15 Best Savings Accounts of April 2024


Whether you’re setting aside money for a long-term goal or a short-term need, the right savings account can help you save in the best way possible.

Maybe you’re looking for a high interest rate or prefer help and incentives for meeting your goals. Or perhaps you want a low-maintenance account with zero fees.

Whatever individual services you need, there’s an account for you. We’ve searched high and low for the best savings accounts available in 2024. Read on to find the one that best fits your needs.

Best High-Yield Savings Accounts

When you need to keep your cash accessible but still want to earn as much interest as possible, a high-yield savings account is likely what you’re looking for.

While most banks only offer a fraction of a percentage point as interest, a few financial institutions are willing to pay more for the privilege of holding your account. Have a look at our top picks for the best high-yield savings accounts.

CIT Bank

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CIT Bank’s Platinum Savings account currently offers a 4.95% APY on balances of $5,000 or more, and the interest compounds daily to maximize your earning potential.

However, if your balance drops below $5,000, the APY goes to 0.25%. To open the account, the minimum opening deposit is $100.

With the CIT Bank mobile app, you can easily deposit checks and transfer funds remotely.

In addition, there are no maintenance fees and your savings will earn daily compounding interest to help grow your balance. Rest easy knowing your deposits are FDIC insured up to $250,000.


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Chime® is an excellent option for anyone looking for an online-only savings account. There are no monthly maintenance fees or overdraft fees, and you can easily manage your account with the bank’s mobile app.

Since Chime doesn’t have any physical locations, they give their banking customers access to over 60,000 MoneyPass and Visa Plus Alliance ATMs across the country. You can use an out-of-network ATM1, but it’ll cost $2.50 per transaction.

And you can easily deposit checks through the app. If you need to deposit cash, you’ll have to do this at a Green Dot location.

In addition, Chime offers a rate of 2.00%3 annual percentage yield (“APY”), which is much higher than what most savings accounts offer.

Quontic Bank

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Quontic Bank’s online savings account offers one of the highest APYs in the market, currently at 4.50%. This is over 14 times the national average.

This account offers additional convenience with the inclusion of a debit card, making it a great choice for those looking for both savings and spending options.

Opening an account is quick and easy, with the possibility of doing it online in just 3 minutes. Plus, there are no monthly service fees and all accounts are FDIC insured for added security.

Quontic Bank’s high-yield savings account is a clear choice for anyone looking for a high-yielding and convenient savings option.

American Express

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The American Express National Bank offers a 4.30% APY on FDIC-insured online savings accounts for American Express cardholders. You can also open a rewards checking account with a high interest rate.

However, cash deposits are not allowed. This bank is ideal for customers seeking high-yielding checking, savings, and CD accounts, who are comfortable with online-only banking and do not require cash deposits.

There are no monthly fees, minimum deposits, or balance requirements.


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The Discover Online Savings account is an excellent option for those looking for a high-yield savings account with added benefits. With a 3.50% APY, customers can earn more on their savings.

Additionally, there are no monthly fees or minimum opening deposit, making it easy for customers to start saving.

Discover also offers 100% U.S.-based customer service available 24/7, which ensures that customers are able to get the help they need, whenever they need it.

The bank’s highly rated mobile app also allows customers to easily access and manage their savings on the go.

Marcus by Goldman Sachs

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With most high-yield savings accounts, you’re also looking at high minimum balances and other costs that can offset the interest you earn.

Not so with Marcus by Goldman Sachs, which offers a whopping 3.75% APY and carries absolutely zero hidden fees and no minimum deposit to get started.

Goldman Sachs puts the control firmly in your hands by offering access to a U.S.-based customer service team seven days a week. They also allow you to link other bank accounts for both incoming and outgoing transfers.

Your funds are FDIC insured, and you’ll also have insider access to the rest of the Goldman Sachs suite of financial products, including its no-fee, fixed-rate personal loans.


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A Synchrony Bank high-yield savings account comes with an annual percentage yield (APY) of 4.75%. Additionally, there is no need to maintain a minimum daily balance.

There’s also no monthly fee, so you don’t run the risk of losing any earnings on interest to maintenance charges.

An added bonus is that you can take advantage of Synchrony’s perks program. Benefits include ATM fee reimbursements and travel discounts.

Synchrony doesn’t provide checking accounts and only has one physical location in New Jersey, so it will take time to transfer funds to another bank account.

If you’re seeking a safe place to keep your savings so you’re not tempted to withdraw your funds, then a Synchrony high yield savings account might be a good fit for you.


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Ally is a great choice for savers at all balance levels. That’s because as a customer, you receive a 4.00% APY on your online savings account regardless of how large (or small) your balance is.

While many banks require a hefty balance before accruing interest, Ally gets your money earning straight from the get-go. Plus, there is no monthly maintenance fee.

You can also deposit checks through your smartphone with Ally eCheck Deposit. Snap a picture from your phone to get the funds available in your account, then mail in the paper copy.

There are several other free services available, such as free incoming wire transfers (including those from abroad), free deposit envelopes with postage paid, and free ACH transfers to any of your non-Ally bank accounts.

However, possible charges you could incur are $25 for overdrafting your account, $7.50 for a returned deposit item, and $20 for an outgoing domestic wire.

Overall, Ally is a great online bank if you want to earn interest without having deposits in the five-figure range.


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A Barclays online savings account has one of the best interest rates on the market today. Currently, you can open a savings account with a 4.35% APY.

Barclays doesn’t require you to open your account with a specific amount of cash. And they also don’t charge you a monthly maintenance fee.

Additionally, the high-yield savings account operates entirely online. You can transfer your savings to and from other banks and also access your funds anytime, day or night.

While you won’t have branch access to that personal touch, you certainly get a lot of convenience in addition to a great APY.

Still, both tiers are well above average compared to most other savings accounts these days. In addition to daily compounding interest, you can also appreciate no fees for opening the account or any type of monthly charge. Just deposit your cash and watch your account grow — it’s that simple.

Citizens Access

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If you’re looking for a way to grow your money while also avoiding market risk, the High-Interest Online Savings account at Citizens Access Bank is a great option.

They offer APY rates of up to 4.25%, which is higher than many of the largest, leading banks in America. And although Citizens Access is a new brand, its parent company, Citizens Bank, has been in business for more than 190 years.

It manages more than $150 billion worth of assets. So, you can rest assured that your savings are in capable hands.

Although the account requires a $5,000 minimum deposit, you won’t be charged any fees, ever. You can transfer funds directly to an external bank account, or have the bank cut a check and mail it directly to you once your money’s grown enough to reach our goals.


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What goes better with a great growth rate than a hefty opening bonus? With HSBC’s Direct Savings account, you get 3.65% APY.

HSBC charges no monthly maintenance fees and requires an opening balance of just $1 to get started. You’ll always maintain control of your funds with 24/7 mobile banking access, including tools like remote check deposit, instant online transfers, and more.

The interest rate stands whether you’ve got $100 or $100,000 in your account, and all funds are FDIC insured for your protection.


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SmartyPig offers super-specific savings goals and the ability to track your progress.

Once you open your savings account, you then link it to a checking account and create recurring deposits for each of your savings goals. Your initial deposit must be at least $25, but after that, there’s no minimum.

You can enter your monetary goal with your desired deadline, and SmartyPig then calculates how much you’ll need to save each month to reach those goals. The interest rate is 3.50% APY.

To cash out your funds, you can choose either a bank transfer deposit, a prepaid debit card, or a retail gift card that includes a cash bonus (as much as 14%).

Best of all, there are no monthly fees to deal with. Even better is that you can share your progress with friends and family via social media. A little cheerleading can be an incredible motivator to save!

savings accounts

Best Sign-Up Bonus

There’s nothing to get you saving compared to free cash that can help pad your savings account. And a few banks offer seasonal sign-up bonuses to give you the nudge you need to open an account and save.

You’ll have to meet a few minimum requirements, but once you do, you’ll have a tidy sum deposited into your account just for being a new customer.


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The SoFi Checking and Savings account is a great option for those looking for a combination of checking and savings.

The account offers a cash bonus of up to $300, depending on the amount of direct deposit. To qualify, customers need to open a new SoFi Checking and Savings account or be an existing customer who hasn’t made direct deposits before.

To get the bonus, you must make at least one direct deposit of $1,000 to $4,999.99 to earn a $50 bonus, or deposit $5,000 or more to earn a $300 bonus.

The account can be opened online, and there’s no monthly fee. The bonus will be credited within seven business days after the 25-day evaluation period following the receipt of the first qualifying direct deposit.

TD Bank

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The TD Signature Savings account offer is available for customers in select states, including CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA.

The offer expires on 10/31/23. To qualify for this offer, you can earn $200 when you deposit $10,000 or more in new funds within 20 days and maintain a balance of at least $10,000 for 90 days.

The same requirements apply to the Beyond Savings and Simple Savings accounts. To be eligible for this offer, you must already have a TD Bank checking account.

It’s worth noting that the TD Signature Savings account has added benefits compared to the Simple Savings account, such as free ATMs anywhere and relationship rates when paired with other TD Bank accounts.

Alliant Credit Union

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The Ultimate Opportunity Savings account from Alliant Credit Union is a great option for those looking to build their savings.

The account offers a competitive interest rate of 3.10% APY and comes with a $100 bonus for meeting certain requirements.

To qualify, customers must open a new account online or by phone, transfer or deposit the first $100 within 30 days. Then, you need to make transfers or deposits totaling at least $100 or more each month for the next 11 consecutive months, and maintain an average daily balance of at least $100.

The account must be open with a balance of at least $1,200 to receive the bonus, which will be credited to your account within four weeks of meeting the requirements.

The monthly service fee is $1, but it can be waived if you opt for eStatements. This offer is only available for new Alliant Credit Union members, and those who have closed an Alliant savings account within 180 days. Existing members are not eligible.

What is a Savings Account and Why You Need One

A savings account is a deposit account that allows you to earn interest and have convenient access to your funds. With a savings account, you can effectively manage your finances and create a safety net for unexpected expenses.

Types of Savings Accounts

When it comes to putting your money into savings, you have various options to choose from. Here are the most popular types of savings accounts:

  • Traditional savings accounts: These are your basic savings accounts readily available at banks and credit unions. They provide a simple solution for people who prefer a straightforward approach and desire quick access to their money.
  • High-yield savings accounts: A high-yield savings account offers a higher interest rate compared to traditional savings accounts. It’s a great option for anyone who wants to maximize their returns with minimal hassle.
  • Online savings accounts: The key advantage of these accounts is that they are offered by online-only financial institutions, which generally have lower overhead costs compared to traditional brick-and-mortar banks. As a result, they can offer significantly higher savings account interest rates, helping your money grow faster.
  • Money market accounts: A money market account typically has a higher interest rate and requires a larger minimum balance than a traditional savings accounts. They’re Ideal for people with substantial savings.
  • Certificates of deposit (CDs): A certificate of deposit (CD) is a type of savings account that lets you deposit money for a set period of time, usually several months to a few years. In return, you’ll earn a higher interest rate. However, you can’t access your money until the CD matures without paying a penalty. They’re ideal for those who want to save for a specific goal but won’t need to access the money for a while.

Pros and Cons of a Savings Account

A savings account can be a beneficial tool for managing your finances, offering a safe place to store your money while accumulating interest. However, like any financial product, it comes with its own set of pros and cons. Here’s what you should consider:

Pros of a Savings Account

  • Security: Savings accounts are one of the safest places to store your money. They are typically insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) in the U.S., or a similar entity in other countries, protecting your funds even if the bank fails.
  • Accessibility: Savings accounts allow you to access your money quickly and easily when you need it. Most banks offer online, ATM, or branch access to your account, making it simple to withdraw funds.
  • Interest earnings: Money in a savings account earns interest over time, helping your savings grow. While the interest rates are often modest, they are generally better than checking accounts or keeping cash under the mattress.
  • Encourages saving: Having a separate savings account can help reinforce good financial habits by encouraging you to save money regularly. Many banks offer automated transfers, which can facilitate consistent saving.

Cons of a Savings Account

  • Low interest rates: The interest rates on savings accounts are typically low compared to other investments, such as stocks or bonds. Inflation can sometimes outpace the interest earned, potentially reducing your buying power over time.
  • Limited transactions: Savings accounts in the U.S. are subject to Regulation D, which limits certain types of withdrawals and transfers to six per month. Exceeding this limit may result in fees, account closure, or conversion to a checking account.
  • Minimum balance requirements: Some banks require a minimum balance in the savings account to avoid monthly fees or to earn the highest advertised interest rate. This can be a hurdle for people who can’t maintain the required balance.
  • Potential fees: While many savings accounts are free, some may charge fees for account maintenance, low balances, or excess transactions. It’s essential to understand these potential costs before opening an account.

How to Choose the Best Savings Account

When choosing the best high-yield savings account, there are several features to consider to make sure it meets your specific needs and goals. These include:

  • Annual percentage yield (APY): APY is the total amount of interest earned on an account over the course of a year, based on the interest rate and frequency of compounding. Use it to compare the returns offered by different high-yield savings accounts.
  • Minimum balance requirements: Some savings accounts may require you to keep a minimum balance to avoid fees. Make sure to check for this when comparing accounts.
  • Fees: Maintenance and withdrawal fees are examples of fees that some savings accounts may have. Review and compare these fees among different accounts to understand the costs.
  • Accessibility: Consider the ease of managing your account and accessing your funds through online and mobile banking, ATM access, and local branches.

By considering these crucial features, you can find the savings account that meets your financial goals and makes managing your money a breeze.

What is Needed to Open a Savings Account?

Opening a savings account can be an essential step towards financial independence and security, and the process is typically straightforward. However, to smoothly open your new account, you’ll need to provide certain pieces of information and meet specific requirements set by your bank or credit union of choice. Here’s what you should prepare:

1. Personal identification: You’ll need a valid, government-issued identification to prove your identity. This could be a driver’s license, passport, military ID, or state-issued ID. Some banks may also ask for a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for tax purposes and to verify your identity.

2. Proof of address: A bank may also require you to provide proof of your residential address. Utility bills, rental agreements, or a mortgage statement are often accepted. It must be a physical address – PO Box addresses are typically not sufficient.

3. Contact information: You need to provide your phone number and email address so the bank can communicate with you regarding your account. Ensure the details you provide are current to avoid missing any important notifications.

4. Initial deposit: Most savings accounts require an initial deposit. The amount varies by institution, and while some may allow you to open an account with a minimal deposit, others may require a substantial amount. Be sure to research this beforehand to avoid any surprises.

5. Employment and income information: Some banks may ask for details about your employment and income. This can help the bank understand your financial situation better, although it’s not always a prerequisite for opening a savings account.

6. Co-owner Information (if applicable): If you’re planning to open a joint savings account, you’ll need to provide the identification and contact details for the other individual(s).

It’s important to note that the requirements can vary between financial institutions and regions. For instance, online banks may have different procedures compared to brick-and-mortar institutions. Moreover, the requirements may change depending on whether the applicant is a minor, an adult, or a business entity. Hence, it’s crucial to research your chosen institution’s specific needs to ensure a smooth application process.

Once you’ve gathered all the necessary information, the process of opening a savings account generally involves filling out an application form, either in-person at a branch or online. After the bank has verified your information and received your initial deposit, your savings account will be ready for use. Make sure to ask about any potential fees, minimum balance requirements, or other guidelines so you can manage your savings account effectively.

Bottom Line

To summarize, there are numerous savings accounts to choose from, each with its own distinct characteristics and advantages. It’s imperative to compare your options to determine the best savings account that aligns with your needs and aspirations.

In this article, we have spotlighted the best savings accounts of 2024. However, it’s worth noting that savings account interest rates and conditions may fluctuate. Hence, it’s advisable to frequently re-evaluate and modify your savings account choices to ensure optimal returns on your savings.

When selecting a high-yield savings account, bear in mind factors such as interest rate, annual percentage yield, minimum balance demands, fees, and ease of access. By conducting proper research and making an informed comparison, you can make a wise decision that will aid you in achieving your savings objectives.

Best Savings Accounts FAQs

Which banks offer the best savings account rates?

Savings rates can fluctuate greatly, depending on the state of the economy and the level of competition between financial institutions. To secure the best savings rates, it’s recommended to perform a thorough comparison of rates from multiple banks.

It’s worth noting that online banks often have more competitive rates compared to traditional banks, due to lower operational expenses. However, it’s important to keep an eye on the market, as the most favorable rates may shift frequently.

How do savings accounts differ from checking accounts?

Savings accounts typically have lower withdrawal limits and may have higher interest rates than checking accounts. Checking accounts are designed for more frequent transactions, such as paying bills and making purchases, while savings accounts are intended for long-term savings.

What is an interest rate on a savings account?

Savings accounts are usually restricted by lower withdrawal limits and offer higher interest rates compared to checking accounts. While checking accounts are created for daily transactions such as paying bills and making purchases, high-yield savings accounts serve the purpose of building long-term savings.

It’s essential to understand the differences between the two, to make an informed decision on where to best store your funds.

What are the benefits of having a savings account?

A savings account can play a crucial role in managing your finances, by assisting with budgeting and fostering a habit of regular savings. Not only does it provide a safe haven for emergency funds, but it also instills discipline in your spending habits. Moreover, it offers quick and convenient access to your funds during unexpected events, without the need to disturb other investments.

What is the minimum amount required to open a savings account?

The minimum deposit needed to open a savings account may differ among financial institutions. Some banks and credit unions may impose a minimum deposit requirement, while others may not have any such restrictions. It’s wise to compare the policies of different banks and credit unions before opening an account.

Can I access my savings account through online or mobile banking?

In the modern digital era, the majority of savings accounts come equipped with the convenience of mobile and online banking. This innovative feature enables you to keep an eye on your account information and make transactions effortlessly, anytime, anywhere. Whether you’re at home, work, or on the go, you have the flexibility to manage your savings with ease.

Is my money safe in an online savings account?

Yes, when you deposit your money in a reputable online savings account, you can rest assured that your funds are secure. The Federal Deposit Insurance Corporation (FDIC) provides insurance coverage of up to $250,000 per depositor for savings accounts offered by banks. So, even in the unlikely event of a bank failure, your savings are protected.

Credit unions also offer savings accounts that are insured by the National Credit Union Administration (NCUA), with the same coverage amount.

What characteristics do the best savings accounts share?

When searching for the best savings accounts, there are a few key features to keep in mind. A high interest rate of 3% or more is an important factor, as well as no monthly fees, easy accessibility, and a favorable annual percentage yield (APY).

You might also want to consider an account that provides a comprehensive suite of features, such as mobile banking, ATMs, and online account management. Ideally, you would choose a savings account that is backed by a well-established bank or credit union and is insured by either the FDIC or NCUA.

Some savings accounts might even offer bonuses or rewards for meeting certain requirements or for signing up, which can be an added perk.

What monthly fees do savings accounts have?

The best savings accounts are often those that don’t impose a monthly fee. This allows you to securely deposit your funds and watch your balance increase with earned interest, without any additional expenses hindering your progress.

As a result, you can optimize your returns, achieve your savings objectives at a quicker pace, and avoid any unpleasant surprises in the form of unexpected fees.

Is savings account interest taxable?

Yes, savings account interest is generally taxable as income at the federal and state level in the United States. However, there are some exceptions, such as certain types of tax-advantaged accounts, such as Roth IRA and 401(k) accounts, that are taxed differently.

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May, 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

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