10 Best Savings Accounts of June 2026: Up to 4.03%
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
The best savings accounts have high annual percentage yields, or APYs. A higher APY means your savings earn more interest over time. Among accounts with low minimum deposit requirements, Vio Bank's savings account has the highest rate: 4.03%.
The accounts we feature have consistently had among the highest rates for years. The options on this page can boost your emergency fund faster than an account with an average rate, which is currently just 0.38%.
APYs shown are current as of June 3, 2026. All other information is current as of May 29, 2026.
| Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
|---|---|---|---|---|
 2026 Best Bank | 4.8/5 | Up to 3.80% With $0 min. balance for APY | $400 + 0.70% APY Earn up to $400 and +0.70% Boost on Savings APY. Terms apply. | Learn moreon partner's site at SoFi Bank, N.A., Member FDIC |
4.5/5 | Up to 4.10% With $5,000 min. balance for APY | 0.35% APY Boost Earn up to 4.10% APY for 6 months on balances of $5,000 or more. Terms apply. | Learn moreon partner's site at CIT Bank, Member FDIC | |
 Marcus by Goldman Sachs Online Savings Account Learn moreon partner's site at Goldman Sachs Bank USA, Member FDIC | 4.6/5 | 3.40% With $0 min. balance for APY | N/A | Learn moreon partner's site at Goldman Sachs Bank USA, Member FDIC |
4.5/5 | 3.85% With $0 min. balance for APY | N/A | Learn moreon partner's site at Forbright Bank, Member FDIC | |
4.5/5 | 3.75% With $0 min. balance for APY | N/A | Learn moreon partner's site at Bask Bank, Member FDIC | |
 E*TRADE Premium Savings Learn moreon partner's site at Morgan Stanley Private Bank, National Association, Member FDIC | 4.5/5 | 4.00% for 6mo With $0 min. balance for APY | $250 Requirements to qualify | Learn moreon partner's site at Morgan Stanley Private Bank, National Association, Member FDIC |
4.5/5 | 3.65% With $0 min. balance for APY | $200 $200 Bonus with qualifying activities. Terms Apply. | Learn moreon partner's site at Barclays, Member FDIC | |
5.0/5 | 4.01% With $0.01 min. balance for APY | N/A | Learn moreon partner's site at Peak Bank, Member FDIC | |
3.9/5 | 4.21% With $1,500 min. balance & $1,500 monthly direct deposits for APY | N/A | Learn moreon partner's site at Axos Bank®, Member FDIC | |
5.0/5 | 3.90% With $0 min. balance for APY | N/A | Learn moreon partner's site at EverBank, N.A., Member FDIC |
Our pick for
Savings Accounts
- 2026 Best Bank
Learn moreon partner's siteat SoFi Bank, N.A., Member FDICNerdWallet rating4.8/5Learn moreon partner's siteat SoFi Bank, N.A., Member FDICAPY
Up to 3.80%
With $0 min. balance for APY
Bonus
$400 + 0.70% APY
Earn up to $400 and +0.70% Boost on Savings APY. Terms apply.
Our Take
Why We Like ItThe savings portion of the SoFi® combination checking and savings account is currently offering a promotional rate. The ongoing standard rate is up to 3.10% APY (variable and subject to change).
To earn that rate, you'll need to do one of the following:
1. Set up direct deposit in any amount. 2. Deposit a total of at least $5,000 every 31 days using accepted methods. 3. Be a SoFi Plus member and pay a $10 subscription fee every 30 days. (Note that SoFi is currently offering an APY boost to eligible members.)
If those requirements are not met, your savings balance earns a 1.00% APY. In addition to the savings yield, money kept in the checking portion of the account earns 0.50% APY, regardless of monthly deposits.
There’s no minimum deposit requirement to open an account and no monthly maintenance fees.
You can use NerdWallet's compound interest calculator to estimate how much money you could save over time.
Learn moreon partner's siteat CIT Bank, Member FDICNerdWallet rating4.5/5Learn moreon partner's siteat CIT Bank, Member FDICAPY
Up to 4.10%
With $5,000 min. balance for APY
Bonus
0.35% APY Boost
Earn up to 4.10% APY for 6 months on balances of $5,000 or more. Terms apply.
Our Take
Why We Like ItCIT Bank's Platinum Savings is currently offering a promotional rate. The ongoing standard rate is 3.75% 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.
As hinted above, this account is best for those who carry balances of $5,000 or more. If you plan to deposit a smaller amount, CIT Bank does have three other savings options . But those accounts don’t have rates as high as the Platinum Savings rate, so you may be better served finding a comparable high-yield account at a different bank.
- Learn moreon partner's siteat Goldman Sachs Bank USA, Member FDICNerdWallet rating4.6/5Learn moreon partner's siteat Goldman Sachs Bank USA, Member FDIC
APY
3.40%
With $0 min. balance for APY
Bonus
N/A
Our Take
Why We Like ItThe Wall Street firm’s online bank has a strong savings option with a rate of 3.40%, and there is no minimum balance requirement to start earning interest. The bank’s online CDs also have top yields.
The account is best for people who want to park their money in an online-only account and don’t need to visit bank branches. You can still access your money in multiple ways, including via desktop and mobile app. Note that Marcus does not offer a checking account or an ATM card, so you’ll need to transfer funds from an external account.
Learn moreon partner's siteat Forbright Bank, Member FDICNerdWallet rating4.5/5Learn moreon partner's siteat Forbright Bank, Member FDICAPY
3.85%
With $0 min. balance for APY
Bonus
N/A
Our Take
Why We Like ItForbright Bank offers a high-yield savings account with no monthly fees and no minimum balance requirements. The bank also has an eco-friendly certification.
Learn moreon partner's siteat Bask Bank, Member FDICNerdWallet rating4.5/5Learn moreon partner's siteat Bask Bank, Member FDICAPY
3.75%
With $0 min. balance for APY
Bonus
N/A
Our Take
Why We Like ItThis savings account has no minimum to open an account and no monthly fees.
You can open up to two Interest Savings accounts at Bask Bank. This can be helpful if you prefer to keep your savings separated for different savings goals. For example, you could choose one account for your emergency fund and one to save for a vacation. In addition, Bask Bank offers another type of savings account that lets you earn airline miles instead of a high rate.
- Learn moreon partner's siteat Morgan Stanley Private Bank, National Association, Member FDICNerdWallet rating4.5/5Learn moreon partner's siteat Morgan Stanley Private Bank, National Association, Member FDIC
APY
4.00% for 6mo
With $0 min. balance for APY
Bonus
$250
Requirements to qualify
Our Take
Why We Like ItThis financial institution, part of the Morgan Stanley Private Bank brand, offers a high-yield savings account with an attractive rate and no monthly fee. E*TRADE also offers a mobile app that lets customers access their balance, make transfers and manage their E*TRADE securities accounts. The Premium Savings Account is currently offering a promotional rate. The ongoing standard rate is 3.35% APY.
Learn moreon partner's siteat Barclays, Member FDICNerdWallet rating4.5/5Learn moreon partner's siteat Barclays, Member FDICAPY
3.65%
With $0 min. balance for APY
Bonus
$200
$200 Bonus with qualifying activities. Terms Apply.
Our Take
Why We Like ItThis savings account earns a competitive 3.65% APY on balances below $250,000, while rates at or above $250,000 earn 3.75% APY. You can open an account with any amount and you won't be charged monthly maintenance fees.
Barclays also offers a helpful online tool for setting savings goals. This is the kind of feature you’d expect from a top online account. If you want your checking and savings under one roof, however, you’ll need to consider other options. Barclays does not offer a checking account.
Learn moreon partner's siteat Peak Bank, Member FDICNerdWallet rating5.0/5Learn moreon partner's siteat Peak Bank, Member FDICAPY
4.01%
With $0.01 min. balance for APY
Bonus
N/A
Our Take
Why We Like ItPeak Bank has a high-yield online savings account that pays a competitive 4.01% APY with no monthly fees. The bank’s mobile apps receive high ratings in the app stores. You’ll need at least $100 to open the savings account.
Learn moreon partner's siteat Axos Bank®, Member FDICNerdWallet rating3.9/5Learn moreon partner's siteat Axos Bank®, Member FDICAPY
4.21%
With $1,500 min. balance & $1,500 monthly direct deposits for APY
Bonus
N/A
Our Take
Why We Like ItAxos ONE savings is part of the Axos ONE combination checking and savings bundle. With this product, you’ll need to meet at least one of two requirements for your balances to earn better rates. The first way to boost your yield is to have an average daily balance of at least $1,500 and receive at least $1,500 total in monthly direct deposits in ONE Checking. The other way to receive the better rate is to maintain an average daily balance of at least $5,000 and receive monthly external transfers or checks of at least $5,000 in ONE Checking. The APY applies to balances below $500,000; amounts at or above that earn slightly less.
If neither of the two requirements are met, your savings earns 1.00% APY.
Learn moreon partner's siteat EverBank, N.A., Member FDICNerdWallet rating5.0/5Learn moreon partner's siteat EverBank, N.A., Member FDICAPY
3.90%
With $0 min. balance for APY
Bonus
N/A
Our Take
Why We Like ItThis savings account earns a competitive 3.90% APY. There is no minimum opening deposit, and there is no monthly fee.
In addition to its high-yield savings account, EverBank also has an interest checking account that offers ATM fee reimbursements, as well as online CDs and a money market account. For those who want to do all of their online banking at one institution, this bank is worth a look.
Why trust NerdWallet
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.
Around 100 financial institutions surveyed by our team of experts.
More than 50 data points considered for each bank and credit union to be eligible for our roundups. For this specific page, more than four data points were considered per institution.
What you need to know about the best savings accounts
Scroll down for more information about savings accounts, including how to pick the best product and which savings terms to know.
What do the best savings accounts have in common?
The best savings account interest rates are around 4%. At a brick-and-mortar bank, you'll often find savings rates closer to the national average, which is currently 0.38%.
If you have a $10,000 savings balance, choosing an account that pays 4% will earn you about $400 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 4%.) 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, consider putting your savings in an online account. Online banks and nonbank providers don’t have to pay for a large network of branches. So many are able to offer better benefits 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 Corp. 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 the original money in your account and any interest in your account that was added over time. Compound interest is put in your account at the end of every compounding period (typically every day or every month).
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 — usually to avoid fees. The minimum can be an average balance or a fixed number. It's usually 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 that also have FDIC coverage:
Money market accounts: These accounts are a type of savings account. What sets them apart is they might have perks like the ability to use debit card or write checks. That's rare for savings accounts. They may also have higher minimum balances compared to regular savings accounts.
Certificates of deposit: These accounts lock your balance away for a specific period of time — often between one year and five years — in exchange for a higher interest rate. But if you take out any money before the term is up, you'll typically have to pay a penalty.
» 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”. This means 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. This way, 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 accounts
Here are all of NerdWallet's picks for the best savings accounts.
Varo Bank, 5.00% savings APY on balances up to $5,000 when certain requirements are met. No minimum to open account (read full review), Member FDIC.
Newtek Bank, 4.20% savings APY with $100 minimum to open account (read full review), Member FDIC. Editor's note (Feb. 3, 2026): Due to "overwhelming demand" for its Personal High Yield Savings product, Newtek Bank says that it is currently not accepting new applications. Interested customers can join a waitlist via the bank's website. Other Newtek products are still available. Check back for additional updates.
Axos Bank, 4.21% savings APY with no minimum to open account (read full review), Member FDIC. High rate comes with requirements.
Climate First Bank, 4.01% savings APY with $50 minimum to open account (read full review), Member FDIC.
Peak Bank, 4.01% savings APY with $100 minimum to open account (read full review), Member FDIC.
Vio Bank, 4.03% savings APY with $100 minimum to open account (read full review), Member FDIC.
Ivy Bank, 3.85% savings APY with $2,500 minimum to open account (read full review), Member FDIC.
Forbright Bank, 3.85% savings APY with no minimum to open account (read full review), Member FDIC.
Poppy Bank, 4.00% savings APY with no minimum to open account (read full review), Member FDIC.
Bread Savings®, 4.00% savings APY with $100 minimum to open account, (read full review), Member FDIC.*
My Banking Direct, 3.90% savings APY with $500 minimum to open account (read full review), Member FDIC.
Openbank by Santander, 3.80% savings APY with $500 minimum to open account (read full review), Member FDIC.*
Zynlo, 3.85% APY, no minimum to open account (read full review), funds insured by FDIC.
Bask Bank, 3.75% savings APY with no minimum to open account (read full review), Member FDIC.
EverBank (formerly TIAA Bank), 3.90% savings APY with no minimum to open account (read full review), Member FDIC.
Popular Direct, 3.90% savings APY with $100 minimum to open account (read full review), Member FDIC.
Western Alliance, 3.80% savings APY with $500 minimum to open account (read full review), Member FDIC.
Barclays, 3.65% savings APY with no minimum to open account (read full review), Member FDIC.
Valley Bank, 3.96% savings APY with $1 minimum to open account (read full review), opened via Raisin, funds insured by FDIC.
Sallie Mae Bank, 3.85% savings APY with no minimum to open account (read full review), Member FDIC.
CIT Bank, 3.75% savings APY with $100 minimum to open account (read full review), Member FDIC. Higher rate available if certain requirements are met.
Salem Five Direct, 3.51% savings APY with $10 minimum to open account (read full review), Member FDIC.
SoFi, 3.10% savings APY (variable and subject to change) with no minimum to open account (read full review), Member FDIC.* Higher rate available if certain requirements are met.
Synchrony Bank, 3.40% savings APY with no minimum to open account (read full review), Member FDIC.
E*TRADE, 3.35% savings APY with no minimum to open account (read full review), Member FDIC.
TAB Bank, 3.61% savings APY with no minimum to open account (read full review), Member FDIC.
UFB Direct, 3.26% savings APY with no minimum to open account (read full review), Member FDIC.
Marcus, 3.40% APY (annual percentage yield) as of 06/02/2026 with no minimum to open account (read full review), Member FDIC.
*Bread Savings disclosure
Bread Savings says:
All Bread Savings APYs are accurate as of 01/15/2026. 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. Rates are compared against competitor rates published by NerdWallet.com and the institutions themselves as of 01/15/2026. NerdWallet.com obtains the data from the various banks that it tracks and its accuracy cannot be guaranteed.
*Santander Bank disclosure
Santander Bank says:
" Openbank High Yield Savings is currently available to individuals who reside in the 50 states and the District of Columbia.
*Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 am Eastern Time June 3, 2026. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential zip code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only.
Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured."
*SoFi disclosure
SoFi says:
"Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet. Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC. "
» Interested in getting money from banks? See NerdWallet's best bank account promotions and bonuses
Last updated on June 3, 2026
Methodology: How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 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 players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Savings account star rating categories
The best savings accounts generally have interest rates that are about 10 times the national average, no monthly fees, a low minimum opening deposit, and some savings or budgeting features that can genuinely help customers track goals or allocate funds for specific purposes. Savings accounts with a sign-up bonus get extra marks.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, 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, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.
NerdWallet's Best Savings Accounts of June 2026: Up to 4.03%
- SoFi Checking and Savings: Best for Savings Accounts, Up to 3.80% APY
- E*TRADE Premium Savings: Best for Savings Accounts, 4.00% for 6mo APY
- Marcus by Goldman Sachs Online Savings Account: Best for Savings Accounts, 3.40% APY
- Bask Interest Savings Account: Best for Savings Accounts, 3.75% APY
- Axos ONE® Savings: Best for Savings Accounts, 4.21% APY
- Barclays Tiered Savings Account: Best for Savings Accounts, 3.65% APY
- CIT Bank Platinum Savings: Best for Savings Accounts, Up to 4.10% APY
- EverBank Performance® Savings: Best for Savings Accounts, 3.90% APY
- Peak Bank Envision High-Yield Savings: Best for Savings Accounts, 4.01% APY
- Forbright Bank Growth Savings: Best for Savings Accounts, 3.85% APY
Frequently asked questions
What is a savings account?
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.
Is my money safe in an online savings account?
Yes. Most savings accounts are insured by the Federal Deposit Insurance Corp. 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.
How much money should I keep in my savings account?
Since everyone's savings goals are different, the right amount of money to keep in your savings account will depend on your situation. Keep in mind that 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.