- Last updated July 2024
Best Savings Accounts Of July 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
Upgrade Premier Savings
Our #1 choice for savings accounts
Earn 5.21% APY¹ on balances of $1,000+
- Pair with checking account with 2% cash back
- Secure, 24/7 mobile access
- No monthly fees
Earn 14x the national average
Our #1 choice for savings accounts
Earn 5.21% APY¹
- Earn 14x the national average
9.7
Western Alliance Bank
Highly competitive rates available nationwide
- 5.27% APY. $1 minimum deposit
- FDIC insured. No fees
- 24/7 online access
9.5
CIT Bank
Convenience and security without the fees
- Earn 5.00% APY
- No monthly maintenance fees
- No minimum balances to open
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
9.1
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
Upgrade Premier Savings
Our #1 choice for savings accounts
Earn 5.21% APY¹ on balances of $1,000+
- Pair with checking account with 2% cash back
- Secure, 24/7 mobile access
- No monthly fees
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.
Top 3 Best Savings Accounts
CIT Bank is an excellent choice if you're looking for a dependable online-only bank. You won't be charged any monthly fees and the minimum opening balance is only $100, so it's easy to get started with CIT Bank. Also, their high-yield savings accounts earn interest on deposited funds immediately. In addition, customer service representatives are available 24/7 should you need assistance.
Pros
- Up to $30/mo refunded in ATM fees
- Low $100 minimum opening deposit
- 90,000+ ATM locations
Cons
- No physical locations
- Limited support
- No cash deposits
If you are looking for a high yield savings account, the Upgrade account could be the perfect choice. With an annual percentage yield this high, your money will grow faster than it would in a traditional savings account. In addition, the Upgrade account offers features that make it easy to manage your money and keep track of your progress.
The Upgrade account allows you to set up automatic deposits, which can help you stay on track with your savings goals. You can also use the account to pay bills and make other payments online. This makes it easy to keep your finances organized and streamlined. The Upgrade account also offers mobile banking, so you can access your account information from anywhere.
Pros
- No monthly fees
- High 5.07% APY
- No ATM fees
Cons
- No checking interest
- No physical locations
- Higher minimum deposit ($1,000+)
If you're looking for an online bank that offers a wide range of products and services, Quontic Bank is worth considering. In this review, we'll take a closer look at the products offered by this institution and see how they stack up against the competition. So whether you're in the market for a new bank or just want to compare rates, consider checking out Quontic Bank!
Pros
- High APY rates
- No monthly fees
- 90,000+ ATM locations
Cons
- No physical locations
- Limited support
- No cash deposits
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.
