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Some of the deposit product offers that appear on this website are from companies which ValuePenguin receives compensation. This compensation may impact how and where deposit products appear on this site (including, for example, the order in which they appear). The site does not review or include all companies or all available deposit products.

Opinions, analyses, reviews, or recommendations expressed here are the author’s alone, and have not been reviewed or endorsed by the issuer. We may be compensated through the issuer’s Affiliate Program. For a full list of our advertisers, see our disclosure page.

The Best Savings Accounts of 2017

When you look for the best savings account, it's easiest to start by determining what makes it the best choice for your specific situation. Whether that means a high interest rate or a way to save for your child's future, we've looked at a range of options that perform best in each category. These are the best savings accounts currently available.

ValuePenguin's Best Savings Accounts of 2017:

Best Savings Account Rates

High interest rates are important to growing your savings over time. Deposit account rates may be relatively low these days, but we found the best savings accounts currently available and took a closer look at their fees and conditions.

Highest Savings Rate: GS Bank Online Savings

GS Bank may not have a diverse set of deposit accounts, but the 1.20% APY on GS Bank Online Savings beats most competitor offerings by about 15 percentage points. It also charges no monthly maintenance fees and requires no minimum balance to open, making this an extremely affordable savings option for anyone.

However, the high rate and minimal fees come at a price: GS Bank has no physical branches, no ATM access and no dedicated mobile app. Your only option to deposit, withdraw or check your balance is to use GS Bank's online banking portal, accessible through any browser. If you have a checking account that allows free and easy electronic transfers to other banks, then this savings account works well as a secondary addition to boost your income from interest.

GS Bank Online Savings – Key Figures

  • APY: 1.20%
  • Balance to Earn APY: $1
  • Minimum to Open: $0
  • Monthly Fee: $0

Best Long-Term Savings Account: Barclays Dream Account

Despite having a limit on monthly deposits, the Barclays Dream Account is an excellent long-term savings option because it earns a unique bonus on earned interest so long as you avoid making withdrawals. Boasting an APY of 1.15%, the Barclays Dream Account's only drawback is the $1,000 monthly limit on deposits. On the bright side, Barclays offers a bonus of 2.5% on 6 months of earned interest if you make zero withdrawals, and another 2.5% if you make at least 1 deposit in each of those 6 months.

Assuming you deposit the maximum $1,000 over six months, you would earn $18.41 on total deposits of $6,000. If you make no withdrawals, you would receive the full 5% bonus on that interest, bringing total interest earned to $19.33. While this figure isn't exactly staggering, it's still one of the best deals you will currently find on insured deposit accounts other than certificates of deposit (CDs), which impose strict penalties that effectively take back your earned interest on early withdrawals.

Barclays Dream Account – Key Figures

  • APY: 1.15%
  • Bonus on Earned Interest: 5%
  • Monthly Fee: $0
  • Monthly Deposit Limit: $1,000

Best Online Savings Accounts

While it may be a little strange to imagine banking without a physical bank, online-only banks can offer good rates and lower fees on savings accounts, thanks to their lower operating costs.

Best Online Savings Account: CIT Spring Savings

Although GS Bank —mentioned above —is an online-only bank, there are several other options worth considering. CIT Spring Savings offers 1.15% on any balance of $100 or more. Like most online accounts, CIT Spring Savings won't come with in-person services at a branch. Like GS Bank, CIT Bank limits your withdrawal options to electronic transfers ordered by phone or initiated online through the bank's website. However, CIT does provide a mobile app to perform additional account management, something GS Bank lacks.

CIT Spring Savings – Key Figures

  • APY: 1.15%
  • Minimum to Earn APY: $100
  • Minimum to Open: $0
  • Monthly Fee: $0
  • Bonus: $400 after keeping $15,000 daily average balance for 3 months

Best Savings/Checking Account Combo: Ally Online Savings Account

Compared to other online banks offering savings accounts, Ally Bank comes with two main advantages: the availability of a checking account and customer-friendly account policies. Many of the highest rates among online savings accounts are found at banks that do not provide any checking account services. Ally offers a checking account that you can use alongside the Ally Online Savings Account for transfers and overdraft protection.

For those still somewhat skeptical about doing all their banking online, Ally Bank also offers highly-rated customer service along with good interest rates on both checking and savings accounts. Unlike many competitors, Ally avoids unfriendly practices like confusing contract language, complex overdraft fees and legal arbitration clauses. Anyone who's gone through a bank dispute will understand the value of Ally's stance.

Ally Online Savings – Key Figures

  • APY: 1.15%
  • Balance to Earn Interest: $0.01
  • Minimum to Open: $0
  • Monthly Fee: $0

Best Savings Account for Kids: Citizens Bank CollegeSaver

If you want to establish a savings account for your child, Citizens Bank offers a bonus of $1,000, credited to the balance shortly after your child's 18th birthday —an impressive offer given today's low interest rates. You can get the best value out of this account if you open it before your child turns 6; opening the account for a child 6 or older requires $500 and doubles the monthly minimums.

There are some challenging conditions to receiving the $1,000 bonus. You must deposit at least $25 or $50 each month, and the balance must also grow by $25 or $50 each month, meaning that missing a deposit or withdrawing too much results in forfeiting the bonus. Given these rules, and given the fact that the account's 0.05% rate is mediocre at best, the optimal approach is to deposit the minimum $25 or $50 required to earn the bonus while avoiding withdrawals entirely.

Citizens Bank CollegeSaver Savings – Key Figures

  • Bonus on Child's 18th Birthday: $1,000
  • Min Monthly Deposit for Bonus: $25 or $50
  • Minimum to Open: $25 or $500
  • APY: 0.05%

Best Savings Account with a Bonus: Chase Savings

Chase's promotional offer of $150 for new savings account holders gives you the best opportunity to start off your savings plan with a boost. A savings account with a bonus is a rare sight in today’s market. You can add another $200 to this bonus by also signing up for a checking account. Setting up a checking account at the same bank as your savings account gives you options for automatic savings transfers as well as overdraft protection. Chase also ranks as one of our best banks for checking accounts.

While Chase's sign-up bonus is not the largest available in absolute terms, Chase Bank only requires a balance of $300 each day to avoid monthly fees. The only larger sign-up bonuses we found for deposit accounts involved higher minimum balances for waiving the same fees. Since there's little point to chasing a sign-up bonus only to give it back in monthly fees you can't avoid, Chase's current offer represents an optimal choice for most consumers.

Chase Savings – Key Figures

  • Sign-Up Bonus: $150
  • Monthly Fee: $5
  • APY: 0.01%
  • Minimum to Open: $25

Summary of Best Savings Accounts

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

Best For…Savings AccountAPYMonthly Fees
High Interest RateGS Bank Online Savings1.20%$0
Long-Term SavingBarclays Dream Account1.15%$0
Online SavingsCIT Spring Savings1.15%$100
Combining Savings and CheckingAlly Online Savings1.15%$0
Saving for KidsCitizens Bank CollegeSaver0.05%$25 - $50
Earning a BonusChase Savings0.01%$25

Finding Other Savings Account Options

These are just a few of the many savings accounts available to any consumer. Thanks to the growth of online banking, you can find a wealth of information on accounts with interest rates that generally stay far above the average for brick-and-mortar savings accounts. For example, our savings rate comparison tool 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. While this might make comparison shopping a bit more challenging, you can always use our analyses above as a guide for evaluating your choices.

A Comprehensive List of Savings Accounts

You can also use this list of the savings accounts we've researched as a starting point for your own search. Keep in mind that rates can vary by location, even for the same product.

AccountAPYAPY Minimum BalanceMonthly Fee
GS Bank Online Savings1.20%$0 $0
Ally Online Savings1.15%$0 $0
Barclays Dream Account1.15%$0 $0
Barclays Online Savings1.15%$0 $0
CIT Bank Spring Savings1.15%$100 $0
Synchrony High Yield Savings1.05%$0 $0
Sallie Mae Bank SmartyPig0.80%-1.05%$0.01-$50,000$0
Discover Online Savings1.01%$0 $0
Radius High-Yield Savings1.00%$2,500 $0
Bank5 Connect High-Interest Savings0.90%$100 $0
MySavingsDirect0.85%$0 $0
AmboyDirect eSavings0.30%-0.80%$300-$3,000$0
Capital One 360 Savings0.75%$0 $0
Bank of Internet High Yield Savings0.61%$0 $0

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