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17 Best Savings Rates of January 2020

Margarette BurnetteJanuary 2, 2020

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Summary of Best Savings Rates of January 2020

BankAPYLearn More
CIBC Bank USA Agility™ Savings

CIBC Bank USA Agility™ Savings

at CIBC Bank USA,

Member, FDIC

1.85%

With $0.01 minimum balance

at CIBC Bank USA,

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

American Express National Bank Personal Savings

American Express National Bank Personal Savings

at American Express National Bank,

Member, FDIC

1.70%

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

1.70%

With $0 minimum balance

at Goldman Sachs Bank USA,

Member, FDIC

CIT Bank Savings Builder

CIT Bank Savings Builder

at CIT Bank,

Member, FDIC

1.80%

With $100 minimum balance

at CIT Bank,

Member, FDIC

Varo Savings Account

Varo Savings Account

at Varo,

Member, FDIC

1.92%

With $0 minimum balance

at Varo,

Member, FDIC

FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

1.75%

With $1 minimum balance

Nationwide My Savings

Nationwide My Savings

1.90%

With $0 minimum balance

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

1.90%

With $0.01 minimum balance

Synchrony Bank High Yield Savings Account

Synchrony Bank High Yield Savings Account

1.80%

With $0 minimum balance

UFB Direct High Yield Savings Account

UFB Direct High Yield Savings Account

1.90%

With $10000 minimum balance

Bank5 Connect High Interest Savings Account

Bank5 Connect High Interest Savings Account

1.85%

With $100 minimum balance

HSBC Direct Savings

HSBC Direct Savings

2.00%

With $1 minimum balance

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

1.80%

With $10000 minimum balance

Vio Bank High Yield Online Savings Account

Vio Bank High Yield Online Savings Account

at Vio Bank,

Member, FDIC

1.95%

With $0 minimum balance

at Vio Bank,

Member, FDIC

Bank7 High Rate Online Savings

Bank7 High Rate Online Savings

NerdWallet rating 

at Bank7,

Member, FDIC

1.91%

With $0.01 minimum balance

at Bank7,

Member, FDIC

E*TRADE Bank Premium Savings Account

E*TRADE Bank Premium Savings Account

1.75%

With $0 minimum balance

BankAPYLearn More
CIBC Bank USA Agility™ Savings

CIBC Bank USA Agility™ Savings

at CIBC Bank USA,

Member, FDIC

1.85%

With $0.01 minimum balance

at CIBC Bank USA,

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

American Express National Bank Personal Savings

American Express National Bank Personal Savings

at American Express National Bank,

Member, FDIC

1.70%

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

1.70%

With $0 minimum balance

at Goldman Sachs Bank USA,

Member, FDIC

CIT Bank Savings Builder

CIT Bank Savings Builder

at CIT Bank,

Member, FDIC

1.80%

With $100 minimum balance

at CIT Bank,

Member, FDIC

Varo Savings Account

Varo Savings Account

at Varo,

Member, FDIC

1.92%

With $0 minimum balance

at Varo,

Member, FDIC

FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

1.75%

With $1 minimum balance

Nationwide My Savings

Nationwide My Savings

1.90%

With $0 minimum balance

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

1.90%

With $0.01 minimum balance

Synchrony Bank High Yield Savings Account

Synchrony Bank High Yield Savings Account

1.80%

With $0 minimum balance

UFB Direct High Yield Savings Account

UFB Direct High Yield Savings Account

1.90%

With $10000 minimum balance

Bank5 Connect High Interest Savings Account

Bank5 Connect High Interest Savings Account

1.85%

With $100 minimum balance

HSBC Direct Savings

HSBC Direct Savings

2.00%

With $1 minimum balance

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

1.80%

With $10000 minimum balance

Vio Bank High Yield Online Savings Account

Vio Bank High Yield Online Savings Account

at Vio Bank,

Member, FDIC

1.95%

With $0 minimum balance

at Vio Bank,

Member, FDIC

Bank7 High Rate Online Savings

Bank7 High Rate Online Savings

NerdWallet rating 

at Bank7,

Member, FDIC

1.91%

With $0.01 minimum balance

at Bank7,

Member, FDIC

E*TRADE Bank Premium Savings Account

E*TRADE Bank Premium Savings Account

1.75%

With $0 minimum balance

CIBC Bank USA Agility™ Savings

at CIBC Bank USA,

Member, FDIC

CIBC Bank USA Agility™ Savings

CIBC Bank USA Agility™ Savings

APY

1.85%

With $0.01 minimum balance

Bonus

N/A

at CIBC Bank USA,

Member, FDIC


Bonus

N/A

Why we like it

Rate: Agility Online Savings has one of the highest savings rates around.

 

Requirements: You need $1,000 to open the account.

 

Fees: The account has no monthly fees.

 

Additional note: CIBC U.S. is the U.S division of Toronto-based CIBC.

Read Full Review
Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

Citizens Access Online Savings Account

Citizens Access Online Savings Account

APY

1.85%

With $5000 minimum balance

Bonus

N/A

at Citizens Access,

Member, FDIC


Bonus

N/A

Why we like it

Rate: Citizens Bank's online-only division has launched a savings option with a top rate. But if your balance drops below $5,000, the rate falls to 0.25% APY.

 

Requirements: Having $5,000 is crucial to opening the account and keeping the high rate.

 

Fees: None.

 

Additional note: There's no mobile app, but you can deposit checks from your phone using a web browser.

Read Full Review
American Express National Bank Personal Savings

at American Express National Bank,

Member, FDIC

American Express National Bank Personal Savings

American Express National Bank Personal Savings

APY

1.70%

With $0 minimum balance

Bonus

N/A

at American Express National Bank,

Member, FDIC


Bonus

N/A

Why we like it

Rate: American Express offers an attractive rate with no minimum to open.

 

Requirements: None.

 

Fees: There are no monthly fees.

 

Additional note: You can link up to three other bank accounts in order to electronically transfer money in and out of the savings account.

Read Full Review
Goldman Sachs Bank USA Online Savings

at Goldman Sachs Bank USA,

Member, FDIC

Goldman Sachs Bank USA Online Savings

Goldman Sachs Bank USA Online Savings

APY

1.70%

With $0 minimum balance

Bonus

N/A

at Goldman Sachs Bank USA,

Member, FDIC


Bonus

N/A

Why we like it

Rate: This online bank’s high-yield savings account earns a solid rate.

 

Requirements: None. You can open the account with any amount.

 

Fees: No monthly fee.

 

Additional note: This bank doesn’t have a mobile app or ATM access.

Read Full Review
CIT Bank Savings Builder

at CIT Bank,

Member, FDIC

CIT Bank Savings Builder

CIT Bank Savings Builder

APY

1.80%

With $100 minimum balance

Bonus

$200

Requirements to qualify

at CIT Bank,

Member, FDIC


Bonus

$200

Requirements to qualify

Why we like it

Rate: CIT’s Savings Builder savings account has an impressive 1.80% APY if you make a deposit of at least $100 each month. (Total up your savings with our compound interest calculator.) You can also earn the high rate by having a balance of at least $25,000. If you’re not able to meet those requirements, the rate falls to 1.16%. CIT Bank also has a money market account that has the same $100 minimum deposit without the required monthly deposits and earns 1.85% APY.

 

Requirements: Minimum $100 deposit, and monthly $100 deposits to earn the highest rate on the Savings Builder account.

 

Fees: No monthly fee or daily minimum balance requirements.

 

Additional note: The online bank has a regular high-yield savings account with the same minimum deposit. It earns a lower rate but has no monthly deposit requirements and is also competitive with other high-yield savings accounts.

Read Full Review
Varo Savings Account

at Varo,

Member, FDIC

Varo Savings Account

Varo Savings Account

APY

1.92%

With $0 minimum balance

Bonus

N/A

at Varo,

Member, FDIC


Bonus

N/A

Why we like it

Rate: Varo Bank’s savings account earns 1.92% APY on the first penny.

 

Requirements: There is no minimum to open an online savings account.

 

Fees: The account has no monthly fee.

 

Additional note: You must open a Varo Bank account before you can open a Varo Savings account. If you sign up for direct deposits of at least $1,000 per month and make at least five debit card purchases in the same month, you can earn 2.80% APY on up to $50,000.

Read Full Review

FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

APY

1.75%

With $1 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: This online bank, part of the First National Bank of Omaha, makes it easy to earn a high rate.

 

Requirements: You need just $1 to open an Online Savings account, and there is no minimum required to earn interest.

 

Fees: The account has no monthly fee.

 

Additional note: The bank’s iOS and Android apps don’t receive top ratings.

Read Full Review

Nationwide My Savings

Nationwide My Savings

APY

1.90%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: Nationwide’s savings product, My Savings, earns a stellar APY.

 

Requirements: You need $100 to open.

 

Fees: There’s no monthly fee.

 

Additional note: Nationwide’s online savings accounts are serviced by Axos Bank.

Read Full Review

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

APY

1.90%

With $0.01 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: Popular Direct offers an attractive rate for high balances.

 

Requirements: You need $5,000 to open an online savings account.

 

Fees: There is a $4 monthly fee if the balance falls below $500.

 

Additional note: There is an early account closing fee of $25 for any accounts closed within 180 days of opening.

Read Full Review

Synchrony Bank High Yield Savings Account

Synchrony Bank High Yield Savings Account

APY

1.80%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: Synchrony offers an attractive yield for a savings account without a minimum opening deposit.

 

Requirements: None. You can fund with any amount and the rate will apply.

 

Fees: No monthly fee.

 

Additional note: The account comes with ATM access and $5 reimbursements for domestic out-of-network ATM fees per month.

Read Full Review

UFB Direct High Yield Savings Account

UFB Direct High Yield Savings Account

APY

1.90%

With $10000 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: UFB’s stellar savings account rate outshines other banks.

 

Requirements: There’s a steep $10,000 minimum to earn interest.

 

Fees: No monthly fee.

 

Additional note: If you make more than six withdrawals a month, there is a $10 excess withdrawal fee.

Read Full Review

Bank5 Connect High Interest Savings Account

Bank5 Connect High Interest Savings Account

APY

1.85%

With $100 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: Bank5 Connect offers a solid high-rate savings account.

 

Requirements: There’s a $100 minimum to earn the interest rate, though you need only $10 to open an account.

 

Fees: No monthly fees if you select e-statements. Otherwise, there’s a $1 monthly fee to receive paper statements.

 

Additional note: Bank5 Connect also offers a checking account that earns interest and has no monthly fee.

Read Full Review

HSBC Direct Savings

HSBC Direct Savings

APY

2.00%

With $1 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: HSBC Direct Savings, an online option from the large international bank, earns a competitive yield.

 

Requirements: You need $1 to open.

 

Fees: There’s no monthly fee.

 

Additional note: The savings account comes with a set of online tools that let you set savings goals and track income over time.

Read Full Review

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

APY

1.80%

With $10000 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: A competitive high-yield savings account is available at PurePoint, Union Bank’s online division. If your balance falls below $10,000, though, the rate drops precipitously to 0.25% APY.

 

Requirements: You need $10,000 to open the account and to keep the high rate.

 

Fees: There are no monthly fees.

 

Additional note: There’s no mobile app for PurePoint, so you will have to access your account through a web browser.

Read Full Review
Vio Bank High Yield Online Savings Account

at Vio Bank,

Member, FDIC

Vio Bank High Yield Online Savings Account

Vio Bank High Yield Online Savings Account

APY

1.95%

With $0 minimum balance

Bonus

N/A

at Vio Bank,

Member, FDIC


Bonus

N/A

Why we like it

Rate: At 1.95% APY, the rate is one of the best available.

 

Requirements: Earns the same rate on all balances.

 

Fees: There are no monthly fees if you opt for electronic statements.

 

Additional note: Vio Bank is an online division of Oklahoma-based MidFirst Bank. Its high-yield savings account is available nationwide.

Read Full Review
Bank7 High Rate Online Savings

at Bank7,

Member, FDIC

Bank7 High Rate Online Savings

3.5

NerdWallet rating 
Bank7 High Rate Online Savings

APY

1.91%

With $0.01 minimum balance

Bonus

N/A

at Bank7,

Member, FDIC


Bonus

N/A

Why we like it

Rate: The online savings account has one of the best savings rates around.

 

Requirements: You need $100 to open an online savings account.

 

Fees: There is a $15 monthly fee if the daily balance falls below $100.

 

Additional note: There is a $3 excess transaction fee per withdrawal if you make more than six withdrawals in a month.

E*TRADE Bank Premium Savings Account

E*TRADE Bank Premium Savings Account

APY

1.75%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: E-Trade may be known for its brokerage services, but it has a bank subsidiary that offers a high-rate savings account. You get the same rate on all balances.

 

Requirements: There is no minimum to open.

 

Fees: There are no monthly account fees.

 

Additional note: You can manage E-Trade savings and investment accounts from one mobile app.

Read Full Review

» Want to find high rates without fees? See our best online savings accounts

Benefits of the best savings account rates

The best savings rates are much higher than the national average rate, which is just 0.09% APY.

Money in a high interest rate savings account grows faster over time. A deposit of $10,000 would earn about $10 after a year in an account with a 0.10% APY. But that same deposit would earn about $180 in an account with a 1.80% APY.

Here's how to choose the highest interest rates

Look for accounts that have the best interest rates for your account balance. Some accounts require deposit minimums to get the best yields. Others might charge monthly fees if the balance falls below a certain amount. If possible, choose an account that minimizes charges. Bank fees cancel out the benefits of high interest rates.

Why banks pay interest

You earn interest from a savings account because your bank is paying you to lend it money. Your funds are used in the bank’s loans to other customers. Credit unions have a similar process, but they call interest “dividends.” Online banks typically offer the highest savings rates. These banks don’t maintain branch networks so they can pass those cost savings on to their customers in the form of higher APY and lower fees.

More strong savings rates

Here are a few additional choices for stellar savings accounts that are worth a closer look:

Last updated on January 2, 2020

Frequently asked questions

No, rates are variable. That means that they can change over time. The accounts featured in this article have the highest savings rates in our survey this month.

Institutions usually don’t change savings rates on an hourly, daily or even weekly basis. In fact, it’s common to see rates at some banks remain unchanged for months.

It’s important to note, however, that rates are variable and theoretically can be changed at any time. 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. Many banks will change their rates based on what their competitors are doing. This happened over the course of 2019, when many online banks lowered their savings rates in reaction to the Federal Reserve's rate cuts.

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

You can generally access your funds by initiating an electronic transfer from the bank’s secure website or mobile app, day or night. You could transfer the money to your checking account or to another financial institution. This is often the easiest way to access money at an online bank. Other options include withdrawing cash from ATMs and setting up a transfer by phone.

Savings accounts are subject to a federal rule called Regulation D, which limits the number of certain types of withdrawals to a maximum of six per month. These transactions, called convenience withdrawals, include online transfers, overdraft protection transfers and transfers initiated by telephone. If you have more than six in a statement cycle, your bank may charge an excess withdrawal fee each time. Withdrawing cash from an ATM or from a branch teller does not count toward this limit.

» Want to learn more about savings withdrawal limits? Read our primer on Regulation D.