Best Savings Accounts for 2024: Up to 5.15%
Whether you're saving for a specific purpose or establishing an emergency fund, keeping your money in a savings account keeps it accessible and secure while also growing through interest. However, with so many options available, it can be difficult to choose which bank is the best place to deposit your money.
To assist you in determining what is available, GOBankingRates reviewed all savings accounts with an APY of more than 4.00% from its 2024 Best Banks data. This is how the banks are stacked up.
1. BMO Alto Online Savings.
BMO Alto is BMO Financial Group's online-only division that offers high-interest savings accounts and certificates of deposit. Currently, the BMO Alto Online Savings Account offers an APY of 5.10%, one of the highest accessible for savings accounts. You can open an account without making an initial deposit, and the bank gives you a generous 90-day window to fund it.
The negative is that you must conduct all of your banking transactions through the BMO Alto website. There is no mobile app to download, and transactions cannot be completed in person at a branch. It also lacks an ATM or a debit card, and Zelle is unavailable.
Best for: no minimum deposit.
Pros:
No monthly service fees.
No minimum balances.
Higher than average interest rates
Cons:
Debit and ATM cards are not available.
Why We Like It: BMO Alto's Online Savings account allows you to make unlimited transactions and withdrawals. That means your account will not be changed to a checking account, or even canceled if you make too many convenience withdrawals.
2. EverBank Performance Savings.
EverBank provides consumer and commercial bank accounts, as well as a high-yield savings account known as Performance Savings. It currently pays 5.15% APY, which is the highest rate found in GOBankingRates' analysis. The account has no minimum balance requirement, so you can open it today and transfer funds later. EverBank also offers an interest-earning checking account and a money market account, making it an excellent choice if you prefer to handle all of your banking in one spot.
If you happen to be in Florida, you can also visit a financial center in person. EverBank will roll out new desktop and mobile services later in 2024. The services are intended to enhance and simplify the online banking experience for its consumers. New features include push notifications from the mobile app, account aliases, and interaction with third-party financial tools.
Best for: High APY on all balances.
Pros:
No maintenance expenses.
Access to physical branches.
Pros: Customer-centric online and mobile app design. Cons:
A debit card is not accessible.
Yield Pledge rate guarantee is not available for savings accounts.
Why We Like It: EverBank's enhanced online banking and growth into mobile banking demonstrate its commitment to improving client experience.
3. Bread Finance High-yield savings
Bread Financial is an online-only financial services company that provides high-yield savings accounts and certificates of deposit with higher-than-average rates. It currently yields 5.15% APY, which matches EverBank's high-yield savings. The account is mainly fee-free, including free ACH and incoming wire transfers, which are not often accessible with these sorts of accounts. You can manage your account using the top-rated app, which is known for its user-friendly layout and visual appeal. It also offers credit cards and invitation-only loans to customers. The $100 initial opening deposit is excessive, especially given the availability of identical accounts with no minimum deposit requirement.
Best for: Mobile application.
Pros:
High APY
Highly rated mobile app.
No service fees.
Cons:
Minimum deposit: $100
A debit card is not accessible.
Why We Like It: Bread Financial's Resource Library offers all of the forms that consumers may require but that most banks do not provide online. These include address changes/joint ownership additions, direct deposits, transaction disputes, wire requests, and power of attorney affidavits.
4. Bask Bank Bask Interest Savings.
Bask Interest Savings from Texas-based Bask Bank is a no-frills account with an amazing 5.10% APY. This fee-free account allows you to save money that you don't need right away because there is no debit or ATM card to use. transactions in and out of the account take up to three business days to complete, and you may set up recurring transactions to automate saves. Transfer limitations are generous, up to $300,000 per month, however the bank does not allow you to transmit payments straight from your savings account. Bask Bank is a good alternative if you require an account that you can't readily access so you don't have to touch your savings unless absolutely necessary.
Best for high rates.
Pros:
No monthly service fees.
No minimum balances.
Higher than average interest rates
Cons:
A debit card is not accessible.
Payments cannot be made directly from the savings account. Why we appreciate it: Bask Bank Interest Savings is a simple method to earn one of the greatest rates available on the money you want to let alone and grow.
5. Marcus Goldman Sachs Online Savings Account
Marcus by Goldman Sachs, Member FDIC, simplifies saving with a high-yield savings account and certificates of deposit. As of May 7, 2024, this online-only bank gives an annual percentage interest of 4.40% on the Marcus Online Savings Account. It has no fees or minimum balance requirements, as do many of the other accounts on this list. Marcus, on the other hand, stands out due to his speed. Typically, you can transfer up to $100,000 on the same day. You can plan transfers online, via the mobile app, or by phone, and your money will begin earning interest on the same day you schedule the transfer. On the disadvantage, the mobile app does not allow check deposits, therefore you must send them to the bank or deposit them into a linked account at another bank and transfer them to Marcus.
Best for: Transfer speed.
Pros:
Same-day transfers are available.
Interest accrues at transfer time.
You have up to 60 days to fund the account after opening.
Cons:
A debit card is not accessible.
No mobile check deposits.
Why We Like It: Marcus by Goldman Sachs offers great customer service with a 24/7 Contact Center.
6. Salem 5, Direct eOne Savings
Salem 5 Direct's eOne Savings delivers what you'd expect from an online bank. There are no monthly maintenance fees or minimum balance requirements – however, you must deposit at least $10 to start the account. In addition, you receive a hefty 5.01% annual percentage yield. The bank also offers certificates of deposit and checking accounts, and you can open both a checking and a savings account with a single application. What about the caveat? If you are a current Salem 5 Direct customer, you will not be able to open an eOne Savings account unless you also have an eOne checking account.
Best for: Mobile check deposits.
Pros:
No monthly service fees.
No minimum balances.
Higher than average interest rates
Cons:
Available only to new customers and those with an eOne Checking account.
The website lacks precise account information.
Why We Like It: While the eOne Savings account requires a minimum beginning deposit, Salem 5 Direct maintains it low, allowing almost anyone with internet access to open an account.
7. Capital One 360 Performance Savings.
Capital One's 360 Performance Savings is a winner due to its attractive interest rate (currently 4.25%*), no monthly fees, and no minimum deposit requirements. It also has over 70,000 surcharge-free ATMs and access to Capital One Cafés and branches. There are no requirements to receive a high yield; all balances will be earned. This account impresses with a high APY and no fees or minimum balance requirements, but withdrawals are difficult. This account does not have a debit card, thus ATM withdrawals are restricted.
Good for: Access to branches.
Pros:
No monthly service fees.
No minimum balances.
Higher than average interest rates
Cons:
A debit card is not accessible.
Other accounts provide better APYs. Why we like it: Capital One 360 Performance Savings offers users all of the benefits of a large brick-and-mortar bank, as well as the high APYs traditionally found only with online banks.
8. Lending Club Bank High-yield savings
LendingClub offers more than just personal loans. It also offers a high-yield savings account with an amazing 5.00% APY. This fee-free online account also includes an ATM card, which is a rare feature among online savings accounts. LendingClub is a member of the MoneyPass ATM network, which allows clients to access their money at over 40,000 ATMs nationwide. You are not required to maintain a minimum balance in this account, but you must deposit at least $100 when you open it, which is more than most banks on this list require for comparable accounts.
Best for: ATM cards.
Pros:
comes with an ATM card for withdrawals.
No minimum balances.
Higher than average interest rates
Cons:
Minimum opening deposit: $100.
No physical branches.
Why We Like It: LendingClub's only account requirement is the $100 first deposit. Following that, the account has no minimum balance requirement.
9. Synchrony Bank Online High Yield Savings
Synchrony Bank is best known for its store-branded credit cards, but it also provides a high-yield savings account with a current annual percentage rate of 4.75%. It has basic features such as no minimum balance requirements and no monthly maintenance costs to help you save more. You can transfer money between your Synchrony account and associated external accounts, as well as get an ATM card to use at machines on the Plus and Accel networks. Synchrony also reimburses you up to $5 per month for ATM charges incurred at other ATMs.
Best for: no fees.
Pros:
ATM card offers up to $5 refund for ATM fees.
Higher than average interest rates
Cons:
No checking account.
No cash deposits.
Why We Like It: The availability of an ATM card and ATM fee refund gives Synchrony's High Yield Savings account an advantage in terms of accessibility.
10. Citizens can access high-yield online savings.
Citizens Access presently pays 4.50% APY on its high-yield online savings account, which is 18 times more than the national average. This fee-free account has no monthly maintenance fees or balance requirements, but it requires a minimum deposit of $0.01 to create. The bank does not take cash deposits or provide ATM cards, but you can use the mobile check deposit option through the app. In addition to these standard services, Citizens Access improves the customer experience with a customer support section that is available seven days a week to assist consumers in need.
Best for: Customer service access.
Pros:
Access to a real person Seven days a week.
Mobile Check Deposit
Higher than average interest rates
Cons:
A debit card is not accessible.
Other banks provide higher annual percentage yields.
Why We Like It: To assist users in making the most of their accounts and money, the Citizens Access website includes an extensive FAQ area as well as a financial education library.
Will Interest Rates Change this Year?
Over the last four years, savers have benefited from growing interest rates, but many predict that rates will begin to fall this year because they are directly tied to the Fed rate. The Federal Reserve has already indicated plans to start decreasing interest rates, maybe as early as this summer. This makes a high annual percentage yield even more attractive when looking to open an account and begin saving money. Be advised that the rate you sign up for does not include a lifetime guarantee. That is why a reasonable price is simply one factor to consider.
FAQ
What is the greatest savings account to put your money in?
Banking Rates selected Capital One's 360 Performance Savings Account as the Best Savings Account for 2024. its account features no minimum deposit, no monthly fees, a substantially higher APY than other accounts in its category, and an above-average mobile app rating.
What pays higher than a savings account?
A certificate of deposit account may pay higher interest than a savings account. In addition, various investment vehicles may provide larger returns than a savings account.
Who pays the greatest interest on savings?
Currently, Bread Financial and EverBank offer some of the greatest savings rates.
Where should I put my $50,000 in savings?
The greatest place to save $50,000 may depend on your specific circumstances. You may put money in a savings or CD account, or you could invest in something like a mutual fund, exchange-traded fund, or real estate.
Where should I deposit my money to get the highest interest?
Typically, investing in the stock market yields higher returns than depositing money in a savings account. However, since the market is volatile, there is no certainty.
Where can I earn 5% interest on my savings account?
Several of the banks in this collection, including Bread Financial and EverBank, provide APYs greater than 5%.
Is the interest from a savings account taxable?
Yes, interest from a savings account is taxable. In fact, the IRS requires you to record any interest received when you complete your tax return for the year.
Are savings accounts FDIC insured?
Yes, much like other bank accounts in major financial institutions, savings accounts are FDIC insured. This means your money is covered dollar for dollar for the total amount, usually up to $250,000.
Which bank offers 7% interest on savings accounts?
Banking Rates did not identify any accounts paying 7% interest. Bread Financial and EverBank now offer the highest rates available.
Where can I earn 10% interest on my money?
To earn a 10% interest return, you may want to consider investing. This could refer to stocks, bonds, or real estate. These investments are known to produce large returns.
Is it a good idea to save $1,000 monthly?
Saving even a tiny amount each month helps, but saving $1,000 every month brings you a little closer to achieving your financial objectives, such as saving for retirement, buying.
Which is the greatest savings account to start online?
Many of the banks listed here allow you to conveniently start a savings account online. This includes Goldman Sachs' Marcus and Capital One 360 Performance Savings.
What's the best digital savings account?
Salem Five placed high on Banking Rates' list of the Best Online and Neobank Savings Accounts of 2024 because to its high annual percentage yield of more than 5%. Other great digital savings accounts to consider are Ally Bank, American Express National Bank, Member FDIC, Discover Bank, Member FDIC, and Bask Bank.
Which online savings account offers the highest interest rate?
Several online savings accounts, including Bread Financial, EverBank, and BMO Alto, offer 5% or greater APYs.
What bank offers the greatest interest rate on savings accounts?
As of May 7, 2024, Bread Financial and EverBank offer some of the highest savings rates.
