We've tracked savings accounts for the past 15 years. During that time rates have changed dramatically, while fees have come down. Today, rates are low, but on the rise. Here are our latest findings of the best savings accounts based on rates and fees.
What follows is an extensive list of the online savings accounts that pay the best rates. I've included information on monthly fees and any signup bonuses these accounts offer.
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- 12-Month No-Penalty CD
- APY: 4.60%
- Min. Deposit: $1
- No early withdrawal penalty
- FDIC Insured
List of the Best Savings Accounts by APY
Here is a complete list of savings accounts from our database:
Saving Account Rates March 2023 Update
With inflation at 6.4%, rates on savings and money market accounts are nudging upward. The banks are still stingy, but at least we are moving in the right direction. In some cases, banks are offering cash bonuses to attract new customers.
Here are the APY changes we've tracked over the past 30 days:
0.60%
0.75%
2.00%
3.00%
1.00%
1.10%
2.80%
3.75%
2.53%
3.56%
2.50%
2.75%
3.99%
4.00%
4.35%
4.45%
4.00%
4.25%
3.60%
3.70%
4.25%
4.35%
3.50%
3.60%
4.20%
4.50%
3.40%
3.60%
3.00%
3.75%
3.05%
3.80%
3.50%
3.75%
3.50%
3.75%
4.05%
4.38%
Resource: If you are looking for a savings account with a signup bonus, check out our list here.
FAQs
How many withdraws can I make from a savings account each month?
Savings accounts are limited by federal regulation to 6 withdrawals per month. If you exceed this amount, your bank could charge you a fee or close your account. Note that making a withdrawal through a teller does not count toward this limit.
Are online savings accounts FDIC insured?
Yes. The banks in our list are all FDIC insured.
Are online savings accounts safe?
Yes. As noted above, online savings accounts are FDIC insured. In addition, online banks use the same internet security protocols as brick and mortar banks use for their online access.
What bank has the highest interest on savings account?
As of February 28, 2023, the highest interest rate we can find on an FDIC-insured savings account is 5.02% from UFB Direct. You will, however, find higher rates on certain checking accounts or savings accounts with savings caps and/or other requirements. These may include setting up direct deposit of a certain amount or use of a debit card.
