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18 Best Savings Rates for September 2019

Margarette BurnetteSeptember 1, 2019

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Summary of 18 Best Savings Rates for September 2019

BankAPYLearn More
Goldman Sachs Bank USA Online Savings

Goldman Sachs Bank USA Online Savings

at Goldman Sachs Bank USA,

Member, FDIC

2.00%

With $0 minimum balance

at Goldman Sachs Bank USA,

Member, FDIC

Citizens Access Online Savings Account

Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

2.00%

With $5000 minimum balance

at Citizens Access,

Member, FDIC

CIT Bank Savings Builder

CIT Bank Savings Builder

at CIT Bank,

Member, FDIC

2.20%

With $100 minimum balance

at CIT Bank,

Member, FDIC

Discover Online Savings

Discover Online Savings

at Discover,

Member, FDIC

1.90%

With $0 minimum balance

at Discover,

Member, FDIC

Barclays Online Savings Account

Barclays Online Savings Account

at Barclays,

Member, FDIC

2.00%

With $0 minimum balance

at Barclays,

Member, FDIC

Varo Savings Account

Varo Savings Account

at Varo,

Member, FDIC

2.12%

With $0 minimum balance

at Varo,

Member, FDIC

CIBC Bank USA Agility™ Savings

CIBC Bank USA Agility™ Savings

at CIBC Bank USA,

Member, FDIC

2.20%

With $1000 minimum balance

at CIBC Bank USA,

Member, FDIC

HSBC Online Savings Account

HSBC Online Savings Account

at HSBC,

Member, FDIC

2.20%

With $1 minimum balance

at HSBC,

Member, FDIC

UFB Direct High Yield Savings Account

UFB Direct High Yield Savings Account

2.15%

With $10000 minimum balance

FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

2.10%

With $1 minimum balance

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

2.50%

With $5000 minimum balance

Bank7 High Rate Online Savings

Bank7 High Rate Online Savings

NerdWallet rating 

at Bank7,

Member, FDIC

2.15%

With $100 minimum balance

at Bank7,

Member, FDIC

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

2.00%

With $10000 minimum balance

Alliant Credit Union High-Rate Savings

Alliant Credit Union High-Rate Savings

1.90%

With $100 minimum balance

Bank5 Connect High Interest Savings Account

Bank5 Connect High Interest Savings Account

2.05%

With $100 minimum balance

Synchrony Bank High Yield Savings Account

Synchrony Bank High Yield Savings Account

2.15%

With $0 minimum balance

Sallie Mae Bank High-Yield Savings Account

Sallie Mae Bank High-Yield Savings Account

2.00%

With $0 minimum balance

Vio Bank High Yield Online Savings Account

Vio Bank High Yield Online Savings Account

2.52%

With $100 minimum balance

BankAPYLearn More
Goldman Sachs Bank USA Online Savings

Goldman Sachs Bank USA Online Savings

at Goldman Sachs Bank USA,

Member, FDIC

2.00%

With $0 minimum balance

at Goldman Sachs Bank USA,

Member, FDIC

Citizens Access Online Savings Account

Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

2.00%

With $5000 minimum balance

at Citizens Access,

Member, FDIC

CIT Bank Savings Builder

CIT Bank Savings Builder

at CIT Bank,

Member, FDIC

2.20%

With $100 minimum balance

at CIT Bank,

Member, FDIC

Discover Online Savings

Discover Online Savings

at Discover,

Member, FDIC

1.90%

With $0 minimum balance

at Discover,

Member, FDIC

Barclays Online Savings Account

Barclays Online Savings Account

at Barclays,

Member, FDIC

2.00%

With $0 minimum balance

at Barclays,

Member, FDIC

Varo Savings Account

Varo Savings Account

at Varo,

Member, FDIC

2.12%

With $0 minimum balance

at Varo,

Member, FDIC

CIBC Bank USA Agility™ Savings

CIBC Bank USA Agility™ Savings

at CIBC Bank USA,

Member, FDIC

2.20%

With $1000 minimum balance

at CIBC Bank USA,

Member, FDIC

HSBC Online Savings Account

HSBC Online Savings Account

at HSBC,

Member, FDIC

2.20%

With $1 minimum balance

at HSBC,

Member, FDIC

UFB Direct High Yield Savings Account

UFB Direct High Yield Savings Account

2.15%

With $10000 minimum balance

FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

2.10%

With $1 minimum balance

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

2.50%

With $5000 minimum balance

Bank7 High Rate Online Savings

Bank7 High Rate Online Savings

NerdWallet rating 

at Bank7,

Member, FDIC

2.15%

With $100 minimum balance

at Bank7,

Member, FDIC

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

2.00%

With $10000 minimum balance

Alliant Credit Union High-Rate Savings

Alliant Credit Union High-Rate Savings

1.90%

With $100 minimum balance

Bank5 Connect High Interest Savings Account

Bank5 Connect High Interest Savings Account

2.05%

With $100 minimum balance

Synchrony Bank High Yield Savings Account

Synchrony Bank High Yield Savings Account

2.15%

With $0 minimum balance

Sallie Mae Bank High-Yield Savings Account

Sallie Mae Bank High-Yield Savings Account

2.00%

With $0 minimum balance

Vio Bank High Yield Online Savings Account

Vio Bank High Yield Online Savings Account

2.52%

With $100 minimum balance

Goldman Sachs Bank USA Online Savings

at Goldman Sachs Bank USA,

Member, FDIC

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.00%

With $0 minimum balance

Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

APY

2.00%

With $5000 minimum balance

CIT Bank Savings Builder

at CIT Bank,

Member, FDIC

APY

2.20%

With $100 minimum balance

Discover Online Savings

at Discover,

Member, FDIC

APY

1.90%

With $0 minimum balance

Barclays Online Savings Account

at Barclays,

Member, FDIC

APY

2.00%

With $0 minimum balance

Varo Savings Account

at Varo,

Member, FDIC

APY

2.12%

With $0 minimum balance

CIBC Bank USA Agility™ Savings

at CIBC Bank USA,

Member, FDIC

APY

2.20%

With $1000 minimum balance

HSBC Online Savings Account

at HSBC,

Member, FDIC

APY

2.20%

With $1 minimum balance

APY

2.15%

With $10000 minimum balance

APY

2.10%

With $1 minimum balance

APY

2.50%

With $5000 minimum balance

Bank7 High Rate Online Savings

at Bank7,

Member, FDIC

3.5

NerdWallet rating 

at Bank7,

Member, FDIC

APY

2.15%

With $100 minimum balance

APY

2.00%

With $10000 minimum balance

APY

1.90%

With $100 minimum balance

APY

2.05%

With $100 minimum balance

APY

2.15%

With $0 minimum balance

APY

2.00%

With $0 minimum balance

APY

2.52%

With $100 minimum balance

» 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 $230 in an account with a 2.30% APY.

How to access your money

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.

How to choose the best savings interest rates

Look for accounts that have the highest 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.

Best Savings Accounts & Rates of September 2019

Are savings account interest rates fixed?

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.

How often do savings rates change?

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 several months. It’s important to note, however, that rates are variable and theoretically can be changed 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 rates on a regular basis — at least once a month.

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.

Last updated on September 1, 2019

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 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 BankChaseChimeCIBC U.S., CITCitibankCitizens 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 FinancialRadius 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 Bank, Wells Fargo and Zions Bank.