What Are the Best Savings Accounts Right Now?
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Here are the best savings accounts right now
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Picking the best savings account to store your money is nearly as important as how much you save.
Today's savings account rates
A strong savings account should not only offer a safe place to keep your money, but it should make it easy for you to set up and maintain personal goals.
Below you'll find our picks for the best savings accounts right now. We include high-yield savings accounts and certificates of deposit (CDs), two types of savings products that can help you earn up to 10 times more in interest than a traditional savings account.
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Ally High Yield Savings Account
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Axos High Yield Savings Account
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SoFi Checking and Savings
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Chime Savings Account
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Capital One 360 Kids Savings Account
Best savings account overall: Ally High Yield Savings Account
- High APY
- No minimum opening deposit
- No monthly service fees
- Savings buckets help you save for different goals
- Surprise savings transfers help you save extra money from your checking account
- No physical branch locations
- No way to deposit cash
- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
Why it stands out: Ally has been a power player in the high-yield savings space for a few years now, and it consistently nabs top awards for online banking.
It pays a solid interest rate and doesn't charge monthly service fees. You can also deposit checks through the mobile app and open multiple accounts in minutes with $0 down.
Rate: 2% APY
What to look out for: Ally is an online-only institution, so it doesn't have any physical locations. If you'd like to deposit cash, you'll have to visit a nearby ATM.
Best for easy access to your account: Axos High Yield Savings Account
- High APY
- No monthly service fees
- Request a free debit card
- $250 minimum opening deposit
- Few mobile app reviews
- No monthly maintenance fees
- No minimal balance requirements
- $250 minimum opening deposit
- Free incoming Wires
- Zero Minimum Balance Requirement
Why it stands out: The Axos High Yield Savings Account has no monthly fees and a free debit card to boot — unusual for a savings account but handy if you'd like easy access to your account.
Rate: 0.15% to 0.61% APY
What to look out for: You'll need at least $250 to open an account. If you'd prefer a lower minimum opening deposit, consider one of the other banks on out list. Additionally, Axos' mobile app has limited reviews on the Apple and Google Play stores.
Best savings account for kids/teens: Capital One 360 Kids Savings Account
- Competitive APY
- No monthly service fees
- No minimum opening deposit
- 24/7 live online chat
- Limited physical branch locations
- Limited customer service hours over the phone
- Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Schedule regular transfers from your account for allowance or other deposits
- Interest compounded daily, paid monthly
- FDIC insured
Why it stands out: Kids under 18 can use Capital One's Kids Savings Account to deposit and store money securely. There are no fees and all balance tiers earn the 0.30% APY — much higher than kids' savings accounts at competing banks.
The mobile app allows kids to deposit checks and play with savings interest calculators to see how their money could grow. When the child turns 18, the account automatically becomes a Capital One 360 online savings account.
Rate: 0.30% APY
What to look out for: Kids have their own online login to the account, but money can't be transferred without parental approval. Capital One also may offer limited customer service compared to some of our other options. If you'd like to look at options, review our guide on the best banks to open a savings account for a child.
Best savings account for college students: Chime Savings Account
- Competitive APY
- No minimum opening deposit
- No monthly service fee
- Option to round debit card purchases to the nearest dollar and put spare change in savings account
- Option to automatically save a percentage of your paycheck
- Must open Chime Spending Account before savings account
- Deposit cash at Green Dot locations, which may charge fee
- Round debit card purchases to the nearest dollar to put spare change into savings account
- Set up a percentage of your paychecks to be put into savings account
- Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Why it stands out: This is an online-only account that combines some of the benefits of Bank of America and Ally — it helps you save automatically and pays a great rate. Like Ally, there's no minimum opening balance and no monthly service fee.
Chime provides two ways for you to save automatically. You can round up to the nearest dollar when you swipe your debit card and put the spare change into your savings account. Or you can set up a percentage of your paycheck to go directly into savings.
Chime is part of the MoneyPass and Visa Plus Alliance ATM networks, so you'll have free access to over 38,000 ATMs nationwide.
Rate: 1.50% APY
What to look out for: Before you open a savings account you're required to open a checking account. This is also an online account, so it might not be a good fit if you prefer in-person banking.
Best hybrid savings/checking account: SoFi Checking and Savings
- High interest rate
- Earn a higher interest rate if you set up direct deposit
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to $300 bonus
- Earn up to 15% cash back at local retailers if you use a SoFi debit card
- No-fee overdraft coverage if you overdraw up to $50
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
- Free access to 50,000+ Allpoint ATMs worldwide
- Hybrid checking/savings account
- Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
- Earn 2% APY with direct deposit
- Earn 1% APY if you do not have direct deposit
- Earn up to a $300 bonus by 9/30/2022: Receive a $50 bonus if you make a direct deposit between $1,000 and $1,999 in the first 30 days; receive a $100 bonus if you make a direct deposit between $2,000 and $4,999 in the first 30 days; receive a $300 bonus if you make a direct deposit above $5,000 in the first 30 days;
- Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
- $4.95 fee each time you deposit cash at a Green Dot location
- To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
- FDIC insured
Why it stands out: SoFi Checking and Savings is a strong choice if you don't want to deal with monthly service fees, overdraft fees, or out-of-network ATM fees.
You can also earn a competitive interest rate that's higher than what many traditional and high-yield savings accounts pay if you set up direct deposits. Even if you don't set up direct deposits, you'll still earn a great interest rate.
Rate: 1% to 2% APY
What to look out for: The account is a hybrid savings/checking account, so you'll need to keep that in mind to get the most out of the account. If you deposit cash, you'll also might need to pay a fee.
Best bank for opening a CD: Ally High Yield Certificate of Deposit
- Competitive APY
- No required opening deposit
- Low early withdrawal penalties
- No terms over 5 years
- No physical branch locations
- Terms ranging from 3 months to 5 years
- Early withdrawal penalty of 60 days interest penalty term of 24 months or less; 90 days interest for term of 25 to 36 months; 120 days interest for terms of 37 to 48 months; 150 days interest for terms of 49 months or more
- Interest compounded daily, paid monthly
- FDIC insured
Why it stands out: If you have money you won't need until a future date (and not before then), a CD is a good option for earning more. CDs are a type of savings account that lock away your money for a set amount of time, and you can secure a fixed interest rate that won't fluctuate along with the federal funds rate. But if you need to withdraw your money before the term ends, you'll have to pay a penalty fee.
Ally offers some of the highest rates on long-term CDs paired with no minimum deposit requirement. For CD terms of 1 to 5 years, you'll be hard pressed to find a higher rate right now.
Ally also offers three types of CDs: high-yield CDs, Raise Your Rate CDs, and No Penalty CDs.
High-yield CDs lock in your rate when you create an account. Raise Your Rate CDs allow you to increase your rate at least once if Ally's rates go up. If you withdraw funds before your term ends with a high-yield or Raise Your Rate CD, you'll pay a penalty. However, No Penalty CDs let you withdraw funds early without paying fees.
Rate: The rates for Ally high-yield CDs are as follows:
- 3 months: 0.75% APY
- 6 months: 1.65% APY
- 9 months: 1.70% APY
- 1 year: 2.70% APY
- 13 months: 2.75% APY. This offer is available until October 12, 2022. It will automatically renew as a 12-month CD.
- 18 months: 2.80% APY
- 20 months: 2.85% APY. This offer is available until September 14, 2022. It will automatically renew as an 18-month CD at the end of the 20-month term.
- 3 years: 3% APY
- 5 years: 3% APY
Here are the Raise Your Rate terms and current rates:
- 2 years: 2.35% APY. You may increase your rate once during the two-year period.
- 4 years: 2.35% APY. You may increase your rate twice during the four-year period.
No Penalty CDs come with an 11-month term, and you'll earn a 2% APY on all balance tiers.
What to look out for: Ally offers more variety than most banks, so be sure to choose a CD that fits your banking needs. For instance, you don't want to let higher rates convince you to sign up for a CD with a longer term if you think you'll need your money relatively soon. Otherwise, you could pay a penalty for withdrawing early.
Other savings accounts we considered
- LendingClub LendingClub High-Yield Savings Account: LendingClub offers a competitive interest rate but you'll need a minimum of $100 to open an account.
- Wealthfront: This account allows unlimited transfers and an initial deposit of just $1, but our top picks offer higher rates.
- Betterment: This robo-adviser's high-yield cash account, which requires a $10 initial deposit but doesn't limit transfers, is generally a good deal. While Betterment offers a checking account, it currently does not offer other financial products, like loans.
- Discover (Member FDIC): While it offers a respectable rate, Discover's high-yield savings account isn't as beloved as some of our top picks.
- Synchrony High-Yield Savings Account (Member FDIC): This savings account comes with a debit card and reimburses up to $5 per month in out-of-network ATM fees, but its APY isn't as competitive as what you'll earn with some of our top choices.
- Marcus by Goldman Sachs High Yield Online Savings Account (Member FDIC): While this high-yield savings account is a contender for fan favorite, the new mobile app doesn't support check deposit.
- Bread Savings High-Yield Savings Account: You'll earn a decent rate with Bread Savings, but the app has received negative reviews in the Google Play store.
- BrioDirect High-Yield Savings Account: This high-yield savings account offers a respectable rate, but you'll need an initial deposit of $25.
- Wells Fargo (Member FDIC): While this account comes with ATM access, it offers a dismal 0.01% APY and charges a $5 monthly fee unless certain balance or auto-transfer requirements are met.
- Chase (Member FDIC): Despite access to thousands of physical branches and ATMs, Chase offers just 0.01% APY on its savings account and charges a $5 monthly fee unless certain balance or auto-transfer requirements are met.
- Bank of America(Member FDIC): Despite access to thousands of physical branches and ATMs, Bank of America's savings account earns just 0.03% APY and charges an $8 monthly fee unless you keep a $500 daily balance.
- HSBC Direct Savings Account (Member FDIC): HSBC Direct offers a competitive rate, but the mobile app has received negative reviews.
- CIBC Bank(Member FDIC): You only need to maintain a balance of $0.01 to earn interest with this high-yield savings account, but you have to put down $1,000 to open the account in the first place.
- Citizens Bank: Despite offering a respectable APY, the minimum deposit to open a high-yield savings account here is $5,000. Citizens Access offers high APYs on its CDs, but all terms require a minimum deposit of $5,000.
- Sallie Mae(Member FDIC): Sallie Mae's CDs offer decent rates, but the minimum deposit to open an account is $2,500 and there isn't a no-penalty CD available. Sallie Mae does offer a fine high-yield savings account, however.
- My Savings Direct: This high-yield savings account earns an unimpressive rate, and there are others with better user experience and similar features that earn more.
- Barclays (Member FDIC): You won't find the variety of CD types like you would with Ally. You can also open a Barclays high-yield savings account with a more competitive rate.
- PurePoint Financial (Member FDIC): PurePoint's rates are on par with the best CDs and high-yield savings accounts on our list, but its $10,000 minimum deposit could be a major drawback for more modest savers.
- SFGI Direct(Member FDIC): Although SFGI Direct's high-yield savings account earns a decent APY, it requires $500 to open an account.
- Credit Karma: This high-yield savings account earns a relatively low rate, and as a credit and loan company, Credit Karma's expertise is not in traditional banking.
- Personal Capital (Member FDIC): This is technically a cash account, which makes it easy to sweep some money into investments, but it only offers a very low APY on your savings.
- CIT Bank (Member FDIC): CIT Bank requires a minimum opening deposit of $100. Some of our top picks let you open an account with $0.
- HM Bradley (Member FDIC): This hybrid checking and savings account offers high rates, but you have to save at least 20% of your deposits to earn the maximum APY.
- USAA Savings Account (Member FDIC): This bank could be a good fit for military members and families, but you'll earn a low rate and need at least $25 to open an account.
- UFB Direct(Member FDIC): UFB offers a high APY, but some of our top picks have stronger perks like savings tools.
- Nationwide My Savings Account (Member FDIC): You need $100 to open an account with Nationwide, and its interest rate is only so-so.
- Citi® Accelerate Savings: This account pays a high APY if you have a minimum $1 balance, but it's only available for residents of certain US states.
- Vio High-Yield Savings Account: Vio pays a solid interest rate, but you'll need at least $100 to open an account.
Why trust our recommendations?
At Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of these savings accounts so you don't have to.
We understand that "best" is often subjective, however, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too.
Methodology: How did we choose the best savings accounts?
We reviewed over two dozen banks and financial institutions and found that the best offerings are at online banks, in large part because they offer much higher interest rates and fewer fees. We ultimately narrowed our focus to banks offering at least 0.50% APY on their savings products (high-yield savings accounts and CDs included), with the exception of kids' savings accounts.
For this list, we did not consider credit unions — though they tend to offer high interest rates on savings accounts and CDs, many limit membership to people who work in a specific industry or live in a designated area.
Frequently asked questions
Because of its ease of use, high customer satisfaction, and good interest rate, Ally Bank has one of the best savings accounts overall. However, the "best" savings account for you will depend on your goals and priorities. Some people prefer to have a savings account at a bank that offers other financial products, like loans or checking or investment accounts, so we took this into consideration as well.
The best savings account to have is one that does not charge excessive (or any) fees, is easy to access, and earns an interest rate above the national average of 0.13% APY. Interest rates on traditional and high-yield savings accounts are variable, however, so it's important to consider other features of an account before opening it for a high APY.
If you don't need immediate access to your cash, you may want to consider a CD to potentially lock in a higher interest rate. Otherwise, for cash that you will need to access on a regular basis — whether you're adding or withdrawing money from the account — a high-yield savings account is the best option.
Just like a savings account opened through a brick-and-mortar bank, most online savings accounts are FDIC insured up to $250,000. The account is set up through a bank's website using the same information required at a physical branch — name, date of birth, Social Security number, driver's license or passport number, and address — but you will also need to create a username and password for online access.
A high-yield savings account keeps your money safe from market risk, is insured by the FDIC (usually up to $250,000, but up to $1 million in some cases), and pays annual percentage yields topping out around 2.21% APY.
The only potential downsides of a high-yield savings account would be maintenance fees that eat into your interest payments (though most accounts are fee-free) or restrictions on the monthly transfer limit or time it takes for your money to get to your checking account.
Which bank is the most trustworthy?
We've compared each company's Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. Here is each company's score:
| Institution | BBB grade |
| Ally | C- |
| Capital One 360 | A- |
| Axos | A+ |
| Chime | A+ |
| SoFi | A+ |
Of our top picks, Ally has the lowest grade. The BBB cites the number of customer complaints and unresolved customer complaints on the BBB website as the reason behind Ally's C- grade.
Chime and SoFi have also been involved in one recent public controversy.
The platform used the URL "Chimebank.com" and the words "bank" and "banking" but Chime isn't licensed as a bank. Chime is a banking platform, and is insured by a bank.
In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements that falsely stated customers could save more money by refinancing than they actually could.
Experts' advice on choosing the best account for you
Our expert panel for this guide
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best savings accounts for your needs. You can read their insights at the bottom of this post.
We're focusing on what will make a savings account most useful, including high APY, low costs, and more. Here's what they had to say about savings. (Some text may be lightly edited for clarity.)
Generally, what makes a high-yield savings account good or not good?
Roger Ma, CFP:
"It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don't want to have so much friction where it's such a pain to get the money out when you need it."
Mykail James, CFEI:
"Anything with a fee is not a good high-yield savings account. Anything that restricts how much you can save is, to me, not very good. If I can't save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that's not a really good savings account, because it's not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely. I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?"
How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?
Tania Brown, CFP:
"So I guess we'll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account."
Laura Grace Tarpley, Personal Finance Insider:
"I would use a high-yield savings account or money market account for short-term goals or an emergency fund. You'll probably want to choose whichever has a higher rate, but money market accounts can be good for emergency savings because they often come with a debit card or paper checks, making it easy to access money quickly. Then use CDs for longer-term goals, like buying a home in a few years."
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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