Best savings accounts in the USA for January 2023

Best savings accounts in the USA for January 2023

Our guide to finding the best savings account interest rates at banks

The top rate you can presently earn from a nationally available savings account is a 3.25% per annum percentage yield (APY), offered by Elements Financial. That is almost 20 times the FDIC’s national average for savings accounts of 0.17% APY. It is just one of the top rates you can find in our rankings below.

Selected from our weekly rate research on more than 200 banks and credit unions that provide nationwide savings accounts. Even the tenth-best rate on the list pays 2.66% APY. You will find the top savings account rates accessible from our partners, followed by our complete ranking of the best savings account rates nationwide.

What US bank has the best savings account?

Dollar Savings Account 3.00% APY
  • Minimum deposit-$1,000
  • Minimum balance-Any amount
  • Monthly free-None
  • ATM Card-No
  • Checking accounts available No
  • CDs available Yes
High Yield Savings Account (UFB) 2.85% APY
  • Minimum deposit-Any amount
  • Minimum balance- Any amount
  • Monthly fees- None
  • ATM card- Yes
  • Checking accounts available- No
  • CDs available- No
Interest Saving Account (Bask Bank) 2.75% APY
  • Minimum deposit-Any amount
  • Minimum balance- Any amount
  • Monthly fees-None
  • ATM card- No
  • Checking accounts available-No CDs available- No
Online Saving Account(First Foundation Bank) 2.75% APY
  • Minimum deposit-$1,000
  • Minimum balance-$0
  • Monthly fess-None
  • ATM card-No
  • Checking accounts available-Yes Calif, Hawaii
  • CDs available-Yes in Calif, and Hawaii
Promo Helium Savings (Elements Financial) 3.25% APY
  • Minimum deposit-Any amount
  • Minimum balance-$2,500 to earn promo APY
  • Monthly fees-Yes
  • Checking accounts available-Yes CDs available-Yes
  • CDs available-Yes
High Yield Money Market Account (CFG Bank) 2.75% APY
  • Minimum deposit-$1000
  • Minimum balance-$1000 earn stated APY
  • Monthly fees-None with $1000 ongoing balance, otherwise $10/Month
  • ATM card-No
  • Checking accounts available-No
  • CDs available-Yes
PurelyMoneyMarket (BankPurely) 2.75% APY
  • Minimum deposit-Any amount
  • Minimum balance-$25,000 to earn interest
  • Monthly fees-None
  • ATM card-Yes
  • Checking accounts available-Yes
  • CDs available-Yes
iGOmoneymarket Accounts (iGObanking) 2.75% APY
  • Minimum deposit-$25,000
  • Minimum balance-$25,000 to earn interest
  • Monthly fees-None
  • ATM card-No
  • Checking accounts available-Yes
  • CDs available- Yes
High-Yield Savings Account (lvy Bank) 2.70
  • Minimum deposit-$2,500
  • Minimum balance-$2,500 earn stated APY
  • Monthly fees-None
  • ATM card-No
  • Checking accounts available-No
  • CDs available-Yes
High Yield Savings Accounts (TAB Bank) 2.66% APY
  • Minimum deposit-Any amount
  • Minimum balance-$1
  • Monthly Fees-None
  • ATM card-No
  • Checking accounts available-Yes
  • CDs available-Yes
Online Savings Account (Valley Direct) 2.65% APY
  • Minimum deposit-$1
  • Minimum balance-Any amount
  • Monthly fee-None
  • ATM card-No
  • Checking accounts available-No
  • CDs available-No
High-Yield Savings (LendingClub) 2.65% APY
  • Minimum deposit-$100
  • Minimum balance-Any amount
  • Monthly fee-None
  • ATM card-Yes
  • Checking accounts available-Yes
  • CDs available-Yes

How to choose a savings account

Savings accounts are the best option for achieving your money-saving goals. You will want to opt for an online savings account that provides a competitive per annum percentage yield (APY) on your money. It cannot pay to opt for one that either does not have a monthly service fee nor has a minimum balance requirement that you can meet to waive the fee.

Here are a few steps to follow as you look for the best place to stash your savings:

Which is the best bank to open an account in the USA?

CIT Bank-2.40% APY, no minimum balance needed for APY

CIT Bank’s best saving account is opened with just $100. The bank provides a competitive APY and does not charge a monthly service fee for this account. It has also a savings builder account, a checking account, a money market account, and CDs.

Citizens-2.35% APY, $5000 minimum balance to earn APY

A citizen bank is an online division bank. It provides a high-yield online savings account. It’s CDs with terms between six months and five years. This online savings account interest rate does not have conservation fees. You have to pay at least $5000 to open the account.

Synchrony Bank-2.25% APY, no minimum balance needed for APY

Synchrony Bank’s best High-Yield savings account rates earns a competitor yield, it has ATM access. No monthly fees are there, no minimum deposit for opening, and no minimum balance is needed.

CapitalOne-2.15% APY, no minimum balance needed for APY.

The Capital One 360 performance best savings account earns a competitor yield. This does not have monthly service fees and you would not need a minimum deposit to open an account. Marcus By Goldman Sachs-2.15% APY, no minimum balance to no ATM access The high-yield savings account from Marcus needs no minimum deposit for opening and no minimum to earn the competitive APY. No monthly fees need and the account opening process is easy.

Bread Savings-2.15% APY, $100 minimum for opening account

Bread Savings is FDIC insured through Community Capital Bank. The Bread Savings high-yield savings account provides a competitive yield, needs just $100 for opening, and has no monthly service fees.

Ally Bank-2.00% APY, no minimum balance needed for APY, and a free checking account.

Ally Bank’s online savings account has a competitive APY, does not need an opening deposit, and has no monthly service fees are there. Ally bank also has 24/7 live customer care available.

American Express National Bank-2.00% APY, no minimum balance required for APY.

American Express is known for the best credit cards. It also provides a competitive savings account. The account has no fees and allows you link your external bank account. The company provides a variety of CDs.

Barclays Bank-2.00% APY, $0.01 minimum balance required for APY

Presently, you will earn a competitive yield with Barclay’s online savings account. You do not require making minimum opening deposit, and it does not charge a monthly service fee. Products from Barclays are available online in the U.S. also.

Citi Bank-2.00% APY, $1 minimum for APY (ATM access)

Citibank’s high-yield savings account pays well the national average and is higher than many of the savings interest rates provided by some of the nation’s largest banks. No minimum balance needs to earn the APY and no minimum to open an account. But the APY is only available in selected markets.

Discover Bank-2.00% APY, no minimum balance required for APY

Discover Bank has been providing deposit products online since 2007.  Discover is best known for its credit cards. But it also provides an online savings account, money market account, checking account, and CDs.

Popular Direct-1.90% APY, $5,000 minimum balance to earn APY

A popular direct high-rise savings account opens through a popular bank. Popular Bank is an FDIC-insured bank that was set up in 1999, according to the FDIC.

What is a savings account?

This account is a type of financial savings account found at both banks and credit unions. These federatively insured accounts often pay interest, but always at low rates than government insure other interest-bearing financial products, like certificates of deposit (CDs).

Savings accounts provide more ready cash, allowing for up to six types of withdrawals or transfers and potentially more. That makes savings accounts ideal for putting away money you may need access to if unanticipated costs arise.

Savings accounts can play an important role in your financial health. Different from a CD. Which forces you to lock your money for a specified period; there is no set term for the majority with a savings account. So, it is a good spot to park your emergency fund.

Savings accounts are assured for up to at least $250,000 at banks.  The Joint Deposit Insurance Corp. (FDIC) and credit unions are backed by National Credit Union Administration (NCUA). The operates and manages the National Credit Union Share Insurance Fund (NCUSIF).

What are the different types of savings accounts?

Normally speaking, only one type of savings account is there. Some savings accounts may be called high-yield savings accounts but that does not mandatory mean that they provide higher yields. Money market rates account also fall under the official terms of savings deposit accounts.

Some banks may also provide special savings accounts for children, while other institutions may account for every person but allow accounts to be titled as custodial savings accounts.

Individual account: A single person owns an account.  Not anyone allows accessing this account.

Joint account with rights of survival: If two people have joint savings accounts at the bank with no other beneficiaries on the account and one of the joint owners dies. The living account holder gets the account.

Payable on death (POD): If a personal savings account has one or more beneficiaries and the account owner dies. These beneficiaries will receive the balance of the account. Sufficient proof and a death certificate are required. A beneficiary on a joint account, listed as POD, would not get a right to this account till the last account owner dies.

Uniform Gifts to Minors Act (UTMA/UGMA): Often, these types of accounts specify one custodian and one minor. The caretaker manages the account for the small until the child reaches age 18 or age 21. It is depending on the state. Not all online savings accounts are created similarly. Many online banks, for instance, pay higher yields than their brick-and-mortar counterparts. When selecting a savings account, think about APY, minimum deposit needs, and your financial aims. The best savings account interest rates should provide a competitive APY and let you securely withdraw or transfer money each declaration period.

Who is the number 1 bank in America?

Presently, the largest bank in America is Chase Bank. It has branches in almost all states (but there are not any branches in Alaska) and about 16,000 ATMs, as well as extended hours for customer service via phone. That does not necessarily mean Chase is the bank.  You should opt for though. Bank interest rates, fees, and extra factors against other options in your area before making a choice.

Which savings account earns most money?

The main savings account rate in the country can fluctuate at any time. The banks and credit unions are free to coordinate their rates on the best savings accounts whenever it suits their purposes. However, what you can look from our rankings of the high bank rates is that the best APYs come from Internet-only banks. Complete the top opponents are some online arms of traditional banks and a few credit unions that provide broad, nationwide membership eligibility.

What you may notice is the absence of the biggest bank names you know. Chase Bank, savings account bank of America, and Wells Fargo three country’s four largest banks by wealth—provide the best savings account rates far below the national average.

 Competing hard for deposit funds is something they only do not do, as their business model and size do not able them to secure enough capital from other sources. Among the big-four banks, only Citibank provides a savings account product with a competitive interest rate.

What you can add up from our rankings is that these are the definitively highest interest rate savings account offered in the country by institutions that are open to customers nationwide. We don’t rank them on behalf of advertising or support relationships, or any criteria other than APY, nationwide availability, and a minimum deposit of $25,000 or less.

How much interest does $10000 earn in a year?

The best savings account interest rates are a minimum of 2%.  You will always find savings rates closer to the national average, which is presently 0.17%.

If you have a $5,000 savings balance, opting for an account that pays 2% will earn you about $100 in a year, and an account that pays you the average would earn about $8. The difference increases the extra your deposit and the longer you keep it in the account.

Which bank is best for foreigners in USAthe ?

Many of Nerd Wallet’s picks for the best national bank are online because they always provide better bank interest rates on deposits than brick-and-mortar banks do. But some banks deviate for other reasons, such as solid sign-up bonuses or customer service.

Many online banks assent people to sign up from almost anywhere in the U.S., while most brick-and-mortar banks have some states they don’t serve. For instance, Chase has branches across the country but does not work for all 50 states.

What is the safest bank in America?

Is a U.S. Bank savings account good? Your money is uniformly safe in any bank that is assured by the Federal Deposit Insurance Corp. As long as your bank has this protection and most banks do you are assured of up to $250,000 per person, per possession category, per bank.

In the same way, your money is evenly safe in any credit union that is assured by the National Credit Union Administration. Credit unions have this protection to insure your money for up to $250,000 per person, per account, per credit union.


We close look at over 80 financial institutions and financial service providers, including the biggest U.S. banks based on properties, and internet search traffic. Other factors; are the nation’s largest credit unions, based on wealth and membership; and other notable and emerging players in the industry. Where is the best place for a savings account? We determined them on criteria including per annum percentage yields, minimum balances, fees, digital experience, and more.

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