BEST OF - Virginia

10 Best Savings Rates of July 2021

List of the best savings rates available from a large pool of providers.

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The best savings interest rates might mean the difference between your savings account earning a decent chunk of cash or only a few dollars in a year. The highest interest rates are significantly better than the national average of 0.06%.

Why you can trust NerdWallet: Our writers and editors follow 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.

Although the Federal Reserve's recent emergency rate cuts have affected savings APYs, these institutions still offer some of the highest interest rates on savings accounts. With a rate of 0.40% APY, a balance of $10,000 would earn about $40 after one year. An average account would earn about $5.

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Summary of Best Savings Rates of July 2021

Marcus by Goldman Sachs Online Savings Account
Learn more

at Marcus by Goldman Sachs, Member FDIC

Marcus by Goldman Sachs Online Savings Account

4.5

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

0.50%

With $0 minimum balance

Bonus

N/A
Learn more

at Marcus by Goldman Sachs, Member FDIC


Why we like it

Rate: This online bank’s high-yield savings account earns a 0.50% APY (annual percentage yield) as of 11/17/2020.

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

Fees: No monthly fee.

Additional note: This bank doesn’t have ATM access.

Read Full Review

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

0.40%

With $0 minimum balance

Bonus

N/A

Why we like it

Rate: American Express National Bank offers a 0.40% APY (annual percentage yield) as of 3/11/2021.

Requirements: None.

Fees: There are no monthly fees.

Additional note: American Express does not offer an ATM card or checks with its savings account.

Read Full Review
Varo Savings Account
Learn more

at Varo, Deposits are FDIC Insured

Varo Savings Account

5.0

NerdWallet rating 
Varo Savings Account

APY

0.20%

With $0.01 minimum balance

Bonus

N/A
Learn more

at Varo, Deposits are FDIC Insured


Why we like it

Rate: Varo pays a rate of 0.20% APY.

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

Fees: No monthly fee.

Additional note: You can qualify for a higher rate of 3.00% APY for up to $5,000 if you’re able to meet certain requirements.

Read Full Review
Nationwide My Savings
Learn more

at Nationwide

Nationwide My Savings

4.5

NerdWallet rating 
Nationwide My Savings

APY

0.20%

With $0 minimum balance

Bonus

N/A
Learn more

at Nationwide


Why we like it

Rate: My Savings earns 0.20%.

Requirements: You need $100 to open an account.

Fees: There’s no monthly fee.

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

Read Full Review
Discover Bank Online Savings
Learn more

at Discover Bank, Member FDIC

Discover Bank Online Savings

4.5

NerdWallet rating 
Discover Bank Online Savings

APY

0.40%

With $0 minimum balance

Bonus

N/A
Learn more

at Discover Bank, Member FDIC


Why we like it

Rate: 0.40% APY.

Requirements: No minimum to open.

Fees: There's no monthly fee.

Additional note: Discover also offers a cash-back rewards checking account.

Online Savings Account details from Discover: "Annual Percentage Yield (APY). Advertised Online Savings Account APY is accurate as of 02/12/2021. Applies to personal accounts only. APY may change before or after the account is opened. No minimum deposit to open."

Read Full Review
Comenity Direct High Yield Savings Account
Learn more

at Comenity Direct, Member FDIC

Comenity Direct High Yield Savings Account

4.5

NerdWallet rating 
Comenity Direct High Yield Savings Account

APY

0.55%

With $0 minimum balance

Bonus

N/A
Learn more

at Comenity Direct, Member FDIC


Why we like it

Rate: Comenity’s high-yield savings account earns 0.55% APY.

Requirements: There is a $100 minimum opening balance.

Fees: There is no monthly maintenance fee.

Additional note: Comenity offers several savings calculators to help you determine how quickly you can reach your savings goals.

Read Full Review
Axos Bank® High Yield Savings
Learn more

at Axos Bank®, Member FDIC

Axos Bank® High Yield Savings

4.5

NerdWallet rating 
Axos Bank® High Yield Savings

APY

0.61%

With $0 minimum balance

Bonus

N/A
Learn more

at Axos Bank®, Member FDIC


Why we like it

Rate: Axos Bank’s high-yield savings account earns a 0.61% APY.

Requirements: There is a $250 minimum opening balance.

Fees. There is no monthly maintenance fee.

Additional note: Axos will send you a free ATM card upon request.

Read Full Review

Alliant Credit Union High-Rate Savings

5.0

NerdWallet rating 
Alliant Credit Union High-Rate Savings

APY

0.55%

With $100 minimum balance

Bonus

N/A

Why we like it

Rate: The Alliant High-Rate savings account offers a competitive rate with a daily average balance of $100 or more.

Requirements: You need $5 to open an account, but Alliant will give you a credit for this amount.

Fees: There is no monthly fee if you opt for e-statements.

Additional note: Alliant Credit Union does not have the same restrictive member requirements you might find at other credit unions. You can support a partner charity and be eligible to apply.

Read Full Review

FNBO Direct Online Savings Account

4.0

NerdWallet rating 
FNBO Direct Online Savings Account

APY

0.35%

With $1 minimum balance

Bonus

N/A

Why we like it

Rate: This online bank, part of First National Bank of Omaha, makes it easy to earn 0.35% APY.

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

eOne Savings

4.0

NerdWallet rating 
eOne Savings

APY

0.40%

With $0.01 minimum balance

Bonus

N/A

Why we like it

Rate: Salem Five Direct, the online division of the over 160 year-old Salem Five bank, offers a 0.40% rate.

Requirements: You just need $10 to open an account.

Fees: The eOne Savings has no monthly fees.

Additional note: The bank’s mobile apps receive above average ratings.

Read Full Review

Benefits of the best savings rates

The best savings rates are much higher than the national average rate, which is just 0.06% 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 $50 in an account with a 0.50% APY.

Here's how to choose the highest interest rates

Look for accounts that have the highest APY. 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. Fees cancel out the benefits of high interest rates.

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

Where can I earn the most interest on my money?

Online banks and nonbank providers (often apps that partner with a bank for FDIC coverage) tend to offer higher interest rates than traditional brick-and-mortar banks. Rates can go up or down at any time, however, and some institutions have been lowering their APYs to reflect market conditions. Keep a close eye on NerdWallet's list of the best online savings account interest rates to monitor these changes.

Why you earn interest on savings accounts

You earn interest from a savings account because the institution is paying you to lend it money. Your funds are used in its loans to other customers. Credit unions have a similar process, but they call interest “dividends.”

More strong savings rates

Here are additional options for good savings account interest rates, arranged by their institution's overall NerdWallet rating. The overall rating includes multiple data points, including savings account features, customer service and app store ratings.

Institutions with 4.5 stars

  • Ally, 0.50% savings APY (read full review), Member FDIC.

  • Synchrony0.50% savings APY (read full review), Member FDIC.

  • Capital One 360, 0.40% savings APY (read full review), Member FDIC.

  • Chime, 0.50% savings APY (read full review), funds insured by the FDIC.

Institutions with 4.0 stars

  • TAB Bank, 0.50% savings APY (read full review), Member FDIC.

  • Vio Bank, 0.57% savings APY (read full review), Member FDIC.

  • Barclays, 0.40% savings APY, (read full review), Member FDIC.

  • CIT Bank, 0.40% savings APY (read full review), Member FDIC.

  • Pentagon Federal Credit Union, 0.45% savings APY (read full review), funds insured by the NCUA.

  • Live Oak Bank, 0.50% savings APY (read full review), Member FDIC.

  • Sallie Mae0.70% savings APY (read full review), Member FDIC.

  • BrioDirect0.40% savings APY (read full review), funds insured by the FDIC.

Institutions with 3.5 stars

Last updated on July 1, 2021

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People often identify opening a checking account as their next money move.

Axos Bank® Rewards Checking

5.0

NerdWallet rating 
Axos Bank® Rewards Checking

Monthly Fee

$0

APY

1.25%

With $0 minimum balance

Bonus

N/A

at Axos Bank®, Member FDIC

Chime Spending Account

4.5

NerdWallet rating 
Chime Spending Account

Monthly Fee

$0

APY

N/A

Bonus

N/A

at Chime, Deposits are FDIC Insured

Consumers Credit Union Free Rewards Checking

5.0

NerdWallet rating 
Consumers Credit Union Free Rewards Checking

Monthly Fee

$0

APY

4.09%

With $0 minimum balance

Bonus

N/A

at Consumers Credit Union, Federally insured by the NCUA

Methodology

This roundup includes the financial institutions with the highest regular savings account APYs (those that are most accessible to a majority of consumers) out of the following pool: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA, BMO Harris, Boeing Employees Credit Union, Capital One 360, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Comenity Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E*TRADE Bank, Fifth Third Bank, First Foundation Bank, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GoBank, Golden 1 Credit Union, Goldman Sachs Bank USA, HSBC Bank, Huntington Bank, KeyBank, LendingClub, Live Oak Bank, M&T Bank, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Redneck Bank, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, State Employees' Credit Union of North Carolina, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TAB Bank, TCF Bank, TD Bank, TIAA Bank, U.S. Bank, UFB Direct, Union Bank, USAA, Varo, Vio Bank, Wells Fargo, Woodforest National Bank and Zions Bank.

Frequently asked questions