The best savings accounts make it easy to earn one of today’s best interest rates and set aside funds for future goals. There are many banks to choose from, with online banks typically offering the best rates and lowest ongoing balance requirements. Here are several savings accounts to help plan for one or more upcoming goals.
U.S. Bank Smartly® Savings account
The information for the U.S. Bank Smartly® Savings has been collected independently by Johnny Jet. Additionally, the bank details on this page have not been reviewed or provided by the bank.
The U.S. Bank Smartly® Savings account comes with competitive rates to help grow your savings, plus digital budgeting tools to keep your accounts safe while setting your money goals.
Earn more on your money with U.S. Bank Smartly® Savings, the relationship account built around you. Members can enjoy:
- Competitive interest rates to grow your savings.
- Unlock even higher rates. Earn up to 3.50% Annual Percentage Yield (APY) with a Bank Smartly® Checking, Safe Debit account, or U.S. Bank Smartly™ Visa Signature® Card and combined qualifying balances of at least $100,000
- There is a monthly fee of $5. However, waive your monthly maintenance fee when you maintain a U.S. Bank Smartly® Checking, Safe Debit account, or U.S. Bank Smartly™ Visa Signature® Card or for accounts with a minor under the age of 18.
- Access to easy-to-use digital budgeting tools to help you monitor all your accounts and set clear financial goals.
Users can also use online or mobile banking for extra convenience. Custom account alerts can be set, and users don’t have to worry about ATM transaction fees at U.S. Bank ATMs. Recurring transfers can be set up to help you grow your balances automatically.
Plus, you get $0 overdraft protection transfer fees when a U.S. Bank checking account is linked with a Bank Smartly Savings account or another eligible deposit product.
You will need to deposit at least $25 to open an account. Member FDIC.
Bonus: U.S. Bank Platinum Business Money Market Account
The U.S. Bank Platinum Business Money Market Account is another option worth considering. It comes with the ability to set aside excess cash from a checking account while getting paid the highest interest rate for your business. Additionally, you can link your savings to your U.S. Bank checking.
If you maintain a minimum balance of $10,000, you won’t have to pay the $15 monthly maintenance fee. You’ll also earn higher rates of interest the higher the balance. You will need a $100 minimum opening deposit.
Other features of the U.S. Bank Platinum Business Money Market Account include the following:
- ATM access
- Accrues interest daily and pays interest monthly
- FDIC Insurance up to $250,000
- Free U.S. Bank Internet Banking
Plus, your account can be linked to your U.S. Bank business checking account for overdraft protection.
Receive up to a 4.00% bonus interest rate
Open a new U.S. Bank Platinum Business Money Market Account and receive a bonus interest rate from the opening date after completing qualifying activities, subject to certain terms and limitations. Member FDIC. All Bonus interest rates may change without notice at any time. The following bonus interest rate is accurate as of today:
- 4.00% when your account balance tier is between $25,000 to $2,999,999.99
This offer is limited to the Business Platinum Money Market account only. Standard variable interest rates are determined at the bank’s discretion and are subject to change at any time without notice. Speak to a banker about current deposit rates, rate disclosures, compounding and crediting, and other balance information. The minimum deposit to open a Platinum Business Money Market account is $100.
The special interest rate does not apply for Platinum Business Money Market accounts with balances outside of the balance tier stated above. The full account balance will earn the standard variable interest rate in effect at that time until the account balance falls within the special rate balance tier.
However, you must maintain the minimum balance needed for each tier to earn the interest rate. Interest will be compounded daily and credited to your account monthly at the end of the statement cycle. Fees could reduce earnings on the account, and other restrictions may apply.
For Platinum Business Money Market accounts with balances of $3 million or greater, the bonus interest rate does not apply, and the full account balance will earn the standard variable interest rate in effect until the balance is $2,999,999.99 or below.
Quontic Bank
A Quontic Bank High Yield Savings Account has a $100 minimum opening deposit, and all deposits can earn 4.00% APY. There is no ongoing balance requirement.
In addition to this savings account option, Quontic Bank offers an interest-bearing checking account and rewards checking account to earn cash back on purchases. There are also money markets and term CDs to consider that may offer desirable rates for your money goals.
Tech-savvy savers may also like this platform as you get a free Quontic Pay Ring with a checking account. This high-tech ring fits on your finger and contains your banking details, so you don’t have to take out your phone or debit card to pay electronically for purchases.
Related: Quontic Bank Review (High-Yield Savings and Checking Rewards)
CIT Bank
CIT Bank offers several savings accounts that can earn competitive options. The best options depend on your balance amount and savings frequency.
A CIT Bank Platinum Savings account is ideal for balances above $5,000 to earn the highest interest rate. Deposits of $5,000 or more earn 5.05%. APY, while having a balance lower than $5,000, only earns 0.25%. The minimum deposit is $100, and there is no monthly service fee.
Customers with smaller balances should consider the CIT Bank Savings Connect account, which earns 4.65% interest on all balances. Besides the $100 minimum opening deposit, there are no ongoing balance requirements or deposit frequencies to earn this account’s best interest rate.
You can easily do all of your online banking through CIT Bank, as it offers free checking accounts and CDs to diversify your finances.
Related: CIT Bank: Is it Safe?
Raisin
The information for Raisin has been collected independently by Johnny Jet. Additionally, the bank details on this page have not been reviewed or provided by the bank.
If you’re not loyal to a particular bank and want to chase the highest interest rate available easily, Raisin (formerly SaveBetter) deserves a look. This online platform is free, and partners with FDIC-insured banks and NCUA-insured credit unions to provide some of the best savings account interest rates.
You can also open money market accounts, term CDs, and no-penalty CDs with competitive rates, and there are low minimum deposit requirements.
Further, banks and credit unions may provide exclusive rates that are not available to the general public and have higher earning potential.
One advantage of Raisin is you can deposit with multiple banks and only get a single consolidated 1099 year-end tax form at the end of the year. This lone tax document lists all of the interest earned for the calendar year for easy recordkeeping.
Related: Bank Bonuses: Are They Even Worth It?
Capital One 360 Performance Savings
The information for Capital One 360 Performance Savings has been collected independently by Johnny Jet. Additionally, the bank details on this page have not been reviewed or provided by the bank.
The online-only Capital One 360 Performance Savings account doesn’t charge service fees or have ongoing balance requirements or initial minimums. All deposit tiers earn the same interest rate, which is usually one of the nation’s highest at 4.35% APY.
Banking customers can also open a fee-free online checking account that has several banking features that make it easy to pay bills or send money to friends.
Related: Best Capital One Credit Cards for Travel, Cash Back, and Getting Rewards in 2024
Bask Bank
The information for Bask Bank has been collected independently by Johnny Jet. Additionally, the bank details on this page have not been reviewed or provided by the bank.
Bask Bank offers two savings accounts with competitive earning power and no monthly service fees.
First, the Bask Interest Savings Account is a traditional high-yield savings deposit account that earns 5.10% APY on all balances.
Second, the Bask Mileage Savings Account earns 2.5 American Airlines AAdvantage miles per $1 in your account. The 2.5 miles deposit annually is a unique way to earn American Airlines points to transfer.
This platform also provides interest-bearing term CDs.
BMO Alto
The information for BMO Alto has been collected independently by Johnny Jet. Additionally, the bank details on this page have not been reviewed or provided by the bank.
Several brick-and-mortar banks offer online-only high-yield savings accounts. BMO Alto is a perfect example, which earns 5.10% APY along with a $0 opening deposit and no ongoing minimum balance requirements.
A distinguishing factor with BMO Alto is the ability to make unlimited withdrawals and transfers. Typically, these accounts only allow up to five withdrawals per month as a tradeoff for earning a high-interest rate.
This banking platform also offers interest-bearing CDs as another savings option. Additionally, you don’t need to live within the BMO service area to qualify for this account.
SoFi Checking and Savings
SoFi Checking & Savings is a good option for savers who receive at least $5,000 in direct deposits every 30 days. This monthly deposit amount qualifies you for the highest available interest rate of up to 4.50% APY on Savings and Vaults plus 0.50% on checking deposits.
Customers who don’t meet the direct deposit requirements earn 1.20% APY on Savings and Vaults for the monthly period plus 0.50% on checking balances.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Plus, no minimum Direct Deposit amount is required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Additionally, there are no account service fees, and banking customers have fee-free access to 55,000 ATMs across the United States. SoFi members can also earn rewards points and access career coaching and financial planning by completing short tasks on the platform.
New banking members may also qualify for a qualify for a checking account bonus.
New SoFi Checking & Savings members can earn up to $300 in bonus cash by signing up and setting up direct deposit. After waiting typically 2-4 weeks for the direct deposit to hit, members can collect a cash bonus of $50 to $300, depending on the direct deposit amount.
Bread Savings
The information for Bread Savings has been collected independently by Johnny Jet. Additionally, the bank details on this page have not been reviewed or provided by the bank.
Bread Savings yields 5.15% APY with its high-yield savings accounts. This is an impressive interest rate, although a minimum $1,000 opening deposit is necessary and might be a tough hurdle for people with limited finances. This platform offers CD accounts to lock in a fixed interest rate for a specific duration.
Milli
The information for Milli has been collected independently by Johnny Jet. Additionally, the bank details on this page have not been reviewed or provided by the bank.
Milli is a mobile-only banking app that earns up to 5.50% APY on deposits. In addition to having a savings account, users can add personalized “Jars” that earn a similar interest rate but allocate funds for a specific savings goal. This feature can make it easier to plan for the future.
You can also create customized rules to round up purchases or make automated deposits to reach your goals sooner. Automating your finances also helps make your money more productive and creates strong savings habits.
This app also offers a checking account that helps you manage short-term and future expenses.
Summary
In conclusion, the best savings accounts excel at paying a competitive interest rate, making it easy to access your money. Additionally, most of these accounts have low deposit and balance requirements. Most importantly, your FDIC-insured balance won’t incur monthly service fees.
