Advertiser Disclosure

18 Best Savings Rates for August 2019

Aug. 1, 2019
Banking, Banking Basics, Banks & Credit Unions, Savings Accounts
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

The best savings interest rates can mean the difference between earning $10 or $200 in a year. Annual percentage yields, or APYs, at the best savings accounts are significantly higher than the national average of 0.09%, so you can grow your money faster without much effort on your part.

With a rate of 2% APY, a balance of $10,000 would earn about $200 after one year. An average account would earn just about $10. Over time, these additional savings can help boost an emergency fund or finance your next big adventure.

Here are some of the highest rates on savings accounts for August 2019.

BEST SAVINGS RATES
Citizens Access

at Citizens Access,

Member, FDIC

Citizens Access Online Savings

3.0 NerdWallet rating
Barclays

at Barclays,

Member, FDIC

Barclays Online Savings

4.0 NerdWallet rating
CIT Bank

at CIT Bank,

Member, FDIC

CIT Bank Savings Builder

4.0 NerdWallet rating
UFB Direct

at UFB Direct,

Member, FDIC

UFB High Yield Savings

3.5 NerdWallet rating
  • 2.25% APY
  • $10,000 minimum to earn interest; see more details
CIBC Bank USA

at CIBC Bank USA,

Member, FDIC

CIBC U.S. Agility Online Savings

4.0 NerdWallet rating
Varo

at Varo,

Member, FDIC

Varo Savings

4.0 NerdWallet rating
Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus by Goldman Sachs Online Savings

4.0 NerdWallet rating
HSBC

at HSBC,

Member, FDIC

HSBC Direct Savings

3.5 NerdWallet rating

FNBO Direct Online Savings

4.0 NerdWallet rating
Bank7

at Bank7,

Member, FDIC

Bank7 High Rate Online Savings

3.5 NerdWallet rating

PurePoint Online Savings

3.0 NerdWallet rating

Alliant High-Rate Savings

4.5 NerdWallet rating

Synchrony High Yield Savings

4.0 NerdWallet rating

Ally Online Savings

4.5 NerdWallet rating
E*TRADE Bank

at E*TRADE Bank,

Member, FDIC

E-Trade Premium Savings

3.5 NerdWallet rating

Vio Bank High Yield Online Savings

4.0 NerdWallet rating

American Express High Yield Savings

4.0 NerdWallet rating

 

NerdWallet’s best savings interest rates

Read on for more information about these accounts and their services.

Citizens Access, 2.20% APY

$5,000 minimum to open

Citizens Access

at Citizens Access,

Member, FDIC

Rate: Citizens Bank’s online-only division has launched a savings option with a top rate. But if your balance drops below $5,000, the rate falls to 0.25% APY.
Requirements: Having $5,000 is crucial to opening the account and keeping the high rate.
Fees: None.
Additional note: There’s no mobile app, but you can deposit checks from your phone using a web browser.

[Back to top]

Barclays, 2.10% APY

No minimum to open

Barclays

at Barclays,

Member, FDIC


Rate: Barclays makes it easy to earn a savings rate competitive with online money market accounts.
Requirements: None. You can open the account with any amount.
Fees: No monthly fee.
Additional note: If you move out more money than you have available in the account, there’s a $5 nonsufficient funds fee. This is lower than fees many brick-and-mortar banks charge, which are around $34.

[Back to top]

CIT Bank, 2.30% APY

$100 minimum to open

CIT Bank

at CIT Bank,

Member, FDIC

Rate: CIT’s Savings Builder savings account has an impressive 2.30% APY if you make a deposit of at least $100 each month. (Total up your savings with our compound interest calculator.) You can also earn the high rate by having a balance of at least $25,000. If you’re not able to meet those requirements, the rate falls to 1.28%. CIT Bank also has a money market account that has the same $100 minimum deposit without the required monthly deposits and earns 1.85% APY.
Requirements: Minimum $100 deposit, and monthly $100 deposits to earn the highest rate on the Savings Builder account.
Fees: No monthly fee or daily minimum balance requirements.
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.

[Back to top]

UFB Direct, 2.25% APY

No minimum to open, but $10,000 to earn interest

UFB Direct

at UFB Direct,

Member, FDIC

Rate: UFB’s stellar savings account rate outshines other banks.
Requirements: There’s a steep $10,000 minimum to earn interest.
Fees: No monthly fee.
Additional note: If you make more than six withdrawals a month, there is a $10 excess withdrawal fee.

[Back to top]

CIBC U.S., 2.20% APY

$1,000 minimum to open

CIBC Bank USA

at CIBC Bank USA,

Member, FDIC


Rate: Agility Online Savings has one of the highest savings rates around.
Requirements: You need $1,000 to open the account.
Fees: The account has no monthly fees.
Additional note: CIBC U.S. is the U.S division of Toronto-based CIBC.

[Back to top]

Varo Bank, 2.12% APY

No minimum to open

Varo

at Varo,

Member, FDIC


Rate: Varo Bank’s savings account earns 2.12% APY on the first penny.
Requirements: There is no minimum to open an online savings account.
Fees: The account has no monthly fee.
Additional note: You must open a Varo Bank account before you can open a Varo Savings account. If you sign up for direct deposit and make at least five debit card purchases a month, you earn 2.80% APY on up to $50,000.

[Back to top]

Marcus by Goldman Sachs, 2.15% APY APY

No minimum to open

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Rate: This online bank’s high-yield savings earns a place in the top ranks because of its rate.
Requirements: There’s no minimum to open or to earn the APY.
Fees: No monthly fee.
Additional note: This bank doesn’t have a mobile app or ATM access.

[Back to top]

HSBC, 2.20% APY

$1 minimum to open

HSBC

at HSBC,

Member, FDIC

Rate: HSBC Direct Savings, from the online division of the large international bank, earns a competitive yield.
Requirements: You need $1 to open.
Fees: There’s no monthly fee.
Additional note: The savings account comes with a set of online tools that let you set savings goals and track income over time.

[Back to top]

FNBO Direct, 2.10% APY

$1 minimum to open


Rate: This online bank, part of the First National Bank of Omaha, makes it easy to earn a high rate.
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.

[Back to top]

$5,000 minimum to open


Rate: Popular Direct offers an attractive rate for high balances.
Requirements: You need $5,000 to open an online savings account.
Fees: There is a $4 monthly fee if the balance falls below $500.
Additional note: There is an early account closing fee of $25 for any accounts closed within 180 days of opening.

[Back to top]

Bank7, 2.15% APY

$100 minimum to open

Bank7

at Bank7,

Member, FDIC


Rate: The online savings account has one of the best savings rates around.
Requirements: You need $100 to open an online savings account.
Fees: There is a $15 monthly fee if the daily balance falls below $100.
Additional note: There is a $3 excess transaction fee per withdrawal if you make more than six withdrawals in a month.

[Back to top]

PurePoint, 2.15% APY

$10,000 minimum to open

Rate: One of the highest-yield savings accounts 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.

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

[Back to top]

Alliant Credit Union, 2.10% APY

$5 minimum to open, $100 minimum to earn interest


Rate: The Alliant High-Rate savings account offers a competitive rate for folks with daily average balances of $100 or more.
Requirements: You need $5 to open an account, but Alliant will give you a credit for this amount.
Fees: There is no monthly fee if you opt for e-statements. With paper statements, there is a $1 monthly charge.
Additional note: Alliant Credit Union does not have the same restrictive member requirements you might find at other credit unions. You can support a partner charity and be eligible to apply.

[Back to top]

Synchrony Bank, 2.15% 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]

Ally, 1.90% APY

No minimum to open


Rate: Ally’s competitive savings account rate compares well with other online banks.
Requirements: There’s no minimum to open.
Fees: No monthly fee.
Additional note: If you exceed six online withdrawals or transfers in a month, there’s a $10 fee. The bank has above average mobile app ratings and 24/7 customer service.

[Back to top]

E-Trade, 2.10% APY

$1 minimum to open

E*TRADE Bank

at E*TRADE Bank,

Member, FDIC


Rate: E-Trade may be known for its brokerage services, but it has a bank subsidiary that offers a high-rate Premium Savings Account. You get the same rate on all balances, but you will want to deposit enough money to avoid the monthly fee.
Requirements: $1 to open.
Fees: $10 monthly fee, waived with either a $1,000 average monthly balance or through other qualifying means in E-Trade bank and securities accounts.
Additional note: You can manage E-trade savings and investment accounts from the one mobile app.

[Back to top]

Vio Bank, 2.52% APY

$100 minimum to open


Rate: At 2.52% APY, the rate is one of the best available.
Requirements: Earns the same rate on all balances.
Fees: There are no monthly fees.
Additional note: Vio Bank is an online division of Oklahoma-based MidFirst Bank. Its high-yield savings account is available nationwide.

[Back to top]

American Express, 2.10% APY

No minimum to open


Rate: The American Express High Yield Savings account offers an attractive rate with no minimum to open.
Requirements: None.
Fees: There is no monthly fee or minimum balance requirement.
Additional note: You can link up to three other bank accounts in order to electronically transfer money in and out of the American Express savings account.

[Back to top]

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

Summary: Best savings interest rates August 2019

BankAPY
Marcus by Goldman Sachs2.15% APY.
HSBC2.20% APY.
CIT Bank2.30% APY.
Barclays2.10% APY.
UFB2.25% APY.
Synchrony Bank2.15% APY.
Ally Bank1.90% APY.
Popular Direct2.55% APY.
Citizens Access2.20% APY.
Vio Bank2.52% APY.
FNBO Direct2.10% APY.
Bank72.15% APY.
PurePoint2.15% APY.
Varo2.12% APY.
CIBC U.S.2.20% APY.
Alliant Credit Union2.10% APY.
American Express2.10% APY.
E-Trade2.10% APY.

Benefits of the best savings account rates

The best savings rates are much higher than the national average rate, which is just 0.09% 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 $230 in an account with a 2.30% APY.

How to access your money

You can generally access your funds by initiating an electronic transfer from the bank’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 bank. Other options include withdrawing cash from ATMs and setting up a transfer by phone.

Savings accounts are subject to a federal rule called Regulation D, which limits the number of certain types of withdrawals to a maximum of six per month. These transactions, called convenience withdrawals, include online transfers, overdraft protection transfers and transfers initiated by telephone. If you have more than six in a statement cycle, your bank will probably charge an excess withdrawal fee each time. Withdrawing cash from an ATM or from a branch teller does not count toward this limit.

» Want to learn more about savings withdrawal limits? Read our primer on Regulation D.

How to choose the best savings interest rates

Look for accounts that have the highest 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.

Are savings account interest rates fixed?

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.

Why banks pay interest

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 APY and lower fees.


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 UnionAlliant Credit UnionAlly BankAmerica First Credit UnionAmerican ExpressAspirationAssociated BankAxos BankBank5 Connect, Bank7, Bank of AmericaBank of the WestBarclays, BB&T, BBVABoeing Employees Credit Union, BMO Harris, Capital One 360Charles Schwab BankChaseChimeCIBC U.S., CITCitibankCitizens AccessCitizens Bank, Comerica Bank, Commerce BankConnexus Credit UnionConsumers Credit UnionDiscover Bank, E-Trade, FidelityFifth Third BankFirst National BankFirst Tech Federal Credit UnionGoBankGolden 1 Credit UnionGS BankHSBC Bank USAHuntington BankKeyBank, MetaBank, M&T BankMovenNavy Federal Credit UnionPentagon Federal Credit UnionPNC, Popular Direct, PurePoint FinancialRadius Bank, Redneck Bank, Regions BankSallie Mae BankSantander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SimpleState Employees’ Credit Union of North CarolinaState Farm BankSuncoast Credit Union, SunTrust Bank, Synchrony BankTCF BankTD BankTIAA BankUnion BankUFB DirectUSAAU.S. BankVaro, Vio Bank, Wells Fargo and Zions Bank.

About the author