19 Best Savings Accounts of June 2024
Our list of the best savings accounts.
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ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
Savings accounts are federally insured financial products that can help your money grow. The best savings accounts have high annual percentage yields, or APYs. The higher the rate, the more money you'll earn over time. The products on this page have APYs of up to 5.27%.
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.
In 2022, banks began to increase the interest rates on their savings accounts after a period of rate cuts in response to financial conditions. The accounts featured in this article are among those with the consistently highest rates. They can help you bolster your emergency fund faster than an account with an average rate, which is currently just 0.45%.
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 June 14, 2024. All other information is current as of June 1, 2024.
ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
Savings accounts are federally insured financial products that can help your money grow. The best savings accounts have high annual percentage yields, or APYs. The higher the rate, the more money you'll earn over time. The products on this page have APYs of up to 5.27%.
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.
In 2022, banks began to increase the interest rates on their savings accounts after a period of rate cuts in response to financial conditions. The accounts featured in this article are among those with the consistently highest rates. They can help you bolster your emergency fund faster than an account with an average rate, which is currently just 0.45%.
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 June 14, 2024. All other information is current as of June 1, 2024.
Today’s high rates may not last forever. Take advantage of them while you can with a federally insured high-yield savings account.
Best Savings Accounts
ELIGIBLE FOR REWARD
Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
---|---|---|---|---|
SoFi Checking and Savings Learn more at SoFi Bank, N.A., Member FDIC | Best for Savings Accounts | 4.60% With $0 min. balance for APY | $300 Earn up to $300 with direct deposit. Terms apply. | Learn more at SoFi Bank, N.A., Member FDIC |
Bask Interest Savings Account Learn more at Bask Bank, Member FDIC | Best for Savings Accounts | 5.10% With $0 min. balance for APY | N/A | Learn more at Bask Bank, Member FDIC |
EverBank Performance℠ Savings Learn more at EverBank, Member FDIC | Best for Savings Accounts | 5.05% With $0 min. balance for APY | N/A | Learn more at EverBank, Member FDIC |
Marcus by Goldman Sachs Online Savings Account Learn more at Goldman Sachs Bank USA, Member FDIC | Best for Savings Accounts | 4.40% With $0 min. balance for APY | N/A | Learn more at Goldman Sachs Bank USA, Member FDIC |
Barclays Online Savings Account Learn more at Barclays, Member FDIC | Best for Savings Accounts | 4.35% With $0 min. balance for APY | N/A | Learn more at Barclays, Member FDIC |
CIT Bank Platinum Savings Learn more at CIT Bank, Member FDIC | Best for Savings Accounts | 5.00% With $5,000 min. balance for APY | N/A | Learn more at CIT Bank, Member FDIC |
Our pick for
Savings Accounts
4.60%
With $0 min. balance for APY
$300
Earn up to $300 with direct deposit. Terms apply.
Why We Like It
The savings portion of Checking and Savings offers 4.60% APY (variable and subject to change) for customers with direct deposit or a deposit of at least $5,000 every 30 days into the account. Without direct deposit or the other monthly deposit, that goes down to 1.20% APY.
In addition, money kept in the checking portion of the account earns 0.50% APY, regardless of whether you set up direct deposit. There’s no minimum deposit requirement to open an account and no monthly maintenance fees.
5.10%
With $0 min. balance for APY
N/A
Why We Like It
This savings account earns a 5.10% APY. There is no minimum to open an account and no monthly fees.
5.25%
With $0 min. balance for APY
N/A
Why We Like It
UFB Direct’s savings account offers an attractive APY. The account has no monthly maintenance fees and there is no minimum amount requirement.
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 the full review for details.
5.05%
With $0 min. balance for APY
N/A
Why We Like It
This savings account earns a competitive 5.05% APY. There is no minimum opening deposit, and there is no monthly fee. EverBank also has an interest checking account that offers ATM fee reimbursements.
4.40%
With $0 min. balance for APY
N/A
Why We Like It
The Wall Street firm’s online bank has a strong savings option with a rate of 4.40% annual percentage yield, and there is no minimum balance requirement to start earning interest. The bank’s online CDs also have top yields. You can access the account multiple ways, including via desktop and mobile app.
4.75%
With $0 min. balance for APY
N/A
Why We Like It
Synchrony offers an excellent savings account along with the convenience of an ATM card. It pays a 4.75% APY. There’s no monthly fee or minimum balance requirement, and you can earn a variety of perks, such as ATM fee reimbursements.
4.35%
With $0 min. balance for APY
N/A
Why We Like It
This savings account earns a competitive 4.35% APY. You can open an account with any amount and you won't be charged monthly maintenance fees.
5.10%
With $0 min. balance for APY
N/A
Why We Like It
This savings account has no minimum opening deposit and no monthly fee. In addition to its strong rate, it also allows unlimited transfers and withdrawals without fees.
5.15%
With $100 min. balance for APY
N/A
Why We Like It
The Bread Savings™️ High-Yield Savings Account has no monthly maintenance fees and a solid APY. The account requires a minimum opening deposit of $100. Keep in mind that Bread Savings doesn’t offer checking accounts, so you’ll have to open one elsewhere.
5.00%
With $5,000 min. balance for APY
N/A
Why We Like It
CIT Bank's Platinum Savings account pays a 5.00% APY on balances of $5,000 or more. If your balance is below $5,000, the APY is 0.25%. The minimum amount to open an account is $100, and there are no monthly service fees.
4.35%
With $0 min. balance for APY
N/A
Why We Like It
The Citibank Accelerate Savings account is an online account that earns 4.35% APY. There’s a monthly fee associated with the account that customers have a few ways of avoiding. Citibank says: Member FDIC; available in select markets only.
4.50%
With $0.01 min. balance for APY
N/A
Why We Like It
You need only a penny to open an account and earn the strong rate. There is no monthly fee.
4.90%
With $0.01 min. balance for APY
N/A
Why We Like It
The bank’s Online Savings account earns a strong 4.90% APY. You’ll need at least $1,000 to open the account, but there is no monthly fee. You can use Zelle with this online account to send money to friends and family.
5.00%
With $0 min. balance for APY
N/A
Why We Like It
LendingClub’s online savings account earns a 5.00% APY on any balance. You will need $100 to open an account. After that, there is no minimum balance requirement, and no monthly service fee.
4.50%
With $0 min. balance for APY
N/A
Why We Like It
This savings account earns a strong 4.50% savings APY, and there is no monthly fee. Quontic Bank also offers high interest and rewards checking accounts.
5.01%
With $0.01 min. balance for APY
N/A
Why We Like It
Salem Five Direct’s eOne Savings account offers a strong 5.01% APY on all balances up to a million dollars. You need just $10 to open an account. Beyond that, there are no monthly maintenance fees or minimum balance requirements.
4.50%
With $0 min. balance for APY
N/A
Why We Like It
Sallie Mae’s High-Yield Savings Account earns a strong 4.50% APY on any balance. There’s no minimum amount required to open an account and there are no monthly fees.
5.27%
With $0 min. balance for APY
N/A
Why We Like It
The TAB Bank High-Yield Savings Account earns 5.27% APY from the first dollar deposited. There are no monthly fees or minimum opening requirements. The bank has roots in the trucking industry, but anyone can apply to open a savings account.
5.21%
With $1,000 min. balance for APY
N/A
Why We Like It
The Premier Savings account from Upgrade earns a 5.21% APY on balances of $1,000 or more. The account has no monthly fee.
What you need to know about the best savings accounts
What do the best savings accounts have in common?
The best savings account interest rates are around 5%. At a brick-and-mortar bank, you'll often find savings rates closer to the national average, which is currently 0.45%.
If you have a $10,000 savings balance, choosing an account that pays 5% will earn you about $500 in a year, while an account paying you 0.40% APY would earn about $40. The difference increases the more you deposit and the longer you keep it in the account.
Why should I care about the best savings account rates?
If you have money left in your checking account each month — or you can adjust your budget so that you do — you should have a savings account with a high rate. (Again, think around 5%.) It's always helpful to have money set aside for emergencies, and it'll earn you much more in an account that pays one of the best savings account rates than in a checking account.
Just make sure you can keep enough in your savings account to avoid monthly fees. Most online savings accounts don't charge these, but many traditional accounts do.
What monthly fees do savings accounts usually have?
The best savings accounts typically don’t charge monthly fees. You make your deposit and watch your balance grow as your money earns interest.
» Find out how your savings could add up with NerdWallet’s compound interest calculator.
Why does NerdWallet pick online savings accounts as the best savings accounts?
It's easy to find a savings account at your local bank, but if you want to earn a high rate and pay the lowest fees, you should consider storing your savings in an online account. Without the added expenses of large branch networks, online banks and nonbank providers are able to offer more favorable returns than national brick-and-mortar banks.
» Learn more about NerdWallet's favorite high-yield online savings accounts.
How to open a savings account
You can typically open an account either online or in person. You'll need to provide your Social Security number and contact information (phone number and address), along with at least one form of identification, such as a driver’s license or a passport. If you’re applying for a joint account, the other person must provide this information and ID too.
How to open a high-yield online savings account
Similar to opening a savings account at a branch, you’ll need to provide some information to open an online account. You'll provide your contact information and Social Security number, in addition to information from your ID (such as your driver’s license number). To make your initial deposit, you may need to link an external bank account to transfer money electronically.
Is my money safe in a savings account?
Yes, provided your money is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration.
Do the best savings account interest rates change over time?
Yes, rates are variable and can change over time. If you are looking for a fixed rate account, and can set aside funds for a specific time period without making a withdrawal, consider opening a certificate of deposit. NerdWallet's list of best CD rates features top options.
How often do interest rates change?
Financial institutions generally don’t change savings rates on an hourly, daily or even monthly basis. In fact, under normal circumstances, it’s common to see APYs remain the same for several months.
It’s important to note, however, that rates are variable and theoretically can change at any time. In addition, many providers will change their rates based on what their competitors are doing. You will often see groups of providers increase or decrease their APYs at around the same time, especially if the Federal Reserve recently increased or cut rates.
To get the best yield for your money, it’s a good idea to check out the best savings rates on a regular basis — at least once a month.
» Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts.
Savings account terms you need to know:
Savings account: A deposit account from a financial institution that typically earns interest.
Interest: Money a financial institution pays into an account over time.
Compound interest: Compound interest is the interest you earn on both your original money and on the interest you keep accumulating. In an account that pays compound interest, the return is added to the original principal at the end of every compounding period, typically daily or monthly. Each time interest is calculated and added to the account, the larger balance earns more interest.
Annual percentage yield: The annual percentage yield, or APY, is the amount of interest an account earns in a year. The calculation is based on the account’s interest rate and the number of times interest is paid during the year.
Minimum balance: A minimum balance is the lowest dollar amount you need in a bank account either to avoid fees or satisfy account requirements. The minimum can be an average balance or a fixed amount that’s required either daily or monthly.
Average monthly balance: An average monthly balance is found by adding up the account balances at the end of each day in a month, and then dividing by the number of days in the month.
Minimum opening deposit: An initial deposit, or minimum opening deposit, is the specific amount of money you need to open a bank account.
» Read more about 10 essential banking terms you need to know
How can I earn high interest rates besides a savings account?
Here are a few options:
Money market accounts: These accounts are a type of savings account, but they might have higher minimum balances and offer perks such as check-writing, which is rare for savings accounts.
Certificates of deposit: These accounts lock your balance away for a specified period of time — often between one year and five years — in exchange for a higher interest rate. But if you withdraw any money during the term, you'll typically have to pay a penalty. CDs are also covered by FDIC insurance.
» Find out more about your savings account options.
Is savings account interest taxable?
Yes, savings account interest is generally taxable. Your provider will probably send you a form reporting it if you earned more than $10 during the tax year. Note that you are likely to earn more interest with a high-yield savings account.
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.”
» Interested in getting money from banks? See NerdWallet's best bank account promotions and bonuses
Last updated on June 14, 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, 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, Customers Bank, 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, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, NASA Federal Credit Union, 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 Accounts of June 2024
- SoFi Checking and Savings: Best for Savings Accounts, 4.60% APY
- Bask Interest Savings Account: Best for Savings Accounts, 5.10% APY
- UFB Secure Savings: Best for Savings Accounts, 5.25% APY
- EverBank Performance℠ Savings: Best for Savings Accounts, 5.05% APY
- Marcus by Goldman Sachs Online Savings Account: Best for Savings Accounts, 4.40% APY
- Synchrony Bank High Yield Savings: Best for Savings Accounts, 4.75% APY
- Barclays Online Savings Account: Best for Savings Accounts, 4.35% APY
- BMO Alto Online Savings Account: Best for Savings Accounts, 5.10% APY
- Bread Savings™️ High-Yield Savings Account: Best for Savings Accounts, 5.15% APY
- CIT Bank Platinum Savings: Best for Savings Accounts, 5.00% APY
- Citi® Accelerate Savings: Best for Savings Accounts, 4.35% APY
- Citizens Access Savings: Best for Savings Accounts, 4.50% APY
- First Foundation Bank Online Savings Account: Best for Savings Accounts, 4.90% APY
- LendingClub High-Yield Savings: Best for Savings Accounts, 5.00% APY
- Quontic High Yield Savings: Best for Savings Accounts, 4.50% APY
- Salem Five Direct eOne Savings: Best for Savings Accounts, 5.01% APY
- Sallie Mae Bank High-Yield Savings Account: Best for Savings Accounts, 4.50% APY
- TAB Bank High-Yield Savings Account: Best for Savings Accounts, 5.27% APY
- Upgrade Premier Savings: Best for Savings Accounts, 5.21% APY
Frequently asked questions
A savings account is a deposit bank account that lets you securely store funds while also typically earning interest. You can deposit your money at your financial institution through cash, check or bank transfer, and it will safely earn interest while it is in your account. With savings accounts, money is insured up to $250,000 per depositor, so your funds are safe.
Yes. Most savings accounts are insured by the Federal Deposit Insurance Corporation and others are insured by the National Credit Union Administration. Both cover up to $250,000 per depositor, per institution and per account type, in case your bank fails. All of the best savings accounts in NerdWallet's analysis are insured, just like bank accounts at national institutions.
A savings account holds money that you don’t need for daily spending. It can be a great spot to park your emergency fund or money that you're setting aside for a specific purchase, like a vacation or a down payment on a house. Since everyone's savings goals are different, the amount of money that you should keep in your savings account varies depending on your situation. Unlike most checking accounts, savings accounts earn interest — that’s money you receive in your account just for keeping it with the institution. The higher your savings account interest rate, the faster your balance will grow. You can find accounts with the highest rates in NerdWallet's list of the best savings accounts.