- Last updated December 2024
Best Savings Accounts Of December 2024
Compare the top savings accounts on the market
✓ Highest yield savings accounts
✓ Low monthly fees & overdraft fees
✓ Access your accounts 24/7
9.9
Western Alliance Bank
Our #1 choice for savings accounts
Earn 5.20% APY with $1 minimum deposit
- Earn up to $2,000 when you refer friends and family
- Secure, 24/7 mobile access
- No monthly fees & FDIC insured
Earn 11.6x the national average
Our #1 choice for savings accounts
Earn 5.20% APY with $1 minimum deposit
- Earn 11.6x the national average
9.7
CloudBank 24/7
Recommended for higher deposit amounts
- Earn 5.22% APY
- No monthly maintenance fees
- FDIC insured
9.6
CIT Bank
Convenience and security without the fees
- Earn 5.00% APY
- No monthly maintenance fees
- No minimum balances to open
9.4
Upgrade Premier Savings
Earn 5.02% APY¹ on balances of $1,000+
- Pair with checking account with 2% cash back
- Secure, 24/7 mobile access
- No monthly fees
9.2
Barclays Tiered Savings
Earn Up To 4.80% APY with minimum balance requirements
- No monthly maintenance fees
- Direct deposit to make savings simple and easy
- Secure, 24/7 online access to funds
8.9
Valley Direct
More than 10x the national average
Earn 4.75% APY with $1 opening deposit
- Open an account with as little as $1
- No monthly account fees
- Free ATM card included
9.0
Varo
Automatic savings round-ups with high APY
- Qualify to earn 5.00% on up to $5,000
- No monthly or hidden fees
- Automatically round up spare change & save
9.8
One Finance
Our #1 choice for savings accounts
Earn 5.00% APY
- No monthly fees or minimum balance
- Get paid up to 2 days early
- Earn up to 5% cash back at select brands
Earn 11x the national average
Our #1 choice for savings accounts
Earn 5.00% APY
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Our Ratings:
The rating system for the best savings accounts consists of a combination of the following 3 components:
When seeking a high-yield savings account, the primary consideration is the interest rate. Look for accounts with high interest rates to maximize your earnings on deposited funds, as higher rates can significantly boost your savings over time.
It’s crucial to find accounts with low or no monthly maintenance fees and minimal transaction fees. Avoiding unnecessary charges ensures you retain more of your hard-earned savings and benefit fully from the high interest rates.
Many customers prefer high-yield savings accounts that offer additional features such as automated savings tools, financial planning resources, and integration with other financial products. These benefits can help you efficiently grow and manage your savings, ensuring you get the most out of your high-yield account.
Best Savings Account Of 2024
9.8
Western Alliance Bank
Our #1 choice for savings accounts
Earn 5.20% APY with $1 minimum deposit
- Earn up to $2,000 when you refer friends and family
- Secure, 24/7 mobile access
- No monthly fees & FDIC insured
Why Should You Open A Savings Account?
A savings account is a great way to save for short-term goals or unexpected expenses. When you open a high-yield savings account, you can earn interest on your deposited funds. This interest can help you grow your savings more quickly than if you left your money in a checking account, which generally gives you much less interest.
Another benefit of a savings account is that it is FDIC-insured. This means that your deposited funds are protected up to $250,000 per depositor, per bank. So, if the bank where your account is held fails, your money will be refunded by the FDIC with no risk to you.
If you want a safe and easy way to grow your savings, then a savings account may be right for you.
Which Account Is Right For You?
Top 5 Benefits Of Savings Accounts
- Earn More Interest: A savings account is the best way to go when saving money. Not only do you earn more interest on your deposited funds, but you can also access your cash quickly and easily if needed. In addition, many high-yield savings accounts come with no minimum balance requirements, so you can start saving today without worrying about meeting any specific requirements.
- Avoid Market Fluctuations: Unlike other investments, such as stocks and bonds, savings accounts are not subject to market fluctuations. This means that your deposited funds are always 100% safe and sound, no matter what the economy is doing.
- Easy Access To Funds: One of the most essential things about savings accounts is that you can easily access your deposited funds. This is perfect for when you need cash fast, such as in an emergency.
- Low Minimum Account Opening: Unlike other investment accounts, savings accounts usually have very low minimum opening requirements. This makes them accessible to nearly everyone, regardless of how much money you must deposit.
- Makes Saving Easier: A high-yield savings account makes saving money easier. First, the interest you earn can help your deposited funds to grow over time. Additionally, many high-yield savings accounts have automatic savings features that make it easy to set aside money each month without thinking about it.
1. Western Alliance Bank
Western Alliance Bank, available through the Raisin platform, offers competitive high-yield savings accounts. While primarily focused on business banking in four Western states, their high-yield savings account through Raisin is an attractive option for personal savers with no monthly fees and FDIC insurance.
Pros
- High APY rates (5.20%)
- No monthly fees & $1 minimum deposit
- Seamless online experience through Raisin
Cons
- No physical locations
- Limited support
- No cash deposits
2. CloudBank 247
CloudBank 247, powered by Raisin, provides customers with access to high-yield savings accounts and CDs, all managed through a user-friendly online platform. With FDIC insurance and no hidden fees, CloudBank 247 is designed to offer a secure, convenient way to maximize your savings potential. Explore the competitive rates and seamless digital experience that sets CloudBank 247 apart in the online banking landscape.
Pros
- 5.22% APY on savings
- No monthly maintenance fees
- FDIC insured up to $250K
Cons
- No checking interest
- No physical locations
- Higher minimum deposit ($1,000+)
3. CIT Bank
CIT Bank offers some of the best savings accounts in 2024, featuring high interest rates and no monthly maintenance fees. Their online banking platform is designed for easy use, providing convenient access to your funds and account management tools. CIT Bank’s strong reputation and commitment to customer service make it an attractive option for savers looking to maximize their returns.
Pros
- Up to $30/mo refunded in ATM fees
- Low $100 minimum opening deposit
- 90,000+ ATM locations
Cons
- No checking accounts
- Online-only customer support
- Limited promotional offers
Disclosures
Upgrade:
*When you sign up for the Premier Savings product through Upgrade, you will open a Premier Savings account at Cross River Bank, Member FDIC under the terms of your Savings Deposit Account Agreement and agree to participate in a custodial deposit program offered by Upgrade and Cross River Bank (the “Program”). Under the Program, Cross River Bank may, as your agent and custodian, place some or all of your funds from your Premier Savings account with another depository institution or credit union (each a “Participating Institution”) under the terms of your Custodial and Agency Agreement. Each Participating Institution is either an insured depository institution at which deposits are insured by the FDIC or a credit union at which share accounts are insured by the NCUA Share Insurance Fund, subject to applicable limits. Your funds at Cross River Bank and at a Participating Institution are eligible for FDIC or NCUA insurance coverage up to $250,000 per ownership category and per institution. You will be responsible for monitoring the total amount of deposits that you hold with Cross River Bank and any Participating Institution to determine the extent of FDIC or NCUA insurance coverage available to you. You will be able to check your Upgrade dashboard to determine the amount of your funds on deposit at Cross River Bank and any Participating Institution under the Program. For more information on the Program, please refer to the Custodial and Agency Agreement.
1This Annual Percentage Yield (APY) is effective as of February 26, 2024. The APY for the Premier Savings account is variable and may change at any time.
