savings accounts

Savings Accounts

5
3 reviews for top rated offer
There are more than 1,059 savings accounts, money market accounts, and CDs that may meet your requirements. If you need an account to deposit and withdraw money at will, then you’ll want to focus on regular savings accounts and money market accounts. On the other hand, if you are comfortable sacrificing liquidity in the name of obtaining a higher interest rate, a certificate of deposit (CD) might be your best bet.
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We work hard to present you with accurate savings account information on this page. However, this information does not originate from us and therefore we cannot guarantee its accuracy. You can check the details page of each offer for the date the information was last updated on WalletHub. In addition, keep in mind that actual rates and other information may vary for a number of reasons including the applicants' creditworthiness and differences between an individual's situation and the criteria/assumptions used to generate the information displayed. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.
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Irrespective of whether an offering institution is a paid advertiser, the presence of offer information on WalletHub does not constitute a referral or endorsement of the institution by us or vice versa. Furthermore, non-sponsored offers have not been reviewed or approved by the offering institution. Information is displayed first and foremost to help consumers make better decisions.
everbank cd
Interest Rate
2.310%
Monthly Fees
None
Features
5 year CD
nationwide bank cd
Interest Rate
2.250%
Monthly Fees
None
Features
5 year CD
GE capital bank CD account
Interest Rate
2.230%
Monthly Fees
None
Features
5 year CD
discover bank cd
Interest Rate
2.080%
Monthly Fees
None
Features
5 year CD
republic bank trust company cd
Interest Rate
2.080%
Monthly Fees
None
Features
5 year CD
republic bank trust company business cd
Interest Rate
2.080%
Monthly Fees
None
Features
5 year CD
rbc bank usa cd
Interest Rate
2.050%
Monthly Fees
None
Features
5 year CD
ally bank cd
Interest Rate
2.000%
Monthly Fees
None
Features
5 year CD
cardinal bank cd
Interest Rate
1.992%
Monthly Fees
None
Features
5 year CD
oritani bank cd
Interest Rate
1.981%
Monthly Fees
None
Features
5 year CD
more info
  • Interest is compounded daily and credited monthly.
Ask our Experts
EXPERT’S ANSWERS

Why Open a Savings Account?

By: Odysseas Papadimitriou, WalletHub CEO When it comes to saving, traditional bank savings accounts are about as plain-vanilla as it gets. But for many people, vanilla is the perfect flavor. Savings accounts are one of the safest places you can put your money. That’s because bank deposit accounts are federally insured by the Federal Deposit Insurance Corporation (FDIC), and credit union deposit accounts are insured by the National Credit Union Administration (NCUA). In other words, if your bank or credit union fails, you can count on getting your money back, up to a limit of $250,000 per depositor, per institution. There are a few exceptions to this rule, so if you don’t see the FDIC or NCUA logo displayed anywhere on a bank’s website or at a branch, ask about it. And if you already have $250,000 deposited at a particular bank, you’ll want to find a different bank to open a new account.


Are there other savings vehicles that are just as safe? Sure. CDs and money market accounts are also insured bank products. U.S. treasury notes, bills, and bonds are not insured, but they are backed by the “full faith and credit” of the U.S. government, and are considered risk-free from a credit perspective.


But what about liquidity? Savings accounts allow you to withdraw as much of your money as you want, pretty much whenever you want, without having to wait for the account to reach maturity. This type of liquidity is critical for people who wish to use their account as an emergency fund to pay for surprise expenses, or who are preparing for a large purchase but do not know exactly when it will occur. One caveat: savings accounts are restricted to no more than six withdrawals per month. That restriction is imposed by the Federal Reserve Board, so it will not vary from institution to institution. If you go over that limit, the bank will charge a penalty. If you go over that limit repeatedly, your account could be shut down.


Savings accounts also offer plenty of flexibility. In general, you should expect that higher interest rates will be offered for accounts with higher minimum balances, and that dipping below a minimum balance will incur a fee. That said, it’s not difficult to find a savings account with no minimum balance and no monthly fees. This flexibility makes savings accounts appropriate for a wide range of different needs, from parking large sums of cash for an indeterminate period of time to starting a nest egg with just a few dollars. A no-fee, no-minimum savings account is a popular tool for teaching children to save, because no kid wants to see bank fees chewing up his allowance. If you shop around, you’ll also be able to find savings accounts that offer ATM cards, checks, and rewards programs. And of course, online service is a given.


Then again, not everyone wants all the frills. In an increasingly complex world, many people want to keep their finances as simple as possible. Savings accounts offer a simplicity that’s hard to find in other places. You go to a bank, you open an account, you put in your money, you let it grow—albeit at a snail’s pace, and you take it out when you need it.

Savings Account Interest Rates: Why Are They So Low?

By: Odysseas Papadimitriou, WalletHub CEO Yes, savings account interest rates are low. In fact those rates are low in three distinct ways. They’re lower than the return on other investments, they’re lower than the interest rates charged by lenders, and they’re even lower than the interest rates on the savings accounts of years past. Why is that?

  • The risk/reward ratio: It helps to think of an interest-bearing bank account as a type of investment. And one of the basic rules of investment is that the higher the risk, the greater the potential reward. Because savings accounts are essentially risk-free, the interest rate (i.e. the return on investment), is always going to be lower than what riskier investments—such as stocks and real estate—have the potential to offer.

  • Interest margins: As a rule, the interest charged by lenders will be higher than the interest paid to depositors. Banks are in the business of making money, after all, and one of the ways they do that is by charging more for the money they lend than what they pay for the money they borrow.Credit unions are not-for-profit organizations, so in general, they pay higher rates of interest to depositors and charge lower rates of interest on their loans. Even so, they need to maintain their interest margins at a certain level in order to stay in operation.

  • Intervention by the Federal Reserve: When the financial crisis that ushered in the Great Recession began in 2007, the Federal Reserve responded by lowering short-term interest rates to almost zero and by taking steps to reduce long-term interest rates. The underlying idea is that when interest rates are low, it’s easier to borrow money to make purchases and investments, and that boosts economic growth. Since then, however, economic growth has been slow and interest rates have stayed at bargain-basement levels. It’s great if you happen to be a borrower, particularly if you’re in a position to take out or re-finance a mortgage. It’s not so great if you are trying to maximize your earnings on an interest-bearing deposit account.


The Federal Reserve reports that before it considers raising interest rates, it will wait for signs that the economy is heating up—indicators such as increases in employment and inflation levels. In the meantime, savings account holders should get comfortable with those tiny yields.

How Can You Get the Most from Your Savings Account?

By: Odysseas Papadimitriou, WalletHub CEO Whether interest rates are high or low, it always makes sense to take a close look at what different accounts are offering before you make a choice. But what questions should you be asking?  Here are a few ideas.

  • What are the online-only accounts offering? The common wisdom is that when banks are able to take on new business without having to build and staff new branches, they pass the savings along to the customer in the form of higher yields. And indeed, a perusal of the best rates out there will often include a large proportion of online-only accounts. If you haven’t yet looked into online-only banking, now would be a good time.

  • Will introductory rates provide a real advantage? Plenty of banks are trolling for new business, and some of them are offering introductory rates on their savings accounts. These special rates may be substantially higher than what you can find elsewhere, but they only last for a fixed period of time—a few months perhaps—before dropping to a less favorable level.The post-introductory interest rate may be much lower than the regular rate offered by other banks. You’ll need to do some calculations to make sure that you can really come out ahead by opening an account with a special introductory rate.

  • What banks are offering cash rewards? Do they pass the sniff-test? Some banks want your business so badly they’re willing to pay you cash for it. Let’s say you open a savings account with $100 and you’re immediately given a $50 cash reward. That represents a 50% rate of return before the interest clock even begins ticking. Who wouldn’t want that?These offers are tempting, but keep in mind that banks aren’t stupid. Maybe they’re gambling on the chance that once you’re in the door, you’ll bring them more lucrative business in the form of home loans and credit cards. There’s nothing wrong with that. On the other hand, maybe the account is structured to nickel-and-dime you with fees and penalties until the bank gets its $50 back, and then some. Or maybe the interest rate is so low that you’ll lose in the long run. Read the fine print, take a look at how you plan to use the account, and then decide if the cash reward will work to your advantage.

Can you use your savings account as overdraft protection?

By: Odysseas Papadimitriou, WalletHub CEO With the widespread use of debit cards, ATMs, and automated payment systems, it has never been easier to lose track of your balance and overdraw your checking account. In the old days, if you didn’t have enough money in your account to cover your check, it would “bounce”—that is, it would be returned for insufficient funds. That would result in major embarrassment and penalty fees from both your bank and the recipient of the bad check (e.g., a landlord, a merchant, etc.).


Today, though, most banks are happy to provide overdraft protection by covering your insufficient funds for a fee, often in the range of $30 to $35 per overdraft. That can really add up. As an alternative, many banks will allow you to link your savings account to your checking account so that if your checking account runs out of money, additional funds can be drawn from your savings account. This added cushion might end up saving you more money than an extra interest rate point or two.
COMMUNITY DISCUSSION

Help others find the best savings accounts by sharing what your deciding factor was when choosing your savings account

 
October 28, 2014
Photo of shaunna_marie_3194
shaunna_marie_3194
I have a Savings Account with Woodforest. I had a Savings Account with Wells Fargo but anytime I put money in the account, they would automatically draw it out and put it into my checking account. I wasn't able to save any money and after they charged me the monthly service fees every month, my checking and savings was depleted, even after I stopped using the account. Woodforest has never given me any issues like read more
September 25, 2014
Photo of domidom
domidom
I have a savings account with Wells Fargo. It is connected with my college checking account, I have had this account since I started college and am very happy with it. I have never had any problems with either account, although Wells Fargo only allows a certain amount of transfers between accounts per month. I think, but am not certain, the limit is six transfers per month, anything more than that you will be charged read more
September 9, 2014
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tautog11
Overall the search tool is very good. The tool is easy to use and very intuitive. It had the accounts that I was looking for and the filter let me customize my options. The only criticism that I have is that the banks filter should have more options so the search can be refined even further.
August 8, 2014
Photo of bfi1000
bfi1000
I have a Wells Fargo savings account and I have generally been treated pretty well. One issue I have is that they're pretty strict on transferring money between accounts. At first I was doing it a couple of times a week, then they sent me a message warning me that I'd better slow down or I would risk being charged. Not the greatest customer service message.
July 23, 2014
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apodgo
I have a Chase savings account and overall, I love it. My one gripe is the transfer limit. I'm limited to 6 transfers a month between my savings and checking. I'm just starting to save and sometimes I'm a little bit too optimistic on how much I can afford to put away, so I have to do transfers back and forth. Other than that, it's a great account and I'd recommend it.
July 10, 2014
Photo of Emma29
Emma29
My savings account has been great for years. However, when a major grocery store security breach happened, my bank sent me a new debit card. They set it up to my savings account as a primary method of withdrawal, and I racked up over $200 in fees in the time it took for me to see that nothing was posting to the checking account (3 days). Thankfully the bank refunded the fees and now I'm read more
June 19, 2014
Photo of sdgwc6
sdgwc6
I had a savings account with Rolla Federal Credit Union. It's a local Missouri branch, but it's part of the much bigger Co-OP network. I absolutely loved banking with RFCU because the people were generally very understanding and easy to talk to. I was able to earn a reasonable interest on my savings account because it posted quarterly interest instead of yearly. I decided to go with RFCU in the first place because I had read more
June 2, 2014
Photo of wyntier
wyntier
I had an account at Wells Fargo for a couple years, nut they had this annoying habit of charging fees if you didn't have enough activity in the account. Then I wanted to withdraw $100 for an excursion over the weekend, and for some reason the computers were down, so no funds. Well I guess that kind of tore it. I was pretty aggravated to say the least. So I found this little credit union read more
June 2, 2014
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achesher
My savings account has been through fifth third for over the past 6 years. When I opened my account, I decided to go with the goal setter savings account so I would save some money and earn more interest. Fifth third gives out a bonus interest for this savings account once an established goal has been met. While I like this aspect of the account I did find it a bit of annoyance to have read more
June 2, 2014
Photo of emopanda93
emopanda93
I have a savings account with All South Federal Credit Union. They have mostly been a great bank. No monthly fees, forgiving transfers from saving to prevent overdraft. However, the most serious problem with my savings account came when I wasnt able to have access to all my money. I initially deposited some $10-20 which I will be unable to withdraw. They seemed to gloss over this during the process of of opening this account. read more
June 2, 2014
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Cedsays
Up until I added a savings account it was great. My problem started when I received an email saying my account was over drafted. When I signed up for the account, I was not told that I NEEDED to deposit a set amount of money and keep a minimum balance or I would be charged a ridiculous fee. After calling wells fargo, I had to pay the fee for both accounts. Surely enough, After that read more
May 20, 2014
Photo of danielle_f_harris
danielle_f_harris
i currently have a savings account with both webster bank and bank of america. i have had tons of issues with bank of america as to fees and overdrafts and all sorts of nonsense. one year i ended up paying them over $400.00 for a 12 cent overdraft that i didn't know about because i had left for vacation. webster on the other hand has been great. I've had the account for 3 years and read more
May 14, 2014
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stephanie_racey
I have a savings account with Capital One 360. I originally had an ING savings account and was drawn to it for its 3.5% APR. ING bought Capital One direct and my savings was automatically transferred to them. This was definitely a disappointment as I get almost no interest on the account. I feel that the account is overall safe and not a bad option if you are just looking for a basic account to read more
May 7, 2014
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gizmogonzo
After a bunch of research I finally settled with citibank. What a disaster with my Savings account. It's such a huge process to transfer your funds with no hassle. Then the fees for transfers..I mean for a bank who should accumulate fees for transferring from savings to checking and vice versa. Overall It's a good bank though.
May 7, 2014
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jennfhill
After my divorce I was learning how to budget save and get my financial life sorted. I opened a checking account with Wells Fargo. They were so helpful and at the same time suggested that I start a savings account as well as one for my daughter. They make it so easy to transfer between accounts. Also to my daughter's account with which I was able to teach her the importance of saving. There are read more
May 1, 2014
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rockinc23
When I was in high school I came across a lot of money due to my dad getting social security. After talking with my parents we agreed to put it all into a saving account and CD at Wells Fargo. They were very helpful to explain how I could use this money for college and we set up an account that would allow me to get money out to pay for college. This account was read more
April 14, 2014
Photo of ceej1
ceej1
I have had my savings account for over 10 years now! I have had no issues with Bank of America savings account.Their checking account is a different story but overall the savings account is great. I signed up when I was a child,so I had a Zero minimum for money remaining in the account. Which turned out to be great for a young adult who is struggling financially.I have no reason to switch :)
April 1, 2014
Photo of awturkeys
awturkeys
Overall I have had a very positive experience with my SPELC Federal Credit Union Savings Account. Staff has always been friendly and helpful, and I have had the account since I was a child. The savings account which I use has always been secure, received a reasonable dividend (not a set interest rate), and tax documents for the account have always arrived promptly; the account has a minimum of $25 to remain active. One issue read more
April 1, 2014
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mel_wa_58
Hello, I am writing a review on "Nationwide Bank Money Market Account ". I currently own and have money in this account. The best thing about this savings account is that it has an above national rate of interest that is paid out. The interest rate is about " 0.71% " APR. That is above what most banks offer, which is around 0.01%. The interest rate can go up or down, depending on the market. read more
April 1, 2014
Photo of lynda_poysor
lynda_poysor
Hi, I want to tell you that for years I did not have a savings account because I have always lived from hand-to-mouth on a shoestring budget, but I have been learning that that is a state of mind. I put $50 in a IRA just for “fun” and when I needed cash immediately, I could not touch it. This helped me realize I could save and live through the lean times without that $50. read more
March 28, 2014
Photo of rubix1217
rubix1217
I have a savings account with Chase. However, when I first opened my savings account, it was with Washington Mutual Bank. It was a basic savings account with no fees as long as I transferred $25 each month from my checking account. A few years later, Washington Mutual went under and Chase bought them out... and then the changes came. I still had to transfer $25 a month from checking, but I also am now read more
March 28, 2014
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qtee323
I have two savings accounts with Logix Federal Credit Union . The first is my primary the second I use to filter and save a portion of money I need for bills. It comes in handy when I need to transfer funds to my checking and organize my thoughts. Monthly we are allotted 7 transfers from each account. If we exceed that amount then we have to go to the branch and make the transfers read more
March 28, 2014
Photo of Deville
Deville
I have my primary savings account with Wells Fargo Bank. One of the features I really liked about this account is that it provided overdraft protection for my checking (in the unlikely event I would need it). I am also allotted 6 or 7 free money transfers between any of my accounts, which I need when running a small business. It has been great to have the flexibility to move money around as needed. Also, read more
March 28, 2014
Photo of Joshuwar
Joshuwar
I have two savings accounts with Randolph Brooks Federal Credit Union. My primary savings account had to have five dollars in order to open it and must be in there at all times. I also have an alternate savings account called a Money Market account. It is just like a regular savings account, but the interest rate is accumulated monthly instead of quarterly. On a side note, you must have a total of 2,500 to read more
March 20, 2014
Photo of jloftis0524
jloftis0524
When I opened up a savings account, one of the main things I was looking for was cheap (or free) money transfers between checking and savings. As a college student when I opened my account (and a recent college graduate as of now), transferring money was very important. I am hoping within the next year what goes into my savings account gets to actually stay there for a long period of time! Opening a savings read more