Selected from 350+ savings accounts for August 2024
Updated Aug 14, 2024
Fact checked
Written by John Kiernan
Managing Editor
Reviewed by Alina Comoreanu
Senior Researcher
There’s never been a better time to start saving money. As savings account rates increased by 194% compared to last year, the more pertinent question becomes finding the right place to stash cash. And current offers vary widely. For example, branch-based savings accounts have an average APY of 0.75%, roughly 3 times below the average rate of an online-only account.
To help people get the most for their money, WalletHub compared nearly 480 savings and money market accounts – including 33 student accounts and 64 business accounts – from 233 banks and credit unions, both online-only and branch-based. You can find our favorites below, followed by 7 tips for finding the best savings account for your needs.
If you’re also interested in exploring the best savings accounts from credit unions that allow only eligible members to apply for, you can check them out further down.
2024’s Best Savings Accounts – Editors’ Picks
Best | Savings Account | APY |
High-Yield | My Banking Direct High Yield Savings Account | 5.35% |
$100,000+ Balances | Poppy Bank Premier Online Savings | 5.50% |
Branch Access | Capital One 360 Performance Savings | 4.25% |
Students | Apple Bank SmartStart Savings Account | 6.00% |
Business | Small BusinessBank Business High Yield Savings | 4.70% |
Credit Union | St. Anne's Credit Union Online Savings Special Account | 6.25% |
WalletHub tracks 1,400+ bank accounts (other sites consider a much smaller number of accounts, so they naturally miss a lot of great options)
WalletHub picks the best accounts overall (other sites pick the best offers from their advertising partners)
WalletHub uses a sophisticated rating system to objectively find the best bank accounts (other sites’ picks are influenced by their own biases)
WalletHub has 100% editorial independence(other sites just provide a billboard for advertisers)
WalletHub does not have a conflict of interest (other sites are biased due to promoting their own lending and banking offers)
WalletHub has 15+ years of experience (other sites simply don’t have the same expertise)
WalletHub's best savings accounts picksare completelyindependentand not provided, commissioned, or endorsed by any financial institution. In addition, our editors follow a strict editorial policy.Some offers may come from WalletHub's advertising partners.
My Wallet OffersCardsloans
Best High-Yield Savings Account
Best High-Yield Savings Account
My Banking Direct High Yield Savings Account
My Banking Direct High Yield Savings Account
4.5WalletHub Rating
WalletHub Rating
4.5
This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this account for various consumer needs and picked the rating for the need with the highest score, which is "Saving a large amount."
Market Comparison
4.5
Fees: 5.0
Interest Rates: 4.9
savings: 5.0
Other Features: 1.4
Apply Now
APY | Monthly Fee | Signup Bonus |
---|---|---|
5.35% | None | None |
APY
5.35%
Monthly Fee
None
Editors’ Thoughts
This is one of the highest-yielding, most-accessible savings accounts on the market, offering a 5.35% APY and only $500 minimum required deposit. There are no monthly or withdrawal fees, either.
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Best Savings Account for $100,000 Balances
Best Savings Account for $100,000 Balances
Poppy Bank Premier Online Savings
Poppy Bank Premier Online Savings
4.6WalletHub Rating
WalletHub Rating
4.6
This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this account for various consumer needs and picked the rating for the need with the highest score, which is "Saving a large amount."
Market Comparison
4.6
Fees: 3.5
Interest Rates: 5.0
savings: 5.0
Other Features: 2.2
Apply Now
APY | Monthly Fee | Signup Bonus |
---|---|---|
0.00% - 5.50% | $5 | None |
APY
0.00% - 5.50%
Editors’ Thoughts
As long as you have at least $1,000 to deposit, you’ll be able to enjoy this account’s 5.50% APY, which applies to all balances up to $1,000,000. Poppy offers an enticing savings account for those looking to have a large deposit in their savings account.
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Best Savings Accounts with Branch Access
Best Savings Accounts with Branch Access
Capital One 360 Performance Savings
Capital One 360 Performance Savings
4.1WalletHub Rating
WalletHub Rating
4.1
This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this account for various consumer needs and picked the rating for the need with the highest score, which is "Saving an above-average amount."
User Reviews
3.7
Market Comparison
4.1
Fees: 5.0
Interest Rates: 3.9
savings: 4.1
Other Features: 4.0
Apply Now
APY | Monthly Fee | Signup Bonus |
---|---|---|
4.25% | None | up to $1,500 |
APY
4.25%
Monthly Fee
None
Editors’ Thoughts
This is a great option if you prefer brick-and-mortar institutions to online banking, offering a 4.25% APY on balances over $100. There is no monthly fee, and there’s no initial funding required to open an account.
A good thing to remember is that while the Capital One 360 Performance Savings account does not offer an ATM card on its own, one can be easily acquired through their 360 Checking Account.
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Best Savings Account for Students
Best Savings Account for Students
Apple Bank SmartStart Savings Account
Apple Bank SmartStart Savings Account
4.8WalletHub Rating
WalletHub Rating
4.8
This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this account for various consumer needs and picked the rating for the need with the highest score, which is "Saving a large amount."
Market Comparison
4.8
Fees: 5.0
Interest Rates: 5.0
savings: 5.0
Other Features: 3.5
Apply Now
APY | Monthly Fee | Signup Bonus |
---|---|---|
3.38% - 6.00% | None | None |
APY
3.38% - 6.00%
Monthly Fee
None
Editors’ Thoughts
Available to kids, teens and young adults as old as 25, the Apple Bank SmartStart Savings Account offers a 6.00% APY, has no monthly fees, $1 minimum to open and a free ATM card.
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Best Business Savings Account
Best Business Savings Account
Small BusinessBank Business High Yield Savings
Small BusinessBank Business High Yield Savings
4.5WalletHub Rating
WalletHub Rating
4.5
This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this account for various consumer needs and picked the rating for the need with the highest score, which is "Saving for businesses."
Market Comparison
4.5
Fees: 5.0
Interest Rates: 4.7
savings: 5.0
Other Features: 1.5
Apply Now
APY | Monthly Fee | Signup Bonus |
---|---|---|
4.70% | None | None |
APY
4.70%
Monthly Fee
None
Editors’ Thoughts
The Small BusinessBank Business High Yield Savings comes with 4.70% APY and a $0 minimum deposit requirement. Also, with no monthly fees, it’s one of the best business savings accounts on the market today.
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Were the editor’s picks helpful?
2024’s Best Credit Union Savings Accounts
Best | Savings Account | APY | Minimum Deposit Required |
High-Yield | St. Anne's Credit Union Online Savings Special Account | 0.03% - 6.25% | $5 |
$100,000+ Balances | BluPeak Credit Union High Rate Savings | 5.00% | $25 |
Branch Access | Boeing Employees Credit Union Member Advantage Savings | 0.50% - 6.17% | $5 |
Students | Spectra CU Brilliant Kids Savings | 0.00% - 10.38% | $5 |
Business | First Tech Federal Credit Union Business Instant Access Savings | 3.30% - 5.30% | $25 |
How to Find the Best Savings Account – 7 Tips
Unlike choosing a mortgage or even applying for a credit card, finding the best savings account or money market account (basically the same thing) is relatively easy. There aren’t many differences between offers. And you pretty much need to focus solely on finding an account with a high APY and low fees. Besides, we’ve already done the leg work for you, sifting through hundreds of offers to find the cream of the market’s crop.
But you still need a way to choose between 2024’s Best Savings Accounts and compare accounts in the future. So WalletHub’s editors put together the following tips to help you.
1. Prioritize a High APY: Aside from the security of deposit insurance, seeing your money grow over time is the biggest benefit of using a savings account. So focus your comparison efforts on finding the highest possible yield. In doing so, make sure to consider how much money you expect to keep in your account moving forward. Many accounts offer different interest rates based on your balance.
2. Consider Monthly Fees & Accessibility: If two accounts have the same APY, use the fees they charge as the tie-breaker. Just make sure you aren’t sacrificing access to your funds for a lower cost.
3. Don’t Overlook Credit Unions: Credit unions can afford to offer better terms than banks because they have less overhead and are owned by their customers. You can use WalletHub’s Credit Union Savings Tool to review offers from the credit unions you’re eligible to join.
4. Embrace Online-Only Options: These days, most people have little need for a physical checkbook or a brick-and-mortar branch location. In fact, you may be exposing yourself to a lot of liability by continuing to write checks. And since online-only bank accounts offer the best terms on the market, giving one a try could prove quite rewarding.
5. Take Advantage of Benchmark Bonuses: Many savings accounts offer higher interest rates when your account balance is above a certain amount. Others waive fees. Keep an eye out for these account features and factor them into your decision-making.
6. Stick to the Plan: Navy SEALs tailor the ammunition they bring to the type of mission, terrain and enemy they’re dealing with. You can think of your savings account the same way. Your tools will be selected with your particular trade in mind, and if you use these tools for other purposes, the results will not be as intended. In other words, use your saving account for saving and not for spending.
7. Ignore Labels: With your mission to find high rates and low fees in mind, remember that you don’t need to limit yourself to savings accounts. Checking accounts, prepaid cards and brokerage accounts are all worthy substitutes in the right situation.
Questions & Answers
Finding the best savings account can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered.
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Which bank account is best for savings?
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Which bank gives 7% interest on savings account?
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Which bank has the highest interest rate on savings account?
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Which bank gives 6% interest on savings account?
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How do I choose a savings account?
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What banks give 5% interest on savings?
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How many savings accounts should I have?
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Lauren Smith, WalletHub Staff Writer
@laurenellesmith
You should have at least two savings accounts, one for short-term goals and the other for long-term savings. Also consider opening and maintaining a savings account for each of your savings' goals, like an emergency fund, retirement, or a down payment for a house.
The average American has five bank accounts, according to a study by Mercator Advisory Group. Having multiple accounts can help you budget more efficiently and create a structure to reach...
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What is a savings account?
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Kathleen Cole
@kathleen_cole
A savings account is a type of interest-earning bank account that usually provides a higher return than a checking account but is slightly less accessible. Many savings accounts come with a limit of six withdrawals or transfers per month. Withdrawals via bank teller or ATM are excluded from this number.
Key Things To Know About Savings Accounts
- Interest.
The average savings account has earned interest at a rate of 0.04% -...
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How do I open a savings account?
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Lauren Smith, WalletHub Staff Writer
@laurenellesmith
You can open a savings account by researching the available offers, choosing the account that fits your needs, completing the application online or in person, and depositing your funds. Look for account options with the highest yields and the lowest fees from reputable, insured banks and credit unions.
How to Open a Savings Account
Compare savings account offers from banks and other financial institutions
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What are the different types of savings accounts?
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Expert Opinions
To help people understand the savings account a bit better, WalletHub posed the following questions to a panel of banking experts. You can meet the panel and check out their comments below. Just click “Read More” to see an expert’s responses.
- What advice do you have for someone looking for the best savings account right now?
- What are the biggest/most common mistakes that people make when shopping for savings accounts?
- Does it make sense for savers to consider local banks and credit unions in addition to larger financial institutions?
- Is it a good idea to keep money in a savings account right now?
Brian C. Payne
Ph.D., CFP®, Associate Professor of Finance, College of Business Administration, University of Nebraska at Omaha
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Anthea Perkinson
CFP®, EA, RMA®, Adjunct Professor, Finance Department - Baruch College
Read More
Dina El Mahdy
Ph.D., CFE, Visiting Scholar at George Washington University - Associate Professor of Accounting, Morgan State University
Read More
Karen Nunez
Ph.D., MBA, CMA, Associate Professor - Curi Capital Faculty Fellow, School of Business and Professional Studies - Shaw University
Read More
Amy Pridemore
Executive Director, VCU Financial Success Center by Virginia Credit Union/Instructor, Finance, Insurance and Real Estate (FIRE) department
Read More
Christopher Dahlvig
CPA, MBA, Associate Professor, Linfield School of Business
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Best Online Savings Accounts
Best High-Yield Savings Accounts
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