Elements Financial now offers a savings account with the highest annual percentage yield (APY) in the country, which is 3.25%. This is only one of the highest rates you can find in our rankings below, and it’s about 20 times higher than the national savings account average of 0.17% APY set by the FDIC. Even the 10th-best rate on the list, drawn from our weekly rate analysis on more than 200 banks and credit unions that provide nationwide savings accounts, pays 2.50% APY. The top savings account rates offered by our partners are listed below, followed by a list of all the greatest savings account rates available countrywide.
The top savings account rates in the country are listed below in order of APY. Where more than one institution has the same rate, we’ve ranked accounts by those requiring the smallest minimum ongoing balance.
Elements Financial, Promo Helium Savings – 3.25% APY*
Minimum initial deposit: Any amount
Minimum ongoing balance: $2,500 to earn promo APY
Monthly fee: None
ATM card: Yes
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: Yes
DollarSavingsDirect, Dollar Savings Account – 3.00% APY
Minimum initial deposit: $0
Minimum ongoing balance: $0
Monthly fee: None
ATM card: No
Mobile check deposit: No
Checking accounts available: No
CDs available: Yes
Bask Bank, Interest Savings Account – 2.75% APY
Minimum initial deposit: Any amount
Minimum ongoing balance: Any amount
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: No
CDs available: No
CFG Bank, High Yield Money Market Account – 2.75% APY
Minimum initial deposit: $1,000
Minimum ongoing balance: $1,000 to earn stated APY
Monthly fee: None with $1,000 ongoing balance; otherwise, $10/month
ATM card: No
Mobile check deposit: Yes
Checking accounts available: No
CDs available: Yes
Ivy Bank, High-Yield Savings Account – 2.70% APY
Minimum initial deposit: $2,500
Minimum ongoing balance: $2,500 to earn stated APY
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: No
CDs available: Yes
TAB Bank, High Yield Savings Bank – 2.66% APY
Minimum initial deposit: Any amount
Minimum ongoing balance: $1
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: Yes
CDs available: Yes
UFB Direct, High Yield Savings Account – 2.61% APY
Minimum ongoing balance: $5,000 to earn stated APY
Monthly fee: None
ATM card: No
Mobile check deposit: Yes
Checking accounts available: No
CDs available: Yes
Is a Savings Account Online Safe for My Money?
Most banks, both physical and online, are covered by FDIC insurance, which safeguards banking customers by covering up to $250,000 of their deposits per institution in the event of a bank failure. By providing NCUA insurance to the great majority of financial institutions, the U.S. government supports credit union consumers up to $250,000 in a similar manner.
Your deposits are therefore equally safe and safeguarded regardless of whether your organisation has physical locations or is an online-only bank. Prior to doing business with any new financial institution, make sure to look for the FDIC or NCUA logo.
What Differs a Money Market Account from a High-Interest Savings Account?
Money market accounts and savings accounts are related. Their primary purpose is to give you a method to save money while earning interest on your balance. Both allow you to move money in and out as you see fit. Additionally, both types of accounts are subject to the federal law that places a monthly withdrawal cap of six on savings accounts.
Savings and money market accounts are typically distinguished by the ability to draw cheques against the account in the case of money market accounts. Savings accounts, on the other hand, often only permit money withdrawals through electronic transfer, ATM cards (where available), or in-person visits to the branch.
How Often Do Savings Rates Differ?
It’s not a given that a savings account will pay an APY on the day of your initial deposit. The rate of the account may actually alter at any time.
The Federal Reserve has a significant impact on how frequently and whether interest rates increase or decrease. Banks and credit unions frequently go in the same direction as the federal government when it changes the federal funds rate.
That said, rate changes among savings accounts are not typically a daily or weekly event. Barring recent moves by the Fed, rates often remain at the same level for weeks or months at a time.
