A savings account is more than just a spot to stash your cash—it’s a foundation for your financial goals. Whether you’re saving for an emergency, a vacation, or your next big life move, the right savings account helps your money grow with minimal effort.
Limited Time Offer - New accounts earn a 0.20% APY boost to 4.00% for up to 6 months with eligible direct deposit*
- Savings Account with up to 3.80% APY* (see website for details)
- Cash Bonus up to $300 with direct deposit set up (Terms apply)
- No monthly fees
- Up to 2-day-early paycheck
- FDIC Insured up to $250k plus up to $3M in supplemental insurance
* Rates as of 1/24/2025.
** Rates are variable and subject to change at any time. Terms and conditions apply.
Earn 4.30% APY*
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No more hidden fees - we keep banking hassle-free.
- Enjoy free monthly maintenance
- Watch your savings grow with daily compounded interest.
- Deposit anytime, anywhere with unlimited mobile check deposits.
- Deposits are FDIC-insured up to $250,000
*Rate as of 5/8/2025
Earn 3.60% APY* with a Discover™ Savings Account
- Earn Over 5X the National Savings Average¹
- $0 Min. Balance to Earn APY
- $0 Monthly Fees & No Min. Opening Deposit
- No Overdraft Fees
- Deposits are FDIC-insured up to $250,000²
*Rates as of 4/22/2025
Earn 4.00% APY* with Barclays' Tiered Savings Account
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$50k minimum balance to earn APY
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Customer service available 7 days a week
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No monthly maintenance fees
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FDIC insured
*Rate as of 5/19/2025
Earn 4.00% APY*
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With a Balance of $5,000 or More*
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Earn 0.25% APY with a Balance of Less than $5k*
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$100 Minimum Deposit to Open Account
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No Account Opening or Monthly Service Fees
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CIT Bank Account is FDIC Insured
*Rate as of 6/11/2025
Earn up to 4.00% APY with Savings Pods
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Create up to three pods and start saving
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Set up and maintain a qualifying direct deposit of $200 or more and boost your savings with 4.00% APY, or earn 0.25% APY standard
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Automate savings with Round-Ups
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Deposits are FDIC-insured up to $250,000
*Terms and Conditions may apply.
Let’s dive into what makes a great savings account and highlight options that consistently stand out.
Why You Need a Savings Account
Savings accounts are one of the safest, easiest ways to earn a little interest while keeping your money accessible. They’re perfect for:
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Emergency funds
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Short-term goals (like a car or vacation)
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Buffer cash for peace of mind
And since they’re FDIC- or NCUA-insured, you’re protected up to $250,000 per account holder per bank or credit union.
What Makes a Good Savings Account?
Here’s what to look for when comparing savings accounts:
High APY (Annual Percentage Yield)
Interest rates matter. A higher APY means your money earns more over time—even if the difference seems small up front.
Low (or No) Fees
Monthly maintenance fees can drain your savings. The best accounts skip them entirely or give you easy ways to waive them.
Easy Access
You want to be able to access your money when you need it—but not so easily that you’re tempted to spend it on impulse buys.
Mobile and Online Features
User-friendly apps, mobile check deposit, and easy transfers make it simpler to manage your money wherever you are.
Solid Customer Service
If something goes wrong, it’s nice to know you can reach someone who can help.
Different Types of Savings Accounts
| Type of Savings Account | Best For | Features |
|---|---|---|
| High-Yield Savings | Earning more interest | Higher APY, usually online-only, fewer fees |
| Traditional Savings | Simplicity and branch access | Lower APY, available at most big banks |
| Money Market Accounts | Higher balance savers | Check-writing, debit access, higher APY, higher minimums |
| Certificate of Deposit (CDs) | Locking in rate for longer term | Fixed rate, early withdrawal penalties, best for committed savers |
Consistently Strong Savings Accounts
Here are some savings accounts that are regularly recommended for their strong features and customer satisfaction.
Ally Online Savings
Best for: All-around value
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APY: Competitive, adjusts with market
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Minimum Balance: $0
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Fees: None
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Extras: “Buckets” for goal-based saving, recurring transfers, user-friendly app
Ally hits all the right notes with no fees, solid interest, and tools that help you stay on track.
Marcus by Goldman Sachs High-Yield Savings
Best for: High APY with no frills
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APY: Among the highest nationally available
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Minimum Balance: $0
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Fees: None
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Extras: Solid interest rates, clean interface, FDIC-insured
Marcus is ideal for people who just want a simple, effective place to grow their money without the fluff.
Discover Online Savings
Best for: Full-service digital banking
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APY: Competitive
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Minimum Balance: $0
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Fees: None
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Extras: 24/7 customer support, easy account linking
Discover offers strong customer service along with dependable rates and zero fees.
Capital One 360 Performance Savings
Best for: People who want both online and in-person access
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APY: High for a hybrid bank
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Minimum Balance: $0
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Fees: None
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Extras: Access to Capital One branches and cafes, solid mobile app
Capital One blends modern tools with traditional access, making it perfect if you like a little of both.
How Much Should You Keep in Savings?
There’s no one-size-fits-all, but a good starting point is:
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Emergency Fund: 3–6 months of essential expenses
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Short-Term Goals: Save toward specific things like travel or down payments
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Buffer Cash: $500–$1,000 for everyday curveballs
Once your savings is in a good spot, you might shift extra cash into investments for better long-term growth.
Tips to Maximize Your Savings
Automate It
Set up auto-transfers from checking to savings—what you don’t see, you won’t spend.
Separate Goals
Use multiple savings accounts (or “buckets” if your bank offers them) to track goals individually.
Don’t Let Money Sit Too Long
If you’re sitting on a large balance for months, consider whether a CD or investment account might be a better fit for long-term growth.
Revisit Your Rates
APYs change. Check in on your rate every few months and be ready to move your money if a better deal comes along.
A Quick Look at Top Savings Accounts
| Bank/Account | APY | Monthly Fee | Notable Feature |
|---|---|---|---|
| Ally Online Savings | Competitive | $0 | Goal-based “buckets,” automation |
| Marcus by Goldman Sachs | Very High | $0 | High yield, simple platform |
| Discover Online Savings | Competitive | $0 | 24/7 support, easy transfers |
| Capital One 360 Performance | High | $0 | Online + in-branch flexibility |
Closing Thoughts: A Little Interest Goes a Long Way
Savings accounts aren’t flashy—but they’re one of the smartest tools for financial stability. The right account won’t just hold your money—it’ll help it grow quietly in the background while you live your life.
So take a few minutes to compare your options. A better APY, fewer fees, or smarter tools could make a real difference in the long run. Your future self will be glad you did.
