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As a serious saver, I know how overwhelming it can be to find the perfect savings account from the many options available. I've found that the best place to start is to focus on savings accounts with the highest interest rates. Right now, the national average savings rate is a sad 0.39% (as of 2/17/26)1 <p>Based on <a href="https://www.fdic.gov/national-rates-and-rate-caps">this</a> FDIC data, as of 10/21/24.</p> , according to the FDIC. But the best savings accounts earn several times that, so keep that in mind when comparing accounts and determining which are really worth your time.
To help you find your perfect savings account, we've analyzed dozens of options from banks, financial technology companies, and credit unions. Learn about the best savings accounts that offer high interest rates and include further benefits, like combined checking and savings features, ATM access, and more.
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How we rate products
In determining our list of the best accounts, we looked at popular financial institutions and evaluated them according to a set of criteria we consider critical to the consumer. We did not evaluate all banks or credit unions in the category. We used editorial judgment to determine what use or user each savings account would be best for.
FinanceBuzz evaluation criteria include:
- FDIC insured: All banks included on our list are insured by the Federal Deposit Insurance Corporation.
- APYs: We evaluated the APYs offered on the different accounts and the requirements to earn those APYs.
- Account features: We considered the features each savings account offered, including access to other financial products, ATM fees, the ability to set up automatic transfers, mobile app availability, and more.
- Minimum account opening balance: We included a variety of accounts in this regard as some accounts will be more available to newer savers, while others may have more savings and prioritize other bank account benefits.
- Fees: We considered any fees each account may have, including monthly maintenance fees, ATM fees, and more.
- Customer service: Customer service hours and contact options influenced what the accounts were classified as best for.
Compare some of the highest-interest savings accounts for April 2026
| Account name | APY | Best for |
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Up to 3.30% APY with direct deposit requirement7 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p> | Combined checking and savings |
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3.20% annual percentage yield (APY)8 <p>The Annual Percentage Yield (APY) as advertised is accurate as of March 18, 2026. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.</p> | Customer service |
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3.75% APY9 <p>As of 09/23/2025, the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association, Member FDIC is 3.75%. Your interest rate and APY may change at any time and fees may reduce earnings. Please visit <a href="http://etrade.com/ratesheet">etrade.com/ratesheet</a> for information regarding this account's current interest rate and corresponding APY.</p> | Investors |
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Synchrony High Yield Savings |
3.50% APY10 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 1/27/2026. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p> | Consistently high savings rates |
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3.70% APY11 <p>Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 2/20/2026 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information.</p> | No minimum deposit |
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Up to 3.26%12 <p> The Annual Percentage Yield (APY) is accurate as of 01/06/2026. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p> APY | ATM access |
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4.40% (as of 05/12/25)13 <p>LevelUp Rate of 4.00% Annual Percentage Yield (“APY”) is accurate as of 01/13/2025. Standard Rate of 3.00% APY accurate as of 01/13/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank.</p><p>LevelUp Rate is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. While accounts will not move from the LevelUp Rate prior to the First Evaluation Period, the LevelUp Rate is variable and subject to change at any time, including prior to the First Evaluation Period.</p><p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place at the end of the first business day of the month and will be based on deposits in the previous statement cycle.</p> | Frequent depositors |
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Varo Savings Account |
Up to 5.00% (as of 02/23/26) APY with direct deposit requirement | Smaller balances |
SoFi Checking and Savings account
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What makes SoFi Checking and Savings stand out as one of the most unique and best options is that it isn't just a savings account — it's also a checking account. Rather than needing to apply for two separate accounts, you can open them both up at once and manage your money all in one place.
With SoFi®, you can earn up to 3.30% APY on savings with eligible direct deposit. You also get savings perks like the ability to create separate savings goals and round up debit card transactions to save more, plus checking perks like early paycheck access with direct deposit and 0.50% APY on your balance with direct deposit 5 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> .
There's no minimum balance requirement, and you don't have to worry about monthly maintenance4 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p> or overdraft fees.14 <p>Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a>. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.</p> .
There's no minimum balance requirement, and you don't have to worry about monthly maintenance4 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p> or overdraft fees.14 <p>Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a>. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.</p> . Plus, you can deposit cash into this online account at participating retailers.
Who this account is right for: We find SoFi's account great if you'd like both checking and savings accounts and money tools that help you save even more.
- Streamlined account with savings tools
- Competitive APYs on checking and savings
- Access to over 55,000 fee-free ATMs15 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
- No physical branches
- Direct deposit requirements for high APY
- Up to $4.95 fee for cash deposits
Visit SoFi® | Read our SoFi® review
American Express® High Yield Savings
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The American Express High Yield Savings Account stands out for its outstanding customer service. It's a smart choice if you want to be able to contact your bank whenever you want, as American Express offers 24/7 phone support to its banking customers. In my experience as an American Express customer, you can expect friendly, helpful service when you have questions or account issues.
This option offers many of the features I look for in a savings account, including a competitive APY, no minimum balance requirements, and no monthly fees. However, there are no ATM cards or cash deposit options, which isn't a big deal to digital bankers like me but might be to you.
American Express also offers CDs, personal loans, and credit cards. They have apps for Android and iPhone devices to manage your credit cards. If you have a credit card and a high-yield savings account, you can manage both from one app.17 <p>iOS and Android only. See app store listings for operating system info.</p> 18 <p>For purposes of transferring funds to or from an external bank, business days are Monday through Friday, excluding federal holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.</p>
Who this account is right for: This account is ideal for savers who want excellent customer service and don't need cash deposit or withdrawal options.
- Around-the-clock customer service
- Competitive APY with no minimum balance requirements
- No withdrawal limits
- No physical branches
- No cash deposits
- No ATM access
Visit American Express | Read our American Express High Yield Savings Review
American Express is a FinanceBuzz advertiser.
E*TRADE Premium Savings Account
We find that the E*TRADE Premium Savings Account does more things right than not, especially if you invest with E*TRADE or want to. For the first six months, it earns 3.75% APY, which is more competitive than many available accounts. After that, it earns a competitive 3.35% APY. Plus, this account doesn't require a minimum deposit or a monthly service fee.
While we like this account for investors because it's offered through E*TRADE, arguably the best brokerage for active trading, you don't have to be a current E*TRADE customer to open it. Unlike some bank accounts offered by brokerages, it's not linked to an investing account. And while it doesn't have as many perks as other accounts on our list, it does provide up to $500,000 in FDIC insurance.20 <p>The Premium Savings Account gives Morgan Stanley Private Bank, National Association, Member FDIC the ability to send any amount held on deposit in your Premium Savings Account to other depository accounts at Federal Deposit Insurance Corporation ("FDIC") member banks with the purpose of affording you additional FDIC insurance coverage. It is designed to offer up to $500,000 in FDIC coverage to individual accounts (up to $1 million for joint accounts). Certain conditions must be met. <a href="https://us.etrade.com/l/f/agreement-library/premium-savings-bank-deposit-program">Learn more</a>.</p>
As a Premium Savings account holder, you would use the E*TRADE app, which isn't strictly for banking, to manage your account. While this isn't necessarily a disadvantage, my experience with a similar brokerage's app has shown that it can be a bit confusing if you don't also plan to invest with the platform. Plus, the account doesn't allow cash deposits or ATM access, so we'd recommend other options if you regularly handle cash.
Who this account is right for: We find this account ideal if you plan to save and invest with E*TRADE and don't mind a mobile app that isn't strictly for banking.
- High six-month teaser APY
- No account minimums or monthly fees
- Enhanced FDIC insurance
- No physical branches
- No ATM access
- No cash deposits
Read our E*TRADE bank review
Synchrony Bank High Yield Savings
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The Synchrony Bank High Yield Savings account stands out for offering some of the best savings rates available for years now. Savings rates are variable, meaning they can change at any time, and you're not guaranteed to earn the same APY tomorrow as you're earning today. But Synchrony has long been competitive, even when yields fluctuate and decrease, and I've watched it stay near the top of the pack for long enough to feel confident the trend will continue.
For example, this account earns 3.50% APY. For comparison, the national average savings rate is 0.39% (as of 2/17/26), according to the FDIC. Although Synchrony's rates aren't necessarily the very highest, they're more consistently competitive than many other HYSAs I've seen, which can pop in and out of top rankings.
However, APY is not the only perk of this account. While most online banks don't offer ATM cards to savings account customers, Synchrony not only does so but also reimburses $5 per cycle for out-of-network ATM fees you pay. However, you can't deposit cash like with SoFi.
Who this account is right for: We think Synchrony's account is best if you want a consistently high savings APY and flexible cash access with minimal ATM fees.
- Competitive APY with no minimum balance
- No monthly fees
- Access to 55,000+ fee-free ATMs
- $5 ATM fee reimbursement
- No physical branches
- Limited savings tools
- No cash deposits
Visit Synchrony Bank | Read our Synchrony Bank review
Barclays Tiered Savings Account
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In addition to earning a base 3.70% APY that easily beats the national average, there's no minimum opening balance or deposit requirement to open the Barclays Tiered Savings Account. I imagine many people will qualify for the lower rate, which makes this account great for accessibility. You'll often see balance minimums of $100 or more to get the best yields, while this account lets you earn interest on as little as a penny.
This is technically a tiered savings account, meaning balance tiers determine your interest rate, but all balances below $250,000 currently qualify for the same yield. The account also has no monthly maintenance fees. Plus, Barclays offers CDs with no minimums, which is uncommon.
However, unlike Synchrony, Barclays doesn't offer ATM access, so you can't withdraw your cash. You also won't be able to make cash deposits, a common con among many online banks.
Who this account is right for: We recommend this Barclays account if you want a high APY with no minimum deposit or balance requirement and don't deal much with physical cash.
- Competitive APYs across all balance tiers
- No minimum deposit requirement
- No monthly fee
- No monthly transaction limits
- No physical branches
- No ATM access
- No cash deposits
Visit Barclays | Read our Barclays Tiered Savings Account review
UFB Portfolio Savings account
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While some other picks on our list have higher APYs, UFB Portfolio Savings still offers a high rate with relatively few strings attached. UFB Direct doesn't require you to set up direct deposit like Varo and SoFi do, and you don't have to maintain a minimum balance or pay maintenance fees. I prefer using accounts like this that don't require much on my part.
But to me, this account's best feature is its ATM card, which is why it topped our list of the best savings accounts with debit or ATM cards. Typically, you can't withdraw physical cash with a savings account and must instead make an electronic transfer to another account. And while UFB doesn't reimburse ATM fees, it has 91,000 fee-free ATMs nationwide for cash withdrawals and deposits.
If you're also looking for a checking account, UFB Direct currently offers a bundle that gives you higher savings APY and an APY on a decent Freedom Checking account. However, this deal has direct deposit, minimum balance, and debit card transaction requirements.
Who this account is right for: UFB Portfolio Savings may be the best choice if you prefer easy cash access via a large ATM network and a competitive APY, with no requirements to meet.
- Competitive APY on any balance
- No monthly fee
- Access to 91,000 fee-free ATMs
- Supports cash deposits
- No branch access
- Several requirements for savings boost
LendingClub LevelUp Savings
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LendingClub LevelUp Savings has held a top spot among the highest-earning savings accounts for a while, and its rate may be reason enough for you to sign up. However, this account's one disadvantage — or advantage, depending on how you look at it — is that you have to deposit at least $250 each month to qualify for the stated rate. Otherwise, you'll earn 3.20% (as of 08/6/25) APY (which is still really good).
Since I frequently deposit funds into my savings account, I see requirements like this as no big deal and even a motivator to keep working toward my goal. However, you might not think about it this way and prefer an alternative without strings attached.
LendingClub has many other good things going for it, including the ability to make cash deposits and withdrawals at ATMs and get unlimited fee rebates. You also won't have to pay a monthly fee or meet a minimum balance requirement. Plus, LendingClub has excellent mobile apps and a very high Trustpilot rating of 4.7 out of 5 stars, which is incredibly good for a financial institution.
Who this account is right for: We find LendingClub LevelUp Savings ideal if you'll deposit money into your savings account every month to maximize your APY and need the flexibility of fee-free cash withdrawals and deposits.
- Competitive APY on any balance
- No monthly fees
- Unlimited ATM fee rebates
- Supports cash deposits
- No physical branches
- Monthly deposit requirement for top APY
Read our LendingClub LevelUp Savings review
Varo Savings account
Varo offers a savings account with a consistently competitive yield that doesn't change often, and it's our favorite for saving a few hundred or thousand dollars.
To get the highest stated APY, you must receive total qualifying direct deposits of $1,000 or more each month.21 <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p> You earn that higher APY on balances up to $5,000 if you meet the qualifications, and any balance above $5,000 will receive the lower APY. That's why we don't necessarily recommend this one if you're sitting on a sizable chunk of cash.
However, you'll first need a Varo Bank Account before you can apply for the savings account. Once you have both set up, you get access to helpful automatic savings features and a debit card you can use for cash deposits and withdrawals. Neither account comes with monthly fees or minimum balance requirements.
Who this account is right for: We recommend this savings account if your savings balance won't exceed $5,000, you can meet the $1,000 monthly minimum for direct deposits, and you don't mind setting up two accounts.
- Very high APY on up to $5,000
- No monthly fees
- Access to 40,000+ fee-free ATMs
- Cash deposits through participating retailers
- Requires a Varo Bank Account
- Direct deposit requirement for top APY
- No physical branches
- Up to $4.95 fee for cash deposits
Read our Varo Savings account review.
Savings accounts we didn't choose
Capital One 360 Performance Savings
The Capital One 360 Performance Savings account earns 3.20%22 <span>A rate of 3.20% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 03/12/2026. Rates are subject to change at any time before or after account opening.</span> APY, which puts it on par with some of the most competitive high-yield savings accounts. But because it doesn't have a ton of unique features to make it the best choice for a certain type of consumer, it didn't quite make our list.
You should consider this account over the American Express high-yield savings account, however, if you're already a Capital One customer. We'd also recommend it if you'd like branch access and live near a Capital One location.
Read our full Capital One 360 review.
Ally Bank High Yield Savings
If you want your savings account to help you make a habit of saving, the Ally Bank High Yield Savings account is a good place to start. Although it doesn't earn the highest rate on the market, I've always known this account to be reasonably competitive, and it's the savings "boosters" that set it apart. After using this account for a few years, I like how I can round up my debit card spending, set up recurring transfers, and enable a feature called Surprise Savings to find savable money I'm not using. However, you'll need an Ally Spending account to take advantage of all of these tools. However, you'll need an Ally Spending account to take advantage of all of these tools.
Read our Ally Online Savings Review.
Citi Accelerate High-Yield Savings
The Citi Accelerate High-Yield Savings account isn't a bad option by any means, but only consumers in certain states can qualify for the highest stated rate of 3.50% interest, with a promotional APY of up to 0.91% (as of 12/10/25) APY. For this reason, we couldn't include it as an option for everyone. Citibank has also been involved in a fair number of lawsuits in recent years, so do your research if you're thinking about joining.
What is a savings account?
A savings account is a type of bank account designed for depositing money you don't plan to spend immediately. Savings accounts typically express rates as an annual percentage yield (APY), which accounts for your annual earnings with compound interest (or the interest you earn on interest).
People use savings accounts for a variety of purposes. You might use yours to save for a new computer, a vacation, your kids' college costs, an emergency fund, your next car, or any other goal. I use mine for money I want to grow but am not ready to invest. As I do, you might decide to have more than one savings account for different needs or perks. Some banks allow you to open multiple and create custom names for each, which can help you visualize your savings goals.
Savings accounts don't lose money due to market movements like an investment could. They have high liquidity, so they've historically been a reasonably stable place to stash any cash you want quick access to. They also generally come with FDIC insurance when opened with banks or NCUA insurance when opened with credit unions. Both cover you up to at least $250,000 in case an institution fails.
Types of savings accounts
Most of us probably think of a traditional savings account when someone says "savings account" to us. But there are a few different types of savings accounts:
- Regular and high-yield savings accounts: These accounts may be offered at a brick-and-mortar bank (like Chase or Bank of America) or by online financial institutions (or a combination of both, like Capital One). A high-yield savings account differs from a traditional one in that it earns an above-average interest rate. Currently, the national average savings rate is 0.39% (as of 2/17/26), according to FDIC data.
- Certificate of deposit (CD) accounts: CDs often pay high returns on your money, but you're typically committed to a specific term length before you can access your money again. Compared to savings accounts, CDs often have better rates, so I've found them useful for longer-term goals. Here's our list of the best CD accounts if you're curious about this savings option.
- Money market accounts (MMAs): The main advantage of MMAs is that they often have rates similar to or better than savings rates, and they're much more likely to include debit and/or ATM cards. However, these usually have higher balance requirements. If you're curious about MMAs, here's our list of the best money market accounts.
- Cash management accounts (CMAs): These accounts, which you often open with brokerages rather than banks, combine checking and savings account features, but they don't technically fall into either category. You may receive a higher interest rate than a standard checking account, though maybe not as high as with one of the best high-yield savings accounts. The Wealthfront Cash Account is just one example, which we considered for our list of top savings accounts but didn't choose because it doesn't fit the definition.
How to pick the right savings account for you
Here are a few factors to consider when choosing a savings account.
Compare rates
APYs can vary widely from bank to bank, as can the timeframe in which the interest is compounded (the more often it compounds, the faster your money grows). Online banks and credit unions tend to have some of the most competitive rates, while big banks like Bank of America, Chase, and Wells Fargo pay rates as low as 0.01% APY. There are more savings accounts that earn 5% interest or close to it than you might think.
Read fee schedules
Ideally, you'd find a bank with no monthly fees for a savings account. However, some banks offer additional services that may be worth paying fees depending on your circumstances. Make sure you read the fine print to understand what fees you may be subject to before opening a new account. For savings, look out for excessive withdrawal fees, transfer fees, and nonsufficient funds fees.
Check minimums
Some accounts require you to deposit a certain amount just to open them. This initial deposit may not be an issue if you've already saved a lot. But if you're new to saving or even if you're not, make sure you have this amount ready to deposit. I recommend finding an account with minimums you can comfortably meet without thinking about it.
Decide how you want to bank
Decide whether you prefer in-person or online banking before opening an account. The best high-yield online savings accounts may offer higher interest rates because the bank has lower overhead, which means the bank won't have physical branches you can visit. Brick-and-mortar banks have higher expenses to stay open and usually have lower interest rates, but they'll provide in-branch services.
Many financial institutions offer easy access to your account, with online and app options. To keep things flexible, I also recommend considering options that let you access your savings at ATMs or deposit cash at participating retailers, especially if you don't have another account at a traditional bank.
Look into support
Last but not least, check how and when you can contact customer service if you anticipate needing help with your account. Some banks offer in-person, phone, or online chat support. Look into service hours, too. I also like to read a few mobile app and Trustpilot reviews before opening an account with a bank.
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FAQs
How much will $100,000 grow in a high-yield savings account?
If you have $100,000 (or any amount of money) you want to save while earning a high rate, a high-yield savings account could be the answer. This type of account offers decent growth with very little risk, and standard insurance coverage of up to $250,000 through the FDIC (for banks) or NCUA (for credit unions).
To give you an example of potential savings growth, say you put $100,000 into a savings account earning 3.50% APY and left it alone. Nothing in, nothing out. After one year, your new balance would be $10,350. After three, $11,087. But if you added $100 each month, you'd have $11,569 after a year and $14,874 after three. There are many excellent savings calculators you can use to crunch the numbers and see how much your cash could grow in a savings account, plugging in different interest rates, deposits, monthly contributions, and periods of time.
If you settled for a bank account with an APY of 1.00%, your balance would grow by just $100 in the first year. That's why it's so important to set your sights on savings accounts with the highest interest rates, like those on our list.
Can you lose money in a high-yield savings account?
It's extremely rare to lose money in a high-yield savings account, as FDIC- and NCUA-insured institutions provide at least $250,000 of insurance to cover you if the institution fails. If your balance exceeds the insurance limits and the bank fails, then you may not recover your entire balance. You could also technically experience a decreasing balance if the bank where you hold the account charges you fees and you're not making any additional deposits.
How often do interest rates change?
Interest rates typically change as economic conditions change, so how often they change will vary. While not directly correlated, banks and credit unions might change rates shortly after the Federal Reserve makes changes to what is commonly known as the federal funds rate. Over the last several months, the fed funds rate has changed a few times, though banks aren't required to change their rates in response.
Bottom line
Whether you're looking for your first savings account or one that pays more interest, opening a new savings account doesn't have to be difficult. First, decide which features are most important to you. Then, find a savings account that excels in that area.
If you're looking for the best option that helps you work toward your financial goals and earn a good return, consider the savings accounts listed above. Openbank by Santander is also a good option, winning our award for Best Savings for High APYs.
And if you're looking for a financial institution that offers more than just savings accounts, be sure to check out our list of the best banks. You could also consider a high-interest checking account if you need more flexibility for your money.
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