BEST OF - Virginia

10 Best Savings Rates of June 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%, so you can grow your money faster without much effort on your part.

Methodology: NerdWallet staff analyzed and rated dozens of financial institutions to highlight accounts with the best annualized savings interest rates based on a range of balances.

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.

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Summary of Best Savings Rates of June 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
Learn more

at American Express National Bank, Member FDIC

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
Learn more

at American Express National Bank, Member FDIC


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

PurePoint® Financial Online Savings

3.5

NerdWallet rating 
PurePoint® Financial Online Savings

APY

0.40%

With $10,000 minimum balance

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 0.10% APY.

Requirements: You need $10,000 to open the account and to keep the higher 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

Citizens Access Online Savings Account

3.5

NerdWallet rating 
Citizens Access Online Savings Account

APY

0.40%

With $5,000 minimum balance

Bonus

N/A

Why we like it

Rate: 0.40% APY.

Requirements: You need $5,000 to open the account and have to maintain at least that much cash to earn the high rate.

Fees: There is no monthly fee.

Additional note: Balances below $5,000 earn just 0.10% APY.

Read Full Review

Bank5 Connect High Interest Savings Account

4.5

NerdWallet rating 
Bank5 Connect High Interest Savings Account

APY

0.40%

With $100 minimum balance

Bonus

N/A

Why we like it

Rate: Bank5 Connect offers a savings account that pays 0.40% APY.

Requirements: There’s a $100 minimum to earn the interest rate, though you need only $10 to open an account.

Fees: No monthly fees if you select e-statements. Otherwise, there’s a $1 monthly fee to receive paper statements.

Additional note: Bank5 Connect also offers a checking account that earns interest and has no monthly fee.

Read Full Review

FNBO Direct Online Savings Account

4.5

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

0.45%

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 0.45% rate.

Requirements: You just need $100 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
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

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.

  • Alliant Credit Union0.55% savings APY (read full review), funds insured by the NCUA.

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.

  • 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, 0.55% savings APY (read full review), Member FDIC.

  • Axos Bank, 0.61% savings APY (read full review), Member FDIC.

  • Sallie Mae0.70% 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, 0.50% savings APY (read full review), Member FDIC.

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

Last updated on June 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

HSBC Premier Checking - $450 Welcome Deposit

2.0

NerdWallet rating 
HSBC Premier Checking - $450 Welcome Deposit

Monthly Fee

$50.00

Waived with direct deposit or $75,000 minimum balance

APY

0.01%

With $5 minimum balance

Bonus

$450

Requirements to qualify

at HSBC, Member FDIC

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.

Frequently asked questions