BEST OF - Virginia
10 Best Savings Rates of April 2021
List of the best savings rates available from a large pool of providers.
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 0.07%, so you can grow your money faster without much effort on your part.
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.
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.
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 0.07%, so you can grow your money faster without much effort on your part.
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.
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 April 2021
| Bank/Institution | NerdWallet Rating | APY | Learn More |
|---|---|---|---|
0.50% With $0 minimum balance | at Marcus by Goldman Sachs, Member FDIC | ||
 American Express® High Yield Savings Account at American Express National Bank, Member FDIC | 0.40% With $0 minimum balance | at American Express National Bank, Member FDIC | |
0.20% With $0.01 minimum balance | at Varo, Deposits are FDIC Insured | ||
0.40% With $10,000 minimum balance | Read review | ||
0.40% With $5,000 minimum balance | Read review | ||
0.40% With $100 minimum balance | Read review | ||
0.40% With $1 minimum balance | Read review | ||
0.40% With $0 minimum balance | Read review | ||
0.40% With $0 minimum balance | at Nationwide | ||
0.40% With $0 minimum balance | at Discover Bank, Member FDIC |
at Marcus by Goldman Sachs, Member FDIC
Marcus by Goldman Sachs Online Savings Account
APY
With $0 minimum balance
Bonus
at Marcus by Goldman Sachs, Member FDIC
at American Express National Bank, Member FDIC
American Express® High Yield Savings Account
APY
With $0 minimum balance
Bonus
at American Express National Bank, Member FDIC
at Varo, Deposits are FDIC Insured
Varo Savings Account
APY
With $0.01 minimum balance
Bonus
at Varo, Deposits are FDIC Insured
PurePoint® Financial Online Savings
APY
With $10,000 minimum balance
Bonus
Citizens Access Online Savings Account
APY
With $5,000 minimum balance
Bonus
Bank5 Connect High Interest Savings Account
APY
With $100 minimum balance
Bonus
FNBO Direct Online Savings Account
APY
With $1 minimum balance
Bonus
Barclays Online Savings Account
APY
With $0 minimum balance
Bonus
at Nationwide
Nationwide My Savings
APY
With $0 minimum balance
Bonus
at Nationwide
at Discover Bank, Member FDIC
Discover Bank Online Savings
APY
With $0 minimum balance
Bonus
at Discover Bank, Member FDIC
Benefits of the best savings 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 $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.
Synchrony, 0.50% savings APY (read full review), Member FDIC.
Capital One 360, 0.40% savings APY (read full review), Member FDIC.
Alliant Credit Union, 0.55% savings APY, (read full review), funds insured by the NCUA.
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.
CIT Bank, 0.40% savings APY (read full review), Member FDIC.
Salem Five Direct, 0.50% savings APY, Member FDIC.
Comenity Direct, 0.55% 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, 0.60% savings APY (read full review), Member FDIC.
Axos Bank, 0.61% savings APY (read full review), Member FDIC.
Sallie Mae, 0.70% savings APY (read full review), Member FDIC.
Institutions with 3.5 stars
Bank7, 0.45% savings APY, (read full review), Member FDIC.
CIBC U.S., 0.52% savings APY (read full review), Member FDIC.
Popular Direct, 0.55% savings APY (read full review), Member FDIC.
First Foundation Bank, 0.60% savings APY (read full review), Member FDIC.
Last updated on April 1, 2021
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, Live Oak Bank, M&T Bank, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius, 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.
To recap our selections...
NerdWallet's Best Savings Rates of April 2021
- Marcus by Goldman Sachs Online Savings Account: 0.50% APY
- American Express® High Yield Savings Account: 0.40% APY
- Varo Savings Account: 0.20% APY
- PurePoint® Financial Online Savings: 0.40% APY
- Citizens Access Online Savings Account: 0.40% APY
- Bank5 Connect High Interest Savings Account: 0.40% APY
- FNBO Direct Online Savings Account: 0.40% APY
- Barclays Online Savings Account: 0.40% APY
- Nationwide My Savings: 0.40% APY
- Discover Bank Online Savings: 0.40% APY
Frequently asked questions
A savings account is an account at a bank, credit union or nonbank provider that typically earns interest. The money in a savings account is federally insured. Certain types of transactions in savings accounts are often limited to a maximum of six per month.
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 providers 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 providers increase or decrease their APYs at around the same time, especially if the Federal Reserve recently hiked or cut rates. Many will change their rates based on what their competitors are doing. This happened in March 2020, when many online providers 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. See this month's best rates.
You can generally access your funds by initiating an electronic transfer from the provider’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 provider. Other options include withdrawing cash from ATMs and setting up a transfer by phone.
Providers typically limit the number of certain types of withdrawals to a maximum of six per month. These transactions, called convenient withdrawals, include online transfers, overdraft protection transfers and transfers initiated by telephone. If you have more than six withdrawals in a statement cycle, the institution may charge an excess withdrawal fee each time. Getting cash from an ATM does not count toward this limit.
On April 24, 2020, the Federal Reserve gave providers the option to eliminate this cap. To find out if yours has eased restrictions, call its customer service line. To learn more, read our primer on Regulation D.
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.
