The annual percentage yields (APYs) provided below are current as of the publication date of this article. Our process involves reviewing savings account rates every weekday morning and updating the information accordingly.
The highest APY you can earn from a nationwide savings account is 5.50% offered by Poppy Bank. This rate is nearly 12 times the FDIC’s national average for savings accounts which currently stands at 0.46% APY. This comparison with the FDIC’s average helps you understand how competitive Poppy Bank’s offering is. Poppy Bank’s offering is among the leading rates highlighted in our rankings below.
Our weekly survey of approximately 100 banks and credit unions offering high-yield savings accounts nationally is a thorough and reliable source of information. Even the 10th-highest rate in our rankings provides a 5.25% APY ensuring you have a wide range of options to choose from. Below you’ll find featured savings and cash management accounts—from banks credit unions and other financial institutions that partner with banks—available through our partners followed by a complete list of the best savings account rates nationwide.
In the News
The Federal Reserve’s decisions such as maintaining the federal funds rate for the eighth consecutive time during its July 31 meeting can have a significant impact on savings rates. The rate currently at its highest point since 2001 is expected to be cut in September. This knowledge can help you make informed decisions about your savings. Savings yields which closely follow the federal funds rate peaked in April. However once the Fed starts lowering rates savings rates are expected to decline as well.
Best Savings Accounts
- Poppy Bank – 5.50% APY
- Minimum opening deposit: Any amount
- Minimum ongoing balance: $1000 to earn stated APY
- Monthly fee: None with electronic statements; otherwise $5
- ATM card: Yes
- Mobile check deposit: No
- Checking accounts available: Yes
- CDs available: Yes
- Note: This rate is guaranteed 90 days from the account’s opening date.
- Flagstar Bank Savings Plus – 5.35% APY
- Required opening deposit: Any amount
- Minimum balance requirement: $25000 to earn stated APY
- Monthly fee: $15; waived with a $10000 average daily balance or a Flagstar checking account
- ATM card: Yes
- Mobile check deposit: Yes
- Checking accounts available: Yes
- CDs available: Yes
- Note: This rate is guaranteed for five months from the account’s opening date.
- Western Alliance Bank – 5.31% APY
- Required opening deposit: $500
- Minimum balance requirement: Any amount
- Monthly fee: None
- ATM card available: No
- Mobile check deposit: Yes
- Checking accounts available: Yes
- CDs available: Yes
- Overview: Western Alliance Bank is headquartered in Phoenix, Arizona and has been operational since 2003.
- Bright Bank Growth Savings – 5.30% APY
- Required opening deposit: Any amount
- Minimum balance requirement: Any amount
- Monthly fee: None
- ATM card available: No
- Mobile check deposit: No
- Checking accounts available: No
- CDs available: Yes
- Vio Bank Cornerstone Money Market Savings Account – 5.30% APY
- Minimum opening deposit: $100
- Minimum ongoing balance: Any amount
- Monthly fee: None
- ATM card: No
- Mobile check deposit: Yes
- Checking accounts available: No
- CDs available: Yes
- Note: Although this account is labeled as a “money market” account, it does not include check-writing privileges and functions like a savings account.
- BrioDirect High-Yield Savings Account – 5.30% APY
- Minimum opening deposit: $5000
- Minimum ongoing balance: $25 to earn stated APY
- Monthly fee: None; $5 with paper statements
- ATM card: No
- Mobile check deposit: Yes
- Checking accounts available: No
- CDs available: Yes
- Ivy Bank High-Yield Savings Account – 5.30% APY
- Minimum opening deposit: $2500
- Minimum ongoing balance: $2500 to earn stated APY
- Monthly fee: None
- ATM card: No
- Mobile check deposit: Yes
- Checking accounts available: No
- CDs available: Yes
- TotalBank Money Market Account – 5.26% APY
- Minimum opening deposit: $25000
- Minimum ongoing balance: $2500 to earn stated APY
- Monthly fee: None
- ATM card: No
- Mobile check deposit: Yes
- Checking accounts available: No
- CDs available: Yes
- Note: This account is accessible nationwide except for residents of Florida.
- USAA Performance First Savings Account – 5.25% APY
- Minimum opening deposit: $10000
- Minimum ongoing balance: $5000 to earn stated APY
- Monthly fee: None
- ATM card: Yes
- Mobile check deposit: Yes
- Checking accounts available: Yes
- CDs available: Yes
- First Citizens Bank Online Savings Account – 5.20% APY
- Minimum opening deposit: $25
- Minimum ongoing balance: Any amount
- Monthly fee: None
- ATM card: Yes
- Mobile check deposit: Yes
- Checking accounts available: Yes
- CDs available: Yes
- Overview: First Citizens Bank has been operational since 1898, with a current headquarters in Raleigh, North Carolina.
Pros and Cons of Savings Accounts
- Pays interest on your balance
- Allows you to add or withdraw funds at any time
- Extremely safe with virtually no risk
- When rates are rising your savings APY could increase
Pros Explained
- Pays interest on your balance: Unlike checking accounts a savings account’s balance earns interest in the form of APY. However rates vary significantly from one bank to another so it’s crucial to compare options.
- Allows you to add or withdraw funds at any time: Savings accounts are highly liquid enabling you to withdraw funds whenever you wish even closing the account if needed. You can also deposit funds at any time.
- Extremely safe with virtually no risk: If your savings account is at an FDIC-insured bank deposits up to $250000 are protected if the bank fails.
- When rates rise your savings APY could increase: Savings accounts offer variable rates meaning your APY could go up during rising interest rates.
Cons Explained
- Scoring a high yield may require opening the account at another bank: Your primary checking account’s bank might offer low savings account rates so obtaining a competitive yield may necessitate opening a savings account elsewhere.
- Earnings will be lower than on riskier investments: While the stock market and other investments can yield higher returns they risk losing money.
- Easy access to your money could make it tempting to spend it: The convenience of withdrawing funds anytime can make it harder to resist unnecessary spending.
- Your APY could drop if rates fall: Since savings accounts have variable rates your APY might decrease during declining interest rates.
Types of Savings Accounts
- Traditional Savings Accounts: Offered by most banks and credit unions traditional savings accounts typically provide lower interest rates but greater accessibility. These accounts are suitable for holding funds you might need in the short term. They are FDIC-insured meaning deposits are protected from bank failure.
- Money Market Accounts (MMAs): MMAs combine savings and checking account features. They usually offer higher interest rates than traditional savings accounts and may include check-writing or debit card privileges. However they often require a higher minimum balance.
- Cash Management Accounts (CMAs): Offered by brokerages and fintech companies CMAs function similarly to savings accounts but often offer higher yields. They provide easy access to your money with some accounts including check-writing or debit card privileges.
Frequently Asked Questions
What is the difference between a savings account and a money market account?
Both savings accounts and money market accounts offer a safe place to store your money while earning interest. The key difference is that money market accounts may offer check-writing or debit card privileges whereas savings accounts typically do not. Additionally MMAs often require higher minimum balances but may offer higher interest rates.
Are high-yield savings accounts safe?
Yes high-yield savings accounts are just as safe as traditional savings accounts as long as they are held at an FDIC-insured bank. Your deposits are insured up to $250000 meaning your money is protected even if the bank fails.
Can the interest rate on my savings account change?
Yes the interest rate on a savings account is variable meaning it can change over time. Banks may adjust rates based on factors such as the Federal Reserve’s actions economic conditions and the bank’s own business strategy. It’s important to monitor your account’s rate and compare it with other options regularly.
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