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The Best Savings Accounts of September 2019: Editors' Choice

Whether you're looking for a high interest rate, extra bonus cash, or just a safe place to store your rainy day fund, we've reviewed hundreds of banks to find you the best savings account for whatever life throws your way.

Best forRecommended bankAPYOpening minimum
Best savings account rateVio Bank High Yield Online Savings Account2.52%$100.00
Best savings account bonusCiti Priority Account Package2.36%$0
Best savings account for kidsAlliant Kids Savings Account2.10%$5.00
Best credit union savings accountDCU Primary Savings6.17%$100.00
Best bank for checking and savingsAlly Online Savings Account1.90%$0.00
Best forRecommended bank
Best savings account rateVio Bank High Yield Online Savings Account
Best savings account bonusCiti Priority Account Package
Best savings account for kidsAlliant Kids Savings Account
Best credit union savings accountDCU Primary Savings
Best bank for checking and savingsAlly Online Savings Account

Best savings account rate: Vio Bank High Yield Online Savings

Vio Bank offers one of the highest interest rates on the market, making it the best account available if you're looking to maximize the return on your savings.

APY 2.52%
Minimum Balance to Earn APY $100
Monthly Fee $0.00

Highlights: This account requires no minimum balance and features no monthly fees, which ensures that your savings won't be impacted by maintenance costs. Vio Bank also doesn't put any meaningful upper limit on how much money you can deposit to earn interest, as the bank allows you to earn 2.52% APY on all balances, unlike some competitors who may cap your interest earnings after you reach a certain threshold.

To top it off, Vio Bank also actively monitors its rivals to ensure that its product remains one of the most competitive accounts on the market. This makes it easier for aggressive savers to sleep soundly at night, knowing that their savings rate will constantly be on the cutting edge of what's available.

Runner-up comparison

Vio BankCiti Accelerate Savings
AvailabilityNationwide41 states
APY2.52%2.36%
Minimum balance for APY$100$0
Minimum deposit to open$100.00$0
Learn moreOpen a Vio Bank High Yield Savings AccountOpen a Citi Accelerate Savings Account

Also consider: Vio Bank may be an excellent choice if you're trying to get the highest yield on the market, but some may prefer a more traditional banking experience that offers easy access to cash. We found that Citi Accelerate Savings was able to do just that, while still offering a highly competitive savings rate. New customers can link their Citi Accelerate Savings directly to their Citi Checking account with easy access through their mobile app, making this an excellent all-around option.

More: Compare high yield savings accounts

Best savings account bonus: Citi Priority Account Package

Citibank offers cash bonuses of $600, $400 and $200, depending on whether you choose to open a Citi Priority, Citibank or Basic Banking package.

APY 2.36%
Minimum Balance to Earn APY $0
Monthly Fee $4.50

Highlights: Compared to other banks which only offer a single set of terms, prospective Citi customers have a choice between three tiers of bonus payouts, which is helpful as not everyone can afford to sock away $50,000 for months on end in a savings account. However, unlike other banks where the perks end after you receive your bonus deposit, Citibank offers you the ability to link your new checking account with the Citi Accelerate Savings account, which yields an attractive 2.36% APY — one of the highest we've seen offered by any major bank.

Despite its high qualifying minimum balance, the Citi Priority Account bonus of $600 was also one of the most lucrative savings account bonuses we've seen on the market. Most institutions offer customers the choice of either a high sign-up bonus or high yields; this is one of the few banks that offers both in one convenient package.

Runner-up comparison

Citi Accelerate SavingsDiscover Bank
Availability41 statesNationwide
APY2.36%2.00%
Minimum balance for APY$0$1
Minimum deposit to open$0$0.00
Learn moreOpen a Citi Priority Account PackageOpen a Discover Online Savings Account

Also consider: While Citibank offers excellent value for those who can afford it, its Citi Accelerate Savings account is not available to residents of some of the most populated states in the nation, including California, Connecticut, Florida, Illinois, Maryland, New Jersey, Nevada, New York and Virginia. By contrast, Discover Bank offers a bonus of up to $200 to qualifying new account holders who register with the code "MM819" nationwide. Discover is also one of the few banks that offers both checking and savings with no minimums and no fees, ever.

More: Compare banks in your state

Best savings account for kids: Alliant Kids Savings Account

Alliant Credit Union offers a competitive interest rate, far above the rates offered by many other joint parent-child savings accounts on the market.

APY 2.10%
Minimum Balance to Earn APY $100
Monthly Fee $0.00

Highlights: If you want to establish a savings account for your child, Alliant Credit Union is an excellent choice, and its Kids Savings Account offers an impressive 2.00% APY, giving your savings plenty of room to grow at an above-average rate. Better yet, once your child turns 13, they'll be eligible to apply for an Alliant Teen Checking Account while their Kids Savings Account remains intact, making this a natural progression from teaching good savings habits to teaching good spending habits.

Joining Alliant is easy. If you don't meet one of its membership requirements, you can still join by making a $10 donation to its partner foundation, Foster Care to Success, a fund specifically dedicated to helping America's foster youth pay for college. Better yet, once you've qualified for membership, Alliant will make the $5 initial deposit for your Kids Savings Account on your behalf, making you feel good about becoming an Alliant member.

Runner-up comparison

Alliant Kids SavingsCapital One Kids Savings
AvailabilityNationwideNationwide
APY2.10%1.00%
Minimum balance for APY$100$0
Minimum deposit to open$5.00$0.00
Learn moreOpen an Alliant Kids Savings AccountOpen a Capital One Kids Savings Account

Also consider: Not everyone wants to go through the hassle of joining a credit union, and for those of you who want a straightforward savings account with a reasonable interest rate, Capital One has your back. Capital Ones Kids Savings Account offers a no-frills savings account with mobile capabilities to help parents monitor their children's performance. At a respectable 1.00% APY, it also offers a decent return without any balance or deposit requirements, giving busy parents one less thing to worry about.

More: Compare kids savings accounts

Best credit union savings account: DCU Primary Savings

DCU offers one of the best promotional interest rates you'll find at any credit union. New customer can earn an unprecedented 6.17% APY on their first $1,000 in deposits, with 0.25% earned on any balance beyond that.

APY 6.17%
Minimum Balance to Earn APY $5
Monthly Fee $0.00

Highlights: DCU's promotional rate exceeds the available yields on most CDs and bonds, making it an outstanding choice for anyone who wants a place to park a small balance for a rainy day or just wants to diversify where they store their cash. DCU is an excellent option for those who don't mind pairing their savings with another high-yield savings account to really juice up their interest earnings.

Although DCU is a credit union, anyone can qualify for membership with a $10 donation to one of its nonprofit partners. Considering you'll earn 6.17% APY each year, that's a price worth paying — especially when the current average savings rate on the market is less than 1%.

Runner-up comparison

DCU Primary SavingsAlliant High-Rate Savings
AvailabilityNationwideNationwide
APY6.17%2.10%
Minimum balance for APY$5$100
Minimum deposit to open$100.00$5.00
Learn moreOpen a DCU Primary Savings AccountOpen an Alliant High-Rate Savings Account

Also consider: DCU's $1,000 savings cap might not be worth it for customers who hate having to deal with multiple bank accounts. By contrast, Alliant's High-Rate Savings Account offers a respectable 2.10% APY on all balances, without any deposit caps, making it an excellent well-rounded alternative. Alliant also features unique supplemental savings accounts that can be structured towards specific savings goals. Whether it's saving for a wedding or a rainy-day fund, each account will earn the same rate as your main savings account, making it the ultimate option for people who love to plan for every occasion.

More: Compare credit unions in your state

Best bank for checking and savings accounts: Ally Online Savings

Ally Bank offers the perfect combination of competitive savings and accessible checking, complete with ATM fee reimbursements for easy access to cash.

APY 1.90%
Minimum Balance to Earn APY $0
Monthly Fee $0.00

Highlights: When it comes to savings accounts, you're likely to run into tradeoffs. Many online banks offer high-yield savings accounts with attractive rates but don't offer checking accounts. At the same time, while some banks offer both checking and savings, the interest rates on these accounts are usually not compelling. Ally Bank is one of the few that offer the best of both worlds when it comes to both checking and savings accounts.

Ally's high-yield savings rate of 1.90% APY, while not the highest on the market, still holds its own when compared to the national average. Its free interest checking account also allows you to earn up to 0.10% APY with no monthly maintenance fees (assuming a $15,000 balance). While the checking rate isn't much, it stands in stark contrast to free checking accounts at other banks, which rarely pay any interest. Ally also offers $10 in monthly ATM reimbursements for its account holders and requires no monthly maintenance fees, making it the perfect balance between yield and liquidity.

Runner-up comparison

Ally BankCitibank
AvailabilityNationwide41 states
APY1.90%2.36%
Minimum balance for APY$0$0
Minimum deposit to open$0.00$0
Learn moreOpen an Ally Online Savings AccountOpen a Citi Accelerate Savings Account

Also consider: If yield is what you're looking for and you have deep pockets, Citibank offers one of the best combined offerings on the market between its Citigold, Citi Priority and Citibank Account packages. Assuming you live in an eligible state, you can combine any of these account packages with Citi's Accelerate High-Yield Savings account, which pays an attractive 2.36% APY, one of the best rates on the market. Depending on which package you choose, this will come with corresponding goodies, ranging from preferred pricing on banking and loan products to unlimited ATM reimbursements.

More: Compare checking accounts

Summary of the best savings accounts

Here's a summary of all the savings accounts we looked at above, listed with their most relevant features and fees.

Savings accountAPYMinimum to open
Vio Bank High Yield Online Savings2.52%$100.00
Citi Accelerate Savings2.36%$0
Discover Online Savings2.00%$0.00
Alliant Kids Savings Account2.10%$5.00
Ally Online Savings1.90%$0.00

Finding other savings account options

Thanks to the growth of online banking, you can find a wealth of information on accounts with interest rates that pay far above the average of brick-and-mortar banks. Our compare savings accounts lets you look at the best online savings accounts side by side.

Since online banking is relatively new and still growing, it's likely that you'll find a diverse set of choices available, including money market accounts, high-yield savings and CDs. While this might make comparison shopping a bit more challenging, you can always use our analyses above as a guide for evaluating your choices.

Kenny Zhu

Kenny covers Banking and Mortgage content for ValuePenguin and has worked in the financial industry since 2013. He produces studies, guides and opinion pieces on consumer finance. Prior to joining ValuePenguin, Kenny was a Senior Investment Analyst at PFM Asset Management LLC, where he helped manage fixed income portfolios on behalf of public sector clients. He holds a Bachelors of Science from Carnegie Mellon University, where he majored in International Relations & Politics. He is a CFA® charterholder.

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