9 Best Savings Accounts With High Interest Rates
Are you tired of earning measly interest rates on your savings account? If so, you’re not alone. Many people are looking for ways to earn more on their hard-earned money. That’s why we’ve put together a list of the 9 best savings accounts with high interest rates. Whether you’re saving for a down payment on a house or just trying to build up your emergency fund, these accounts can help you reach your financial goals faster. So, let’s dive in and see which savings accounts made the cut!
Looking for the best savings accounts with high interest rates? Check out these top 9 options:
- Ally Bank Online Savings Account: Offers a 0.50% APY and no monthly maintenance fees.
- CIT Bank Savings Builder: Offers up to 0.40% APY for those who can maintain a balance of $25,000 or make a monthly deposit of $100.
- Vio Bank High Yield Online Savings Account: Offers a 0.57% APY and no monthly maintenance fees.
- Discover Online Savings Account: Offers a 0.40% APY and no monthly maintenance fees.
- Axos Bank High Yield Savings Account: Offers a 0.61% APY and no monthly maintenance fees.
- Capital One 360 Performance Savings: Offers a 0.40% APY and no monthly maintenance fees.
- Synchrony High Yield Savings: Offers a 0.50% APY and no minimum balance requirement.
- Alliant High-Rate Savings: Offers a 0.55% APY and no monthly maintenance fees.
- Barclays Online Savings Account: Offers a 0.40% APY and no monthly maintenance fees.
9 Best Savings Accounts with High Interest Rates
If you’re looking to save money and earn interest on your savings, then you need to find a high-yield savings account. These accounts offer a much higher interest rate than traditional savings accounts, allowing you to grow your money much faster. In this post, we’ll be looking at the 9 best savings accounts with high interest rates.
1. CIT Savings Builder
Why We Like It: The CIT Savings Builder is one of the best high-yield savings accounts available today, offering a competitive interest rate and a unique incentive to save even more.
Who Should Get It: Anyone looking for a high-interest savings account that rewards consistent saving habits.
- Competitive APY
- No monthly maintenance fees
- Incentive to save even more
Pros:
- High APY
- No fees
- Incentive to save more
Cons:
- Requires a minimum balance or monthly deposit
2. Marcus by Goldman Sachs
Why We Like It: Marcus by Goldman Sachs offers a high-yield savings account with no minimum deposit, making it accessible to anyone looking to grow their savings.
Who Should Get It: Anyone looking for a no-frills, high-interest savings account.
- No minimum deposit
- No fees
- Competitive APY
Pros:
- No minimum deposit
- No fees
- Competitive APY
Cons:
- No physical branches
3. Ally Bank Online Savings Account
Why We Like It: The Ally Bank Online Savings Account offers a high APY and a user-friendly online platform for managing your savings.
Who Should Get It: Anyone looking for a high-interest savings account with a great online platform.
- No monthly maintenance fees
- User-friendly online platform
- Competitive APY
Pros:
- No fees
- User-friendly platform
- Competitive APY
Cons:
- No physical branches
4. Discover Online Savings Account
Why We Like It: Discover offers a great online savings account with a high interest rate and excellent customer service.
Who Should Get It: Anyone looking for a high-interest savings account with great customer service.
- No monthly maintenance fees
- Competitive APY
- 24/7 customer service
Pros:
- No fees
- Competitive APY
- Great customer service
Cons:
- No physical branches
5. American Express Personal Savings
Why We Like It: The American Express Personal Savings account offers a high APY and a great mobile app for managing your savings on the go.
Who Should Get It: Anyone looking for a high-interest savings account with a great mobile app.
- No monthly maintenance fees
- Competitive APY
- Great mobile app
Pros:
- No fees
- Competitive APY
- Great mobile app
Cons:
- No physical branches
6. Barclays Online Savings Account
Why We Like It: The Barclays Online Savings Account offers a high APY and no monthly fees.
Who Should Get It: Anyone looking for a high-interest savings account with no monthly fees.
- No monthly maintenance fees
- Competitive APY
- No minimum deposit
Pros:
- No fees
- Competitive APY
- No minimum deposit
Cons:
- No physical branches
7. Synchrony Bank High Yield Savings
Why We Like It: The Synchrony Bank High Yield Savings account offers a high APY and a user-friendly online platform.
Who Should Get It: Anyone looking for a high-interest savings account with a great online platform.
- No monthly maintenance fees
- Competitive APY
- User-friendly online platform
Pros:
- No fees
- Competitive APY
- User-friendly online platform
Cons:
- No physical branches
8. Axos Bank High Yield Savings
Why We Like It: The Axos Bank High Yield Savings account offers a high APY and no monthly fees.
Who Should Get It: Anyone looking for a high-interest savings account with no monthly fees.
- No monthly maintenance fees
- Competitive APY
- No minimum deposit
Pros:
- No fees
- Competitive APY
- No minimum deposit
Cons:
- No physical branches
9. Capital One 360 Performance Savings
Why We Like It: The Capital One 360 Performance Savings account offers a high APY and a great mobile app for managing your savings.
Who Should Get It: Anyone looking for a high-interest savings account with a great mobile app.
- No monthly maintenance fees
- Competitive APY
- Great mobile app
Pros:
- No fees
- Competitive APY
- Great mobile app
Cons:
- No physical branches
Frequently Asked Questions
Learn more about the 9 best savings accounts with high-interest rates.
What is a savings account?
A savings account is a bank account that allows you to deposit and withdraw money while earning interest on your balance. It is a safe and convenient way to save money for emergencies, big purchases or future expenses. Savings accounts are FDIC-insured, which means your money is protected up to $250,000.
High-interest savings accounts offer a higher interest rate than traditional savings accounts. This means you can earn more money on your savings over time. Some accounts require a minimum balance or have monthly fees, so it’s important to read the terms and conditions before opening an account.
What are the benefits of a high-interest savings account?
The main benefit of a high-interest savings account is the higher interest rate, which means you can earn more money on your savings over time. This can help you reach your savings goals faster and provide a better return on your investment than a traditional savings account.
In addition, many high-interest savings accounts have no monthly fees and no minimum balance requirements. They also offer easy access to your money through online banking and ATMs.
What are the best savings accounts with high interest rates?
The 9 best savings accounts with high interest rates are:
- Ally Bank Online Savings Account
- Discover Online Savings Account
- Capital One 360 Performance Savings Account
- Citibank Account Package with Up to 0.50% APY
- Barclays Online Savings Account
- Axos Bank High Yield Savings Account
- FNBO Direct Online Savings Account
- HSBC Direct Savings Account
- Varo Savings Account
Each account has its own unique features and benefits, so it’s important to compare them and choose the one that best fits your needs.
What is the minimum balance requirement for high-interest savings accounts?
The minimum balance requirement for high-interest savings accounts varies by bank and account. Some accounts have no minimum balance requirement, while others require a minimum balance of $500 or more. It’s important to read the terms and conditions before opening an account to understand the minimum balance requirement and any associated fees.
It’s also important to note that some banks may offer a higher interest rate for higher balances, so it may be worth considering if you have a larger amount of money to save.
How do I choose the best high-interest savings account for me?
When choosing the best high-interest savings account for you, consider the following factors:
- Interest rate
- Minimum balance requirement
- Monthly fees
- Online banking and mobile app availability
- ATM access
Compare the different accounts and choose the one that best fits your needs and financial goals. It’s also a good idea to check for any promotions or sign-up bonuses that may be available.
As we wrap up our exploration of the 9 best savings accounts with high interest rates, it’s clear that there are many options available for anyone looking to grow their savings. From online-only banks to traditional brick-and-mortar institutions, there is a savings account out there to suit every need.
By choosing an account with a high interest rate, savers can maximize their earnings and watch their money grow over time. And with many of these accounts offering no monthly fees or minimum balance requirements, it’s easier than ever to start building your savings today.
Whether you’re saving for a rainy day or working towards a long-term financial goal, a high-interest savings account is a smart choice. Take the time to explore your options and find the account that’s right for you – your future self will thank you.
