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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

Western Alliance Bank Logo

9.9

5/5

Western Alliance Bank

Our #1 choice for savings accounts

Earn 5.20% APY with $1 minimum deposit

Earn 11.6x the national average

Our #1 choice for savings accounts

Earn 5.20% APY with $1 minimum deposit

Cloud Bank Logo

9.7

4.8/5

CloudBank 24/7

Recommended for higher deposit amounts

Earn 5.22% APY with zero monthly fees

CIT Bank Logo

9.6

4.8/5

CIT Bank

Convenience and security without the fees

Earn 5.00% APY with Platinum Savings

Upgrade Logo

9.4

4.6/5

Upgrade Premier Savings

Earn 5.02% APY¹ on balances of $1,000+

Earn 5.02% APY¹ on balances of $1,000+

Barclays Logo

9.2

4.6/5

Barclays Tiered Savings

Earn Up To 4.80% APY with minimum balance requirements

Earn up to 4.80% APY with Barclays

Valley National Bank Logo

8.9

4.4/5

Valley Direct

More than 10x the national average

Earn 4.75% APY with $1 opening deposit

More than 10x the national average

Earn 4.75% APY with $1 opening deposit

Varo Logo

9.0

4.5/5

Varo

Automatic savings round-ups with high APY

Earn up to 5.00% APY with Varo

One Finance Logo

9.8

SmartScore
4.9/5

One Finance

Our #1 choice for savings accounts

Earn 5.00% APY

Earn 11x the national average

Our #1 choice for savings accounts

Earn 5.00% APY

Community Feedback
Based on the past 30 days
97%
Product Features
Based on our editorial reviews
95%
Community Feedback
Based on the past 30 days
92%
Product Features
Based on our editorial reviews
90%
Community Feedback
Based on the past 30 days
87%
Product Features
Based on our editorial reviews
86%
Community Feedback
Based on the past 30 days
86%
Product Features
Based on our editorial reviews
82%
Community Feedback
Based on the past 30 days
83%
Product Features
Based on our editorial reviews
81%

250,000+ people

have chosen a new account using SmartWealthTrends!​

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

Western Alliance Bank Logo

9.8

4.9/5

Western Alliance Bank

Our #1 choice for savings accounts

Earn 5.20% APY with $1 minimum deposit

Earn 11.6x the national average

Earn 5.20% APY with $1 minimum deposit

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?

Savings
VS
Checking
VS
CD
Earns interest
VS
VS
FDIC-insured
VS
VS
ATM access
VS
VS
Debit card & check writing access
VS
VS
Higher yield potential
VS
VS
Our Top Choice:
idNuvXOHy logos
VS
idZgaH4GRe 1721248137106
VS
idjy1COjQB 1720432002403

Top 5 Benefits Of Savings Accounts

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5.  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.

Our Top Savings Account Options As Of December 01, 2024

Bank

Rate

Site

Western Alliance Bank Logo

5.20%

Cloud Bank Logo

5.22%

CIT Bank Logo

5.00%

1. Western Alliance Bank

Western Alliance Bank Logo

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

Cons

2. CloudBank 247

Cloud Bank Logo

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

Cons

3. CIT Bank

CIT Bank Logo

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

Cons

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.

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