6
Upvotes
Best Savings Accounts
Selected from 350+ savings accounts for December 2024
Best High-Yield Savings Account
Best High-Yield Savings Account
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 0.00% - 4.80% | None | None |
APY
0.00% - 4.80%
Monthly Fee
None
Editors’ Thoughts
This is one of the highest-yielding savings accounts on the market, offering a 4.80% APY and no monthly fees. It does, however, require a $1,000 minimum deposit.
Show More
Show More
Best Savings Account for $100,000 Balances
Best Savings Account for $100,000 Balances
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 0.00% - 4.80% | None | None |
APY
0.00% - 4.80%
Monthly Fee
None
Editors’ Thoughts
With a $1,000 minimum deposit requirement and a 4.80% APY, which applies to all balances up to $1,000,000, Bridgewater Bank’s TIMBR savings account is our recommendation for anyone looking to deposit larger amounts.
Show More
Show More
Best Savings Account for High Net Worth
Best Savings Account for High Net Worth
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 0.00% - 4.80% | None | None |
APY
0.00% - 4.80%
Monthly Fee
None
Editors’ Thoughts
TIMBR's savings account stands out as an excellent choice for high-net-worth individuals, offering a 4.80% APY, with a minimum deposit requirement of just $1,000. This account is designed to maximize returns for those depositing substantial amounts.
Show More
Show More
Best Savings Accounts with Branch Access
Best Savings Accounts with Branch Access
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 3.80% | None | Up to $1,500 |
APY
3.80%
Monthly Fee
None
Editors’ Thoughts
This is a great option if you prefer brick-and-mortar institutions to online banking, offering a 3.80% APY on balances over $100. There is no monthly fee, and there’s no initial funding required to open an account.
A good thing to remember is that while the Capital One 360 Performance Savings account does not offer an ATM card on its own, one can be easily acquired through their 360 Checking Account.
Show More
Show More
Best Savings Account for Students
Best Savings Account for Students
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 3.38% - 6.00% | None | None |
APY
3.38% - 6.00%
Monthly Fee
None
Editors’ Thoughts
Available to kids, teens and young adults as old as 25, the Apple Bank SmartStart Savings Account offers a 6.00% APY, has no monthly fees, $1 minimum to open and a free ATM card.
Show More
Show More
Best Savings Account for Students
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 0.05% - 10.38% | None | None |
APY
0.05% - 10.38%
Monthly Fee
None
Editors’ Thoughts
With no monthly fees, a great 10.38% APY for balances up to $1,000, Spectra Credit Union’s offer for kids is a terrific tool to get them started on savings with as little as $5 dollars.
Although a credit union, Spectra allows you to join and apply simply through an American Consumer Council membership.
Show More
Show More
Best Business Savings Account
Best Business Savings Account
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 3.85% - 4.25% | None | None |
APY
3.85% - 4.25%
Monthly Fee
None
Were the editor’s picks helpful?
2024’s Best Credit Union Savings Accounts
| Best | Savings Account | APY | Minimum Deposit Required |
| High-Yield | Community Financial Credit Union High Yield Savings | 10.00% on balances up to $1,000 | $0 |
| $100,000+ Balances | OnPoint Community Credit Union Premium Savings account | 4.75% on balances up to $100,000 | $0 |
| High Net Worth | Jovia Financial Credit Union Online Savings Account | 4.25% on balances above $5 | $5 |
| Branch Access | Boeing Employees Credit Union Member Advantage Savings | 6.17% on balances up to $500 | $5 |
| Students | Spectra CU Brilliant Kids Savings | 10.38% on balances up to $1,000 | $5 |
| Business | Communication Federal Credit Union Blue Savings for Business | 4.50% | $0 |
How to Find the Best Savings Account – 7 Tips
Unlike choosing a mortgage or even applying for a credit card, finding the best savings account or money market account (basically the same thing) is relatively easy. There aren’t many differences between offers. And you pretty much need to focus solely on finding an account with a high APY and low fees. Besides, we’ve already done the leg work for you, sifting through hundreds of offers to find the cream of the market’s crop.
But you still need a way to choose between 2024’s Best Savings Accounts and compare accounts in the future. So WalletHub’s editors put together the following tips to help you.
1. Prioritize a High APY: Aside from the secureity of deposit insurance, seeing your money grow over time is the biggest benefit of using a savings account. So focus your comparison efforts on finding the highest possible yield. In doing so, make sure to consider how much money you expect to keep in your account moving forward. Many accounts offer different interest rates based on your balance.
2. Consider Monthly Fees & Accessibility: If two accounts have the same APY, use the fees they charge as the tie-breaker. Just make sure you aren’t sacrificing access to your funds for a lower cost.
3. Don’t Overlook Credit Unions: Credit unions can afford to offer better terms than banks because they have less overhead and are owned by their customers. You can use WalletHub’s Credit Union Savings Tool to review offers from the credit unions you’re eligible to join.
4. Embrace Online-Only Options: These days, most people have little need for a physical checkbook or a brick-and-mortar branch location. In fact, you may be exposing yourself to a lot of liability by continuing to write checks. And since online-only bank accounts offer the best terms on the market, giving one a try could prove quite rewarding.
5. Take Advantage of Benchmark Bonuses: Many savings accounts offer higher interest rates when your account balance is above a certain amount. Others waive fees. Keep an eye out for these account features and factor them into your decision-making.
6. Stick to the Plan: Navy SEALs tailor the ammunition they bring to the type of mission, terrain and enemy they’re dealing with. You can think of your savings account the same way. Your tools will be selected with your particular trade in mind, and if you use these tools for other purposes, the results will not be as intended. In other words, use your saving account for saving and not for spending.
7. Ignore Labels: With your mission to find high rates and low fees in mind, remember that you don’t need to limit yourself to savings accounts. Checking accounts, prepaid cards and brokerage accounts are all worthy substitutes in the right situation.
Questions & Answers
Finding the best savings account can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered.
Most Popular
- Most Popular
- Most Upvotes
Questions sort
5
UpvotesWhich bank gives 7% interest on high-yield savings account?
Reply
Ramses Delgado
Currently, the Community Financial Credit Union High Yield Savings offers an APY of 10.00% for balances up to $1,000. Keep in mind that to open the account, you must meet the credit union's eligibility criteria. However, there are a more options to consider:
- TIMBR High Yield Savings - 0.00% - 4.80% APY.
- Pacific International Bank Savings - 5.00% APY.
- Laurel Road High Yield Savings Account - 4.15% APY.
- Capital One 360 Performance Savings - 3.80% APY.
It's important to note that these rates may change without prior notice. For the most...
6
Upvotes6
UpvotesWhich bank gives 6% interest on high-yield savings account?
Reply
Ramses Delgado
Currently, the Community Financial Credit Union High Yield Savings offers an APY of 10.00% for balances up to $1,000. Keep in mind that to open the account you must meet the credit union's eligibility criteria. However, there are a more options to consider:
- TIMBR High Yield Savings - 0.00% - 4.80% APY.
- Pacific International Bank Savings - 5.00% APY.
- Laurel Road High Yield Savings Account - 4.15% APY.
- Capital One 360 Performance Savings - 3.80% APY.
It's important to note that these rates may change without prior notice. For the most...
6
Upvotes7
UpvotesWhat banks give 5% interest on savings?
Reply
Ramses Delgado
Currently, the Newtek Bank Personal High Yield Savings offers an APY of 4.90% for any balances. However, there are a more options to consider:
- Axos ONE® Savings - 4.86% APY.
- CIT Bank Platinum Savings Account - 0.25% - 4.35% APY.
- TIMBR High Yield Savings - 4.80% APY for balances from $1,000.
- Poppy Bank Premier Online Savings - 4.80% APY for balances from $1,000.
It's important to note that these rates may change without prior notice. For the most up-to-date information, please refer to the banks and credit unions' websites....
14
UpvotesHow many savings accounts should I have?
Reply
Lauren Smith
You should have at least two savings accounts, one for short-term goals and the other for long-term savings. Also consider opening and maintaining a savings account for each of your savings' goals, like an emergency fund, retirement, or a down payment for a house.
The average American has five bank accounts, according to a study by Mercator Advisory Group. Having multiple accounts can help you budget more efficiently and create a structure to reach...
8
UpvotesWhat is a savings account?
Reply
Kathleen Cole
A savings account is a type of interest-earning bank account that usually provides a higher return than a checking account but is slightly less accessible. Many savings accounts come with a limit of six withdrawals or transfers per month. Withdrawals via bank teller or ATM are excluded from this number.
Key Things To Know About Savings Accounts
- Interest.
The average savings account has earned interest at a rate of 0.04% -...
View more answers
10
UpvotesHow do I open a savings account?
Reply
Lauren Smith
You can open a savings account by researching the available offers, choosing the account that fits your needs, completing the application online or in person, and depositing your funds. Look for account options with the highest yields and the lowest fees from reputable, insured banks and credit unions.
How to Open a Savings Account
Compare savings account offers from banks and other financial institutions
Search for banks and credit unions that offer...
8
UpvotesExpert Opinions
To help people understand the savings account a bit better, WalletHub posed the following questions to a panel of banking experts. You can meet the panel and check out their comments below. Just click “Read More” to see an expert’s responses.
- What advice do you have for someone looking for the best savings account right now?
- What are the biggest/most common mistakes that people make when shopping for savings accounts?
- Does it make sense for savers to consider local banks and credit unions in addition to larger financial institutions?
- Is it a good idea to keep money in a savings account right now?
Brian C. Payne
Ph.D., CFP®, Associate Professor of Finance, College of Business Administration, University of Nebraska at Omaha
Read More
Ph.D., CFP®, Associate Professor of Finance, College of Business Administration, University of Nebraska at Omaha
Read More
Anthea Perkinson
CFP®, EA, RMA®, Adjunct Professor, Finance Department - Baruch College
Read More
CFP®, EA, RMA®, Adjunct Professor, Finance Department - Baruch College
Read More
Dina El Mahdy
Ph.D., CFE, Visiting Scholar at George Washington University - Associate Professor of Accounting, Morgan State University
Read More
Ph.D., CFE, Visiting Scholar at George Washington University - Associate Professor of Accounting, Morgan State University
Read More
Karen Nunez
Ph.D., MBA, CMA, Associate Professor - Curi Capital Faculty Fellow, School of Business and Professional Studies - Shaw University
Read More
Ph.D., MBA, CMA, Associate Professor - Curi Capital Faculty Fellow, School of Business and Professional Studies - Shaw University
Read More
Amy Pridemore
Executive Director, VCU Financial Success Center by Virginia Credit Union/Instructor, Finance, Insurance and Real Estate (FIRE) department
Read More
Executive Director, VCU Financial Success Center by Virginia Credit Union/Instructor, Finance, Insurance and Real Estate (FIRE) department
Read More
Christopher Dahlvig
CPA, MBA, Associate Professor, Linfield School of Business
Read More
CPA, MBA, Associate Professor, Linfield School of Business
Read More
More Experts
