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Savings Account Rates

Compare savings account rates from thousands of banks.

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Deposit Amount | $1 $100,000
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SFGI DirectSFGI Direct Savings Account2 Reviews1.01%$500-$252
Salem Five DirecteOne Savings - New Customers Only10 Reviews1.00%-$500k$250
SmartyPigSmartyPig Savings10 Reviews1.00%--$250
First Trade Union BankFT High-Yield Savings0.95%$2,500-$238
Bank5 ConnectBank5 Connect Savings3 Reviews0.90%$100-$225
Palladian Private BankSavings Account1 Review0.90%$10k-$225
Virginia Heritage BankIRA Savings Account0.90%--$225
Mutual of Omaha BankOnline Money Market Savings1 Review0.85%$5k$500k$213
Discover BankDiscover Bank Online Savings25 Reviews0.85%$500-$213
FNBO DirectOnline Savings3 Reviews0.85%-$1m$213
Digital Credit UnionDCU Ltd Savings6 Reviews0.85%$25k-$213
Colorado Federal Savings BankOnline Savings Account2 Reviews0.85%$2,500-$213
American Express Bank, FSB.High Yield Savings Account13 Reviews0.80%--$200
ableBankingMoney Market Savings0.80%$250-$200
Sallie Mae BankHigh-Yield Savings20 Reviews0.80%--$200

Displaying 1-20 of 245 Results

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Savings Account Rates

The savings account table above allows you to compare savings account rates offered by financial institutions like online banks, credit unions, community banks, and big banks. The best savings account rates are published at the top of the rate table and decrease in APY as you scroll down. Feel free to filter the results by location and investment amount for customized results.

What Is A Savings Account?

A savings account is defined by Regulation D of the Federal Reserve Board guidelines as a bank deposit for which there is no expiration date, nor a specific date on which it becomes payable to the depositor. Savings accounts are not considered “transactional” because the number of withdrawals account holders are allowed to make is restricted each month (currently 6 withdrawals/month). Financial institutions pay varying degrees of interest in exchange for your deposit, with the online savings account usually offering some of the highest interest rates.

How To Use A Savings Account

Saving money is one of the primary functions and benefits provided by a savings account. The savings account helps consumers to manage their money better and provides security for your cash. For consumers already with a checking account, opening a savings account can serve as a backup to prevent overdrafts from occurring. A wise strategy is to establish an emergency savings account with enough funds to cover up at least 3 months of expenses. High yield savings accounts are the best option for emergency savings, as you will earn the higher rates of return on your reserves. ACH transfers are another benefit that makes it easy to transfer funds to and from various accounts.

Money Market Accounts are similar to savings accounts, but differ mainly in two ways: MMAs typically offer limited check writing and have minimum balance requirements. Savings accounts typically do not.

Many consumers compare savings accounts regularly as a part of their savings plan, in order to take advantage of the highest savings account rates available at any given time. DepositAccounts has a savings calculator that will tell you how much compounding interest you can expect from a given account over a certain period of time. Multiple savings accounts can be advantageous as well, especially if you have, or plan to have, an online savings account. Having an account on the web and on the ground (in the form of physical bank branches) could help you take advantage of higher rates while maintaining personal banking relationships.