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A savings account is the best place to store money you aren’t using for day-to-day expenses, especially when you’re saving for something big. Savings accounts keep your savings separate from your daily finances, are secure, and if picked right will help your money grow. Whether you’re saving up for a new house or another exciting step in your life, you need to know about the best interest rates available, so you can grow your savings.
Product FAQ

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What Is a Savings Account with Best Interest Rates?
Why Should You Use a Savings Account?
Do All Banks Offer Good Interest Rates?
Where Can You Open a Savings Account?
What Are the Main Types of Banks That Offer Savings Accounts?
How We Reviewed
To make sure you have the best interest rates to choose from we took the time to research all the important factors. In this review, we considered features, pros and cons, price, accessibility, and more. We also considered the quality of service, and of course, the APR of each savings account, to provide you with the best interest rates.
Overall Price Range of This Product (and Similar Products)
Different savings accounts have different fees and minimum balance requirements associated with them. Most of the best interest rates savings account on our list have no monthly maintenance fees. And monthly balance requirements vary from $0 to $25,000. While an account with no monthly requirement might be just right for you, some accounts with higher monthly requirements provide more perks and higher APR.
What We Reviewed
Bank Preview | Bank Name | Website |
---|---|---|
![]() | Synchrony Bank | |
![]() | Citizens Access | |
![]() | Marcus by Goldman Sachs | |
![]() | Customers Bank | |
![]() | Barclays Bank | |
![]() | CIT Bank | |
![]() | American Express National Bank | |
![]() | Discover Bank | |
![]() | Ally Bank | |
![]() | PurePoint Financial |
Synchrony Bank

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About
Synchrony Bank is an online-only bank, and while they might not have a big name in the banking world, they are a large and well-capitalized business. Synchrony Bank used to be a part of General Electric before it branched off. This account offers a high-interest rate and additional perks like ATM reimbursements and travel discounts. As an online-only bank, Synchrony requires electronic money transfers which can take a few days, but the ATM card provided makes accessing your money easier.
PROS
CONS
APY
With a savings account through this bank, the APY is around 2.05%.
Minimum Balance Required
There is no minimum balance required to open an account or qualify for the interest rate.
Where To Apply
Citizens Access

Image source: citizensaccess.com
About
Citizens Access is an online-only division of Citizens Bank that provides one of the best interest rates. You can deposit checks using the bank’s website which is mobile friendly. Another great feature of a Citizens Access savings account is there is no monthly fee.
PROS
CONS
APY
With a savings account through this bank, the APY is around 2.25%.
Minimum Balance Required
A minimum balance of $5,000 is required to open an account. If your balance falls below $5,000 your interest rate also falls to a low APY of around 0.25%.
Where To Apply
Marcus by Goldman Sachs

Image source: marcus.com
About
This online bank charges no monthly fees, has a low minimum balance requirement, and is a well-known bank you can rely on. For this savings account, you will need another open account to make deposits and withdrawals. Unfortunately, this bank doesn’t provide a checking account service or access to an ATM network, so if you like having your savings and checking accounts through the same bank, this might not be the best choice.
PROS
CONS
APY
With a savings account through this bank, the APY is around 2.05%
Minimum Balance Required
The minimum balance required to earn interest is only $1.
Where To Apply
Customers Bank

Image source: customersbank.com
About
This online-only savings account provides some of the best interest rates. A savings account with Customers Bank features no minimum balance fee and no cap on your balance.
PROS
CONS
APY
With a savings account through this bank, the APY is around 2.25%.
Minimum Balance Required
The minimum balance required to earn APY is $25,000.
Where To Apply
Barclays Bank

Image source: barclays.co.uk
About
Barclays is an online division of the global financial services company from the United Kingdom and offers competitive interest rates for U.S. customers. There are no checking accounts or ATM networks provided, but there is good customer service provided and an efficient mobile app.
PROS
CONS
APY
With a savings account through this bank, the APY is around 2.05%.
Minimum Balance Required
There is no minimum balance required to open an account.
Where To Apply
CIT Bank

Image source: cit.com
About
CIT is a big bank with over $50 billion in assets, and they offer online-only savings account with competitive interest rates. There is a low opening balance requirement, but you have to meet other requirements. To qualify for the interest rate offered for this savings account, you need to make a monthly deposit of $100 or maintain a $25,000 balance.
PROS
CONS
APY
With a savings account through this bank, the APY can be up to around 2.25%.
Minimum Balance Required
For competitive APR you’ll need a balance of $25,000 or monthly deposit of $100.
Where To Apply
American Express National Bank

Image source: personalsavings.americanexpress.com
About
American Express is a well-known credit card company, but they also offer competitive interest rates. This is a great bank for anyone looking to start a savings account as it comes with a high interest rate offer, FDIC insurance of up to $250,00 in deposits, and no monthly fees. The downside is there are no ATM cards or checks offered with this savings account.
PROS
CONS
APY
With a savings account through this bank, the APY is around 2.00%
Minimum Balance Required
There is no minimum balance requirement
Where To Apply
Discover Bank

Image source: portal.discover.com
About
Another popular credit card company, Discover also has online-only banking that provides savings accounts with some of the best interest rates. This bank only has one physical branch in Delaware, but it provides outstanding 24/7 customer service to make banking easy. Plus, the mobile app for both Android and iOS is convenient and easy to use. There is also no monthly fee.
PROS
CONS
APY
With a savings account through this bank, the APY is around 2.00%.
Minimum Balance Required
There is no minimum balance required.
Where To Apply
Ally Bank

Image source: ally.com
About
As a digital-only bank, Ally knows all about online-only savings accounts and they have competitive interest rates. They have an easy to navigate website and convenient app compatible with iOS, Android, and Windows devices. Plus, they offer real-time chat support. You can also open a free checking account with Ally bank to make access to your savings account super simple.
PROS
CONS
APY
With a savings account through this bank, the APY is around 2.00%.
Minimum Balance Required
There is no minimum balance required.
Where To Apply
PurePoint Financial

Image source: purepoint.com
About
PurePoimt Financial offers an online-only savings account with competitive interest rates, but there is a required balance you must meet. Just like Ally bank, if over six transactions are made a month, a $10 fee will be assessed for every additional transaction. PurePoint has a mobile-friendly website, but they do not have a mobile app yet.
PROS
CONS
APY
With a savings account through this bank, the APY is around 2.15%
Minimum Balance Required
There is a $10,000 minimum balance required to open an account, and this balance needs to be maintained. If your balance falls under this amount, your APR is reduced to around 0.25%.
Where To Apply
The Verdict

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If you’re just starting out or this is your first savings account, both Discover Bank and American Express National Bank are great choices. Both banks are well known so you can rest assured that your money is safe. Plus, with both banks, you can get a competitive APR of 2.00% with no minimum balance requirement or monthly maintenance fees.
If you want to earn a little more on your savings and you can make a small deposit, then Citizens Access is the best for you. If you can make and maintain a $5,000 balance, you get an APR of 2.25%. If you’re a monthly saver, the best option for you is CIT Bank, where you get an APR of 2.25% as long as you make a deposit of $100 per month.
With so many best interest rates to choose from, there’s something here for everyone. No matter what your savings account needs are, with the best interest rates on this list, you’ll be well on your way to reaching your savings goals.
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