The Best Savings accounts Right Now

Insider’s experts select the best products and services for you to make smart financial decisions.here’s how). In certain cases, we may receive a commission. our partnersHowever, our opinions are not influenced by these offers. All offers on this page are subject to the following terms and conditions

It is almost as important to choose a solid savings account to store your money than how much you save. 

Current savings account rates

Below are our top picks for December 2022 savings accounts. We have included high-yield savings accountsAlso, a best certificates of deposit (CDs) option.

It stands out: AllyIt has been a major player in high-yield savings for several years and consistently wins top awards for online bank. 

It offers a solid interest rate and does not charge monthly service fees. The mobile app allows you to deposit checks and open multiple accounts within minutes. 

Rate:3.30% APY

What to watch out for: Ally is an internet-only institution. It doesn’t have any physical locations. To deposit money into your account, you will need to visit an ATM nearby or transfer money from another bank account.

It stands out: SoFi Checking and SavingsThis account combines both checking and savings features. The account includes a debit card and access to more than 50,000 Allpoint ATMs around the world. You won’t be charged any out-of-network ATM fees. SoFiIf you are charged by an out of network provider, you will not be reimbursed.

You can also get competitive interest rates that are more than what you would normally pay. many traditional and high-yield savings accounts pay if you set up direct deposits. You’ll still be able to earn solid interest rates even if direct deposits are not set up.

Rate: 1.20% – 3.50% APY

What to watch out for: If you deposit cashA fee may be required at a Green Dot office to make a transaction.

It stands out:Capital One 360 could be a good option for college students due to its simple savings account and dominant online features. 

According to a survey, Capital One’s mobile app has the highest customer satisfaction rating among national banks. 2022 JD Power Online Banking Satisfaction Study. This study examines customer experiences with mobile banking apps and how banks adopt mobile banking technology.

Capital One 360It is easy to save money for different goals. You can open separate accounts through Capital One 360 Performance Savings™. The account charges no monthly service fees and pays a competitive interest rate.

What to watch out for: Your banking experience will vary depending on where your live. The bank has branches throughout Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, Washington, DC, as well as in Louisiana, Maryland, New Jersey, New Jersey, New Jersey, New York, Texas, Virginia, and Maryland. 

It might be difficult to deposit cash if you don’t live in these areas.

It stands out:The Alliant Credit Union Alliant Credit Union Kids Savings AccountDifferent from all others children’s accountsBecause it pays a high rate of interest if you maintain a minimum daily balance of $100 It also comes with an ATM Card so your child can view their account balance and make transactions at Alliant ATMs. 

Most credit unions require that you have a specific membership to open an account. But AlliantLet us help you join online from anywhere in the US if you donate $5 to Foster Care to Success.

Rate:2.60% APY

What to watch out for: When your child turns 13, you will need to open another bank account.

Alliant offers checking and savings account options for those over the age of 18. You may not mind this if this is something you want.

For instance, Alliant Credit Union Alliant Credit Union Kids Savings AccountThe ATM card is not able to be used for online or in-store purchases and doesn’t reimburse out of network ATM fees. When your child is older, you can open a checking account to receive ATM reimbursements and a debit card.

Best bank to open a CD Synchrony CD

It stands out:CDs are a type savings account that locks away your money for a specific amount of time. You can also secure a fixed interest rate that will not fluctuate with the federal funds rates. However, if your money needs to be withdrawn before the term ends you will be charged a penalty.

SynchronyThere are three types of CDs available: bump-up CDs and traditional CDs.

When you create an account, traditional CDs lock in the rate. Bump-up CDs let you increase your rate at least once, if Synchrony’s rates rise. You’ll be charged a penalty if you withdraw funds prior to the end of your term with a bump-up or traditional CD. You can withdraw funds earlier than the term ends with a traditional or bump-up CD, but no-penalty CDs don’t charge fees.

Rate:These are the rates for traditional Synchrony CDs:

• 3 months: 2.25% APR
• 6 months: 3.90% APR
• 9 Months: 3.95% APR
• 1 year: 4.30% APR
• 13 months: 4.30% APR
• 14 Months: 4.60% APY
• 15 Months: 4.30% APY
• 16 Months: 4.30% APY
• 18 months: 4.50% APR
• 19 months: 4.50% APR 
• 2 years: 4.30% APR
• 3 years: 4.30% APY
• 4 years: 4.30% APY
• 5 years: 4.30% APY

Bump-up CDs have a 24-month term and you will earn 3.50% APY once you open an account. If Synchrony offers you a bump up CD at a lower interest rate before your term ends, you can increase your rate one time during the two-year period.

You will earn 3.00% APY for all balance tiers and no Penalty CDs.

What to watch out for:Synchrony offers a range of term lengths, but you can also find them longer than five years elsewhere. 

Other savings accounts that we considered and the reasons they didn’t make it to the top

• Chime Savings Account: While the Chime Savings account may be a good option if you don’t want to pay monthly service fees, our favorites offer better interest rates and are more affordable right now.
• Axos High Yield Savings AccountAxos has a solid high yield savings account. However, our top picks have lower minimum deposit requirements or higher interest rates.
• Ally High Yield Certificate of Deposit: Ally CDs have an opening deposit of $0, but Synchrony has higher interest rates.
• Capital One 360 Kids Savings Account: While this savings account doesn’t have monthly service fees to pay, our top picks offer a more competitive interest rates right now.
• LendingClub High-Yield Savings AccountLendingClub offers a competitively-priced interest rate, but you’ll need at least $100 to open a new account.
• Wealthfront Cash AccountThis account offers a debit-card and a $1 initial deposit, but it also charges an out of-network ATM fee.
• Betterment Cash Reserve Account: The high-yield cash account of this robo-adviser offers a high rate of interest, but you can’t deposit cash into it. To use the mobile check deposit feature, you will need to be eligible.
• Discover Online Savings AccountIt offers a respectable rate but Discover’s high-yield savings accounts lacks the savings tools and features of our top picks.
• Marcus by Goldman Sachs High Yield Online Savings Account: The high-yield savings accounts are a popular choice, but the new mobile app doesn’t allow check deposit.
• Bread Savings High-Yield Savings Account: Bread Savings will earn you a high interest rate, but there are negative reviews on the Google Play store.
• BrioDirect High-Yield Savings Account: This high-yield savings accounts offers a respectable interest rate but you will need to make an initial deposit of $500.
• Wells Fargo Way2Save® Savings AccountThis account has ATM access. However, it charges $5 per month and has a dismal 0.1% APY. If certain balances or auto-transfer requirements have been met, the $5 monthly fee will be charged.
• Chase Savings℠Chase charges a $5 monthly fee, unless certain balances or auto-transfer requirements have been met.
• Bank of America Advantage Savings AccountDespite having access to thousands of ATMs and branches, Bank of America’s savings account earns only 0.03% APY. It also charges an $8 monthly fee unless there is $500 in daily balance.
• CIBC Agility AccountYou need to maintain a minimum balance of $0.01 in order to earn interest with this high return savings account. However, you will need to deposit $1,000 to open the account.
• Citizens Online Access Savings AccountDespite offering a respectable annual percentage yield, the minimum deposit needed to open a high-yield savings bank account is $5,000. Citizens Access offers high APYs for its CDs, but all terms require that you deposit at least $5,000.
• Sallie Mae Certificate of DepositSallie Mae’s CDs have decent rates, but you must deposit $2,500 to open an account. Also, there is no no-penalty option. 
• Barclays Online Certificate of Deposit(Member FDIC). You won’t find as many CD types in Synchrony.
• SFGI Direct Savings AccountSFGI Direct’s high yield savings account earns a good APY, but it costs $500 for an account to open.
• Credit Karma Money Save AccountCredit Karma is a credit- and loan company.
• CIT Bank Savings Connect AccountCIT Bank requires that you make a $100 minimum deposit to open an account. Some of our top picks allow you to open an account with as little as $0.
• HMBradley AccountThis account is a hybrid savings and checking account that offers high rates. However, you cannot open a new HMBradley account without a referral from a current customer.
• USAA Savings AccountThis bank is a good choice for military personnel and their families. However, the rate will be low and you’ll need $25 to open an account.
• UFB Best SavingsUFB offers high APY but some of our top picks have stronger benefits like savings tools.
• Nationwide My Savings AccountNationwide: Nationwide requires $100 to open an account. Its interest rate is not very high.
• Citi® Accelerate SavingsThis account pays a high rate of interest if you have a minimum balance of $1. However, it is only available to residents of certain US States.
• Vio High-Yield Savings AccountVio charges a low interest rate and you will need at least $100 to open a new account.
• Affinity Plus Federal Credit Union Membership Savings Account: Affinity Credit Union is open to anyone who donates $25 to the Affinity Foundation and opens a savings account. The savings account has a lower interest rate that the average savings account.
• Bethpage Federal Credit Union Savings Account:  Bethpage Federal Credit Union allows you to join online from anywhere in the US as long as you have a savings account with at minimum $5. Although the minimum deposit required to open a savings account is low, the interest rate is very low. 
• Blue Federal Credit Union Membership Share Savings Account: You can join by donating $5 to Blue Foundation and opening a savings account with $5 more. Blue Federal Credit Union does not have the best mobile app ratings. Bethpage also offers a solid children’s savings account that pays a high-interest rate if you have less than $1,000. The rate drops significantly if your account balance exceeds $1,000.
• Connexus Credit Union Members Savings AccountConnexus Credit Union offers online membership if you make $5 to the Connexus Association. Connexus does not offer phone support.
• Consumers Credit Union Membership Share Savings Account: Anyone in the US can become a member of Consumers Credit Union online as long as you pay a one-time $5 membership fee and open a savings account. Consumers does not charge a high interest rate for its savings account.
• Hope Credit Union Savings Account: You can open an account with  Hope Credit Union if you pay a $10 membership fee. You can withdraw up to three times each month from the ATMs or a teller using your savings account. 
• Latino Community Credit Union Savings AccountLatino Community Credit Union branches are available in North Carolina. If you do not live in North Carolina, you may still apply online by submitting your application and paying a $10 fee. However, the monthly service fee for the savings account is $10.
• Pentagon Federal Credit Union Money Market Savings: To become a member at Pentagon Federal Credit Union, you must open a savings account of at least $5. PenFed has a lower rate of interest than any of our top picks.
• Premier Members Credit Union Membership Share Savings AccountIf you sign up for Impact on Education, it is possible to become a member. This savings account does not require a minimum deposit but pays a low interest. 
• Wings Financial High-Yield Savings Account: You can donate $5 to Wings Financial Foundation to become a member. You will need to have a high balance in order to get the most out of the Wings Financial savings account. 

Trust our recommendations.

Personal Finance Insider is here to help smart people make the right financial decisions. We spent hours comparing the fine print and features of these savings accounts so that you don’t have too.

We understand that “best” is often subjective, however, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. 

Methodology: What is the best way to choose the most efficient savings accounts?

To find the best savings accounts, we compared over 20 financial institutions. We compared savings accounts offered by online banks, national banks, as well as online banking platforms. We also included in credit unions that anyone in the US can join. 

To determine our top picks we looked at interest rates, fees bank account history and mobile app ratings. We also considered customer support availability. 

Which bank is the most reliable?

We’ve compared each company’s offerings. Better Business Bureau score. The BBB grades businesses on customer complaints, honesty in advertising and transparency about business practices. Here’s each company’s score

Ally has the lowest BBB score. Ally was awarded an A rating from the BBB because it has three unresolved complaints. 

However, a great BBB does not guarantee that your relationship with a company is going to be perfect. It’s also a good idea to talk with current customers and read customer reviews online.

Capital One and SoFi are our top picks. They have been involved in recent public controversies.

Capital One paid $80 million after the Office of the Comptroller of the Currency stated that the bank was partially responsible for a 2019 data breach in which a hacker accessed over 100 million credit card applications. According to the OCC, Capital One’s security was not efficient at the time.

2019: Federal Trade CommissionSoFi was also directed to stop advertising that claimed customers could save more money refinancing than they could actually.

Frequently Asked Questions

Expert advice on how to choose the right account

To inform these picks and give their advice on choosing the best savings accounts for you, we consulted experts in financial planning and banking. You can find their insights at the end of this post.

• Tania Brown, CFP, SaverLife
• Roger Ma, CFP, lifelaidout®Author of “Work Your Money, Not Your Life”
• Laura Grace TarpleyAssociate editor of banking Personal Finance Insider
• Mykail James, MBA, CFEI, BoujieBudgets.com

We’re focusing our attention on what makes savings accounts most useful. This includes high APY, low cost, and more. Here are their thoughts on savings. (Some text may have been lightly edited to improve clarity.

What makes a high yield savings account good or bad?

Roger Ma, CFP:

“It may not be as simple to get your money out from an online savings account than it is with a brick and mortar, but you don’t want to have so many frictions where it’s so difficult to get the cash out when you need.

Mykail James, CFEI: 

“A high-yield savings account that charges a fee is not recommended. Anything that restricts the amount you can save is unacceptable to me. If I can’t save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that’s not a really good savings account, because it’s not really prepared to help me expand and grow, which is what a savings account is supposed to do. Also, I pay attention to interest rates. I also look at the date that the interest is paid. Is it every other month? What is the interest rate and how often does it pay?

How can someone decide whether to invest their money in a high yield savings account, money-market account, or CD?

Tania Brown, CFP:

“So, let’s start by deciding how much money you want and how many transactions you want. You can have transactions if you want them to. You’ll be stuck between high-yield savings or the money market account.

Laura Grace Tarpley Personal Finance Insider:

“I would use a high yield savings account or a money market account to meet short-term goals and/or an emergency fund. You will probably choose the highest rate, but you can also use money market accounts for emergency savings. Money market accounts often include a debit card, paper checks, and a debit card, which make it easy to quickly access your money. For longer-term goals such as buying a home in the next few years, you can use CDs.