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July 2024: Best Savings Accounts from Our Partners

A savings account is a type of bank accounts that allows you to keep your money in a safe place while it earns a small amount of interest. Money in a savings account is safe from risk of losing it, FDIC-insured, and protected from inflation. You may want to open a savings account if you tend keeping money that you don't plan to spend now. It actually helps you to save money as you are not tempted to spend more. Whether your goal is to set an emergency fund, keep money safe, or build up money for future plans, you can do it by opening a savings account.

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our choice

APY
2.00% Annual Percentage Yield (APY)4
Monthly Fee
$0
Minimum Balance to earn APY
No minimum balance requirements
Minimum Deposit
$0
  • No Monthly Fees.
  • Grow your savings automatically.3
  • Signing up takes 2 minutes!
  • Chime Checking Account is required to be eligible for a Savings Account.
  • Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
  • 3Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your Savings Account.
  • 4The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

our choice

APY
5.26%
Monthly Fee
No
Minimum Balance to earn APY
$0,01
Minimum Deposit
$1
  • High-Yield Savings Account: 5.26% APY. 14.6x6 higher than national average.*
  • FDIC insured. No fees. $1 minimum deposit.
  • 24/7 online access to funds.
  • NexBank gives back to their local communities.

our choice

APY
5.00%
Monthly Fee
No
Minimum Balance to earn APY
$5,000
Minimum Deposit
$100
  • 5.00% APY295 on balances of $5,000 or more
  • Earn 11x the National Average on your savings223
  • Minimum deposit of $100 in both Savings and eChecking accounts to open
  • No account opening or monthly services fees
  • FDIC insured
  • CIT Bank's mobile app makes it easy to manage your account

our choice

APY
up to 5.26%
Monthly Fee
See terms
Minimum Balance to earn APY
See terms
Minimum Deposit
See terms
  • Up to 5.26% APY (Annual Percentage Yield).
  • Low to no minimum opening deposit.
  • FDIC or NCUA insured.
  • Low to no fees.
  • Open account online in minutes.

our choice

APY
4.75%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
  • Enjoy 4.75% APY with our High Yield Savings Account
  • Earn more than 10x the national average*
  • 24/7 online and mobile access
  • Only $1 minimum deposit to open
  • All accounts are FDIC insured up to $250,000 per depositor, per account ownership category
Apply for GO2bank - Credit-Land.com

Rating 4.5

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our choice

APY
4.50%
Monthly Fee
No monthly fees with eligible direct deposit, otherwise $5 per month
Minimum Balance to earn APY
See terms
Minimum Deposit
No minimum balance required to open an account online
  • The Ultimate Mobile Bank Account.
  • Get your government benefits up to 4 days early. Plus, direct deposit unlocks exclusive perks!
  • Get your pay up to 2 days early with eligible direct deposit.
  • No monthly fees with eligible direct deposit, otherwise $5 per month.
  • No hidden fees.
  • No minimum balance to open an account online.
  • Fees, terms and conditions apply. Learn more at www.go2bank.com.

our choice

APY
4.75%
Monthly Fee
No
Minimum Balance to earn APY
$0,01
Minimum Deposit
$1
  • Federally insured by NCUA. No fees. $1 minimum to open.
  • 24/7 online access to funds.
  • Known for returning profits to members in the form of better rates and lower fees.
  • 4.75% APY High-Yield Savings Account (HYSA) — that's 22.6x6 higher than national average.

our choice

APY
5.21% APY with $1,000 balance*
Monthly Fee
$0
Minimum Balance to earn APY
$1000
Minimum Deposit
$0
  • Earn 5.21% APY, on $1,000 or more*
  • No monthly account fees**
  • FDIC - Insured through Cross River Bank***

our choice

APY
5.05%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
  • 5.05% APY high-yield savings account, 14.0X6 higher than national average.
  • FDIC insured. No fees.
  • Locally-owned independent community bank.

our choice

APY
4.50%
Monthly Fee
$0
Minimum Balance to earn APY
$1
Minimum Deposit
$100
  • Earn 4.50% APY with a Quontic High Yield Savings Account
  • Start earning interest from Day 1 of your first deposit with no limit on how much you can earn.
  • Open an account online in just 3 minutes
  • Interest is compounded daily and credited to your account every month

our choice

APY
4.60%
Monthly Fee
No
Minimum Balance to earn APY
$0.01
Minimum Deposit
$1
  • 4.60% APY* high-yield savings account, 12.8x6 higher than national average.
  • FDIC insured. No fees.
  • A history of serving communities across America.

our choice

APY
4.65%
Monthly Fee
No
Minimum Balance to earn APY
See terms
Minimum Deposit
$100
  • Boosting your savings. Earn 4.65% APY224
  • Earn over 10x the national average with a Savings Connect account223
  • Minimum deposit of $100 in both Savings and eChecking accounts to open
  • Flat Rate
  • No account opening or maintenance fees
  • Free online banking with Bill Pay, Zelle, Samsung Pay and Apple Pay
  • Use any U.S. ATM to access funds. No CIT fees on ATM transactions and up to $30 per month reimbursement to offset other bank’s charges
  • Daily compounding interest

our choice

APY
Up to 0.61%
Monthly Fee
No
Minimum Balance to earn APY
No
Minimum Deposit
$250 minimum balance to open an account
  • No monthly maintenance fees
  • No minimum balance requirements
  • $250 minimum opening deposit
  • Free Incoming Wires
  • Zero Minimum Balance Requirement

our choice

APY
Earn up to 1.00% APY
Monthly Fee
No
Minimum Balance to earn APY
$25,000
Minimum Deposit
$100
  • Minimum deposit of $100 to open
  • Multi-tiered account.
  • Monthly $100 deposit requirement or $25K min balance for highest APY
  • No account opening or maintenance fees
  • Daily compounding interest
  • FDIC insured
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questionsABOUT
SAVINGS ACCOUNTS

Can I link my savings account to other accounts for convenient transfers and is there a fee?

Yes, you can often link your savings account to other accounts for convenient transfers. Many banks provide this service for free, allowing you to easily transfer money between your savings and checking account or other...

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What are high-yield savings accounts, and how do they work?

High-yield savings accounts offer higher interest rates than regular savings accounts, which helps your money grow faster. They work like regular savings accounts, where you put money in and the bank charges interest...

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Are funds in a savings account accessible without restrictions, or are there limitations on withdrawals?

Generally, funds in a savings account can be accessed at any time, making it a solid option for emergency savings or short-term financial goals. However, there are some restrictions in place to encourage saving rather...

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See all questions

NOT SURE WHICH OFFER
TO CHOOSE?

Ask our Experts and get free advice to your email!

ASK QUESTION

should you OPEN A
SAVINGS ACCOUNT?

Having a savings account as a part of your finances helps to build up funds to cover as planned as unexpected expenses in the future. It will give you financial stability, plus you will earn some interest on your deposit.

1. A savings account is a bank account where you can store your money and earn interest on it. This type of bank accounts is insured by the FDIC. That means you won't lose your money if your bank fails.

2. Savings accounts are inexpensive and easy to use. You will need a small amount, around 25 dollars, to open an account. Some banks do not require any opening deposit. As for the fees, you can avoid most of them as long as you're avoiding withdrawals from your savings account. Monthly fees are often waived if a minimum balance is maintained.

3. Many savings accounts come with interest rates (APY) that will help you to accumulate a little more cash over time. The average interest rate on savings accounts is 0.09% APY. However, many banks offer savings accounts with rates well above that average - up to 2.00% APY. Online institutions tend to offer higher interest rates than brick-and-mortar banks. So, it is worth shopping around for the best deals when you are after a savings account.

Checking Account vs. Savings Account

You may already have a checking account and may think that having a savings account is unnecessary. However, you can actually benefit from having both types of accounts.

Checking accounts are convenient for everyday spending, bill payments, and direct deposits, but they are terrible places to save. First of all, you have unlimited access to your money and can spend them quickly. Secondly, money in a checking account rarely earn interest. And to top it all, checking accounts are ripe targets for thieves.

Savings accounts are good for long-term investment. They are not good for everyday transactions as there is a limit to how many transactions you can perform a month and the transactions themselves can be costly. Consider savings account as an investment in your financial stability or as an emergency fund. Plus, if you are expecting a big-ticket purchase in the future, it will be easier to save money using a savings account, than a checking account. Another good feature of savings accounts is APY. You are actually paid interest on the money you have in your savings account.

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commentsABOUT
SAVINGS ACCOUNTS🜂

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