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The average interest rate paid by a savings account right now is 0.35% Annual Percentage Yield (APY), according to the FDIC.
Today, the best financial institution for earning a competitive interest rate on an online high-yield savings account is UFB Direct, which pays 4.55% (as of 02/22/2023) APY on UFB Preferred Savings.
National brick-and-mortar banks typically pay lower interest rates on traditional savings accounts. For example, Bank of America pays 0.01% to 0.04% APY on the Bank of America Advantage Savings Account. If you’d like to earn a more competitive interest rate at a national brick-and-mortar bank, you’ll probably have to consider a premium savings account or money market account.
We’ve been checking over two dozen financial institutions to keep up with their new rate offerings. Our best savings accounts guide and best high-yield savings accounts guide can also be great starting points in your research — but if you prioritize finding the highest rates above all else, this list is for you.
Below, you’ll find some of the best high-interest savings accounts, CDs, high-yield checking accounts, and money market accounts available. Our top picks have remained the same over the last couple of days because rates haven’t changed significantly.
May not be easy to deposit cash (Only cash accepting ATMs)
Highlights
Earn up to 4.55% APY*.
No monthly maintenance fees.
No minimum deposit required to open an account.
Access your funds 24/7 with easy-to-use digital banking tools.
FDIC insured through Axos Bank
* The Annual Percentage Yield (APY) is accurate as of 02/22/2023. The interest rate and corresponding APY for savings is variable and is set at UFB’s discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
Additional Reading
Read our review
Why it stands out:UFB Preferred Savings comes with a complimentary ATM card, so you’ll have easy access to your bank account.
Savings rate: 4.55% (as of 02/22/2023) APY
What to look out for:Â Customers with existing savings accounts may have to call customer service to get upgraded for the newest rate.
UFB Direct only offers a high-yield savings account and a money market account. If you would also like to open a checking account or CD with the same institution, another bank may be a better fit.
For the first 70 days, the only account you can transfer money to is your linked funding account
Highlights
Must link to external bank account and transfer funds to access your savings
Interest compounded daily, paid monthly
FDIC insured
Why it stands out: You might like Popular Direct High-Rise Savings if you have at least $5,000 for an opening deposit. Popular Direct also may be a good choice if you’re searching for a savings account that doesn’t charge any monthly service fees.Â
Savings rate:Â 4.40% APY
What to look out for: Popular Direct High-Rise Savings has a steep minimum opening deposit. Other banks will let you open a savings account with less money upfront.
Popular Direct only has savings accounts and CDs. Since there’s no checking account, you won’t be able to directly access money in your savings account. Instead, you’ll need to transfer an external bank account, which could take a few business days to process.
Primis Savings Account
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
Fees
no monthly service fees
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
Fees
no monthly service fees
Primis Bank, FDIC Insured.
Primis Savings Account
Primis Bank, FDIC Insured.
Details
Fees
no monthly service fees
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
Pros & Cons
Competitive interest rate
Low minimum opening deposit
No monthly service fees
Interest compounded monthly instead of daily
Highlights
38 branches in Maryland and Virginia
Prime Savings Account is only available online
Interest compounded and deposited monthly
FDIC insured
Why it stands out: Primis Bank is a financial institution with branches in Maryland and Virginia. It offers an online savings account with a competitive interest rate. The Primis Savings Account may be a good option if you’re searching for a savings account with a low minimum opening deposit.
Savings rate: 4.35% APY
What to look out for: The Primis Savings Account is an online-only account. If you would prefer to open an account at a Primis Bank branch, there are comparable bank accounts available.Â
Why it stands out: MySavingsDirect is an online division of Emigrant Bank. The MySavingsDirect Savings Account might be worth considering if your priority is finding an online-only savings account.Â
Savings rate: 4.35% APY
What to look out for: The MySavingsDirect Savings Account offers limited access to your money. If you need to make a withdrawal from your account, you’ll have to transfer money to an external bank account, which could take a few business days.
Other online banks may have ATM or debit cards which permit direct access to money in a savings account.Â
Free access to over 1,600 M&T Banks ATMs on the East Coast
Terms range from 1 year to 5 years
Early withdrawal penalties: 90 days of interest for terms of 1 year; 180 days of interest for terms longer than 1 year
Interest compounded daily and paid monthly
Member FDIC
Additional Reading
Read our review
Why it stands out: CFG Bank CDs are a strong choice for a 1-year, 18-month, or 3-year CD. You only need $500 to open a CD, and you could earn a high rate.Â
Rates: The rates for CFG Bank CDs are as follows:Â
12 months: 5.15% APY
18 months: 4.75% APY
3 years: 4.60% APY
5 years: 4.50% APY
What to look out for: CFG Bank doesn’t have many CD terms to choose from — there are only 12-month, 18-month, 36-month, or 60-month CDs.
Alliant Certificate
Annual Percentage Yield (APY)
4.25% to 5.00%
Minimum Deposit Amount
$1,000
Annual Percentage Yield (APY)
4.25% to 5.00%
Minimum Deposit Amount
$1,000
Alliant Credit Union, NCUA insured.
Alliant Certificate
Alliant Credit Union, NCUA insured.
Details
Annual Percentage Yield (APY)
4.25% to 5.00%
Minimum Deposit Amount
$1,000
Pros & Cons
Competitive APY
Low-to-standard early withdrawal penalties
Interest compounded monthly, not daily
$1,000 minimum deposit
No terms over 5 years
Highlights
Several ways to become a member; the easiest is to join Foster Care to Success (Alliant will cover your $5 membership fee)
Terms ranging from 3 months to 5 years
Early withdrawal penalty is dividends for the number of days the certificate is open. Up to 90 days dividends for terms of 17 months or less; up to 120 days dividends for terms of 18-23 months; up to 180 days interest for terms of 24 months or more; 7 days dividends if you withdraw during the 7-day grace period, even though no interest has accumulated yet
Interest compounded monthly
Federally insured by the NCUA
Additional Reading
Read our review
Why it stands out:Â Alliant Credit Union is a strong choice if you would rather be part of a credit union instead of a bank. Alliant Certificates offer competitive interest rates, particularly for 3-month and 6-month terms.
Rate: The rates for Alliant Certificates are as follows:
3 months: 4.85% APY
6 months: 5.00% APY
12 months: 4.65% APY
18 months: 4.25% APY
2 years: 4.25% APY
3 years:4.45% APY
4 years: 4.30% APY
5 years: 4.35% APY
What to look out for: Credit unions require you to become a member to open accounts. The easiest way to become a member is to join Foster Care to Success, and Alliant will cover your $5 joining fee.
Ally High Yield CD
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Ally High Yield CD
Details
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
No required opening deposit
Low early withdrawal penalties
No terms over 5 years
No physical branch locations
Highlights
Terms ranging from 3 months to 5 years
Early withdrawal penalty of 60 days interest penalty term of 24 months or less; 90 days interest for term of 25 to 36 months; 120 days interest for terms of 37 to 48 months; 150 days interest for terms of 49 months or more
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Why it stands out:Â Ally High-Yield CDs are a good option if you want to open a CD with a $0 minimum opening deposit. It also has low early withdrawal penalties for most terms. The 18-month CD offers the most competitive interest rate right now.Â
Rate: The rates for Ally High-Yield CDs are as follows:
3 months: 2.00% APY
6 months: 3.40% APY
9 months: 3.50% APY
12 months: 4.25% APY
18 months: 5.00% APY
3 years: 4.25% APY
5 years: 4.25% APY
What to look out for:Â Ally doesn’t allow you to deposit cash. To fund your account, you’ll need to transfer money from an external bank account or deposit a check through mobile banking.
Bethpage Federal Credit Union Certificate Account
Bethpage Federal Credit Union Certificate Account
Annual Percentage Yield (APY)
2.25% to 5.00%
Minimum Deposit Amount
$50
Bethpage Federal Credit Union Certificate Account
Annual Percentage Yield (APY)
2.25% to 5.00%
Minimum Deposit Amount
$50
Bethpage Federal Credit Union, NCUA insured.
Bethpage Federal Credit Union Certificate Account
Bethpage Federal Credit Union, NCUA insured.
Details
Annual Percentage Yield (APY)
2.25% to 5.00%
Minimum Deposit Amount
$50
Pros & Cons
High interest rates
$50 minimum deposit
39-month term lets you increase your rate once during the term (it will be to the current rate for a 3-year term)
Must contact Bethpage FCU to ask about early withdrawal penalties
Highlights
Join Bethpage by opening a savings account with $5
33 branches in New York State
33,000+ free ATMs, 5,000+ shared branches
Terms range from 3 months to 5 years
Interest compounded daily
Federally insured by the NCUA
Additional Reading
Read our review
Why it stands out:Â You may like Bethpage Credit Union if you prefer banking with a credit union instead of a bank.Â
Bethpage offers a competitive interest rate on its 1-year certificate. You also might find Bethpage appealing if you’d like to open an account with a low initial deposit.
Rates: The rates for Bethpage Certificate Accounts are as follows:Â
Early withdrawal penalties ranging from 3 to 6 months interest
Compounding interest to maximize your earnings
FDIC insured
Additional Reading
Read our review
Why it stands out:Â Capital One 360 CDs do not require an initial deposit and come in a variety of terms. Capital One has a special limited-time offer, where you could earn 5.00% APY on an 11-month CD if you open an account by March 14, 2023.
Rate: The rates for Capital One 360 CDs are as follows:
6 months: 3.30% APY
9 months: 3.30% APY
11 months: 5.00% APY
12 months: 4.15% APY
18 months: 4.25% APY
2 years: 4.30% APY
30 months: 4.30% APY
3 years: 4.30% APY
4 years: 4.20% APY
5 years: 4.10% APY
What to look out for:Â Capital One 360 doesn’t have no-penalty CDs or bump-up CDs. If you’re looking for these special types of CDs, you might prefer another online bank.
Synchrony CD
Annual Percentage Yield (APY)
2.25% to 5.00%
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
2.25% to 5.00%
Minimum Deposit Amount
$0
Synchrony CD
Details
Annual Percentage Yield (APY)
2.25% to 5.00%
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
Variety of term lengths
No minimum deposit
No terms over 5 years
Standard-to-high early withdrawal penalties
Highlights
Terms ranging from 3 months to 5 years
Early withdrawal penalty of 90 days simple interest for terms of 12 months or less; 180 days simple interest for terms over 12 months but under 48 months; 365 days interest for terms of 48+ months
When you’re ready to cash out your CD, you must call Synchrony
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Why it stands out:Â Synchrony lets you open a CD with $0 upfront. It’s 14-month CD also notably pays 5.00% APY.
Rates: The rates for Synchrony CDs are as follows:Â
3 months: 2.25% APY
6 months: 4.25% APY
9 months: 4.30% APY
12 months: 4.50% APY
13 months: 4.50% APY
14 months: 5.00% APY
15 months: 4.50% APY
16 months: 4.50% APY
18 months: 4.50% APY
19 months: 4.50% APY
2 years: 4.30% APY
3 years: 4.30% APY
4 years: 4.30% APY
5 years: 4.30% APY
What to look out for:Â You’ll want to consider whether you have a preference on how you’ll withdraw money from a CD. At Synchrony, you must call customer service to cash out your CD.Â
Best interest rates for checking
Consumers Credit Union Free Rewards Checking Account
Consumers Credit Union Free Rewards Checking Account
Annual Percentage Yield (APY)
0.01% to 5.00%
Minimum Deposit Amount
$5
Consumers Credit Union Free Rewards Checking Account
Annual Percentage Yield (APY)
0.01% to 5.00%
Minimum Deposit Amount
$5
Consumers Credit Union, NCUA insured.
Consumers Credit Union Free Rewards Checking Account
Consumers Credit Union, NCUA insured.
Details
Annual Percentage Yield (APY)
0.01% to 5.00%
Minimum Deposit Amount
$5
Pros & Cons
High APY
$5 minimum opening deposit
No monthly service fee
Early direct deposit
Unlimited reimbursements for out-of-network ATM fees
$10 overdraft transfer charge
Limited customer support availability
Interest compounds monthly, not daily
Highlights
To become a member of Consumers Credit Union, pay an initial $5 membership fee and open the Membership Savings Account with at least $5
14 open branches in Chicago, Illinois, and nearby cities
Access to over 5,600 shared branches and 60,000 surcharge-free ATMs through the CO-OP Shared Network
Earn 3.00% APY on balances up to $10k when you enroll in eDocuments, make 12 debit card transactions per month, and receive $500 per month in deposits
Earn 4.00% on balances up to $10k when you meet qualifications for 3.00% and spend $500/month with your CCU credit card
Earn 5.00% on balances up to $10k when you meet qualifications for 3.00% and spend $1,000/month with your CCU credit card
Earn 0.20% APY on balances between $10k and $25k
Earn 0.10% APY on balances over $25k
If you don’t meet the requirements to earn a rewards interest rate, you’ll earn 0.01% APY and you won’t get ATM refunds
Interest compounded and deposited monthly
Federally insured by the NCUA
Additional Reading
Read our review
Why it stands out: The Consumers Credit Union Free Rewards Checking Account doesn’t charge monthly service fees. If you qualify for a tiered rate, you’ll also be eligible to get early direct deposit and unlimited ATM fee reimbursements.
You’ll get the most out of the account if you do the following:Â
Earn 3.00% APY if you have $10,000 or less when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
Earn 4.00% APY if you meet the requirements to earn 3.00% APY and spend $500 per month with your Consumers Credit Union Credit Card
Earn 5.00% APY if you meet the requirements to earn 3.00% APY and spend $1,000 per month with your Consumers Credit Card
Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
If you don’t meet the requirements, you’ll only earn 0.10% APY on your account balance.
5.00% yearly bonus on deposit balances up to $10,000; 3.00% yearly bonus on deposit balances from $10,001 to $250,000
Show more
Minimum Deposit Amount
$0
Pros & Cons
Earn cash back
Virtual debit card, physical debit card, and access to Apple Pay, Google Pay, Samsung Pay
No out-of-network ATM fees
Refunds 3 fees charged by out-of-network ATM providers per month
No overdraft fees
No option to overdraw
Interest compounds monthly, not daily
No joint accounts
Highlights
85,000 free ATMs nationwide
5.00% yearly bonus on deposit balances up to $10,000
3.00% yearly bonus on deposit balances from $10,001 to $250,000
Choose 10 companies to earn 5% cash back with, on spending up to $3,000 per year
Can also buy and sell cryptocurrency through Juno
Interest compounded monthly, paid monthly
FDIC insured through partner bank, Evolve Bank & Trust
Additional Reading
Read our review
Why it stands out:Â Juno has a solid rewards checking account. The rate you’ll earn will vary depending on your account balance. You can earn up to a 5% yearly bonus on the first $10,000 in your account, and 3% on balances from $10,0001 to $250,000. You’ll also be able to earn 5% cash back when you shop at select retailers, and buy and sell cryptocurrency through Juno.Â
Rate:Â 3.00% to 5.00% (depending on deposit amount) APY
What to look out for:Â Juno has two types of accounts: Basic and Metal. The main difference between the two accounts is that the Juno Metal Checking Account has higher limits for yearly cash back, crypto purchases, and other perks than Juno Basic.Â
To qualify for Metal, you’ll need to maintain a qualifying direct deposit of $250 or more per month or connect your Web3 Wallet so Juno can review your on-chain activity.
Primis Premium Checking
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
Fees
no monthly service fees
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
Fees
no monthly service fees
Primis Bank, FDIC Insured.
Primis Premium Checking
Primis Bank, FDIC Insured.
Details
Fees
no monthly service fees
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
Pros & Cons
Competitive interest rate
Low minimum opening deposit
No monthly service fees
No overdraft fees
Free cashier’s checks
Free stop payments
Early direct deposit
Refunds out-of-network ATM fees
Limited ATM network
Account not available at a Primis branch
Highlights
38 branches in Maryland and Virginia
Over 30 Primis ATMs near Primis branches
Open the Primis Premium Checking account from anywhere in the US
Primis Premium Checking is only available online
Can overdraw from your account and Primis won’t charge you a fee
Interest compounded and deposited monthly
FDIC insured
Why it stands out:Â Similar to the Primis Savings Account, Primis Premium Checking offers a competitive interest rate and low minimum opening deposit. This checking account may also be a good option if you are looking for a checking account that has early direct deposit.
Rate:Â 4.35% APY
What to look out for: Primis ATMs are primarily located near Primis branches. If you don’t live in Maryland or Virginia, you’ll have to use out-of-network ATMs. Primis doesn’t charge ATM fees and will also provide reimbursements if you’re charged by an out-of-network ATM provider. That said, you may have to wait until the business day your statement cycle ends to receive your ATM reimbursements.
Another thing to keep in mind is that Primis Premium Checking is only available online. If you would like to open a checking account at a Primis Bank branch, there are comparable accounts offered.Â
Best interest rates for money market accounts
CFG Bank High Yield Money Market Account
CFG Bank High Yield Money Market Account
Annual Percentage Yield (APY)
4.55%
Minimum Deposit Amount
$1,000
Fees
$10 monthly service fee (with options to waive)
CFG Bank High Yield Money Market Account
Annual Percentage Yield (APY)
4.55%
Minimum Deposit Amount
$1,000
Fees
$10 monthly service fee (with options to waive)
CFG Bank High Yield Money Market Account
Details
Fees
$10 monthly service fee (with options to waive)
Annual Percentage Yield (APY)
4.55%
Minimum Deposit Amount
$1,000
Pros & Cons
Competitive APY
$1,000 opening deposit
$1,000 minimum balance to earn APY
$1,000 minimum balance to avoid $10 monthly service fee
No debit or ATM card
No paper checks
Highlights
2 branches near Baltimore, Maryland
Free access to over 1,600 M&T Banks ATMs on the East Coast
$1,000 opening deposit and minimum balance to earn highest interest rate
Avoid $10 monthly fee with balance of $1,000
Interest compounded daily and paid monthly
Member FDIC
Additional Reading
Read our review
Why it stands out:Â CFG Bank offers a high interest rate on a money market account. You may like the CFG Bank High Yield Money Market Account if you regularly maintain at least $1,000 in your account. That way, you’ll earn 4.55% APY and waive the $10 monthly service fee (with options to waive).
Rate: 4.55% APY
What to look out for:Â Usually money market accounts come with an ATM card, debit card, or paper checks. However, the CFG Bank High Yield Money Market Account doesn’t have these options. If you’d like to withdraw money from your account, you’ll have to make a transfer to another account.
Access your funds 24/7 with easy-to-use digital banking tools.
FDIC insured through Axos Bank
* The Annual Percentage Yield (APY) is accurate as of 02/22/2023. The interest rate and corresponding APY for savings is variable and is set at UFB’s discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
Why it stands out: You may like the UFB Preferred Money Market if you would like a money market account that includes paper checks and a debit card.
You’ll earn a high interest rate on the account, but there’s a $10 monthly service fee (with options to waive) if you don’t maintain an account balance of at least $5,000.Â
Rate:Â 4.55% (as of 02/22/2023) APY
What to look out for:Â If you don’t think you can maintain at least $5,000 in your account to avoid the monthly service fee, there are other banks that have lower minimum balance requirements or no monthly service fees.
Keep in mind that UFB Direct only offers a high-yield savings account and a money market account. If you would also like to open a checking account or CD with the same institution, another bank may be a better fit.
If you open a new US Bank Elite Money Market account in select areas, you’ll be eligible for an introductory bonus interest rate (Earn an interest rate of 3.50% during the first 3 months of opening the account; For the remaining 9 months of the year, you’ll earn an interest rate 0.25%)
To earn the blended APY, you must maintain an account balance between $25,000 and $499,999 during the 3-month period
Over 2,000 branches in 26 US states
Free access to around 4,700 ATMs
Waive the $10 monthly maintenance fee, keep at least $10,000 in your account daily
Interest compounded daily, deposited monthly
Member FDIC
Additional Reading
Read our review
Why it stands out:Â The U.S. Bank Elite Money Market Account has an introductory bonus interest rate for new eligible customers who open an account by March 10, 2023.
You could earn a blended APY of 1.07% APY (3.50% during the first three months of opening an account) if you maintain an account balance between $25,000 and $499,999.99. After the three-month period, you’ll earn anywhere from 0.1% to 0.75% APY, depending on your account balance.
Rate:Â 0.01% to 1.07% (varies by location) APY
What to look out for:Â The introductory bonus interest rate is not available for anyone who currently has a U.S. Bank savings or money market account or owned one in the last six months. You also won’t be eligible for the bonus interest rate if you got another U.S. Bank bonus in the last six months.Â
The U.S. Bank Elite Money Market Account also has a $10 monthly service fee (with options to waive). To waive the monthly maintenance fee, you’ll need to maintain a daily account balance of $10,000 or more.
Popular savings account options
The highest rate isn’t necessarily going to be the right account for you. If you’re interested in a good rate at a national brand, here are some banks that offer competitive rates. Ally is an Insider staff favorite.
Capital One 360 Performance Savings
Annual Percentage Yield (APY)
3.40% (as of 02/02/23)
Minimum Deposit Amount
$0
Capital One 360 Performance Savings
Annual Percentage Yield (APY)
3.40% (as of 02/02/23)
Minimum Deposit Amount
$0
On Capital One’s site. Capital One, FDIC Insured
Capital One 360 Performance Savings
On Capital One’s site. Capital One, FDIC Insured
Details
Annual Percentage Yield (APY)
3.40% (as of 02/02/23)
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
No opening deposit or minimum account balance
No monthly service fee
Easy to save for various goals
24/7 live chat
Limited access to customer service by phone
Highlights
Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
American Express® High Yield Savings Account
Annual Percentage Yield (APY)
3.50% (as of 02/16/2023)
Minimum Deposit Amount
$0
American Express® High Yield Savings Account
Annual Percentage Yield (APY)
3.50% (as of 02/16/2023)
Minimum Deposit Amount
$0
On American Express’s site. American Express, FDIC Insured
American Express® High Yield Savings Account
On American Express’s site. American Express, FDIC Insured
Details
Annual Percentage Yield (APY)
3.50% (as of 02/16/2023)
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
No monthly service fees
No opening deposit or minimum account balance
24/7 phone support
No excess transaction fee
No mobile app for banking customers
You must make a deposit within the first 60 days
No live online chat
Highlights
FDIC Insured
24/7 account access
Earns interest daily, and posts to account monthly
Additional Reading
Read our review
Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
On Ally Bank’s site. Ally Bank, FDIC Insured
Ally High Yield Savings Account
On Ally Bank’s site. Ally Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Pros & Cons
High APY
No minimum opening deposit
No monthly service fees
Savings buckets help you save for different goals
Surprise savings transfers help you save extra money from your checking account
No physical branch locations
No way to deposit cash
Highlights
Create separate savings buckets in a savings account
Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Discover Online Savings Account
Annual Percentage Yield (APY)
3.50% (as of 02/24/23)
Minimum Deposit Amount
$0
Discover Online Savings Account
Annual Percentage Yield (APY)
3.50% (as of 02/24/23)
Minimum Deposit Amount
$0
On Discover Bank’s site. Discover Bank, FDIC Insured
Discover Online Savings Account
On Discover Bank’s site. Discover Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
3.50% (as of 02/24/23)
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
No monthly service fee
No opening deposit
No insufficient funds fee
No excess withdrawal fee
Only 1 branch location
No debit card unless you open a checking account
Highlights
No monthly balance requirements
100% US-based customer service available 24/7
No hidden fees
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Best interest-earning bank accounts: February 27, 2023
Open an account with any balance; current customers may have to call customer service to get upgraded to the newest rate
Open an account with at least $5,000
Open an account with at least $1
Open an account with at least $1
Maintain $500 or more in an account for the entire term
Maintain $1,000 or more in an account for the entire term
Open an account with any balance and maintain that amount for the entire term
Maintain $50 or more in an account for the entire term
Open an account with any balance and maintain that amount for the entire term; The 11-month special CD rate is only available until March 14, 2023
Open an account with any balance and maintain that amount for the entire term
Earn 5.00% APY on the first $10,000 in your account when you sign up to receive online bank statements, make 12 monthly debit card purchases, receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks, AND spend $1,000 per month with your Consumers Credit Card
Earn 5% APY on the first $10,000 in your account
3.00% to 5.00% (depending on deposit amount)
Open an account with at least $1
Best for money market accounts
Maintain at least $1,000 in your account
Best for money market accounts
Maintain at least $1,000 in your account
Best for money market accounts
Bonus introductory rate is only for new customers; Maintain an average daily account balance between $25,000 and $499,999.99 to earn 3.50% during the first three months of opening the account
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