A savings account is an excellent option for stashing away funds you’re saving and aiming to earn a competitive Annual Percentage Yield (APY), regardless of your timeframe for using the money. Bankrate’s top savings rates often exceed the national average savings yield, which currently stands at 0.58 percent. By opting for a savings account with a higher APY, you can potentially maximize your earnings on your savings over time.
Choosing the best savings account depends on your specific financial needs and preferences. However, some factors to consider when selecting a savings account include the annual percentage yield (APY), minimum balance requirements, fees, and additional features such as online banking options and customer service.
Best savings account rates
UFB Direct (5.25% APY / $0 min. deposit to open)
UFB Direct, established in 1999, operates as an online-only bank and operates as a division of Axos Bank. While it previously enforced minimum balance requirements to earn interest, its current offerings include two accounts that boast competitive interest rates on all balances. Notably, UFB Direct does not provide checking accounts or certificates of deposit (CDs) at present.
UFB Direct caters to savers seeking high returns on their money through their competitive interest rates on savings and money market accounts. While they don’t currently offer other deposit accounts, they can also assist you with your mortgage needs.
UFB Direct, an online-only bank, provides savings and money market accounts accompanied by digital banking tools, including a highly rated mobile app. Alongside these deposit products, the bank extends its services to include home loans and operates a 24/7 customer support line.
- UFB Direct’s Secure Savings account boasts a top-tier yield, setting it apart in the market.
- Moreover, it provides ATM access, a feature not commonly found among online banks.
- Utilizing mobile deposit, you can conveniently deposit checks into your UFB Direct account.
- Distinguished by its absence of monthly service fees or minimum balance requirements, the UFB Secure Savings account offers flexibility to its users.
- Additionally, there’s no minimum opening deposit required.
- It’s worth noting that the stability of UFB Direct’s yield compared to other banks will only be revealed over time, as savings APYs are subject to change.
- UFB Direct employs five balance tiers, all currently yielding the same APY according to Bankrate’s review. However, fluctuations may occur in the future.
Bread Savings offers highly competitive yields on its savings account, making it an attractive option for savers.
- With a low $100 requirement to open an account and no monthly maintenance fees, it caters to a wide range of savers.
- However, it’s important to note that requesting a paper statement incurs a $5 fee at Bread Savings.
- Additionally, the bank charges $25 for wire transfers and $15 for official bank checks.
- Furthermore, it’s worth mentioning that Bread Savings does not provide ATM access.
The EverBank Performance Savings account surpasses the national average APY, offering a competitive yield. Opening the account doesn’t mandate any minimum deposit. Notably, it includes EverBank’s Yield Pledge commitment, ensuring its APY remains among the top 5 percent of accounts, as adjusted by EverBank.
- The EverBank Performance Savings account is devoid of any monthly account fees.
- Additionally, there is no minimum opening balance requirement.
- While some savings accounts from other banks may offer slightly higher yields, EverBank remains competitive in its offerings.
- CIT Bank stands out for its highly competitive yield, aligning with the standards of many online banks by not imposing a monthly service fee.
- To earn the top yield in CIT Bank’s Platinum Savings account, a minimum deposit of at least $5,000 is required.
- lion could be transferred into a savings account with a 0.01 percent APY. It’s crucial to always adhere to FDIC limits and guidelines regarding deposit insurance.
Salem Five Direct (5.01% APY / $10 min. deposit to open)
Salem Five Direct, the online arm of Salem Five, a bank established in 1855 in Salem, Massachusetts, holds the distinction of being the inaugural online bank, inaugurated in 1995. Recognized for its diverse array of financial products, including high-yield savings accounts, checking accounts, and CDs, Salem Five Direct is acclaimed for its accessibility and customer-centric approach.
One of its flagship offerings, the eOne Savings account, stands out for its minimal barrier to entry, requiring only a $10 opening deposit. Notably, this account does not burden customers with monthly service fees or minimum balance requirements, ensuring flexibility and convenience for account holders.
- The eOne Savings account at Salem Five Direct allows customers to open an account with just $10, offering a competitive Annual Percentage Yield (APY) on balances up to $1 million. Customers can conveniently deposit checks via mobile deposit.
- It’s important to note that the eOne Savings account is exclusively available to customers who do not already have a checking or savings account with Salem Five Bank. Additionally, there might be a fee for exceeding the bank’s limit of six transfers in a calendar month.
- For balances exceeding $1 million, funds could be transferred into a savings account with a 0.01 percent APY. It’s essential to adhere to FDIC limits and guidelines regarding deposit insurance.
CIBC Bank USA (5.01% APY / $1,000 min. deposit to open)
CIBC Bank USA is currently recognized for providing a competitive yield through its CIBC Agility Online Savings Account, which does not impose a monthly service fee. Moreover, the bank offers Certificates of Deposit (CDs) that boast slightly higher yields, requiring a deposit of at least $25,000. However, its savings account distinguishes itself with a lower minimum opening deposit requirement of $1,000, making it accessible to a broader range of customers.
- The CIBC Bank USA Agility Online Savings Account provides a top-tier yield, making it an appealing choice for savers. With no monthly service fee, it’s an attractive option for those with an initial deposit of at least $1,000.
- However, it’s important to note that the Agility Online Savings Account does have a higher initial deposit requirement compared to some other online banks. Additionally, during the first 30 days of account opening, external transfers via CIBC NetBanking are not permitted.
- Furthermore, it’s worth mentioning that the Agility Online Savings Account does not offer ATM access.
Citizens Access (4.50% APY / $1 min. deposit to open)
Citizens Access is known for being the online bank division of Citizens Bank. Citizens Access offers a high-yield online savings account and CDs with terms between six months and five years. The online savings account doesn’t have a maintenance fee, and you only need 1 cent to open an account. Currently, all balances receive the bank’s competitive APY.
- Citizens Access presents a savings account with a competitive yield and no monthly fees. Remarkably, you can open a Citizens Access savings account with just 1 cent.
- However, it’s crucial to be aware of some factors. Currently, all balances at Citizens Access earn the same yield. Yet, the bank categorizes balances into two tiers: under $5,000 and over $5,000.
- Moreover, the Citizens Access app lacks mobile check deposit capabilities, although you can still make a mobile deposit through the bank’s website.
