Advertiser Disclosure

Best Savings Rates May 2018

Updated May 21, 2018
Banking, Banking Basics, Banks & Credit Unions, Savings Accounts
Best Savings Rates May 2018
At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from our partners. Here’s how we make money.

The best savings rate enables you to make more money on your money. Whether building an emergency fund or putting cash aside for a new adventure, take advantage of high-yield savings options, which can have interest rates over 20 times higher than the national average of 0.07%.

Here are some of the highest rates on regular savings and money market accounts.

» Want high rates plus highly rated mobile apps? See our best savings accounts

Best savings rates
CIT Bank

at CIT Bank,

Member, FDIC

CIT Bank Money Market Account

Overall bank rating:
Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus by Goldman Sachs Online Savings

Overall bank rating:

Synchrony High Yield Savings

Overall bank rating:

Capital One 360 Money Market

Overall bank rating:
  • 1.60% APY
  • $1 minimum deposit, $10,000 minimum to earn top rate; see more details

UFB High Yield Money Market Account

Overall bank rating:

CIT Bank, 1.75% APY

$100 minimum to open

CIT Bank

at CIT Bank,

Member, FDIC

Rate: CIT’s money market account has an impressive 1.75% APY.
Requirements: Money markets typically require higher minimums than regular savings, but CIT’s account requires only $100.
Fees: No monthly fee or daily minimum balance requirements.
Additional note: The online bank’s high-yield savings account has the same minimum deposit and earns a slightly lower rate but is competitive with other high-yield savings accounts.

[Back to top]

Marcus by Goldman Sachs, 1.70% APY

$1 minimum to earn rate

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Rate: This online bank’s high-yield savings has quickly risen to the top ranks because of its rate.
Requirements: You need $1 for the rate to apply, and there’s no opening minimum.
Fees: No monthly fee.
Additional note: This bank doesn’t have a mobile app or ATM access.

[Back to top]

Synchrony Bank, 1.65% APY

No minimum to open


Rate: This is one of the highest rates for a savings account without a minimum opening deposit.
Requirements: None. You can fund with any amount and the rate will apply.
Fees: No monthly fee.
Additional note: The account comes with ATM access and $5 reimbursements for domestic out-of-network ATM fees per month.

[Back to top]

Capital One 360, 1.60% APY

$10,000 minimum to earn top rate


Rate: Capital One 360 Money Market lets you earn a competitive rate.
Requirements: You can open with any amount, but balances under $10,000 earn an underwhelming 0.85%. Once a daily balance reaches $10,000, the 1.60% APY kicks in.
Fees: There’s no monthly fee.
Additional note: Capital One has an edge with top-of-the-line digital tools and a highly rated mobile app for iOS and Android phones.

[Back to top]

UFB Direct, 1.60% APY

$5,000 minimum to open


Rate: The online bank UFB Direct offers a high rate on its money market.
Requirements: You need $5,000 to open the account.
Fees: To avoid the $10 monthly fee, maintain $5,000 as the average daily balance.
Additional note: The account lets you write up to six checks per month.

[Back to top]

Also worth considering

Several community banks have online bank divisions with savings rates higher than those of bigger, online banks. Consider the options below if you’re set on the highest rates — but note that you’ll sacrifice some convenience: There tend to be inactivity or minimum balance fees, and the mobile apps aren’t generally well-received.

Popular Direct, 1.85% APY

$5,000 minimum to open

Rate: Popular Direct, the online division of the New York-chartered Popular Bank, offers a stellar savings rate. Having $5,000 at a 1.85% rate, for example, earns about $93 in interest after one year. (Total up your savings with our compound interest calculator.)
Requirements: You need $5,000 to open an account, which is unusually steep for a savings account.
Fees: You’ll be hit with a $4 monthly fee if the daily balance falls below $500, and a $5 dormancy fee will be charged if there hasn’t been activity in the account for a year.
Additional note: Based on the few reviews it has, Popular Direct’s mobile app hasn’t been positively received.

» Want to find high rates without fees? See our best online savings accounts

Salem Five Direct, 1.85% APY

$100 minimum to open

Rate: One of the highest-yield savings accounts is available at Salem Five Direct, online counterpart to the over-160-year-old Salem Bank.
Requirements: You just need $100 to open.
Fees: The eOne Savings has no monthly fee or minimum balance, but a $5 inactivity fee is charged if the balance is below $250 and no account activity takes place for a year. It’s best for online banking even if you’re close to one of the parent bank locations: A transaction at a Massachusetts branch with this online account costs $9.95.
Additional note: The bank’s mobile apps receive 2.3 stars or fewer out of five.

Bank7, 1.80% APY

$100 minimum to open

Rate: The APY for the Bank7 High Rate Online Savings is high, but it goes hand-in-hand with some fine print.
Requirements: Having at least $100 is key, both as the minimum to open and to earn interest on this account. Electronic statements are required for this account.
Fees: If your daily balance drops below $100, a $15 monthly fee will be charged.
Additional note: An additional benefit includes free access to over 55,000 ATMs worldwide; you can receive an ATM card upon request. The bank’s mobile app isn’t popular.


METHODOLOGY

We included easy-to-join financial institutions with the highest rates for regular savings accounts and money market accounts currently listed in NerdWallet’s savings rates tool. Where the tool requested a ZIP code and minimum deposit requirement, we used 94103 and $10,000, respectively.

About the author