6 Best Savings Accounts Right Now

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Picking a strong savings account to store your money is nearly as important as how much you save. It’s crucial to choose an account that gives you what you need, whether it’s a low minimum opening deposit, high interest rate, or unique savings tools.

Below, you’ll find our picks for the best savings accounts of July 2023. We’ve included the best high-yield savings accounts as well as a best certificates of deposit (CDs) option.

The Best Savings Accounts Right Now

Our top picks for savings accounts are protected by FDIC or NCUA insurance. Although Silicon Valley Bank, Signature Bank, and First Republic Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Compare the Best Savings Accounts

Experts’ Advice on Choosing the Best Savings Account

Insider

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, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:

“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, MBA, certified financial education instructor, BoujieBudgets.com:

“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?”

Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:

“I would consider looking for features that will help manage your account. Some banks have high-yield savings accounts that let you separate your savings into individual goals and track your progress. Other financial institutions will let you deposit cash at ATMs or some retailers. A good high-yield savings account will likely be an account where you can grow your savings without unnecessary hassles.”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, certified financial planner at SaverLife:

“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.”

Sophia Acevedo, Personal Finance Insider:

“I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I’m searching for an interest-earning bank account I’ll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account.”

Our Methodology

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. 

We reviewed over two dozen financial institutions to find the best offerings for savings accounts. We compared savings accounts from online banks, national banks, and online banking platforms. For our list, we also factored in credit unions that anyone in the US can join. 

We reviewed interest rates, fees, bank account history, mobile app ratings, and customer support availability to determine our top picks.

Compare Today’s Savings Rates

Savings Accounts Frequently Asked Questions

Best Savings Account Overall

Synchrony High-Yield Savings Account

Why it stands out: Synchrony has a well-rounded high-yield savings account and will likely stand out to you if you’re comfortable with online banking.

The Synchrony High-Yield Savings Account has a $0 minimum opening deposit, no monthly service fee, and a higher interest rate than many other savings accounts right now.

This account allows you to get an ATM card, so you may withdraw money from your account if you need it in a pinch.

You also may find Synchrony appealing if you want strong customer support availability. You may connect with a virtual assistant through live chat, and if the virtual assistant can’t answer your question, you’ll be transferred to a live assistant. You could also call an agent from 8 a.m. to midnight ET.

Rate: 4.30% APY

What to look out for: Synchrony only offers savings accounts, CDs, and money market accounts. If you would prefer to open a high-yield savings account at a bank that also offers checking accounts, you’ll have to consider other options. 

Best for Easy Access to Your Account

SoFi Checking and Savings

Why it stands out: SoFi Checking and Savings is a hybrid bank account that combines checking and savings account features. The account comes with a debit card and offers access to over 50,000 Allpoint ATMs worldwide. You also won’t be charged out-of-network ATM fees (Although, SoFi won’t reimburse you if you’re charged by an out-of-network provider).

You can also earn a competitive interest rates that are 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 solid interest rate.

Rate: up to 4.30% with direct deposit APY

What to look out for: If you deposit cash at a Green Dot location, you might need to pay a fee of up to $4.95 per transaction.

Best Savings Account for College Students

Ally Savings Account

Why it stands out: Ally is featured in our best bank accounts for college students guide. The Ally Savings Account is a great choice for college students because it has a low minimum deposit and zero monthly service fees. You can also speak to a live customer service representative 24/7, either over the phone or via online chat.

Ally makes it easy to save for specific goals. You can save for a specific goal through a feature called “buckets.” You’ll also have the option to create customized labels like “Next Semester’s Tuition,” “Study Abroad,” or “Emergency Fund” to track your progress and stay motivated.

What to look out for: Ally doesn’t let you deposit cash. If you’d like to add money to your account, you’ll have to make a mobile check deposit, direct deposit, online transfer, or wire transfer. 

Best Savings Account for Young Adults

Capital One 360 Performance Savings

Why it stands out: Capital One 360 may be a good choice for young adults because it has strong mobile banking features. The Capital One mobile app is rated the highest in customer satisfaction among national banks, according to the 2022 J.D. Power Online Banking Satisfaction Study. This study evaluates customer experiences with banking mobile apps and how banks are adopting mobile banking technology.

Capital One 360 makes it easy to save for various goals. You can set up separate accounts through Capital One 360 Performance Savings. The account also pays a competitive rate, charges no monthly service fee, and has a $0 minimum opening deposit.

What to look out for: Your banking experience may vary depending on where you live. The bank has branches in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. 

If you don’t live near a branch, you’ll only be able to deposit cash by going to a participating CVS location or a Capital One 360 ATM that accepts cash deposits.

Best Savings Account for Kids

Alliant Credit Union Kids Savings Account

Why it stands out: The Alliant Credit Union Alliant Credit Union Kids Savings Account stands out from other children’s accounts because it pays a high interest rate if you keep a daily balance of at least $100. It also comes with an ATM card, so your child will be able to review their account balance or make transactions at Alliant ATMs. 

Opening an account with a credit union usually entails specific membership requirements. But Alliant lets you join online from anywhere in the US if you donate $5 to Foster Care to Success.

Rate: 3.10% APY

What to look out for: When your child turns 13,  any money that in your account will remain in the Alliant Credit Union Alliant Credit Union Kids Savings Account unless you take it out or move the funds to another bank account. You may also have the option to open a teen checking account.

Best Bank for Opening a CD

Synchrony CD

Why it stands out: 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.

Synchrony offers three types of CDs: traditional CDs, bump-up CDs, and no-penalty CDs.

Traditional CDs lock in your rate when you create an account. Bump-up CDs allow you to increase your rate at least once if Synchrony’s rates go up. If you withdraw funds before your term ends with a traditional or bump-up CD, you’ll pay a penalty. However, no-penalty CDs let you withdraw funds early without paying fees.

Rate: The rates for Synchrony traditional CDs are as follows:

• 3 months: 2.25% APY
• 6 months: 5.00% APY
• 9 months: 4.80% APY
• 1 year: 4.80% APY
• 13 months: 4.50% APY
• 14 months: 4.50% APY
• 15 months: 4.50% APY
• 16 months: 4.80% APY
• 18 months: 4.95% APY
• 19 months: 4.50% APY 
• 2 years: 4.30% APY
• 3 years: 4.30% APY
• 4 years: 4.00% APY
• 5 years: 4.00% APY

Bump-up CDs come with a 24-month term, and you’ll earn 3.70% APY when you open an account. If Synchrony offers a higher interest rate on a bump-up CD before your term ends, you may increase your rate once during the two-year period.

No Penalty CDs come with an 11-month term, and you’ll earn 4.25% APY on all balance tiers.

What to look out for: Although Synchrony has a variety of term lengths overall, you can find ones longer than five years elsewhere.

Other Savings Accounts We Considered and Why They Didn’t Make the Cut

• Chime Savings Account: The Chime Savings account might be ideal if you don’t want to deal with monthly service fees, but our favorites offer more competitive interest rates right now.
• Axos High Yield Savings Account: Axos has a solid high-yield savings account, but our top picks have lower minimum opening deposits or higher interest rates.
• Ally High Yield CD: Ally CDs have a $0 minimum opening deposit, but other accounts pay higher interest rates right now.
• Capital One 360 Kids Savings Account: This savings account doesn’t charge monthly service fees, but our top pick for kids offers a more competitive interest rate right now.
• LendingClub High-Yield Savings Account: LendingClub offers a competitive interest rate but you’ll need a minimum of $100 to open an account.
• Wealthfront Cash Account: This account offers a debit card and an initial deposit of just $1, but it charges an out-of-network ATM fee and doesn’t have as many features as SoFi’s account.
• Betterment Cash Reserve Account: This robo-adviser’s high-yield cash account offers a high interest rate, but you won’t be able to deposit cash into your account. You’ll also need to qualify to use the mobile check deposit feature.
• Discover Online Savings Account: While it offers a respectable rate, Discover’s high-yield savings account lacks savings tools and features some of our top picks have.
• Marcus High Yield Online Savings Account: 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 high interest rate with Bread Savings, but the app has received negative reviews in the Google Play store.
• Wells Fargo Way2Save® Savings Account: 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 Savings℠ : 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 Advantage Savings Account: 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.
• CIBC Agility Online Savings Account: 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 Access Savings: Despite offering a respectable APY and low minimum opening deposit, Synchrony, SoFi, and Capital One edge out Citizens due to their account accessibility.
• Citizens Access Online CD Citizens Access offers high APYs on its CDs, but all terms require a minimum deposit of $5,000.
• Sallie Mae CD: 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. 
• Barclays Online CD (Member FDIC): You won’t find the variety of CD types like you would with Synchrony.
• SFGI Direct Savings Account: Although SFGI Direct’s high-yield savings account earns a decent APY, it requires $500 to open an account.
• Credit Karma Money Save Account: This high-yield savings account earns a solid interest rate, but as a credit and loan company, Credit Karma’s expertise is not in traditional banking.
• CIT Bank Savings Connect Account: CIT Bank requires a minimum opening deposit of $100. Some of our top picks let you open an account with $0.
• HMBradley Account: This hybrid checking and savings account offers high rates, but you can only open a new HMBradley account if a current customer refers you.
• USAA Savings Account: 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 Premier Savings: UFB offers a high APY, but Synchrony offers more customer support availability and SoFi has unique 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 low interest rate, and you’ll need at least $100 to open an account.
• Affinity Plus Federal Credit Union Membership Savings Account: The Affinity Plus Credit Union allows you to join if you donate $25 to the Affinity Plus Foundation and open a savings account. The savings account pays a lower interest rate than the average savings account.
• Bethpage Federal Credit Union Savings Account:  Bethpage Federal Credit Union lets you join online from anywhere in the US, as long as you open a savings account with at least $5. While its savings account has a low minimum opening deposit, it has a low interest rate. 
• Blue Federal Credit Union Membership Share Savings Account: The easiest way to join is by donating $5 to the Blue Foundation and opening a share savings account with another $5. Blue Federal Credit Union has subpar mobile app ratings, though. Bethpage also has a solid kids’ savings account that pays a high interest rate if you have a balance under $1,000. However, the rate drops substantially if your account balance is higher.
• Connexus Credit Union Members Savings Account: Connexus Credit Union lets you join online from anywhere in the US if you make a $5 donation to the Connexus Association. Connexus has limited customer support by phone.
• Consumers Credit Union Membership Share Savings Account: Anyone in the US can become a member of Consumers Credit Union online as long as you pay a one-time $5 membership fee and open a savings account. Consumers pays a low interest rate on its savings account, though.
• Hope Credit Union Savings Account: You can open an account with  Hope Credit Union if you pay a $10 membership fee. Its savings account comes with an ATM card but you can only make three withdrawals with a teller or an ATMs each month. 
• Latino Community Credit Union Savings Account: Latino Community Credit Union has branches in North Carolina. If you don’t live in North Carolina, you can still apply online by submitting an application and paying a $8 membership fee. The savings account has a monthly service fee, though.
• Pentagon Federal Credit Union Money Market Savings: You can become a member of Pentagon Federal Credit Union by opening a savings account with at least $5. PenFed has a lower interest rate than all of our top picks.
• Premier Members Credit Union Membership Share Savings Account: You can become a member of the credit union if join Impact on Education. This savings account has a low minimum opening deposit, but it also pays a low interest rate. 
• Wings Financial High-Yield Savings Account: You may donate $5 to the Wings Financial Foundation and become a member of the credit union. To get the most out of this Wings Financial savings account, you’ll need to maintain a high account balance. 

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:

Capital One has the lowest BBB grade on our list. Capital One received a B+ rating from the BBB because it has received a high volume of customer complaints on the BBB website. Ally received an NR (“No Rating”) from the BBB because it is in the process of responding to complaints that had already been closed.

A great BBB doesn’t guarantee your relationship with a company will be perfect. You’ll also want to speak with current customers or read online customer reviews.

Sophia Acevedo, CEPF

Banking Reporter

Evelyn He

Compliance Associate

Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.
The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   
Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. 
Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.

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