axos Bank™ High Yield Savings

Axos Bank™ High Yield Savings

1.30%

With $1 minimum balance

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

1.80%

With $10000 minimum balance

FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

1.90%

With $1 minimum balance

Bank5 Connect High Interest Savings Account

Bank5 Connect High Interest Savings Account

1.90%

With $100 minimum balance

Bank7 High Rate Online Savings

Bank7 High Rate Online Savings

NerdWallet rating 

at Bank7,

Member, FDIC

2.01%

With $100 minimum balance

at Bank7,

Member, FDIC

Ally Bank Online Savings Account

Ally Bank Online Savings Account

1.80%

With $0 minimum balance

Synchrony Bank High Yield Savings Account

Synchrony Bank High Yield Savings Account

1.90%

With $0 minimum balance

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

1.90%

With $5000 minimum balance

Vio Bank High Yield Online Savings Account

Vio Bank High Yield Online Savings Account

2.07%

With $100 minimum balance

HSBC Direct Savings

HSBC Direct Savings

2.05%

With $1 minimum balance

BankAPYLearn More
American Express National Bank Personal Savings

American Express National Bank Personal Savings

at American Express National Bank,

Member, FDIC

1.75%

With $0 minimum balance

at American Express National Bank,

Member, FDIC

Goldman Sachs Bank USA Online Savings

Goldman Sachs Bank USA Online Savings

at Goldman Sachs Bank USA,

Member, FDIC

1.90%

With $0 minimum balance

at Goldman Sachs Bank USA,

Member, FDIC

Barclays Online Savings Account

Barclays Online Savings Account

at Barclays,

Member, FDIC

1.90%

With $0 minimum balance

at Barclays,

Member, FDIC

Citizens Access Online Savings Account

Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

1.85%

With $5000 minimum balance

at Citizens Access,

Member, FDIC

Alliant Credit Union High-Rate Savings

Alliant Credit Union High-Rate Savings

at Alliant Credit Union,

Federally insured by the NCUA

1.70%

With $100 minimum balance

at Alliant Credit Union,

Federally insured by the NCUA

Discover Online Savings

Discover Online Savings

at Discover,

Member, FDIC

1.80%

With $0 minimum balance

at Discover,

Member, FDIC

Axos Bank™ High Yield Savings

Axos Bank™ High Yield Savings

1.30%

With $1 minimum balance

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

1.80%

With $10000 minimum balance

FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

1.90%

With $1 minimum balance

Bank5 Connect High Interest Savings Account

Bank5 Connect High Interest Savings Account

1.90%

With $100 minimum balance

Bank7 High Rate Online Savings

Bank7 High Rate Online Savings

NerdWallet rating 

at Bank7,

Member, FDIC

2.01%

With $100 minimum balance

at Bank7,

Member, FDIC

Ally Bank Online Savings Account

Ally Bank Online Savings Account

1.80%

With $0 minimum balance

Synchrony Bank High Yield Savings Account

Synchrony Bank High Yield Savings Account

1.90%

With $0 minimum balance

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

1.90%

With $5000 minimum balance

Vio Bank High Yield Online Savings Account

Vio Bank High Yield Online Savings Account

2.07%

With $100 minimum balance

HSBC Direct Savings

HSBC Direct Savings

2.05%

With $1 minimum balance

American Express National Bank Personal Savings

at American Express National Bank,

Member, FDIC

at American Express National Bank,

Member, FDIC

APY

1.75%

With $0 minimum balance

Beyond credit cards, American Express offers a standout savings account with a rate of 1.75% Annual Percentage Yield (as of 11/7/19). You don’t have to worry about any monthly fees or minimum balances, and phone support is available 24/7. You can link up to three accounts you have at other banks to make online transfers. The banking experience isn’t designed for frequent transactions, so no checks or ATM or debit cards come with the account. Check deposits can only be mailed, since the bank’s mobile app is currently only for credit card holders.

Read full review
Goldman Sachs Bank USA Online Savings

at Goldman Sachs Bank USA,

Member, FDIC

at Goldman Sachs Bank USA,

Member, FDIC

APY

1.90%

With $0 minimum balance

The Wall Street firm’s online bank has a strong savings option with the high rate of 1.90% APY and no minimum balance requirement to start earning interest. There are no transaction fees. Its online CDs also have top yields (see our list of best CD rates).

 

You can access the account on the bank website and contact customer support via online live chat or by phone during daytime hours. Since there’s no mobile app, check deposits must be mailed, so this account is easiest to use when linked to an external bank account for online transfers.

 

This savings account was named one of the best in NerdWallet's 2019 Best-Of Awards.

Read full review
Barclays Online Savings Account

at Barclays,

Member, FDIC

APY

1.90%

With $0 minimum balance

Saving money is easy at Barclays, the online U.S. division of a global financial company. There are no minimums, no maintenance fees and a top-notch rate of 1.90% APY for its Online Savings account. You can transfer money to and from another bank and view Barclays accounts on its website and mobile app, as well as deposit checks on the app. Phone service is available every day, 8 a.m. to 8 p.m. Eastern time.

 

This savings account was named one of the best in NerdWallet's 2019 Best-Of Awards.

Read full review
Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

APY

1.85%

With $5000 minimum balance

This online-only division of East Coast-based Citizens Bank has impressive rates for savings and certificates of deposit. Citizens Access’ savings account offers 1.85% APY and doesn’t charge any fees. The required minimum to open is $5,000, which is steeper than some online banks, and if the balance drops below that, the APY does as well. The easy-to-use website is mobile-friendly, allowing check deposits, but there is no mobile app.Read full review
Alliant Credit Union High-Rate Savings

at Alliant Credit Union,

Federally insured by the NCUA

at Alliant Credit Union,

Federally insured by the NCUA

APY

1.70%

With $100 minimum balance

Alliant’s High-Rate Savings combines a great rate with low fees and high-quality digital tools, such as a budgeting feature on its mobile app. The online credit union’s other perks include free access to over 80,000 ATMs nationwide and 24/7 customer support over the phone.

 

You can take advantage of the 1.70% annual percentage yield, and skip paper statements to avoid a $1 fee per month. The credit union only has one public branch, its Chicago headquarters location, but anyone can join by supporting its partner charity Foster Care to Success. (This means Alliant will donate $5 on your behalf.)

 

This savings account was named one of the best in NerdWallet's 2019 Best-Of Awards.

Read full review
Discover Online Savings

at Discover,

Member, FDIC

APY

1.80%

With $0 minimum balance

Bonus

$200

Requirements to qualify

The interest rate for Discover Online Savings account is among the highest at 1.80% APY, and there are no fees, which means there are no monthly fees, no overdraft fees and no minimum amount to open an account. And there’s a bonus, if you’re eligible.

 

This savings account was named one of the best in NerdWallet's 2019 Best-Of Awards.

 

Discover says: “To get your $150 or $200 bonus offer: What to do: Apply for your first Discover Online Savings Account by 12/2/19, 11:59 p.m. ET, online or by phone. Enter Offer Code NW1119 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted by 12/16/19, 11:59 p.m. ET. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover. Account must be open when bonus is credited. Bonus will be credited to the account by 12/30/19. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice."

 

See Discover's website for more details.

Read full review
APY

1.30%

With $1 minimum balance

Axos, formerly known as Bank of Internet, offers a high-yield savings account with an optional ATM card. Its 1.30% APY is available on all balances. Like the bank’s Rewards Checking, this account has no monthly fee or minimum balance. One of the bank’s strengths is free domestic ATM use, as Axos charges no fees and, for some accounts such as Rewards Checking, provides unlimited ATM reimbursements. The bank has live chat as well as 24/7 phone service with representatives. Read full review
APY

1.80%

With $10000 minimum balance

PurePoint Financial, a division of MUFG Union Bank, requires a high minimum of $10,000 to open its savings account and earns a high rate of 1.80% APY. If your daily balance drops below $10,000, the rate falls to 0.25% APY. Mobile check deposit is available when you’re on a mobile web browser, but there’s no iOS or Android app. Calling the support center is an option only during weekdays from 8 a.m. to 9 p.m. Eastern time.Read full review
APY

1.90%

With $1 minimum balance

You need one dollar to open FNBO Direct’s online savings account, which opens the door to getting a 1.90% APY in an account free of monthly fees or minimum balance requirements. You can reach customer service representatives by phone at any time seven days a week. Unlike some online banks, FNBO Direct also offers checking (with a decent interest rate), 529 college savings plans and certificates of deposit. The online-only bank and the Midwestern branch-based bank First National Bank of Omaha are part of the multi-state financial institution First National of Nebraska. Read full review
APY

1.90%

With $100 minimum balance

Bank5 Connect, the Massachusetts-based Bank Five’s online-only division, offers a solid rate for its High-Interest Savings Account of 1.90% APY. The minimum balance requirements -- $10 to open and $100 to start earning interest -- are relatively easy to satisfy, and there’s no monthly fee. If you go over six withdrawals or transfers out of the account per month, there’s a $10 fee.

 

You can access the account on Bank5 Connect’s website and mobile app, and customer support is available on live chat during weekdays and over the phone with representatives in Massachusetts every day.

Read full review
Bank7 High Rate Online Savings

at Bank7,

Member, FDIC

3.5

NerdWallet rating 

at Bank7,

Member, FDIC

APY

2.01%

With $100 minimum balance

The Oklahoma-based bank features a competitive rate of 2.01% APY on its online savings accounts available nationwide, separately from its in-branch account offerings in three states. An ATM card is provided to withdraw cash, and you can deposit checks on the bank’s mobile app. Customer support is available by phone during weekday bank hours. The online account requires $100 to open. If you fall below that amount, there’s a $15 monthly fee. Making more than six online transfers or withdrawals a month incurs a $3 fee per additional withdrawal, so the best use of this account is to simply set aside savings and earn a great rate.
APY

1.80%

With $0 minimum balance

The online bank delivers a stellar savings account with a competitive rate and no monthly fee or minimum deposit requirements. You earn 1.80% APY regardless of the balance. Although there isn’t a way to add cash, you can deposit checks via its easy-to-use mobile app or transfer money between accounts online for free. Customer support is available by email, Twitter, live chat and 24/7 over the phone (with estimated wait time listed on the site).

 

This savings account was named one of the best in NerdWallet's 2019 Best-Of Awards.

Read full review
APY

1.90%

With $0 minimum balance

This online bank’s savings account has a high 1.90% APY along with an optional card for free ATM withdrawals nationwide. Synchrony also refunds up to $5 for charges from domestic ATM operators. The account has no minimum balance requirements, no monthly fee and no fee if you go over the standard bank limit of six withdrawals per month.

 

You may be eligible for perks such as travel discounts, depending on your balance and time as a customer. Although there’s no mobile app, check deposits are available using the bank’s web browser on a smartphone.

Read full review
APY

1.90%

With $5000 minimum balance

Popular Direct, the online division of international institution Popular Bank, boasts the high rate of 1.90% APY for its Ultimate Savings Account. The minimum to open is $5,000, which is steep compared with other online savings accounts. There’s also a $4 monthly fee, which can be waived by keeping at least $500 in the account daily. Live customer service is available 24/7 by phone, but Popular Direct lacks some support channels that various other online banks have, such as Twitter or live chat. Accessing accounts via mobile app is an option, but app ratings aren’t stellar. If rates are your main target and you don’t mind doing without some perks other banks have, this account could work for you.Read full review
APY

2.07%

With $100 minimum balance

This savings account has a top-of-the-line rate at 2.07% APY across all balances. You need just $100 to open the account, and there are no monthly fees. Vio Bank is an online division of Oklahoma-based MidFirst Bank, and the savings account is available nationally. Though it’s an online-only account, you can reach customer support by phone seven days a week, with extended hours on weekdays.Read full review
APY

2.05%

With $1 minimum balance

The global bank’s Direct Savings online option surpasses its other savings account rates and many banks’ accounts with 2.05% APY. You just need $1 to earn interest and there’s no monthly fee, but there’s one fee generally not charged by online accounts, a $25 fee if you close the account within six months.

 

HSBC offers a web budgeting tool to create and visualize savings goals. You can also deposit checks on its mobile app, but the app doesn’t get top ratings. Customer service is available via live chat 24/7 and by phone 7 a.m. to midnight Eastern time every day.

Read full review

What is a savings account?

A savings account holds money that you don’t need for daily spending. Unlike most checking accounts, savings accounts earn interest — that’s money the bank adds to your account just for keeping it with the institution. The higher your bank’s savings account interest rate, the faster your balance will grow.

What do the best savings accounts look like?

The best savings account interest rates are close to 2.00% or higher. At a brick-and-mortar bank, you'll often find savings rates closer to the national average, which is currently 0.09%.

If you have a $5,000 savings balance, choosing an account that pays 2.00% will earn you about $100 in a year, while an account paying you the average would earn about $5. The difference increases the more you deposit and the longer you keep it in the account.

The best savings accounts also typically don’t charge monthly fees.

» Find out how your savings could add up with NerdWallet’s compound interest calculator.

Best Savings Accounts of November 2019

Why are all of NerdWallet's picks for best savings accounts online?

It's easy to find a savings account at your local bank, but if you want to earn a high rate and pay the lowest fees, you should consider storing your savings online. Without the added expenses of large branch networks, online banks are able to offer more favorable returns than national brick-and-mortar banks.

» Learn more about NerdWallet's favorite high-yield online savings accounts.

Is my money safe in an online savings account?

Yes. All of the best savings accounts in NerdWallet's analysis are insured, just like bank accounts at national institutions. Most are insured by the Federal Deposit Insurance Corporation and others are insured by the National Credit Union Administration. Both cover up to $250,000 per depositor, per institution and per account type, in case your bank fails.

Can savings accounts lose money?

No. Unlike investment accounts, savings accounts are guaranteed not to lose money — provided your money is insured by the FDIC or NCUA. Whatever you put in an FDIC- or NCUA-insured account will stay there, unless your account charges fees (and, of course, unless you withdraw money).

Why should I care about the best savings account rates?

If you have money left in your checking account each month — or you can adjust your budget so that you do — you should have a savings account with a high rate. (Again, think around 2.00%.) It's always helpful to have money set aside for emergencies, and it'll earn you much more in an account that pays one of the best savings account rates than in a checking account.

Just make sure you can keep enough in your savings account to avoid monthly fees. Most online savings accounts don't charge these, but many traditional accounts do.

Do the best savings account interest rates change over time?

Yes, rates are variable and can change over time. The accounts featured in this article are among those with the consistently highest rates.

When do savings rates change?

Banks and credit unions generally don’t change savings rates on an hourly, daily or even monthly basis. In fact, it’s common to see APYs remain the same for several months. 

It’s important to note, however, that rates are variable and theoretically can change at any time. In addition, many banks will change their rates based on what their competitors are doing. You will often see groups of banks increase or decrease their APYs at around the same time, especially if the Federal Reserve recently hiked or cut rates.

To get the best yield for your money, it’s a good idea to check out the best savings rates on a regular basis — at least once a month.

Savings account terms you need to know:

Savings account: A deposit account from a bank or credit union that earns interest.

Interest: Money a bank pays into an account over time.

Compound interest: Compound interest is the interest you earn on both your original money and on the interest you keep accumulating. In an account that pays compound interest, the return is added to the original principal at the end of every compounding period, typically daily or monthly. Each time interest is calculated and added to the account, the larger balance earns more interest.

Annual percentage yield: The annual percentage yield, or APY, is the amount of interest an account earns in a year. The calculation is based on the account’s interest rate and the number of times interest is paid during the year.

» Read more about 10 essential banking terms you need to know.

Are there other ways to save money besides a savings account?

Yes. Here are a few options:

Money market accounts: These accounts are a type of savings account, but they might have higher minimum balances and offer perks such as check-writing, which not all savings accounts do.

Certificates of deposit: These accounts lock your balance away for a specified period of time — often between one year and five years — in exchange for a higher interest rate. But if you withdraw any money during the term, you'll often have to pay a penalty. CDs are also covered by FDIC insurance.

Mutual funds: If you have a 401(k) through your job or an individual retirement account, or IRA, odds are you are putting some of your money in mutual funds. These are a type of investment that holds a little bit of many different types of stocks. Mutual funds are not covered by FDIC or NCUA insurance, and you can lose money on them — but you'll also typically earn a higher rate of return than you would on a savings account. They're best for long-term savings goals, such as retirement.

» Find out more about your savings account options.

Is savings account interest taxable?

Yes. Technically, all savings account interest is taxable, but your bank probably won't send you a form reporting it unless you've earned more than $10. So if you have a high-yield savings account, you're much more likely to pay taxes on your interest. You'll pay at your normal tax rate.

Last updated on November 1, 2019

Methodology

We took a close look at over 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions surveyed include: Alaska USA Federal Credit UnionAlliant Credit UnionAlly BankAmerica First Credit UnionAmerican ExpressAspirationAssociated BankAxos BankBank5 Connect, Bank7, Bank of AmericaBank of the WestBarclays, BB&T, BBVABoeing Employees Credit Union, BMO Harris, Capital One 360Charles Schwab BankChaseChimeCITCitibankCitizens AccessCitizens Bank, Comerica Bank, Commerce BankConnexus Credit UnionConsumers Credit UnionDiscover Bank, E-Trade, FidelityFifth Third BankFirst National BankFirst Tech Federal Credit UnionGoBankGolden 1 Credit UnionGS BankHSBC Bank USAHuntington BankKeyBank, MetaBank, M&T BankMovenNavy Federal Credit UnionPentagon Federal Credit UnionPNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions BankSallie Mae BankSantander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SimpleState Employees’ Credit Union of North CarolinaState Farm BankSuncoast Credit Union, SunTrust Bank, Synchrony BankTCF BankTD BankTIAA BankUnion BankUFB DirectUSAAU.S. BankVaro, Vio BankWells Fargo and Zions Bank.

How we rate banks and credit unions