Having a savings account is a good way to set something aside for emergencies or for future endeavors.
Most banks have options for a savings account, so finding the right one is just a matter of figuring out what parameters work best for you.
When looking for a savings account, there are several parameters to consider. For example, annual percentage yield, minimum balance requirements, and interest rates are factors to consider when you’re investigating which savings account and which bank is right for you.
This article looks at some of the reputed banks to have the best rates and the best options for savings accounts.
What should you look for in a savings account?
When you’re looking for a bank to open a savings account with, it’s best to consider the following factors:
- APY (Annual Percentage Yield): Rate of growth over a year.
- Interest Rate: The rate your funds will grow is not necessarily connected to a given amount of time.
- Minimum Balance Requirements: Some banks require a minimum balance to earn a certain level of interest or to avoid penalty fees
- Maintenance Fee: Some banks charge a baseline monthly fee to keep the account open. Others may impose this fee if the account falls below a certain amount until the balance is restored to a certain level.
- Liquidity/Access to Funds: Savings accounts allow some access to funds, but not as much as a checking account might, and they may have some transaction limits.
- Yield: How much your account makes within a certain amount of time due to interest payments.
The ideal savings account will have a relatively high APY and interest rate, with few or no maintenance fees. However, if you’re on a tight budget, you may also look for an account arrangement that doesn’t have a minimum balance.
So what banks are reported to have the best options? These are the basic advertised parameters of some of the highest-ranking contenders.

Bask Bank:
Advertised APY – 0.8%: One of the highest known.
Minimum Balance: $0
Monthly Account Fees: $0
Many financial experts consider this one of the top options for saving accounts.
Citi savings account:
Advertised APY – 0.6%
Minimum Balance: $1
Monthly Account Fees: Variable and may cause fluctuations in APY and Interest
Comentity Direct Savings:
Advertised APY – Variable: Some reports say as high as 1%, while other sites say %0.75
Both are good APY rates, in general.
Minimum Balance: Some advertise a $0 required balance; some say $100.
Monthly Account Fees: $0
There are no monthly fees, but there are fees between $5 to $25 for any withdrawals you make.
Fitness Bank:
Advertised APY – 0.6%: Competitive APY
Minimum Balance: $100.
This is listed as the minimum balance to open an account and the minimum daily balance to avoid fees.
Monthly Fees: $10 with any balance under $100.
APY requires meeting specific financial goals as well as certain account minimums.
Additional $10 fee for every withdrawal after the first six in a given month.
This account has some unique features, such as the connection to healthy activities. However, the limitations and potential fees are something you should consider.
ConnectOne Bank:
Advertised APY – 0.7%: Strong APY
Minimum Balance: $2,500 for both starting and earning interest.
Monthly Fees: $0
The APY is intensely competitive, but the starting deposit may be steep if you’re starting to work on your finances.
Also, the APY only applies to balances between $2,500 and $250,000. Below the minimum will give you no returns, while above the cap will drop your APY to 0.3%
Affirm:
Advertised APY – 0.65%: Competitive APY
Minimum Balance: $0
Monthly Fees: $0
Affirm is a money management app, part of which is the option for a savings account.
You can access your account through the phone app.
It puts it at some risk from online security threats and may cause problems if you lose or replace your phone, and the information doesn’t get transferred correctly.
Axos:
Advertised APY – 0.61%
Minimum Balance: $0.01 for interest, but $250 for opening the account.
Monthly Fees: $0
A fairly high-yield account with liquid assets. However, you may have to deal with ATM fees.
Quontic Bank:
Advertised APY – 0.75%
Minimum Balance: $100
Monthly Fees: $0
There’s an APY cap of 1 million dollars.
More than six withdrawals in a month will incur a $10 fee for each withdrawal after the limit.
Alliant Credit Union:
Advertised APY – 0.6% or 0.55%: The amount varies according to different sources.
Minimum Balance: $5 only to open the account, but $100 to begin accruing APY
Monthly Fees: $0
The only physical banking locations are in the Chicago area
Vio Bank:
Advertised APY – 0.5%: Lower than several other banks on this list.
Minimum Balance: 0$ for both starting the account and accruing interest.
Monthly Fees: There’s no reported monthly fee but a $5 charge for paper billing and statements.
SGFI Direct:
Advertised APY – 0.51%
Minimum Balance: The minimum balance for APY is $1, but the minimum to open an account is $500.
Monthly Fees: $0
Transfers can only be made electronically, with no checks or wire transfers.
There is no app for this, as it’s a division of Summit Community Bank.

Other Options:
The above banking accounts are some of the options you can find online and off. However, if you’ve got a bank you do regular business with and have a good relationship with, you might want to look into their options first.
Here are some banks you’ve likely encountered and the APY rates they advertise:
- American Express National Bank: 0.50%
- Ally Bank: 0.50%
- Discover Bank: 0.50%
- Capital One: 0.40%
There are also some other banks that you may not have used but may have heard of, as well as the APY they advertise:
- TAB Bank: 0.65%
- Prime Alliance Bank: 0.60%
- Barclays: 0.55%
- Marcus by Goldman Sachs: 0.50%
These banks often offer lower APY rates compared to some of the other options out there. However, they all have solid reputations.
There’s also the benefit of a long-standing relationship for some of them. Trust is important to have when you’re putting your money in the hands of another.
Another advantage is that many banks will offer better rates or deals than their regularly advertised promotions to customers who have been with them for a long time. So, like insurance companies who provide preferential rates to long-term customers, a bank that you’ve been with for years may be willing to give you extra consideration.
Savings accounts can be perfect for an emergency fund, or setting up a nest egg for long-term goals or the future in general. That’s why it’s critical to find an account that works best for you both in terms of returns but also in peace of mind.
Image by: [Gino Crescoli]