A savings account is one of the simplest and most important financial tools out there. It’s where you park money for emergencies, future goals, or anything else you don’t want to spend right away. But while all savings accounts serve a similar purpose, not all of them offer the same value.
Savings Account with up to 3.80% APY* (see website for details)
- Cash Bonus up to $300 with direct deposit set up (Terms apply)
- No monthly fees
- Up to 2-day-early paycheck
- FDIC Insured up to $250k plus up to $3M in supplemental insurance
* Rates as of 1/24/2025.
** Rates are variable and subject to change at any time. Terms and conditions apply.
Earn 4.30% APY*
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No more hidden fees - we keep banking hassle-free.
- Enjoy free monthly maintenance
- Watch your savings grow with daily compounded interest.
- Deposit anytime, anywhere with unlimited mobile check deposits.
- Deposits are FDIC-insured up to $250,000
*Rate as of 5/8/2025
Earn 3.50% APY* with a Discover™ Savings Account
- Earn Over 5X the National Savings Average¹
- $0 Min. Balance to Earn APY
- $0 Monthly Fees & No Min. Opening Deposit
- No Overdraft Fees
- Deposits are FDIC-insured up to $250,000²
*Rates as of 6/26/2025
Earn 3.90% APY* with Barclays' Tiered Savings Account
- $0 Min. Balance to Earn APY on Barclays' Tiered Savings
- No Monthly Maintenance Fees
- Easy Direct Deposits & Online Transfers
- Deposits are FDIC Insured
*Rate as of 6/18/2025
Earn 4.00% APY*
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With a Balance of $5,000 or More*
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Earn 0.25% APY with a Balance of Less than $5k*
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$100 Minimum Deposit to Open Account
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No Account Opening or Monthly Service Fees
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CIT Bank Account is FDIC Insured
*Rate as of 6/16/2025
Earn up to 4.00% APY with Savings Pods
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Create up to three pods and start saving
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Set up and maintain a qualifying direct deposit of $200 or more and boost your savings with 4.00% APY, or earn 0.25% APY standard
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Automate savings with Round-Ups
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Deposits are FDIC-insured up to $250,000
*Terms and Conditions may apply.
Whether you’re opening your first account or thinking of switching, the best savings accounts combine accessibility, reliability, and low fees—so your money can grow without unnecessary friction.
What Makes a Savings Account “The Best”?
The ideal savings account should do more than just hold your money. It should support your financial goals while protecting your cash. Here’s what to look for:
No monthly maintenance fees: You shouldn’t have to pay just to store your money.
Low or no minimum balance requirements: This makes saving more accessible for everyone.
Solid customer service: Whether online or in-person, support matters.
Easy transfers to checking: Seamless transfers help you manage your money across accounts.
Account access via app or web: Mobile-friendly banking makes saving more convenient.
While interest rates vary—and some aren’t impressive—a low-fee, user-friendly savings account can still be a smart financial move.
Top Savings Accounts to Consider
Here’s a breakdown of some of the best savings accounts currently available. These options offer a strong mix of accessibility, low fees, and trustworthy service.
| Bank / Credit Union | Monthly Fee | Minimum Balance | Notable Features |
|---|---|---|---|
| Capital One 360 Savings | $0 | None | No fees, easy online access, strong mobile app |
| Discover Bank Savings | $0 | None | Reputable brand, user-friendly tools |
| Alliant Credit Union | $0 | $5 (held in account) | Great for members, includes ATM access |
| Chase Savings | $5 (waivable) | $300 to waive | Strong branch network, good for beginners |
| Synchrony Bank | $0 | None | ATM card available for savings account holders |
| Bank of America Savings | $8 (waivable) | $500 to waive | Easy transfers between BoA accounts, strong brand |
Note: Fee waivers are often available with direct deposit, maintaining a minimum balance, or setting up recurring transfers.
National Banks vs. Online Banks vs. Credit Unions
Each type of institution has pros and cons, and the best choice depends on your priorities:
National Banks: Great if you want in-person service and lots of ATM access. Just watch out for higher fees or minimum requirements.
Online Banks: Often offer no-fee accounts with better digital experiences. Customer service is usually remote-only.
Credit Unions: Typically community-focused and offer competitive terms, but may require membership eligibility.
If you’re comfortable banking online and don’t need branch access, online banks or credit unions often deliver more value for savers.
Best Savings Accounts by Situation
Depending on your needs, different savings accounts may stand out. Here are a few recommendations based on common goals:
For everyday savers: Capital One 360 and Discover both offer simplicity and fee-free saving.
For teens or joint accounts: Alliant Credit Union’s teen savings option is flexible and parent-friendly.
For building an emergency fund: Synchrony gives you access to cash via ATM while keeping it separate from checking.
For large banks: Chase and Bank of America are easy to access and ideal if you already use them for checking.
Tips for Choosing the Right Account
When comparing savings accounts, keep these tips in mind:
Avoid fees: Monthly charges can wipe out any interest earned.
Consider your habits: Do you prefer in-person help or digital-only banking?
Read the fine print: Understand how to waive fees, and whether transfer limits apply.
Link your checking: Many banks offer seamless transfers between accounts, which is helpful for budgeting.
Also, keep in mind that savings accounts are best for short- to medium-term goals. For longer-term wealth building, investing might be a better route.
Final Word: Pick a Savings Account That Works for You
The best savings account isn’t just the one with the most bells and whistles—it’s the one that fits your lifestyle, doesn’t charge you extra, and helps you stick to your goals. With so many options offering $0 fees and easy access, there’s no reason to settle for an account that doesn’t support your financial future.
Do your homework, compare features, and choose an account that makes saving easy—not stressful.
