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11 Best Savings Rates of July 2020

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The best savings interest rates can mean the difference between your account earning $10 or more than $100 in a year. The highest interest rates are significantly better than the national average of 0.06%, so you can grow your money faster without much effort on your part.

With a rate of 1% APY, a balance of $10,000 would earn about $100 after one year. An average account would earn under $10.

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.

Summary of Best Savings Rates of July 2020

BankNerdWallet Rating APYLearn More
American Express National Bank Personal Savings

American Express National Bank Personal Savings

at American Express National Bank,

Member FDIC

1.00%

With $0 minimum balance

at American Express National Bank,

Member FDIC

Marcus by Goldman Sachs Online Savings Account

Marcus by Goldman Sachs Online Savings Account

at Marcus by Goldman Sachs,

Member FDIC

1.05%

With $0 minimum balance

at Marcus by Goldman Sachs,

Member FDIC

PenFed Credit Union Premium Online Savings

PenFed Credit Union Premium Online Savings

1.00%

With $5 minimum balance

Read review
Barclays Online Savings Account

Barclays Online Savings Account

1.00%

With $0 minimum balance

Read review
CIT Bank Savings Builder

CIT Bank Savings Builder

0.95%

With $100 minimum balance

Read review
PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

1.01%

With $10000 minimum balance

Read review
Nationwide My Savings

Nationwide My Savings

at Nationwide,

Deposits are FDIC Insured

1.15%

With $0 minimum balance

at Nationwide,

Deposits are FDIC Insured

HSBC Direct Savings

HSBC Direct Savings

1.01%

With $1 minimum balance

Read review
Varo Savings Account

Varo Savings Account

at Varo,

Deposits are FDIC Insured

1.21%

With $0 minimum balance

at Varo,

Deposits are FDIC Insured

TAB Bank High-Yield Savings Account

TAB Bank High-Yield Savings Account

4.5

/5

1.10%

With $0 minimum balance

Live Oak Bank High-Yield Online Savings

Live Oak Bank High-Yield Online Savings

4.5

/5

1.15%

With $0 minimum balance

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

1.00%

With $0 minimum balance

Bonus

N/A

at American Express National Bank,

Member FDIC


Bonus

N/A

Why we like it

Rate: American Express National Bank offers a 1.00% APY (annual percentage yield) as of 6/25/2020.

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
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

1.05%

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 1.05%.

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

PenFed Credit Union Premium Online Savings

PenFed Credit Union Premium Online Savings

APY

1.00%

With $5 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: This account has a 1.00% APY.

Requirements: Members need $5 to open an account.

Fees: There is no monthly maintenance fee.

Additional note: Membership requirements are broad; you don't have to be in the military to join.

Read Full Review

Barclays Online Savings Account

Barclays Online Savings Account

APY

1.00%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: 1.00% APY.

Requirements: None.

Fees: There’s no monthly fee.

Additional note: Barclays also offers certificates of deposit.

Read Full Review

CIT Bank Savings Builder

CIT Bank Savings Builder

APY

0.95%

With $100 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: CIT’s Savings Builder savings account has a 0.95% APY if you make a deposit of at least $100 each month. 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 0.79%. CIT Bank also has a money market account that has the same $100 minimum deposit without the required monthly deposits and earns 1.00% APY.

Requirements: Minimum $100 deposit, and monthly $100 deposits to earn the highest rate on the Savings Builder account if you aren’t able to maintain a balance of $25,000.

Fees: No monthly fee.

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

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

APY

1.01%

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
Nationwide My Savings

at Nationwide,

Deposits are FDIC Insured

Nationwide My Savings

Nationwide My Savings

APY

1.15%

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 1.15%.

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

HSBC Direct Savings

HSBC Direct Savings

APY

1.01%

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 1.01% 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
Varo Savings Account

at Varo,

Deposits are FDIC Insured

Varo Savings Account

Varo Savings Account

APY

1.21%

With $0 minimum balance

Bonus

N/A

at Varo,

Deposits are FDIC Insured


Bonus

N/A

Why we like it

Rate: Varo pays a rate of 1.21%.

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

Fees: No monthly fee.

Additional note: You can qualify for a higher rate of 2.80% APY for up to $10,000 if you're able to meet certain requirements.

Read Full Review
TAB Bank High-Yield Savings Account

TAB Bank High-Yield Savings Account

4.5

NerdWallet rating 
TAB Bank High-Yield Savings Account

APY

1.10%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: TAB’s High-Yield Savings account pays 1.10% APY.

Requirements: There's no minimum deposit required to open the account.

Fees: The account has no monthly fees.

Additional note: TAB also offers CDs and checking, but it lacks a free ATM network.

Live Oak Bank High-Yield Online Savings

Live Oak Bank High-Yield Online Savings

4.5

NerdWallet rating 
Live Oak Bank High-Yield Online Savings

APY

1.15%

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

Rate: Live Oak’s Online Savings offers 1.15% APY.

Requirements: There's no minimum required to open the account.

Fees: There are no monthly fees.

Additional note: Live Oak offers mobile apps for iOS and Android, but the Android app receives low marks from users.

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 $100 in an account with a 1% APY.

Here's how to choose the highest interest rates

Look for accounts that have the best savings 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.

Where can I earn the most interest on my money?

Generally, online banks tend to offer higher interest rates than traditional brick-and-mortar banks for the reasons mentioned above. Rates can change at any time, however, and some banks have been lowering their APYs to reflect market conditions. Check the list of best savings rates on a regular basis to find out which savings accounts are currently earning the best interest rates.

Why banks pay interest on savings accounts

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 additional options that feature good savings account interest rates:

  • Comenity Direct1.10% savings APY.

  • CIBC U.S.1.15% savings APY (read full review).

  • Ally, 1.10% savings APY (read full review).

  • Vio Bank, 1.21% savings APY (read full review).

  • Popular Direct, 1.05% savings APY (read full review).

  • Discover Bank, 1.01% savings APY (read full review).

  • Synchrony1.05% savings APY (read full review).

  • Marcus by Goldman Sachs, 1.05% APY (annual percentage yield) as of 6/16/2020 savings APY (read full review).

  • Citizens Access, 1.00% savings APY (read full review).

  • Bank7, 1.10% savings APY.

  • Capital One 360, 1.00% savings APY (read full review).

  • Salem Five Direct, 1.00% savings APY.

  • Chime, 1.00% savings APY (read full review).

  • Sallie Mae Bank, 0.90% savings APY (read full review).

  • Alliant Bank, 0.75% savings APY (read full review).

  • Axos Bank, 1.10% savings APY (read full review).

  • Bank5, 1.10% savings APY (read full review).

  • FNBO DIrect, 0.90% savings APY (read full review).

  • Citibank, 1.20% savings APY (read full review).

Last updated on July 1, 2020

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, Aspiration, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA, Boeing Employees Credit Union, BMO Harris, Capital One 360, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT, Citibank, Citizens Access, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E*TRADE Bank, Fidelity, Fifth Third Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, M&T Bank, Nationwide, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions Bank, Sallie Mae Bank, Salem Five Direct, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, Simple, State Employees’ Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, TIAA Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Vio Bank, Wells Fargo and Zions Bank.

To recap our selections...

NerdWallet's Best Savings Rates of July 2020

Frequently asked questions