savings accounts

Savings Accounts

5
2 reviews for top rated offer
There are more than 1070 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.
Use the filters below to narrow more
Account Type
Sort:
Advanced Options
Monthly Fee?
        
Need a branch in your area?
  
Online Banking?
     
Recommend this page:
We work hard to present you with accurate rates, fees, and other information on this page, however, this information does not originate from us and thus, we do not guarantee the accuracy of the information. 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 record this information.
You can check the details page of each offer for the date the information was last updated on this site and to determine whether the offer is from a paying advertiser (indicated by the word "sponsored"). Regardless of advertiser status, none of the information on Wallet Hub constitutes a referral or endorsement of the respective financial institution by us, or vice versa. Furthermore, it is important to note that the inclusion of a financial company's products or services on Wallet Hub does not necessarily indicate that company's involvement with the site or control over the information that we display. Information is displayed first and foremost for the benefit of consumers.
Before submitting an application, always verify with the issuing institution (i.e. bank, credit union, other lender) the rates, fees, and all terms and conditions accompanying your application. Please let us know if you notice any differences related to the shown on this page.
Annual Savings $66 Proceed share / save
nationwide bank money market account
Interest Rate
0.66%
Monthly Fees
$8
Features
Money Market
details
  • Free first order of checks.
Annual Savings $10 share / save
capital one business money market account
Interest Rate
0.1%
Monthly Fees
$15
Features
Money Market
Annual Savings $5 share / save
citibank cd
Interest Rate
0.05%
Monthly Fees
None
Features
3 month CD
details
  • Interest is paid monthly or at maturity for all CDs with terms of one year or less.
  • Interest is paid monthly for all CDs with terms greater than one year.
  • CDs renew automatically at maturity for the same term you initially selected. In addition, the amount you have on deposit will receive the rate in effect at the time your CD matures. If you don't want to renew, you have a 7-calendar day grace period to let us know online, by phone or in writing.
Annual Savings $10 share / save
citibank cd
Interest Rate
0.1%
Monthly Fees
None
Features
6 month CD
details
  • Interest is paid monthly or at maturity for all CDs with terms of one year or less.
  • Interest is paid monthly for all CDs with terms greater than one year.
  • CDs renew automatically at maturity for the same term you initially selected. In addition, the amount you have on deposit will receive the rate in effect at the time your CD matures. If you don't want to renew, you have a 7-calendar day grace period to let us know online, by phone or in writing.
Annual Savings $20 share / save
citibank cd
Interest Rate
0.2%
Monthly Fees
None
Features
1 year CD
details
  • Interest is paid monthly or at maturity for all CDs with terms of one year or less.
  • Interest is paid monthly for all CDs with terms greater than one year.
  • CDs renew automatically at maturity for the same term you initially selected. In addition, the amount you have on deposit will receive the rate in effect at the time your CD matures. If you don't want to renew, you have a 7-calendar day grace period to let us know online, by phone or in writing.
Annual Savings $25 share / save
citibank cd
Interest Rate
0.25%
Monthly Fees
None
Features
2 year CD
details
  • Interest is paid monthly or at maturity for all CDs with terms of one year or less.
  • Interest is paid monthly for all CDs with terms greater than one year.
  • CDs renew automatically at maturity for the same term you initially selected. In addition, the amount you have on deposit will receive the rate in effect at the time your CD matures. If you don't want to renew, you have a 7-calendar day grace period to let us know online, by phone or in writing.
Annual Savings $35 share / save
citibank cd
Interest Rate
0.35%
Monthly Fees
None
Features
3 year CD
details
  • Interest is paid monthly or at maturity for all CDs with terms of one year or less.
  • Interest is paid monthly for all CDs with terms greater than one year.
  • CDs renew automatically at maturity for the same term you initially selected. In addition, the amount you have on deposit will receive the rate in effect at the time your CD matures. If you don't want to renew, you have a 7-calendar day grace period to let us know online, by phone or in writing.
Annual Savings $50 share / save
citibank cd
Interest Rate
0.5%
Monthly Fees
None
Features
5 year CD
details
  • Interest is paid monthly or at maturity for all CDs with terms of one year or less.
  • Interest is paid monthly for all CDs with terms greater than one year.
  • CDs renew automatically at maturity for the same term you initially selected. In addition, the amount you have on deposit will receive the rate in effect at the time your CD matures. If you don't want to renew, you have a 7-calendar day grace period to let us know online, by phone or in writing.
Annual Savings $5 share / save
1st bank yuma savings account
Interest Rate
0.05%
Monthly Fees
$3
Features
Savings
details
  • 3 free withdrawals are allowed per month.
Annual Savings $4 share / save
1st bank yuma money market account
Interest Rate
0.04%
Monthly Fees
$10
Features
Money Market
Ask our Experts
EXPERT’S ANSWERS

Why Open a Savings Account?

By: Unknown 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: Unknown 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: Unknown 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: Unknown 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

 
April 14, 2014
Photo of ceej1
ceej1
I have had my saving account for over 10 years now! I have had no issues with Bank of America saving account.There checking account is a different story but overall the saving 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 with is struggling financial.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 arose in the last year--due to a lack of activity, it was marked as possibly defunct, though this was quickly rectified with a single form which the credit union sent to me.
{}
April 1, 2014
Photo of mel_wa_58
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. Nationwide's APR tends to be consistent, and does not fluctuate. The biggest problem I have with Nationwide's savings account is that they do not offer an ATM card. Basically, you can not instantly withdraw money. You would have to wire the money to your checking account and then take it out. When depositing money, you have to wire or do a bank transfer into the account, which can take a few days. This savings account from Nationwide is best for people that have extra money sitting around and want to make a few dollars in interest. If you have an emergency or something comes up, you do not want to go to this account. It is more of an electronic online savings account, as there are no brick and mortar, or physical locations that you can go to to instantly deposit and take out money.
{}
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. Then I found an Ally savings account that paid a little more daily interest and provided some other freebie services which I needed, such as, overdraft protection. I’m not rich yet, but better off.
{}
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 not allowed to make more than five transfers out of my savings account per month. If I do, I get charged for it. Of course, Chase certainly didn't inform me of such a fee until after I had incurred it. When the teller told me about this, he made it sound like this wasn't the first time he had to tell someone about this policy change. Ever since Chase took over, I don't feel my money is MY money anymore, and I certainly don't keep my savings in there anymore. I only hold the account open for an emergency, and I do my saving elsewhere.
{}
March 28, 2014
Photo of qtee323
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 in person or by using the ATM. I wish they would just have unlimited transfers it is my money after all but oh well, I generally do not exceed that amount anyways. I think they require that you have a minimum of $5 at all times in the primary savings and there is no minimum in the additional savings. All in all I am happy with my Savings account at Logix Credit union
{}
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, I have opened a second account so that I can keep certain funds separate. The whole process of opening the second account took maybe 15 minutes and it was free!
{}
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 open it. This money is untouchable unless I decide to close the money market, which doesn't charge me to open or close it at any time. The main problem I have with these savings accounts is that I earn a low interest off of them. The benefits are that I'm not charged a monthly fee, but I don't earn much from them either. The savings account earns only .2 percent quarterly, while my money market earns .3 percent monthly. It isn't too bad, but it'd be awesome if I could earn more. I still love my credit union and it hasn't offered many problems besides that!
{}
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 account is a very important thing to do because it teaches one how to be responsible with money and save for something down the road!
{}