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12 Best Savings Rates of April 2020

Margarette BurnetteApril 1, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Summary of Best Savings Rates of April 2020

BankAPYLearn More
Marcus by Goldman Sachs Online Savings Account

Marcus by Goldman Sachs Online Savings Account

at Marcus by Goldman Sachs,

Member, FDIC

1.70%

With $0 minimum balance

at Marcus by Goldman Sachs,

Member, FDIC

American Express National Bank Personal Savings

American Express National Bank Personal Savings

1.70%

With $0 minimum balance

Read review
Citizens Access Online Savings Account

Citizens Access Online Savings Account

1.70%

With $5000 minimum balance

Read review
Barclays Online Savings Account

Barclays Online Savings Account

at Barclays,

Member, FDIC

1.60%

With $0 minimum balance

at Barclays,

Member, FDIC

Capital One 360 Performance Savings™

Capital One 360 Performance Savings™

at Capital One,

Member, FDIC

1.50%

With $0 minimum balance

at Capital One,

Member, FDIC

UFB Direct High Yield Savings Account

UFB Direct High Yield Savings Account

at UFB Direct,

Member, FDIC

1.70%

With $10000 minimum balance

at UFB Direct,

Member, FDIC

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

1.70%

With $0.01 minimum balance

Read review
HSBC Direct Savings

HSBC Direct Savings

1.70%

With $1 minimum balance

Read review
PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

1.50%

With $10000 minimum balance

Read review
Nationwide My Savings

Nationwide My Savings

at Nationwide,

Deposits are FDIC Insured

1.70%

With $0 minimum balance

at Nationwide,

Deposits are FDIC Insured

CIT Bank Savings Builder

CIT Bank Savings Builder

at CIT Bank,

Member, FDIC

1.75%

With $100 minimum balance

at CIT Bank,

Member, FDIC

CIBC Bank USA Agility™ Savings

CIBC Bank USA Agility™ Savings

1.45%

With $0.01 minimum balance

Read review
Marcus by Goldman Sachs Online Savings Account

at Marcus by Goldman Sachs,

Member, FDIC

Marcus by Goldman Sachs Online Savings Account

Marcus by Goldman Sachs Online Savings Account

APY

1.70%

With $0 minimum balance

Bonus

N/A

at Marcus by Goldman Sachs,

Member, FDIC


Bonus

N/A

Why we like it

Rate: This online bank’s high-yield savings account earns a 1.70% APY (annual percentage yield) as of 2/24/2020.

 

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 National Bank Personal Savings

American Express National Bank Personal Savings

APY

1.70%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: American Express National Bank offers a 1.70% Annual Percentage Yield (as of 12/12/19).

 

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

Citizens Access Online Savings Account

Citizens Access Online Savings Account

APY

1.70%

With $5000 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: Citizens Bank's online-only division offers a savings option that pays 1.70%. But if your balance drops below $5,000, the rate falls to 0.25% APY.

 

Requirements: You need $5,000 to open the account and to keep the top 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
Barclays Online Savings Account

at Barclays,

Member, FDIC

Barclays Online Savings Account

Barclays Online Savings Account

APY

1.60%

With $0 minimum balance

Bonus

N/A

at Barclays,

Member, FDIC


Bonus

N/A

Why we like it

Rate: Barclays makes it easy to earn a 1.60% savings rate.

 

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

 

Fees: No monthly fee.

 

Additional note: If you move out more money than you have available in the account, there’s a $5 nonsufficient funds fee. This is lower than fees many brick-and-mortar banks charge, which are around $35. (See NerdWallet's recent study on average overdraft fees at banks and credit unions).

Read Full Review
Capital One 360 Performance Savings™

at Capital One,

Member, FDIC

Capital One 360 Performance Savings™

Capital One 360 Performance Savings™

APY

1.50%

With $0 minimum balance

Bonus

N/A

at Capital One,

Member, FDIC


Bonus

N/A

Why we like it

Rate: This savings account earns 1.50% APY.

 

Requirements: Earns the same rate on all balances.

 

Fees: There are no monthly fees.

 

Additional note: Capital One 360 also offers a strong checking account.

Read Full Review
UFB Direct High Yield Savings Account

at UFB Direct,

Member, FDIC

UFB Direct High Yield Savings Account

UFB Direct High Yield Savings Account

APY

1.70%

With $10000 minimum balance

Bonus

N/A

at UFB Direct,

Member, FDIC


Bonus

N/A

Why we like it

Rate: UFB’s savings account earns a 1.70% APY.

 

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

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

APY

1.70%

With $0.01 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: Popular Direct offers a 1.70% 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

HSBC Direct Savings

HSBC Direct Savings

APY

1.70%

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 1.70% yield.

 

Requirements: You need $1 to open.

 

Fees: There’s no monthly fee.

 

Additional note: Along with online and phone customer service, HSBC also offers customers live chat assistance.

Read Full Review

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

APY

1.50%

With $10000 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: A 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
Nationwide My Savings

at Nationwide,

Deposits are FDIC Insured

Nationwide My Savings

Nationwide My Savings

APY

1.70%

With $0 minimum balance

Bonus

N/A

at Nationwide,

Deposits are FDIC Insured


Bonus

N/A

Why we like it

Rate: Nationwide’s savings product, My Savings, earns a 1.70% 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
CIT Bank Savings Builder

at CIT Bank,

Member, FDIC

CIT Bank Savings Builder

CIT Bank Savings Builder

APY

1.75%

With $100 minimum balance

Bonus

N/A

at CIT Bank,

Member, FDIC


Bonus

N/A

Why we like it

Rate: CIT’s Savings Builder savings account has a 1.75% 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 rate by having a balance of at least $25,000. If you’re not able to meet those requirements, the rate falls to 1.15%. CIT Bank also has a money market account that has the same $100 minimum deposit without the required monthly deposits and earns 1.80% 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

CIBC Bank USA Agility™ Savings

CIBC Bank USA Agility™ Savings

APY

1.45%

With $0.01 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: Agility Online Savings has a 1.45% savings rate.

 

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

» 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 0.07% 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 $150 in an account with a 1.50% 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 APYs 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 April 1, 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 in March 2020, 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.

If you want the ability to withdraw your money on short notice, use the flexibility of a savings account. You can earn interest and have fast access to your funds. If you won't need to take out money for a set time period, generally a few months or years, then you could earn higher rates by putting your money in a CD. To compare yields, take a look at NerdWallet's best CD rates this month.

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.