BEST OF

7 Best Savings Rates of March 2024

List of the best savings rates available from a large pool of providers.

Margarette Burnette
By Margarette Burnette 
Edited by Yuliya Goldshteyn

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

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 products featured on this page have annual percentage yields, or APYs, of up to 5.35%. The highest interest rates are significantly better than the national average of 0.47%.

The institutions below offer some of the highest interest rates on savings accounts. With a rate of 5% APY, a balance of $10,000 would earn about $500 after one year. An APY of 0.40% would earn about $40.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

APY research methodology: The APYs shown are current as of the publication date of this page. Each weekday, we review account rates to make sure we have the most up-to-date APYs.

APYs shown are current as of March 18, 2024. All other information is current as of March 1, 2024.

🤓Nerdy Tip

Today’s high rates may not last forever. Take advantage of them while you can with a federally insured high-yield savings account

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Best Savings Rates From Our Partners

Our pick for

Savings Rates

NerdWallet rating 

4.5

/5
SoFi Checking and Savings
Learn more

at SoFi Bank, N.A., Member FDIC

APY

4.60%

With $0 min. balance for APY

Bonus

$400

Up to $300 cash and $100 in rewards points. Terms apply.

NerdWallet rating 

4.5

/5
Barclays Online Savings Account
Learn more

at Barclays, Member FDIC

APY

4.35%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

NerdWallet rating 

4.5

/5
Bask Interest Savings Account
Learn more

at Bask Bank, Member FDIC

APY

5.10%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Synchrony Bank High Yield Savings
Learn more

at Synchrony Bank, Member FDIC

APY

4.75%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Capital One 360 Performance Savings™
Learn more

at Capital One, Member FDIC

APY

4.35%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
UFB Secure Savings
Learn more

at UFB Direct, Member FDIC

APY

5.25%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
EverBank Performance℠ Savings
Learn more

at EverBank, Member FDIC

APY

5.15%

With $0 min. balance for APY

Bonus

N/A

More about best savings rates

Benefits of the best savings rates

The best savings rates are much higher than the national average rate, which is just 0.47%.

Money in a high interest rate savings account grows faster over time. A deposit of $10,000 would earn about $40 after a year in an account with a 0.40% APY. But that same deposit would earn about $500 in an account with a 5% 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.”

What’s the difference when NerdWallet notes “Member FDIC” vs. “funds insured by FDIC” on savings accounts?

When we describe a savings account that is offered by a bank, we note “Member FDIC,” since the bank is a member of the Federal Deposit Insurance Corp. and the account is federally insured. If a financial technology company — not a bank — offers a savings account, it typically partners with a bank that is an FDIC member to hold the funds so deposits can be insured. In those cases, we note “funds insured by the FDIC.” Savings accounts at credit unions are federally insured by the National Credit Union Administration, so we note “funds insured by the NCUA.”

Full list of editorial picks: best savings rates

Here are all of NerdWallet's picks for the best savings account interest rates. The overall rating includes multiple data points, including savings account features, customer service and app store ratings.

  • Affirm, 4.35% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Ally, 4.25% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 5.0 stars.

  • American Express, 4.35% APY (annual percentage yield) as of 12/14/2023, (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Barclays, 4.35% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Bask Bank, 5.10% APY, (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • BMO Alto, 5.10% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.

  • Bread Savings, 5.15% APY (read full review), Member FDIC.* NerdWallet overall institution rating: 4.5 stars.

Bread Savings says: All Bread Savings APYs are accurate as of 01/18/2024. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For high-yield savings accounts, a minimum of $100 is required and must be deposited in a single transaction. For high-yield savings accounts, the rate may change after the account is opened.

  • BrioDirect, 5.35% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 3.5 stars.

  • Capital One 360, 4.35% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • CIBC U.S., 5.01% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.

  • CIT Bank, 5.05% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Citibank, 4.45% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Citizens, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • ConnectOne Bank, 4.60% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.

  • EverBank (formerly TIAA Bank), 5.15% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • First Foundation Bank, 4.90% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.

  • Go2bank, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Ivy Bank, 5.30% (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • LendingClub, 5.00% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • Live Oak Bank, 4.40% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Marcus, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • ONE, 5.00% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 5.0 stars.

  • Popular Direct, 5.15% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Quontic Bank, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Salem Five Direct, 5.01% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Sallie Mae, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • SoFi, 4.60% APY (variable and subject to change, read full review), Member FDIC. NerdWallet overall institution rating: 5.0 stars.

  • Synchrony, 4.75% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • TAB Bank, 5.27% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • UFB Direct, 5.25% APY, Member FDIC. NerdWallet overall institution rating: 4.5 stars. Editor's note: Over the past year, NerdWallet readers have described delays in getting issues resolved through customer support. These complaints don't factor into UFB Direct's star ratings. Please read the full review for more details.

  • Upgrade, 5.21% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.

  • Zynlo, 5.00% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.0 stars.

Last updated on March 18, 2024

Methodology

We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.

To recap our selections...

NerdWallet's Best Savings Rates of March 2024

Frequently asked questions