The Best Savings Accounts of 2022
|Marcus by Goldman Sachs Online Savings
|American Express® National Bank (Member FDIC) Personal Savings
|CIT Bank Savings Connect
||Checking account combo
|Ponce Bank Money Market Account
|Ally Bank Online Savings Account
|Capital One 360 Performance Savings
|Discover Online Savings Account
||Consistently good rates
If growing your savings is your key motive for opening an account, then a high-interest savings account is what you’re looking for.
We analyzed more than 60 savings accounts from the top traditional banks, online banks, and credit unions to identify the ones that deliver the highest and most consistent rates, money market, and low-fee savings accounts helping you grow your savings faster.
Savings Accounts Reviews & Details
The reality is:
The savings accounts in the highest tier are quite similar in that they provide market-leading savings rates.
However, the slight differences may matter to you depending on your savings habits and preferences.
Read editor's savings accounts reviews from the top financial institutions:
Marcus by Goldman Sachs Online Savings: Best for Low Fees
Marcus by Goldman Sachs Savings Account Pros & Cons
- Earn a very high interest rate
- No minimum deposit required
- No monthly fees
- No transaction fees
- $0 minimum to earn APY
- No branch or ATM access
- No mobile app -
The Marcus by Goldman Sachs Online Savings account keeps it simple when it comes to saving.
In addition to one of the top interest rates, the account comes with no monthly fees and no transaction fees at all. So, you can just focus on growing your savings.
Read the full editor's Marcus Online Savings account review.
American Express® National Bank High Yield Savings Account: Best for Customer Service
American Express® National Bank High Yield Savings Account Pros & Cons
- No monthly fee
- No minimum balance requirement
- Consistently competitive rates
The American Express® High Yield Savings Account is another popular option for a reliably competitive savings rate and the brand is noted for top-notch customer service.
The account has no monthly fees or minimum balance requirement.
The biggest downside may be the lack of mobile-app access, but that may be a good thing if you want to avoid the temptation to move or spend the money too easily.
Read the American Express® National Bank High Yield Savings account editor’s review.
CIT Bank Savings Connect: Best for Checking Combo
CIT Bank Savings Connect Pros & Cons
- Competitive savings rate
- No monthly fee
- FDIC insured
The CIT Bank Savings Connect account is a great savings option alone, but it’s even better paired with the CIT Bank eChecking account.
The benefits of this combo include extremely convenient ATM access and a higher savings rate.
Both accounts do not have monthly maintenance fees.
Read the full editor's review on CIT Bank Savings Connect.
Ponce Bank SaveBetter Money Market: Best for Market-Leading Rates
Ponce Bank SaveBetter MMA Pros & Cons
- Market-leading rates
- $1 minimum opening deposit
- No fees
The Ponce Bank Money Market Account (using the SaveBetter platform) offers one of the highest savings rates currently available.
It’s an attractive option for savers who are always looking to maximize the growth of their cash savings.
Even better, the account has no monthly fees and just a $1 minimum opening deposit.
Read the Ponce Bank MMA editor's review.
Ally Bank Online Savings Account: Best for Savings Tools
The Ally Bank Online Savings Account helps savers stay focused on building their deposit balance with some very helpful tools to stay on track.
Notably, customers can create digital buckets within the account -- designated towards specific savings goals. You can also link a checking account and Ally will analyze your cash flow to transfer money to your savings automatically (without interrupting your recent financial patterns).
Additionally, the account comes with no monthly fees.
Ally Bank Online Savings Account Pros & Cons
- Earn a consistently high interest rate
- Great savings tools and features
- No monthly fees
Read a full editor's Ally Bank Online Savings Account review.
Capital One 360 Performance Savings: Best for Mobile Banking
The Capital One 360 Performance Savings account has long stood as a trusted online savings account that has consistently offered competitive savings rates for years.
The account has no monthly maintenance fee or any other account service fees. (Transactions that would typically incur a fee -- such as an excess withdrawal -- may simply be simply denied.)
Capital One a brick and mortar bank also has one of the best mobile banking apps with great design, easy navigation, mobile check deposit, Zelle payments, and more.
Capital One 360 Performance Savings Account Pros & Cons
- Subaccounts allowed
- No monthly maintenance fee
- No excess withdrawal fee
- Mobile apps available
- No ATM withdrawals (including from Capital One ATMs)
Read the Capital One 360 Performance Savings account editor’s review.
Discover Online Savings: Best for Consistently Good Rates
Discover Online Savings Account Pros & Cons
- Earn a consistently high interest rate
- Great mobile banking apps
- No monthly fees
A high-interest rate is great, but not if you can’t count on it remaining at that level. That’s why we keep track of banks that offer the most consistent interest rates on savings accounts.
Discover Bank is hyper-focused on helping customers build savings and its savings account is designed for that common financial goal.
As one of the biggest online banks, it has kept savings rates competitive on a consistent basis -- so you don't have to keep switching banks in search of a high APY.
Moreover, the account comes with no monthly fee and the mobile banking apps allow you to access your account at any time from anywhere.
Read a full editor's Discover Bank Online Savings account review.
Axos Bank High Yield Savings Account: Best for ATM Access
The Axos Bank High Yield Savings account delivers a highly competitive savings rate with no monthly fees or minimum balance requirements.
The account stands out with the option to request a free ATM card for access to cash (however, ATM fees do apply). It can come in handy in the most urgent of financial emergencies.
Read the Axos Bank High Yield Savings Account editor's review.
Our Methodology on How We Picked
How did we decide what makes a great savings account? We researched around 100 savings accounts from the top banks for this guide.
The Best Savings Account picks are based on the consistency of high-interest rates, fees, minimum balance requirements, and account features.
The overall rank for each institution within a specific category is dependent on how many days in the quarter that institution’s score was among the top 10.
On the surface, savings accounts seem simple, but there are a number of things you need to pay attention to when picking a savings account:
The interest rate is one of the most important aspects of a savings account. It can be the difference between losing to inflation and keeping pace with it. It can also accelerate your progress towards long-term savings goals.
Compounding, or the ability to earn interest on interest, is what makes interest so powerful. Imagine you’re trying to save $15,000 for a down payment on a home.
Your plan is to put $100 a month into a savings account each month until you reach your goal.
If you’re earning no interest, it will take you 150 months, or 12.5 years to reach your goal. If you’re earning 5% interest, it will take you less ten years.
You’ll have contributed $12,000 and earned more than $3,000 in interest after 10 years. More than 20% of the money for your down payment will have come from interest.
Why high interest rates are important
|After X Years...
||Average Savings APY at Top National Banks: 0.026% APY
||Average Savings APY at Top Online Banks: 2.00% APY
|Total Interest Earned
Many online banks offer savings interest rates with higher APYs than national banks. Some credit unions may also offer higher rates on limited amounts if you meet balance and transaction requirements.
Savings accounts rates at the top national banks
You might be willing to put up with the occasional fee if you have a big chunk of change in your savings account and that tasty interest rate makes it worth your while.
However, that interest rate you signed up for might not be the one you’re getting a year, six months, or even three months down the road. And then, your account choice might not look like as nearly a good of choice anymore.
This is commonly called a teaser rate or an introductory rate, and the difference between what you get going in and what it changes to can be drastic, with your interest payments at times being cut nearly in half.
To be sure, a lot of banks won’t be completely forthright about how much you’ll be charged for certain services. We read the fine print to ensure you’re getting the best and most consistent rates for your savings account.
Fees and Minimums
Fees and minimums are the other major aspect of savings accounts that you need to watch out for. The entire idea of a savings account is for it to be a safe place for your money.
You can hardly call a savings account "safe" if your bank will take the money from you with fees.
Unfortunately, many banks are charging fees for even the most basic accounts.
You may think that banks are happy simply to have your business, but the truth is many banks charge a fee for you to maintain an account with them.
The fees can range anywhere from $6 to $8, which may not sound all that much per month, but can actually add up to a hefty sum on a yearly basis.
If you're keeping only a few hundred dollars on the account, the sum would definitely be much less than the savings yield you're getting.
Bank of America, for example, has an $8 monthly fee on its basic savings account. Chase has the $5 fee for its Chase Savings account.
Since the interest rate at both banks is so low, those fees can easily outpace the interest you can earn.
There are usually ways to avoid fees on savings accounts. Bank of America will waive its savings account fee if you maintain a $500 minimum balance.
You can also avoid the fee if you have a checking account with Bank of America. Similarly, Chase will remove the fee with a minimum balance of $300, or a monthly repeating transfer of $25 from a Chase checking account.
Banks use fees to encourage their customers to act in specific ways.
Savings accounts minimum balances to avoid monthly fees
If you don’t hit the minimum balances, some institutions will charge you if you don’t have another account at the same bank, like a checking account. This can limit your options when it comes to diversifying your banking.
ATM fees may cost around $3 per withdrawal and they add up in a month if you don't watch your transactions.
If you use an ATM outside your bank's network, you could be slapped with fees both by your bank and the bank to which the ATM belongs.
Going green has perks that go way beyond the environmental benefits. Used or canceled checks are now saved as digital images and for many, this is fine.
However, when the time comes that you may need a copy of your check for tax purposes for instance, you'd have to pay for it.
The same holds true for bank statements and other paper documents.
The good news is, most banks only charge when you request a copy of an old check or statement.
If you request for your checks to be delivered with your paper statement on a monthly basis, you'll get both free of charge.
Closing Account Fees
If your bank fees get really bad and you want out after only a few months, don't expect them to make it easy for you.
For the brief period they have served you, and for closing an account, whether it's less than 90 or 180 days, you may need to pay a small fee.
The ability to set up recurring transfers is a very useful feature for a bank account to have.
Recurring transfers can be used to send money to an investment account, move it to a vacation account, or otherwise automate your financial life.
If you’re saving up for multiple financial goals at once, recurring transfers make it easy to do without having to spend hours entering transfer requests.
Setting up a recurring transfer should be a free feature at banks that offer it. Savings accounts are designed to make your financial life easier, and recurring transfers take that a step further.
You have the best of intentions to build larger savings, but we all know reality creeps in when you’re not expecting it.
There may be times when you'll have to access those funds for urgent matters. It could be once a month or several times a month.
What you might not have read in the fine print is that too many withdrawals in a month can cost you. It is federal law for banks to limit withdrawals to a maximum of six per month for savings accounts.
Banks could charge an excess withdrawal fee for each withdrawal after reaching the limit. Read more about excess withdrawal fees and how does it compare across the top banks.
Some banks will start charging after three or four withdrawals per month.
If these excess withdrawals become frequent, the bank could automatically convert your savings account to a checking account or close your account entirely.
Savings Withdrawal Fees at Top U.S. Banks
||Savings Withdrawal Fee
||Maximum # Of Fees Charged Monthly
|Bank of America
||$10 after the first 6 withdrawals (fee waived if you maintain $20,000 in account)
||$5 after the first 6 withdrawals (fee waived for Chase Premier Savings accounts with a balance of $15,000 or greater, or $25,000 or greater in Chase Business Premier Savings accounts)
||Does not charge
||$15 after the first 6 withdrawals
||$15 after the first withdrawal
||$10 after the 6 allowed
||$9 after the first 6 withdrawals for Money Market/Savings accounts (fee waived for Savings Overdraft Protection transfers)
$3 after the first 3 withdrawals for Club Accounts
||$3 after the first 3 withdrawals for Regular Savings accounts
$15 after the first 6 withdrawals for MoneyRate Savings accounts
||$6 after the first 6 withdrawals for Select Savings, Personal Savings, and Essential Savings accounts
$15 after the first 6 withdrawals for Signature Money Market Savings accounts
||$10 after the first 6 withdrawals
||$15 after the first 6 withdrawals
||$15 after the first 6 withdrawals
||$3 after the first 3 withdrawals
||No excess withdrawal fee
||No charge, but if this happens on more than occasional basis, the bank reserves the right to close the account for misuse
||$5 after the first 6 withdrawals
||No maximum, plus if you repeatedly exceed these limits, Santander will convert your account to a non-interest bearing checking account
||No excess withdrawal fee
||No charge, but if this happens on more than occasional basis, the bank reserves the right to close the account
Overdraft fees are big business for banks. The banks, in turn, often offer a way for you to use your savings accounts to "protect" you from these fees. But the reality is they don't complete protect you, and only lessen the burn.
The way overdraft protection works by linking your savings account to your checking, and will automatically transfer funds to cover should you accidentally overdraft your checking.
Sounds like a nice enough feature, and it makes sense. After all, you had the money -- just not in the right account. Anything to avoid that pricey $38 overdraft fee.
The problem is, this service often isn’t free. You’re being protected from overdraft, to be sure, but you’re still paying something for the service.
Overdraft transfer fees cost about one-third of your typical overdraft fee.
So while you are paying less than normal, you're still being charged -- making this one important feature. This is one feature to inquire about when evaluating your top savings account options.
Other Important Features
There are some other features we look for in savings accounts that can enhance an account:
Some banks let you separate your savings account into multiple pools of cash. You can then add a nickname like “vacation fund” or “down payment” to those sub-accounts. That makes it easy to track multiple goals at once.
Debit/ATM card access
Savings accounts might also offer debit cards or ATM cards so that you can withdraw your cash more easily. If yours does, be sure to keep track of what ATM network the bank is part of so that you can avoid fees.
A high-quality mobile banking app can also make or break the savings account experience. Being able to transfer money or check your balance in a pinch is a useful tool. Once you get used to it, it’s difficult to not have those options.
Automatic savings programs
Other features, like Bank of America’s Keep the Change program, can help you save in other ways. Knowing all of the miscellaneous features a savings account offers can help you decide on the right account for you.
The FDIC insures every savings account in the United States for up to $250,000. Even if the bank that your savings account is at closes, you’ll get your money back (up to the covered amount).
The FDIC is backed by the full faith and credit of the U.S. government. That means you can don’t have to worry about the FDIC running out of money. Every dollar you put in a savings account is completely safe.
Why Do Online Savings Accounts Top Our Picks?
Online banks don’t have to charge fees to stay afloat due to their low overhead costs. By avoiding the need to rent buildings and hire tellers for physical locations, online banks can centralize their operations.
This greatly reduces the cost of running the bank. Online banks also understand that it can be difficult not to have a physical location to visit when you need to withdraw or deposit cash.
That’s why most online banks refund ATM fees, within reason.
Online banks are also able to offer high-interest rates because of their lower costs. As a bonus, online banks tend to have great mobile and online apps, since they’re the main interface customers will use.
Credit unions can also offer low fees and high-interest rates, but for a different reason than online banks.
Credit unions are, in fact, owned by the people who open accounts with them.
That means that they will always be run to try to maximize the benefit of account holders. However, credit unions have eligibility requirements that must be met before you can become a member.
An online savings account can be a great way to stash away your cash and earn interest.
It’s certainly a better option than putting your extra money in a buried coffee can in the front yard or its bank equivalent, the interest-free checking account.
Many people do not realize that certain types of savings accounts can end up costing you money while earning a negligible interest rate.
The associated fees could more than cancel out the money that you’re going to earn. So, your balance could actually get smaller with each passing month. A coffee can isn’t looking too bad now.
When opening a savings account, there are several little tricks banks can use to keep you from noticing discrepancies.
This is a type of deposit account can be a virtually risk-free place to sock away cash until you figure out what else to do with it. But, you need to make sure you’re not going to get blindsided by hidden fees or other costs.
Is my money safe in an online savings account?
Yes, your money in an online savings account is safe because your deposits are insured by the FDIC (up to the eligible limits) just the same as a savings account from a brick-and-mortar bank.
Online banks are FDIC-insured too. In fact, the most popular online banks are some of the biggest U.S. financial institutions (by deposits).
Where can I get the most interest on my savings?
You’re likely to earn the most interest on your savings from an online bank. An online bank is able to offer market-leading interest rates because it doesn’t have to pay the high operating costs of running a physical network of branches and ATMs.
Without having to pay expenses for real estate, employee staffing, security, insurance, maintenance, and utilities, customers of online banks benefit from higher savings rates and lower (and fewer) fees.
Can I open and have multiple savings accounts?
Yes, you can open and have multiple savings accounts, even at the same bank. This is particularly useful if you want to divide your savings for specific purposes or financial goals.
How many times can you transfer in and out of my savings account?
Under federal law, you cannot make more than six (6) withdrawals or transfer out of your savings account per month. Banks may charge an excess withdrawal fee after the sixth withdrawal or transfer per month.
Additionally, if you make excess withdrawals on a regular basis (ultimately determined by the bank), the bank may choose to close your account or convert the account into a checking account.
Note: Some banks charge a withdrawal fee before the 7th withdrawal. For example, the bank might charge such a fee upon the 5th withdrawal.
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