|Best for||Recommended bank||APY||Opening minimum|
|Best savings account rate||Vio Bank High Yield Online Savings Account||2.52%||$100.00|
|Best savings account bonus||Citi Priority Account Package||2.36%||$0|
|Best online savings account||Discover Online Savings Account||2.00%||$0.00|
|Best savings account for kids||Alliant Kids Savings Account||2.10%||$5.00|
|Best credit union savings account||DCU Primary Savings||6.17%||$100.00|
|Best bank for checking and savings||Ally Online Savings Account||1.90%||$0.00|
|Best for||Recommended bank|
|Best savings account rate||Vio Bank High Yield Online Savings Account |
|Best savings account bonus||Citi Priority Account Package |
|Best online savings account||Discover Online Savings Account |
|Best savings account for kids||Alliant Kids Savings Account |
|Best credit union savings account||DCU Primary Savings |
|Best bank for checking and savings||Ally Online Savings Account |
Best savings account rate: Vio Bank High Yield Online Savings
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.
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.
Best savings account bonus: Citi Priority Account Package
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.
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.
Best online savings account: Discover Online Savings
Highlights: Discover's banking products feature no monthly maintenance expenses, no minimum balance requirements and no fees of any kind, making them simple and easy to understand. Discover also makes it easy to access your cash through 60,000 ATMs in the Allpoint network and allows for free electronic deposits through its mobile app.
As a Discover customer, you're also linked directly to its award-winning 100% U.S.-based customer service, available 24/7 with automated text-purchase. For a limited time, new customers can also get up to $200 in bonus cash by signing up for a Discover Online Savings Account with the code " MM819" and completing the stated requirements.
Also consider: Ally Bank and Discover Bank are neck and neck in the online banking space. However, you may want to go with Ally Bank if you're trying to pair your savings account with a checking account that actually earns interest. To compare, Discover's 1% cashback checking account likely won't offer much value for clients who rarely use their debit cards. Ally also offers $10 in monthly ATM reimbursements, which lets you easily access your cash in a pinch without forcing you to hunt for an in-network ATM.
Best savings account for kids: Alliant Kids Savings Account
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.
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.
Best credit union savings account: DCU Primary Savings
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%.
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.
Best bank for checking and savings accounts: Ally Online Savings
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.
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.
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 account||APY||Minimum to open|
|Vio Bank High Yield Online Savings||2.52%||$100.00|
|Citi Accelerate Savings||2.36%||$0|
|Discover Online Savings||2.00%||$0.00|
|Alliant Kids Savings Account||2.10%||$5.00|
|Ally Online Savings||1.90%||$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.