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10 Best Interest Rates

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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.

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Product FAQ
How We Reviewed
Overall Price Range of This Product (and Similar Products)
What We Reviewed
The Verdict

Product FAQ

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What Is a Savings Account with Best Interest Rates?

A savings account is an account where you can safely store money you don’t need for day-to-day expenses. These saving accounts come with interest rates. Interest rates are the amount you’ll earn on money you have stored in a savings account. The best interest rates are the ones that are the highest and bring you the most savings.

Why Should You Use a Savings Account?

Savings accounts not only keep your money safe and separate from everyday spending money, but the interest you earn on savings accounts help your savings grow. Also, since most savings accounts don’t come with a debit card or checks, there are more barriers to accessing your money, which makes saving easier. Savings accounts encourage financial stability and good spending habits. And while savings accounts are essential for saving up for big-ticket items, they are also useful in the case of emergencies or unexpected expenses.

Do All Banks Offer Good Interest Rates?

Unfortunately, not all banks offer good interest rates, and if you don’t know the best options, you can miss out on optimal savings growth. Many banks provide very low-interest rates for a savings account, but if you know the savings account with the best interest rates, you’ll be well on your way to watching your savings grow.

Where Can You Open a Savings Account?

Once you’ve picked the savings account with the best interest rates, you can open an account directly with the bank. For the most part, opening a savings account is quick and easy. Really, the hardest part is picking a saving account with the best interest rates, but don’t worry we’ve got you covered.

What Are the Main Types of Banks That Offer Savings Accounts?

While each saving account has unique features and benefits, there are two main types of banks that offer savings accounts. These main types are online only banks that don’t have physical locations and brick-and-mortar banks. Online only banks typically offer higher interest rates because they don’t have to support expensive physical branches.

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

Synchrony Bank

Apply Here
citizen access

Citizens Access

Apply Here
marcus

Marcus by Goldman Sachs

Apply Here
Customers Bank

Customers Bank

Apply Here
Barclays Bank

Barclays Bank

Apply Here
CIT Bank

CIT Bank

Apply Here
American Express National Bank

American Express National Bank

Apply Here
Discover Bank

Discover Bank

Apply Here
Ally Bank

Ally Bank

Apply Here
PurePoint Financial

PurePoint Financial

Apply Here

Synchrony Bank

Synchrony Bank

Image source: securelogin.synch​​ronybank.com

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

  • High interest rate
  • ATM reimbursements 
  • ATM card provided 

CONS

  • No physical locations 
  • Poor customer service 
  • No app 

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

Apply Here

Citizens Access

citizen 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

  • High interest rate
  • No monthly maintenance fees
  • Mobile friendly website 

CONS

  • No physical locations
  • No mobile app 
  • Need to maintain a minimum balance 

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

Apply Here

Marcus by Goldman Sachs

marcus

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

  • High interest rate 
  • No monthly maintenance fees
  • Low balance requirement 

CONS

  • No physical locations
  • No checking accounts or ATMs
  • Need an external account for transactions which may lead to delays

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

Apply Here

Customers Bank

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

  • High interest rate
  • No minimum balance fee
  • No balance cap

CONS

  • No physical branches
  • High minimum balance to earn APY
  • No checks

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

Apply Here

Barclays Bank

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

  • High interest rate
  • Mobile app
  • No monthly maintenance fees

CONS

  • No physical branches
  • No checking account
  • No cash deposits or withdrawals from ATMs

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

Apply Here

CIT Bank

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

  • High interest rate
  • No monthly maintenance fees
  • 24/7 customer service 

CONS

  • Need to either maintain a high balance or make monthly deposits
  • Base tier interest rate is less competitive 
  • No physical locations 

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

Apply Here

American Express National Bank

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

  • High interest rate
  • No monthly maintenance fees
  • Earn interest daily
  • 24/7 customer service 

CONS

  • Online only banking 
  • No ATM cards
  • No checks 

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

Apply Here

Discover Bank

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

  • High interest rate
  • No monthly maintenance fees
  • Interest compounded daily
  • 24/7 customer service 

CONS

  • Online only banking
  • Fee for insufficient funds and wire transfers

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

Apply Here

Ally Bank

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

  • High interest rate 
  • No monthly maintenance fee
  • Real-time chat customer support
  • Over 43,000 free ATMs if you also open a checking account 

CONS

  • No physical locations 
  • No way to deposit cash directly
  • Limit of 6 outbound transactions per month ($10 fee for each transaction after the sixth)

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

Apply Here

PurePoint Financial

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

  • High interest rate
  • FDIC insured deposits
  • Customer service available (Monday to Friday: 8 am to 9 pm) 

CONS

  • $10 excessive activity fee
  • Minimum deposit required 
  • No mobile app

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

Apply Here

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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