Top banks for savings accounts enable you to do more than just keep your money secure and earn a reasonable interest rate on your balance. With the correct account, you can build your savings while avoiding costs, and boosting the amount available for spending.
Bask Bank is best for high rates
SmartyPig is runner-up for high rates
Live Oak Bank is best for business accounts
Ally Bank is Best for Customer Service
Discover Bank is Best for All-in-One Banking
Alliant Credit Union is Best for Kids and Teens
Many banks offer good savings accounts, competitive annual percentage yields (APYs), cheap fees, and Federal Deposit Insurance Corporation (FDIC) protection on deposits.
We collaborated with the banks to bring the savings account options and discover more information about the editors' top selections and why we picked them.
All listed banks and credit unions are insured by the FDIC or the National Credit Union Administration (NCUA). We also added certain money market accounts that behave like savings accounts, paying high interest, without allowing you to issue cheques.
Banks provide competitive annual percentage yields (APYs) from 1.8% to 2.75%
Figure1. Best banks for savings accounts in September 2022
Bask Bank is best for high rates
Bask Bank has a high-yield savings account that pays 2.75% APY, which is approximately 12 times the national average. The Bask Interest Savings Account provides other customer-friendly characteristics, such as no minimum balance restrictions, earning limitations, or monthly maintenance fees, in addition to its substantial APY.
Bask also provides a Mileage Savings Account, which allows users to earn one American Airlines AAdvantage Mile for every dollar invested yearly. Bask Bank is Texas Capital Bank's online division.
SmartyPig is runner-up for high rates
SmartyPig offers a single product, online savings account with Sallie Mae Bank. The individual account enables the customer to set and track savings goals and it has no minimum deposit or continuing balance requirement. Competitive interest rates allow you to grow your money even faster. Deposits up to $10,000 get the maximum interest rate, but rates decrease as you deposit more—something to keep in mind if your nest egg is expanding. Daily interest is compounded and credited monthly.
Live Oak Bank is best for business accounts
In an easy-to-understand online bank account, Live Oak Bank rewards your business with 2.00% APY. There are no monthly fees, and no minimum balance required to create or maintain an account with Live Oak Bank. You cannot deposit cash, but you may fund your account using electronic transfers, paper cheques, or mobile device deposits. Established in 2008, Live Oak Bank provides personal savings accounts, certificates of deposits (CDs), and other financial services.
Ally Bank is best for customer service
Nothing is worse than dealing with bank issues or failing to receive cash when you need it. Ally Bank placed third in the J.D. Power 2022 Direct Banking Satisfaction Study, and the bank offers competitive rates. Ally Bank provides a 2.00% annual percentage yield (APY), with no minimum balance restriction and no monthly fees. J.D. Power rated Schwab Bank better, yet it pays significantly less than Ally Bank.
Ally's customer support is available by phone 24 hours a day, seven days a week, and the bank provides an expected wait time online so you know what to expect. You may use Ally for internet banking, CDs, and other services.
Discover Bank is best for all-in-one banking
Discover Bank has a wide range of accounts, including an Online Savings Account with a 2.00% APY.
There is no minimum deposit necessary, and there are no monthly fees associated with this account. In reality, if you want to send money, the only price you should pay is an outgoing wiring fee. Official cheques, refunded deposits, and overdrafts are also fee-free.
While you may earn more elsewhere, higher rates are only relevant if you have a large account balance. If you don't maintain a big sum of money in your savings account, you might prefer having access to a comprehensive collection of options.
Alliant Credit Union is best for kids and teens
Alliant Credit Union serves young people of all ages, and individuals aged 13 and above can open an Alliant savings account. Rates are competitive at 1.80% APY. These accounts cost $5 to open, but Alliant will pay it for children aged 12 and under. It also costs $100 to earn the claimed APY, and there are no monthly fees.
Alliant also offers an adolescent chequing account with a 0.25% APY, which is pretty decent considering that most banks don't provide interest chequing. There is no minimum balance requirement or monthly service charge for this account, and the credit union reimburses up to $20 in out-of-network ATM fees every month. To be eligible for these accounts, you may be required to join Foster Care to Success, for which Alliant will pay the membership cost. Parents who own joint accounts with underage children must also be Alliant members.
These banks are effective solutions for banking worldwide, but they all have some advantages and disadvantages. You need to double-check your numbers and join the right bank for you, so make sure you're making the right decision!
