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6 Best Savings Accounts of July 2024: Up to 5.45%

NerdWallet's list of the best savings accounts.

Profile photo of Margarette Burnette
Senior Writer
Profile photo of Yuliya Goldshteyn
Assigning Editor
Fact Checked

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

More than 90 financial institutions surveyed by our team of experts.

More than 50 data points considered for each bank and credit union to be eligible for our roundups. For this specific page, more than four data points were considered per institution.

A savings account is a federally insured financial product that can help your money grow. This type of account also provides easy access to your cash in case you need to make a withdrawal. The best savings accounts have high annual percentage yields, or APYs. The higher the APY, the more money you'll earn over time. NerdWallet’s list of best savings accounts have APYs of up to 5.45%.

NerdWallet's featured accounts are among those that have consistently had the highest rates for years. (In 2022, banks began to increase the interest rates on their savings accounts after a period of rate cuts in response to financial conditions.) The accounts on this page can bolster your emergency fund faster than an account with an average rate, which is currently just 0.45%.

APYs shown are current as of July 22, 2024. All other information is current as of July 1, 2024.

Strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

More than 90 financial institutions surveyed by our team of experts.

More than 50 data points considered for each bank and credit union to be eligible for our roundups. For this specific page, more than four data points were considered per institution.

A savings account is a federally insured financial product that can help your money grow. This type of account also provides easy access to your cash in case you need to make a withdrawal. The best savings accounts have high annual percentage yields, or APYs. The higher the APY, the more money you'll earn over time. NerdWallet’s list of best savings accounts have APYs of up to 5.45%.

NerdWallet's featured accounts are among those that have consistently had the highest rates for years. (In 2022, banks began to increase the interest rates on their savings accounts after a period of rate cuts in response to financial conditions.) The accounts on this page can bolster your emergency fund faster than an account with an average rate, which is currently just 0.45%.

APYs shown are current as of July 22, 2024. All other information is current as of July 1, 2024.

🤓Nerdy Tip

Today’s high rates may not last forever. Take advantage of them while you can with a federally insured high-yield savings account.

Best Savings Accounts of July 2024: Up to 5.45%

ELIGIBLE FOR REWARD

Our pick for

Savings Accounts

ELIGIBLE FOR $100 IN REWARDS
NerdWallet rating 

4.5

/5
SoFi Checking and Savings
Learn more

at SoFi Bank, N.A., Member FDIC

APY

4.60%

With $0 min. balance for APY

Bonus

$300

Earn up to $300 with direct deposit. Terms apply.

Why We Like It

The savings portion of Checking and Savings offers 4.60% APY (variable and subject to change) for customers with direct deposit or a deposit of at least $5,000 every 30 days into the account. Without direct deposit or the other monthly deposit, that goes down to 1.20% APY.

Some banks have excellent savings options, but don’t offer checking accounts. This means customers will have to look at additional institutions to meet their full banking needs. But if you prefer to keep your checking and savings at the same bank, SoFi has you covered.

In addition, money kept in the checking portion of the account earns 0.50% APY, regardless of whether you set up direct deposit. There’s no minimum deposit requirement to open an account and no monthly maintenance fees.

NerdWallet rating 

4.5

/5
CIT Bank Platinum Savings
Learn more

at CIT Bank, Member FDIC

APY

5.00%

With $5,000 min. balance for APY

Bonus

N/A

Why We Like It

CIT Bank's Platinum Savings account pays a 5.00% APY on balances of $5,000 or more. If your balance is below $5,000, the APY is 0.25%. The minimum amount to open an account is $100, and there are no monthly service fees.

As hinted above, this account is best for those who carry balances of $5,000 or more. If you plan to deposit a smaller amount, CIT Bank does have three other savings options. But those accounts don’t have rates as high as the Platinum Savings rate, so you may be better served finding a comparable high-yield account at a different bank.

NerdWallet rating 

4.5

/5
EverBank Performance℠ Savings
Learn more

at EverBank, Member FDIC

APY

5.05%

With $0 min. balance for APY

Bonus

N/A

Why We Like It

This savings account earns a competitive 5.05% APY. There is no minimum opening deposit, and there is no monthly fee.

In addition to its high-yield savings account, EverBank also has an interest checking account that offers ATM fee reimbursements, as well as online CDs and a money market account. For those who want to do all of their online banking at one institution, this bank is worth a look.

NerdWallet rating 

4.5

/5
Marcus by Goldman Sachs Online Savings Account
Learn more

at Goldman Sachs Bank USA, Member FDIC

APY

4.40%

With $0 min. balance for APY

Bonus

N/A

Why We Like It

The Wall Street firm’s online bank has a strong savings option with a rate of 4.40% annual percentage yield, and there is no minimum balance requirement to start earning interest. The bank’s online CDs also have top yields.

The account is best for people who want to park their money in an online-only account and don’t need to visit bank branches. You can still access your money in multiple ways, including via desktop and mobile app. Note that Marcus does not offer a checking account or an ATM card, so you’ll need to transfer funds from an external account.

NerdWallet rating 

4.5

/5
UFB Secure Savings
Learn more

at UFB Direct, Member FDIC

APY

5.25%

With $0 min. balance for APY

Bonus

N/A

Why We Like It

UFB Direct’s savings account offers an attractive APY. The account has no monthly maintenance fees and there is no minimum amount requirement.

Editor’s note: Over the past year, NerdWallet readers have described delays in getting issues resolved through customer support. These complaints don't factor into UFB Direct's star ratings. Please read the the full review for details.

NerdWallet rating 

4.5

/5
Bread Savings™️ High-Yield Savings Account
APY

5.15%

With $100 min. balance for APY

Bonus

N/A

Why We Like It

The Bread Savings™️ High-Yield Savings Account has no monthly maintenance fees and a solid APY. The account requires a minimum opening deposit of $100. Keep in mind that Bread Savings doesn’t offer checking accounts, so you’ll have to open one elsewhere.

Bread Savings adds: "All Bread Savings APYs are accurate as of 01/18/2024. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For high-yield savings accounts, a minimum of $100 is required and must be deposited in a single transaction. For high-yield savings accounts, the rate may change after the account is opened."

FDIC insurance up to $250,000 per depositor for each ownership category.

What you need to know about the best savings accounts

What do the best savings accounts have in common?

The best savings account interest rates are around 5%. At a brick-and-mortar bank, you'll often find savings rates closer to the national average, which is currently 0.45%.

If you have a $10,000 savings balance, choosing an account that pays 5% will earn you about $500 in a year, while an account paying you 0.40% APY would earn about $40. The difference increases the more you deposit and the longer you keep it in the account.

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 5%.) 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.

What monthly fees do savings accounts usually have?

The best savings accounts typically don’t charge monthly fees. You make your deposit and watch your balance grow as your money earns interest.

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

Why does NerdWallet pick online savings accounts as the best savings accounts?

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 in an online account. Without the added expenses of large branch networks, online banks and nonbank providers are able to offer more favorable returns than national brick-and-mortar banks.

How to open a savings account

You can typically open an account either online or in person. You'll need to provide your Social Security number and contact information (phone number and address), along with at least one form of identification, such as a driver’s license or a passport. If you’re applying for a joint account, the other person must provide this information and ID too.

How to open a high-yield online savings account

Similar to opening a savings account at a branch, you’ll need to provide some information to open an online account. You'll provide your contact information and Social Security number, in addition to information from your ID (such as your driver’s license number). To make your initial deposit, you may need to link an external bank account to transfer money electronically.

Is my money safe in a savings account?

Yes, provided your money is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration.

» Dig deeper: Learn more about FDIC and NCUA insurance for deposit accounts.

Do the best savings account interest rates change over time?

Yes, rates are variable and can change over time. If you are looking for a fixed rate account, and can set aside funds for a specific time period without making a withdrawal, consider opening a certificate of deposit. NerdWallet's list of best CD rates features top options.

How often do interest rates change?

Financial institutions generally don’t change savings rates on an hourly, daily or even monthly basis. In fact, under normal circumstances, 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 providers will change their rates based on what their competitors are doing. You will often see groups of providers increase or decrease their APYs at around the same time, especially if the Federal Reserve recently increased 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.

» Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts.

Savings account terms you need to know:

Savings account: A deposit account from a financial institution that typically earns interest.

Interest: Money a financial institution 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.

Minimum balance: A minimum balance is the lowest dollar amount you need in a bank account either to avoid fees or satisfy account requirements. The minimum can be an average balance or a fixed amount that’s required either daily or monthly.

Average monthly balance: An average monthly balance is found by adding up the account balances at the end of each day in a month, and then dividing by the number of days in the month.

Minimum opening deposit: An initial deposit, or minimum opening deposit, is the specific amount of money you need to open a bank account.

How can I earn high interest rates besides a savings account?

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 is rare for savings accounts.

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 typically have to pay a penalty. CDs are also covered by FDIC insurance.

» Find out more about your savings account options.

Is savings account interest taxable?

Yes, savings account interest is generally taxable. Your provider will probably send you a form reporting it if you earned more than $10 during the tax year. Note that you are likely to earn more interest with a high-yield savings account.

What’s the difference when NerdWallet notes “Member FDIC” vs. “funds insured by FDIC” on savings accounts?

When we describe a savings account that is offered by a bank, we note “Member FDIC,” since the bank is a member of the Federal Deposit Insurance Corp. and the account is federally insured. If a financial technology company — not a bank — offers a savings account, it typically partners with a bank that is an FDIC member to hold the funds so deposits can be insured. In those cases, we note “funds insured by the FDIC.” Savings accounts at credit unions are federally insured by the National Credit Union Administration, so we note “funds insured by the NCUA.”

Full list of editorial picks: best savings accounts

Here are all of NerdWallet's picks for the best savings accounts.

  • Barclays, 4.35% savings APY with no minimum to open account (read full review), Member FDIC.

  • Bask Bank, 5.10% savings APY with no minimum to open account (read full review), Member FDIC.

  • BMO Alto, 5.10% savings APY with no minimum to open account (read full review), funds insured by FDIC.

  • Bread Savings™, 5.15% savings APY with $100 minimum to open account, (read full review), Member FDIC.*

  • CIT Bank, 5.00% savings APY with $100 minimum to open account (read full review), Member FDIC.

  • Citibank, 4.30% savings APY with no minimum to open account (read full review), Member FDIC.

  • Citizens, 4.50% savings APY with $0.01 minimum to open account (read full review), Member FDIC.

  • EverBank (formerly TIAA Bank), 5.05% savings APY with no minimum to open account (read full review), Member FDIC.

  • First Foundation Bank, 4.90% savings APY with $1,000 minimum to open account (read full review), Member FDIC.

  • LendingClub, 5.00% savings APY, $100 minimum to open account (read full review), Member FDIC.

  • My Banking Direct, 5.45% savings APY, $500 minimum to open account. (read full review), Member FDIC.

  • Marcus, 4.40% savings APY with no minimum to open account (read full review), Member FDIC.

  • Quontic Bank, 4.50% savings APY with $100 minimum to open account (read full review), Member FDIC.

  • Salem Five Direct, 5.01% savings APY with no minimum to open account (read full review), Member FDIC.

  • Sallie Mae Bank, 4.50% savings APY with no minimum to open account (read full review), Member FDIC.

  • SoFi, 4.60% savings APY (variable and subject to change) with no minimum to open account (read full review), Member FDIC.

  • Synchrony Bank, 4.75% savings APY with no minimum to open account (read full review), Member FDIC.

  • TAB Bank, 5.02% savings APY with no minimum to open account (read full review), Member FDIC.

  • UFB Direct, 5.25% savings APY with no minimum to open account, Member FDIC. Editor's note: Over the past year, NerdWallet readers have described delays in getting issues resolved through customer support. These complaints don't factor into UFB Direct's star ratings. Please read the full review for more details.

  • Upgrade, 5.21% APY, no minimum to open account (read full review), funds insured by FDIC.

Bread Savings says: All Bread Savings APYs are accurate as of 01/18/2024. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For high-yield savings accounts, a minimum of $100 is required and must be deposited in a single transaction. For high-yield savings accounts, the rate may change after the account is opened.

» Interested in getting money from banks? See NerdWallet's best bank account promotions and bonuses

Last updated on July 22, 2024

Methodology

We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; 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 and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo, Western Alliance Bank and Zynlo Bank.

To recap our selections...

NerdWallet's Best Savings Accounts of July 2024: Up to 5.45%

Frequently asked questions