Are you researching which U.S. banks offer the best savings accounts?
Everyone should try to save money because you never know when a significant expense will arise.
However, it can be difficult to save money, especially when savings rates are not particularly attractive.
However, we’ve identified ten of the best savings accounts in the United States that may encourage you to save.
So, peruse the list, select your favourites, and put your savings strategy on autopilot! Recommended: The Top 10 Dividend Tracking Apps
Top 10 Savings Accounts in the United States
The list of the 10 best American savings accounts and associated information has been compiled using data from multiple online sources, including The College Investor and The Balance.
There are so many banks and credit unions offering savings accounts in the United States, each with its own terms, interest rates, fees, and features. Consider the following factors when searching for the best savings account:
- Interest rates: The interest rate is the amount of money you earn on your savings account balance. Look for a savings account with a competitive interest rate to maximize your savings.
- Fees: Some banks may charge fees for maintaining a savings account, such as monthly maintenance fees or transaction fees. Look for a savings account with no or low fees to avoid losing money.
- Minimum balance requirements: Some savings accounts may require you to maintain a minimum balance to avoid fees or earn interest. Make sure the minimum balance requirement is within your budget and financial goals.
- Access: Consider how you want to access your savings account, whether through online banking, ATMs, or branches. Look for a savings account that offers convenient access options for your needs.
- FDIC insurance: Make sure the bank you choose is FDIC-insured, which means your savings account balance is protected by up to $250,000 in case the bank fails.
The following are some of the best savings accounts in the United States as of February and March 2023:
Bask Bank is an online division of Texas Capital Bank that provides two types of savings accounts: one with a competitive annual percentage yield (APY) and the other with American Airlines miles. The Bask Bank Interest Savings Account offers a very competitive yield, requires no minimum balance, and has no monthly service fee. It currently offers one of the highest APYs on its Interest Savings Account, ranging from 4.15 percent to 4.25 percent APY.
Every dollar deposited into the Bask Bank Mileage Savings Account earns two American Airlines AAdvantage® miles. Additionally, Bask Bank now offers four terms of CDs with competitive interest rates, but some terms may have steep early withdrawal penalties. The Bask Bank Mobile app is accessible through the App Store and Google Play and enables customers to manage their accounts on the go.
Barclays Online Savings Account
Barclays Online Savings Account is a savings account offered by Barclays Bank Delaware, a member of the FDIC. This account is designed for customers who prefer online banking and want to earn a high-interest rate on their savings.
The Barclays Online Savings Account offers industry-high interest rates (APYs) and secure, 24/7 access to your funds. The interest rate for the account is 3.60% APY with no minimum deposit required. According to CNBC, there is no minimum balance required to open an account, but for interest to post to your account, you must maintain a minimum balance of $0.01.
Bread Financial Savings Account
Bread Financial does not provide a traditional savings account. The company does, however, offer a feature called “Savings Rewards” that enables users to earn cash back on their purchases, which can then be transferred to a designated savings account.
Savings Rewards allows users to earn up to 10% cash back on purchases made at select retailers. The cashback is automatically deposited into the user’s Bread account, from which it can be transferred to a savings account at any U.S. bank or credit union.
The “Auto-Save” feature of the app allows users to schedule automatic transfers to their savings accounts. This allows users to save a portion of their paycheck or schedule a weekly or monthly transfer to their savings account.
While Bread Financial does not offer a traditional savings account with interest, the Savings Rewards and Auto-Save features can assist users in saving money and achieving their financial objectives.
CIT Savings Connect Savings Account
The CIT Savings Connect Savings Account is a high-yield online savings account offered by CIT Bank, a subsidiary of CIT Group Inc., a leading commercial and consumer banking company.
This savings account offers a competitive interest rate and is designed to encourage customers to save as much as possible. There are no monthly account maintenance fees or minimum balance requirements to open or maintain this account.
Customers can open an account online and begin earning interest on their savings within minutes. The account also includes complimentary online and mobile banking, allowing customers to easily manage their accounts, transfer funds, and access their savings from anywhere.
The CIT Savings Connect Savings Account is distinguished by its bonus interest rate for customers who also open and maintain a qualifying linked checking account. This encourages customers to maintain a long-term relationship with CIT Bank and utilise their other products and services.
The CIT Savings Connect Savings Account is a good option for customers seeking a high-yield savings account with no monthly fees and convenient online access.
Citizens Online Savings Account
The Citizens Online Savings Account is an online savings account offered by Citizens Bank. This account offers a competitive interest rate and is designed to help customers save money and reach their financial goals.
There are no monthly account maintenance fees or minimum balance requirements to open or maintain this account. Customers can open an account online and begin earning interest on their savings within minutes.
One unique feature of the Citizens Online Savings Account is that it offers a “GoalTrack Savings” tool that helps customers set and track savings goals. Customers can track their progress towards specific goals, such as saving for a down payment on a home or a holiday, through the online banking portal.
In addition, the account includes free online and mobile banking, which allows customers to easily manage their accounts, transfer funds, and access their savings from anywhere.
Overall, the Citizens Online Savings Account is a good option for customers who are looking for a competitive interest rate, no fees, and easy online access, as well as a tool to help them reach their savings goals.
iGObanking Savings Account
iGObanking is an exclusively online bank that provides a variety of financial products, including savings accounts. The iGObanking savings account is a high-yield savings account with a competitive interest rate, no monthly maintenance fees, and no minimum balance requirements.
Key features of the iGObanking savings account are as follows:
A competitive interest rate that is higher than the national average is offered by this account. The interest is daily compounded and monthly credited to the account.
There are no monthly maintenance fees or account minimums required to maintain this account.
The account is easily accessible via the iGObanking website or mobile application. Deposits, withdrawals, and transfers can be made at any time and from any location.
iGObanking is a member of the Federal Deposit Insurance Corporation (FDIC), so your deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
Online-only: iGObanking is an online-only bank, meaning there are no physical locations. However, this also means that you can conduct banking transactions from any location with an internet connection.
The iGObanking savings account is a great option for those who want to earn a competitive interest rate on their savings without incurring any fees or maintaining a minimum balance.
LendingClub High-Yield Savings
LendingClub is a peer-to-peer lending platform that eliminates the need for traditional banks by allowing individuals to lend and borrow money directly from one another. Initially concentrating on personal loans, LendingClub has recently introduced a high-yield savings account.
The high-yield savings account from LendingClub offers a competitive interest rate relative to traditional savings accounts, with no minimum balance requirement and no monthly maintenance fees. The interest rate is variable, which means it is subject to change over time.
The FDIC insures deposits in the LendingClub high-yield savings account up to $250,000. If LendingClub were to fail, the government would guarantee the funds in the account up to this amount.
Notably, investing in LendingClub loans differs from depositing funds into a high-yield savings account with LendingClub. Investing in LendingClub loans involves credit risk and is uninsured by the FDIC. In contrast, the LendingClub high-yield savings account is a savings account and carries no credit risk.
Overall, the high-yield savings account from LendingClub may be a good option for individuals seeking a competitive interest rate on their savings without the fees and minimum balance requirements of traditional banks. Before opening an account, it is essential to consider the terms and conditions thoroughly, as with any financial product.
Marcus by Goldman Sachs Online Savings Account
The online bank Marcus by Goldman Sachs offers a high-yield savings account. The Marcus by Goldman Sachs Online Savings Account offers a competitive interest rate compared to traditional savings accounts, and there are no fees or minimum balance requirements.
The FDIC insures deposits in the Marcus by Goldman Sachs Online Savings Account up to $250,000. If the bank were to fail, the government would guarantee the funds in the account up to that amount.
The Marcus by Goldman Sachs Online Savings Account provides several features to assist customers in managing their savings, including the ability to set up automatic transfers, track their progress towards savings goals, and access their account via mobile app or online portal.
Some customers may find it inconvenient that the Marcus by Goldman Sachs Online Savings Account lacks access to checking accounts and ATMs. In addition, the interest rate is variable, which means it can change over time.
Overall, the Marcus by Goldman Sachs Online Savings Account may be a good option for individuals seeking a competitive interest rate without the fees and minimum balance requirements of traditional banks. Prior to opening an account, it is essential to carefully consider the terms and conditions and compare the account to other options to determine which one best meets your individual needs.
TotalDirectBank Savings Account
TotalDirectBank, a division of City National Bank of Florida, offers the TotalDirectBank Savings Account, a high-yield savings account. This account is intended to help customers save money and earn a competitive rate of interest on their savings.
Some features of the TotalDirectBank Savings Account include:
- Competitive interest rate: The account offers a high-interest rate, which can help customers grow their savings faster than with a traditional savings account.
- No monthly maintenance fees: There are no monthly fees or minimum balance requirements with this account, which means customers can save money without worrying about additional fees.
- Online banking: Customers can manage their accounts online through the TotalDirectBank website or mobile app, making it easy to deposit and withdraw money, check balances, and monitor account activity.
- TotalDirectBank is FDIC-insured, so deposits are protected up to the maximum amount permitted by law.
Customers can apply for a TotalDirectBank Savings Account online via the bank’s website. They must provide personal and financial information, including their name, address, Social Security number, and employment details. Once the account has been opened, customers can deposit funds and begin earning interest on their savings.
American Express Bank
The following is an American Express Bank high-yield savings account.
If you already have an Amex credit card, you will be familiar with their customer service and what to expect if you open a savings account with them.
They offer savings accounts with an APY of 1.90 percent that is FDI-insured and well-reviewed.
This is also an online-only offering, as Amex does not have any branches, so this type of account is ideal for those seeking a high-interest savings account from a reputable institution.
One annoying downside is that you’ll have to have multiple account logins if you have a credit card and a bank account with them, as they’re not linked.
This is not a major issue, but it is something to consider if you prefer to limit the number of accounts and passwords you use.
Discover Bank
Discover Bank’s high-yield savings account is third on our list of the best savings accounts in the United States.
Possibly not the most well-known bank in the savings industry, but certainly one with a long history.
Their savings account currently offers 1.90% APY with no fees and no minimum balance requirements.
Now, if you’re a fan of deals and incentives but can’t decide between this account and another one on the list, they’ve made your decision easier by offering you a concession to sign up.
If you open an account and make a deposit by a certain date, they will give you between $150 and $200, depending on the amount of your deposit.
Check their website for rewards and promotional dates.
Betterment
The best savings account in America right now is from Betterment.
They’re fairly new to the world of high-yield savings accounts, but they’re certainly offering some great value.
As it currently stands, they’re offering the highest rate of 2.21% APY with absolutely no fees and no minimum balance requirements.
Their account is also FDIC Insured up to $1,000,000.
If you want the highest rate, you’ll have to sign up for a waiting list for a checking account they’re also releasing; however, the checking account is free and you’re not required to open one.
Combining their current offering with their excellent online banking facilities and positive reviews, it’s easy to see why they’re number one!
Summary
We hoped you liked our rundown of the top 10 savings accounts in the United States.
Check out a few of your go-to places to see if they sell anything else you might find useful.
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