11 Best Savings Account • Top Savings Account in Last Quarter of 2024

By John V

January 12, 2024   •   Fact checked by Dumb Little Man

Whether you need funds for an emergency event or expense; let’s say down payment on a loan or any other reason, parking your money in a high-interest-earning saving account can relieve you. Thanks to compound interest, you can grow your money faster in high APY savings accounts.

Comparatively, high APY saving accounts are more rewarding offering 10 times more interest than traditional savings accounts. The Federal Deposit Insurance Corporation (FDIC) shows that the national average APY is only 0.07%.

We have compared more than 50 national banks based on features in a savings account and curated a list of the 11 best savings accounts of November available in the US. Let’s know which bank’s savings account fits your financial needs.

Best Savings Accounts in 2024

BankMinimum DepositMonthly FeeSavings APYMore Details
CIT Bank$100$00.50%Click Here
Ally Bank$0$00.30%Click Here
Marcus by Goldman Sachs$0$00.50%Click Here
Capital One$50$00.40%Click Here
American Express National Bank$0$00.40%Click Here
Discover Bank$0$00.40%Click Here
Barclays$0$00.40%Click Here
Synchrony Bank$0$00.50%Click Here
VIO Bank$100$00.57%Click Here
Axos Bank$250$00.61%Click Here
Varo Bank$0$00.20%Click Here

11 Best High Yield Savings Account: Detailed Insight

CIT Bank: Top Consumer’s Choice

Minimum DepositMonthly FeeSavings APYMore Details
$100$00.50%Click Here

Founded in 2000, CIT Bank offers a high yield savings account, money market account, CD account, and custodial accounts to help the customers maximize their finance. The bank is an only online bank with no physical branches and ATMs.

In the savings account, CIT has a Savings Builders account that needs no opening balance requirement and has no maintenance fee. The bank claims to offer six times more interest rates than other national banks on average in a savings builders account.

↳ Best Feature?

CIT Savings Builders has outstanding features for those who save and invest to grow their money. The bank offers 0.50% APY which is higher than any other brick and mortar bank.

The saving account at CIT allows free six transactions per statement cycle and beyond a limit, customers need to pay additional fees. It has the CIT Bank mobile app through which customers can deposit checks remotely and make transfers.

↳ Who is it Best For?

CIT is best for those customers who don’t need to visit physical branch offices for their financial activities. It’ll be preferable for people who want online access to the bank to check their accounts and deposit and transfer the funds electronically.

People who wish for a bank that has no service fee and no opening balance requirement can opt for CIT. Also, for people who search for high-interest rates in a savings account, CIT comes above the top list.

↳ How much are the Bank Fees?

CIT has no monthly fee and no opening required balance. You can open a savings builder account freely but to earn interest you need to deposit the money.

To earn 0.40% APY, you need to maintain a minimum balance of $25000 or more in the account or you need to make at least a deposit of $100 each month.

Click Here to Know More About CIT Bank Savings Account.


Ally Bank: Best Bank for Checking and Savings Combo

Minimum DepositMonthly FeeSavings APYMore Details
$0$00.30%Click Here

Ally bank is the direct subsidiary of Ally Finance and has online access without physical branch locations. However, customers can collect money from the bank at 43,000 ATMs via Allpoint and an interbank.

Photo: Ally Bank

Ally offers savings, checking, multiple CD accounts, and various financial solutions. It has an Online Savings account that provides high-interest rates up to 0.3% without charging a monthly fee.

↳ Best Feature?

Ally Online Savings account has some striking features including helpful financial tools. The tools are simple to use; for example, the bank has an online bucket through which customers can set their saving target and know how to complete it.

The bank doesn’t have monthly maintenance fees or even customers needn’t bother to have minimum balance requirements. The money is safe in FDIC and the bank offers 24/7 support for customers if they have any issue with the account or need any financial solutions.

↳ Who is it Best For?

Ally is for those who prefer online transactions and financial activities without visiting the physical branch locations. However, it’ll be pretty much easier to choose this bank if the customers want an online bank with cash withdrawal ATMs.

The bank doesn’t have a monthly fee so it’ll be much preferable for those who need maximum savings without worrying about fees.

↳ How much are the Bank Fees?

Ally doesn’t compel the customers to pay a monthly fee and doesn’t have a minimum balance requirement. The bank has recently updated the policy to offer a fee-free overdraft facility.

However, the bank only allows free six transactions per statement cycle and customers need to pay after the limit.

Click Here to Know More About Ally Bank Savings Account.


Marcus by Goldman Sachs: Best Overall Bank

Minimum DepositMonthly FeeSavings APYMore Details
$0$00.50%Click Here

Marcus by Goldman Sachs is an online-only bank that offers high-yield savings accounts, high-yield certificates of deposit (CDs), and no-fee personal loans, which is also called an award-winning personal loan.

Marcus by Goldman Sachs Online Savings Account is high yielding savings account at the bank which has several banking benefits.

↳ Best Feature?

Marcus by Goldman Sachs Online Savings Account offers 0.50% APY, which is a competitive rate and more than rates offered by average national banks. The bank has no minimum balance requirement and monthly maintenance fee.

The bank is based on customer service so that you can get the banking solutions or consult from the real person. Also, it provides FDIC-insured facilities up to $250,000 per depositor.

↳ Who is it Best For?

Marcus by Goldman Sachs Online Savings Account is designed for US citizens who want to grow their money with a high-interest rate without paying monthly fees.

↳ How much are the Bank Fees?

Marcus by Goldman Sachs has no monthly fee and minimum balance requirement so you can enjoy fee-free savings account with high APY.

Click Here to Know More About Marcus by Goldman Sachs Savings Account.


Capital One: Best Bank for High Volume Deposits and Monthly Transactions

best business bank
Minimum DepositMonthly FeeSavings APYMore Details
$50$00.40%Click Here

Capital One is one of the top 500 banks that has secured a space in Fortune’s top-ranked bank list. With 755 branches locations and 2,000 ATMs, Capital One offers lines of credit cards, auto loans, and several banking facilities.

Photo: Capital One Website

Capital One has multiple savings, checking, and CD account options so customers can leverage the bank for their maximum financial needs. The bank is known for the 360 Performance Savings account that provides high-yielding interest with zero monthly fees.

↳ Best Feature?

Capital One 360 Performance Savings offers several financial features including a fee-free monthly service and no minimum balance requirement. You can easily open an account with zero opening balance and leverage FDIC insurance up to $250,000.

The bank is an online and in-branch hybrid so the customers can access your savings account via mobile app or in-branch. However, the best part of the savings accounts at Capital One is that the bank offers 0.40% APY.

↳ Who is it Best For?

360 Performance Savings will be a good option for those who want to leverage the maximum daily compound interest on all their balance. Also, it will be perfect for customers who search for a fee-free savings account.

Obviously, the great interest rate of 0.40% matters in creating an account at Capital One so people who need high APY without any monthly fee can opt for it.

↳ How much are the Bank Fees?

Though Capital One offers great features including high APY, it has no monthly service charges. Also, you needn’t worry about maintaining the minimum required balance.

You need $1 to start receiving interest rates and earning. However, the bank charges for issuing credit cards and offering loans.

Click Here to Know More About Capital One Savings Account.


American Express National Bank: Best Bank for Free Maximum Withdrawal

Minimum DepositMonthly FeeSavings APYMore Details
$0$00.40%Click Here

American Express National Bank (Amex) is famous for traveler’s cheques, charge cards, and credit cards. It also offers various financial rewards including card rewards and cashback rewards and business loans.

Photo: American Express Website

The bank has a single savings account that offers high and competitive annual percentage yielding. According to NerdWallet, Amex has a High Yield Savings Account that ranks as the top best savings account of all banks across the US.

↳ Best Feature?

Unlike traditional savings accounts, Amex High Yield Savings Account offers 0.40% APY that is a highly competitive rate on a savings account. There are no opening balance requirements, no minimum balance requirements, and no monthly fees just to give the customers maximum financial benefits.

The Amex offers 24/7 superior customer service and the customers can access their account and money any time round the clock. Besides, the bank allows up to free 9 withdrawals or transfers per month.

↳ Who is it Best For?

Amex High Yielding Savings account is for the customers who want to earn high-interest rates on their deposits. It will be even better for those who can’t afford banking services fees and a big minimum balance requirement.

People who have limited deposits and want to grow their money also can get advantages from this account. This even suits better for those who have only some monthly withdrawals and transfers.

↳ How much are the Bank Fees?

Customers needn’t worry about the fees to maintain their account at Amex and earn high-interest rates. Amex High Yield Savings Account is totally free for people who wish to join Amex.

There are no fees for maintenance or service and transaction so you can feel relaxed if can’t afford it. Also, if you want to open an account, you need zero balance and you needn’t maintain the minimum balance to waive the fee or for other free features.

Click Here to Know More About American Express Bank Savings Account.


Discover Bank: Best Bank Having Savings Account for All

Minimum DepositMonthly FeeSavings APYMore Details
$0$00.40%Click Here

Discover is famous for its rewards and credit cards. Besides, it is an online bank and a payment services company that provides banking and retirement solutions for individuals.

Photo: Discover Official Website

Though Discover Bank doesn’t have in-person access or any physical locations, it provides 24 hours online banking services. The bank has a high-yielding Discover Online Savings account that leverages students, low-income earners, and big deposit account holders.

↳ Best Feature?

Discover Online Saving Account offers 0.40% APY with no monthly balance requirement. Customers needn’t be worried about the fees as there are monthly fees or transaction fees.

The bank has a mobile app through which customers can easily access their account and it is also FDIC insured financial institution. Customers can deposit their money via some mediums including Mobile deposit and Online transfer, and they can transfer the fund Online from Discover to external banks and transfer it to other Discover accounts.

↳ Who is it Best For?

Discover Online Saving Account is planned for those who can’t afford the monthly and for those who have low income.

↳ How much are the Bank Fees?

Discover Online has a savings Account waivable fee and you needn’t pay the monthly fee. For this, you need to maintain a minimum daily balance, maintain a set balance between multiple accounts, and make a qualifying direct deposit.

Click Here to Know More About Discover Bank Savings Account.


Barclays: Best Bank for Cheap Bank Overdraft Fee

Minimum DepositMonthly FeeSavings APYMore Details
$0$00.40%Click Here

Barclays is one of the oldest banks in the United Kingdom, which offers credit cards in more than 50 countries across the globe, Besides, it is also famous for offering savings and CD account at competitive rates.

As Barclays also has been a top online bank, there is Barclays Online Savings account with high APY.

↳ Best Feature?

Barclays Online Savings account has 0.40% APY which is 5 times bigger than other national banks’ APY rate. The bank doesn’t compel customers to have a fixed minimum deposit and minimum balance requirement.

Besides, the customers needn’t worry about the monthly maintenance fee. This savings account also can leverage with a highly-rated mobile app and FDIC-insured facilities.

↳ Who is it Best For?

Barclays Online Savings account is for those who want to earn high-interest rates on all tiers of their deposit. It also can be the perfect choice for those who wish to skip the monthly fee and don’t want to bother about the minimum balance requirement.

↳ How much are the Bank Fees?

To have an account at Barclays, customers needn’t have any amount, they can open a bank account at zero. Also, the bank doesn’t have a monthly fee.

But, the bank charges a $5 nonsufficient funds fee for overdraft, which is 6 times cheaper than the fees of other banks.

Click Here to Know More About Barclays Bank Savings Account.


Synchrony Bank: Best Bank for Easy Access to Cash

Minimum DepositMonthly FeeSavings APYMore Details
$0$00.50%Click Here

Headquartered in Stamford, Synchrony Financial provides financial services and solutions to customers through Synchrony Bank. The banking services include Credit cards, loyalty programs, payment systems, and installment lending.

Photo: Synchrony Bank

Synchrony Bank offers savings and CD accounts and Synchrony Bank High Yield Savings is believed to be highly beneficial for customers who want to save their money and earn big interest.

↳ Best Feature?

Synchrony Bank High Yield Savings account is offering a grand interest rate of 0.50% APY, which is more than all savings account on the list yet. There is required nothing like a minimum deposit or balance; customers can open the account at zero balance and withdraw as much as they need.

Like other online savings accounts, Synchrony also has no maintenance fee and provides easy ATM access. The bank also has Synchrony Bank mobile app which allows you to access your bank account from anywhere and anytime without visiting the physical branch.

↳ Who is it Best For?

The Synchrony Bank High-Yield Savings account best fits the need of customers who value convenience and affordability. Also, those who can’t afford banking fees can easily get relief after finding this account.

↳ How much are the Bank Fees?

Synchrony Bank doesn’t charge for maintenance of account and banking services. However, it has a $25 outgoing wire fee, which may be troublesome but every bank charges for it.

Click Here to Know More About Synchrony Bank Savings Account.


VIO Bank: Best Bank with Minimum Opening Balance

vio bank reviews
Minimum DepositMonthly FeeSavings APYMore Details
$100$00.57%Click Here

Vio Bank is an online division of MidFirst Bank, a national bank with $24 billion in assets. It offers savings and CD accounts that comparatively have competitive APY. Besides, the bank has also money market accounts.

Photo: Vio Bank

Vio Bank High Yield Online Savings account is also one of the top-earning APY savings accounts on the list.

↳ Best Feature?

Vio Bank High Yield Online Savings Account is a great option for those who want to earn big interest rates on their deposits; it offers 0.57% APY. For this account, customers need $100 and they can start earning daily compound interest.

However, Vio doesn’t include a monthly fee so that customers who have lower incomes can find some relief. The account holders at Vio Bank can make up to 6 free withdrawals or transfers.

↳ Who is it Best For?

This savings account is carefully designed for those who want to earn a high and competitive interest rate on all tires of deposits. Also, customers who use average banking services can maintain the free fee-led banking benefits.

↳ How much are the Bank Fees?

Though Vio Bank doesn’t charge for monthly account maintenance, you need $100 to open an account and start earning APY.

Click Here to Know More About VIO Bank Savings Account.


Axos Bank: Best Bank for Earning a High APY

Minimum DepositMonthly FeeSavings APYMore Details
$250$00.61%Click Here

Being one of the savings accounts of November, Axos Bank includes a bank solution for all. It provides checking, savings, and CD account so that customers can find their financial solutions in one place.

Photo: Axos Bank Website

The bank offers several facilities like investing, small business, commercial banking and lending programs, personal loans, and mortgages. It has also an Axos High-Yield Savings account, which can be beneficial for those who want to grow their money.

↳ Best Feature?

Axos High-Yield Savings account offers up to 0.61% APY, which is comparatively the highest of all on the list. This savings account has no maintenance fees and no minimum balance requirements.

The bank also provides free ATM cards upon request so that you can withdraw your money. Customers can easily manage their accounts online via a mobile app.

↳ Who is it Best For?

Axos High-Yield Savings account fits best the customers who want to earn a high-interest rate without paying a monthly fee. Customers who don’t prefer vising a physical branch can have a facility; they can make their banking activities online.

↳ How much are the Bank Fees?

Axos Bank doesn’t have monthly service fees so you needn’t worry about the additional charge if you’re a common banking consumer. They also provide free ATM cards, which is a huge benefit for people who have experienced a large ATM card charge from other banks.

Click Here to Know More About Axos Bank Savings Account.


Varo Bank: Best for Additional Saving Services

Minimum DepositMonthly FeeSavings APYMore Details
$0$00.20%Click Here

in July 2020, Varo Money was the recipient of the tag “the first mobile-centric national bank in U.S. history.” Though the bank doesn’t have a physical branch, customers can access the bank online and make their banking activities all digitally.

Photo: Varo Official Website

The bank has 55000+ fee-free Allpoint ATMs in the country including locations such as Target, CVS, and Safeway. It offers both a checking account as well as a savings account.

↳ Best Feature?

Varo Savings Account at Varo Bank offers 0.20% to 3.00% Annual Percentage Yield (APY). Also, customers need zero balance and open an account and $0.01 to start earning the interest rate.

The account bears no monthly fees so that customers can leverage this savings account. It also allows up to 6 free withdrawals or transfers.

↳ Who is it Best For?

Varo Savings Account fits those who can’t afford the monthly banking fees and have lower incomes. It is also suitable for those who want a large amount of ATM locations to withdraw cash.

↳ How much are the Bank Fees?

Varo bank doesn’t include maintenance fees and the required minimum balance. It also doesn’t have overdraft fees, which is big relief compared to other banks that charge $20-$35 for this.

Click Here to Know More About Varo Bank Savings Account.



How We Rank the Best In-branch and Online Savings Account?

Everyone expects to grow their money in their savings account savings with high-interest rates. But We don’t rank savings account from any random bank by only observing APY.

There’re a few considerable factors we look for while ranking the savings account.

High APY

Obviously, a high-interest rate is the first priority for the savings account holder. We make sure the account has the desired APY while shopping for the bank.

Low fees

Whoever you’re (either the high-income earner or low-income earner) must target the savings account that has less or waivable monthly service fees. We also do the same.

This helps you increase your deposit with interest.

Easy withdrawals and deposits

Whether it is an in-branch or online savings account, the deposit and withdrawal method must be accessible and easy.


We prioritize only banks that are FDIC-insured. This helps customers ensure that their money is safe.

Bank account bonus

Bank invest our deposit in many sectors and that’s how they make a profit. Many banks offer the bonus while opening a savings account for the first time. So, we take such a bank account at the top.

How to Choose the Best Online Savings Account?

Photo: Pixabay

There’re several options for a savings account, there may come confusion about choosing the best savings account from a reliable bank. Consider the following factors that may help you select the best savings account based on your needs.

High APY: Most online banks offer higher interest rates as online banks don’t have much expenditures. Everything operates online so you need to open your eye for the online savings account that has supremely APY.

Deposit and Withdraw Method: Online bank doesn’t have a physical branch location so you need to consider how you can deposit and withdraw your money.

Monthly Fees: Mostly, online savings accounts don’t include monthly service fees so make the account you’re going to choose is fee-free.

Maximum Transactions: It depends on you how many transactions you make in a month. The online savings accounts allow fixed transactions so make sure whether your banking need is fulfilled or not.

Conclusion: Best Online Savings Account

The online savings account listed above all, is the best to grow your money. But still, you’ve trouble choosing one from all, we recommend the CIT Savings Connect Account account which offers 0.40% APY with no opening and minimum balance requirement.

Besides, if you want a higher interest rate than CIT, Axos High-Yield Savings account offers up to 0.61% APY with free ATM cards.

Savings Account FAQs

How much interest does $10000 earn in a year?

It depends on the APY that the bank offers. If the bank has 0.01% APY, you’ll get $10,001 in total after a year.

Which is the best bank for savings account 2024?

There’re several banks that can be best for savings account in 2024 including CIT, Axos, Vio, and others in the list above. You need to shop for a bank based on your banking needs.

Where can I put my money to earn the most interest?

You can put your money in an Axos High-Yield Savings account that provides 0.61% APY.

Where can I get 5 percent interest?

There’re can be rarely banks that offer 5 percent interest but you earn as much as a 5% interest rate at NetSpend, Digital Federal Credit Union, Blue Federal Credit Union, and Mango Money.

John V

John is a digital marketing master's student who enjoys writing articles on business, finance, health, and relationships in his free time. His diverse interests and ability to convey complex ideas in a clear, engaging manner make him a valuable contributor to these fields.

Getting Started with Money

Learn More About Money

More on Money

Money Individual Reviews