- Last updated December 2024
Best Savings Accounts Of December 2024
Compare the best savings accounts
✓ Highest yield savings accounts
✓ No monthly fees or overdraft
✓ Access your accounts 24/7
Community Feedback
Product Features
Community Feedback
Product Features
Community Feedback
Product Features
Community Feedback
Product Features
Community Feedback
Product Features
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.
Compare Top Savings Accounts
Top 5 Benefits Of A Savings Account
- Earn More Interest: When it comes to saving money, a savings account is the best way to go. Not only do you get to earn more interest on your deposited funds, but you can also access your money 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 having to worry about meeting any specific requirements.
- Avoid Market Fluctuations: Unlike other types of 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 is happening in the economy.
- Easy Access To Funds: One of the most important things about savings accounts is that you can easily access your deposited funds. This is perfect for those times when you need cash fast, such as in an emergency situation.
- Low Minimum Account Opening: Unlike some other types of investment accounts, savings accounts usually have very low minimum account opening requirements. This makes them accessible to nearly everyone, regardless of how much money you have to deposit.
- Makes Saving Easier: A high-yield savings account makes saving money easier in several ways. First, the interest you earn can help your deposited funds to grow over time. Additionally, many high-yield savings accounts come with automatic savings features that make it easy to set aside money each month without thinking about it.
Top Savings Account Options As Of December 22, 2024
Bank
FDIC/NCUA
Fees
$250,000
$0/mo
$250,000
$0/mo
$250,000
$0/mo
1. Harborstone Credit Union
Harborstone Credit Union, a member-owned, not-for-profit financial institution serving Washington State since 1955, collaborates with Raisin, an online marketplace, to provide its members with competitive rates on savings products, easy onboarding, and access to smart technology, products, and services tailored to their best interests
Pros
- $1 minimum to open
- Supports local organizations focused on financial literacy, community safety, and more
- 24/7 online access to funds
Cons
- No physical locations
- No 24/7 support
2. American Express
American Express‘s High Yield Savings Account (HYSA) offers a competitive interest rate and helps grow your money at a rate higher than the national average. It is an online savings account with no minimum balance (Besides an initial $1.00+ deposit) requirements and no monthly fees.
Pros
- $0 monthly fee
- Large, nationwide ATM network
- 24/7 customer service by phone
Cons
- No overdraft protection program
- No cash deposits
- No physical branch access
3. Synchrony
Synchrony provides competitive rates on its online savings account and certificates of deposit with no monthly fees. The online-only bank specializes in savings accounts and does not offer checking accounts or budgeting tools. They also offer a money market account with more withdrawal options like check writing but at a lower rate than a regular savings account.
Pros
- No minimum opening deposits
- ATM fee rebates
- Competitive rate on savings and CDs
Cons
- No cash deposits
- No checking account offered
- No physical branch access
Advertiser Disclosure: SmartWealthTrends has partnered with QuinStreet for our coverage of banking products. SmartWealthTrends and QuinStreet may receive a commission from banks. Some or all of the banking offers that appear on SmartWealthTrends are from advertisers. Compensation may impact how and where card products appear but does not affect our editors’ opinions or evaluations. SmartWealthTrends does not include all card companies or all available card offers.
Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
