Savings accounts haven’t offered much value in a long time. We’ve seen rates that are so far under the rate of inflation that those accounts were just a way to lose money more slowly than with no interest at all. Recently, an influx of online savings accounts has reinvigorated the savings market. This competition is great for you! Instead of a measly 0.01-0.02% APY, you can now earn over 2.0% APY easily.
#1. Best Overall Savings Account: Ally Bank – 2.20% APY, no minimum balance, great mobile app
Ally Bank has been among our favorites for a long time. Back when other banks were offering less than 0.02% APY, Ally had taken the online banking concept by the reigns with their 0.90% APY offering. Now that the rates for others have gone up, so too has Ally. Offering 2.20% APY on their online savings account, they have no minimum balance requirement, are integrated with Zelle for person-to-person payments, and have a superb web and mobile experience.
#2. High Interest Savings Account: Synchrony Bank – 2.25% APY, no minimum balance, ATM access
Synchrony Bank offers an even higher APY than our top choice account. Additionally, they offer ATM access which gives you quicker access to your funds than traditional electronic transfer-only options. It falls short of our #1 spot due to the lack of a mobile app.
#3. Best for Ongoing Savings: CIT Bank – 2.45% APY, $100 monthly minimum
CIT Bank comes in third in our list. They offer an impressive 2.45% APY. While they are a large bank that focuses on small businesses and middle market companies, they are not a common name in the individual finance sector. The downside to this attractive rate is that you will either need to maintain a daily balance of $25,000 or make monthly deposits of at least $100. Honestly, you probably should try to make that kind of recurring deposit anyway, so if you can commit to it, this is a great option!
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