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11. Citi Bank
Citi bank recently promoted a new savings account that earns excellent interest rates. With their new savings account, you can earn up to 2.20% interest, one of the best rates of any bank.
Important Information: To open an account, you must first deposit at least $100. Additionally, to earn the highest rate of 2.20%, savings account holders must put at least $100 monthly into their account. Citi bank does not charge any fees to open an account. A convenient luxury that Citi Bank offers is online banking, making this bank extremely flexible. The main complaint with Citi bank is the fact that they offer much lower interest rates if you don't make monthly payments.
10. American Express Bank
American Express is another leader in the banking industry. Although they are typically known for their cash rewards credit cards, American Express also provides a great savings account. If you choose American Express, you can expect quality customer service, dependability, and most importantly, high-interest rates from this bank.
Important Information: Unlike most banks, opening an American Express savings account does not require a minimum balance. Additionally, there is no specific amount of money that you have to put in monthly, making this bank a flexible option. Opening a savings account with American Express will earn you a 1.90% interest rate. The main disadvantage of opening an American Express account is the fact that savings accounts don't come standard with a debit card.
9. Capital One Bank
Another leader in savings accounts is Capital One Bank. With over two decades of experience in the industry, Capital One is a trusted name in banking.
Important Information: Like many banks, Capital One determines your interest rate based upon the amount deposited in your account. For individuals with $10,000 or over, they can earn 2.00% interest. For those with less than $10,000, the interest rate is only 1.00%. A benefit of opening a capital one bank account is the fact they have no monthly fees. Additionally, Capital One is a respected name in the industry, meaning you can feel safe about your money. The primary problem with the Capital One Savings Account is that it offers slightly lower rates than other top competitors.
8. BMO Harris Bank
Another excellent savings account to consider is the BMO Harris savings account. BMO Harris offers some of the highest interest rates in the banking industry.
Important Information: BMO Harris offers excellent interest rates up to 2.10% annually. Another distinct advantage of this bank is the fact that they offer online banking. This means you can easily access your account in-person or online. The only problem with BMO Harris' savings account are hidden fees. For some of their savings accounts, there are monthly maintenance fees.
7. Goldman Sachs Bank
One of the most popular savings accounts is the Marcus by Goldman Sachs. This savings account possesses several characteristics that make it one of the most popular savings accounts in the United States.
Important Information: Goldman Sachs provides some of the best interest rates in the industry, boasting a rate of 2.00% annually. A popular feature of Goldman Sachs savings account is the fact that there is no minimum deposit to open an account or obtain the full 2.00% interest rates. Additionally, Goldman Sachs does not have any hidden fees, meaning you don't have to worry about maintenance costs. The major gripe of the Goldman Sachs savings account is the fact that there are no ATM's, making it more difficult to withdraw money.
6. Discover Bank
Discover Bank has been around for over a century, meaning they are a trusted name in the banking industry. More importantly, they offer excellent rates on their savings accounts.
Important Information: Discover bank is both an in-person and online bank; meaning you have flexible options. The Discover bank savings account offers interest rates of 1.90% annually. One of the best characteristics of the Discover bank savings account is the fact that there are no hidden fees. Unlike many savings accounts, the Discover bank savings account does not require a minimum deposit or monthly deposit. The only category where this branch falls a bit short is in the number of in-person locations. There are very few in-person locations throughout the U.S.
5. Ally Bank
A rising leader in the banking industry is Ally Bank. One of the main reasons Ally Bank has gained popularity recently is its excellent savings account.
Important Information: Ally bank is one of the banks on this list that is strictly online. That means that nearly all of your banking will be done online. Ally offers savings accounts with interest rates of 1.90% annually. A few benefits of using Ally bank include their excellent customer service, thousands of ATM's, and no hidden fees. The main gripe customers have with Ally bank is the fact that you can't deposit cash.
4. Vio Bank
Vio Bank boasts the highest interest rates for savings accounts currently. Because of this, more people are switching over to Vio.
Important Information: As we mentioned earlier, Vio Bank has the highest interest rates in the industry at 2.52% annually. These stupendous rates are a far cry from the average of 0.1% interest annually. With Vio Bank, there is a $100 minimum to open an account. However, from there on out, there are no maintenance fees or hidden charges. The downside to opening a savings account with Vio is their lack of in-person options. There are no ATM's and very few physical bank locations.
3. CIT Bank
Another high-interest savings account option is CIT Bank. This bank is almost exclusively online, with a few branches located in California.
Important Information: CIT Bank is slightly different from many banks on our list. The CIT savings account offers 2.20% annual interest, however, you have to do one of two things to obtain these high rates. First of all, you must make an initial deposit of at least $100, while depositing at least $100 into your account each following month. Alternatively, you could get the full 2.20% interest if you have $25,000 or more in your account. The nice part about CIT Bank is the fact that there are no unexpected fees. Additionally, if you don't want to deposit $100 monthly, there are other high-paying accounts available with CIT Bank. One potential problem with CIT Bank is the fact they don't have any physical branches.
2. Synchrony Bank
Synchrony Bank offers one of the most flexible savings account options. This bank combines excellent customer service, top of the line interest rates, and plenty of unique banking features.
Important Information: Synchrony Bank is an excellent bank to open a savings account with. They hold several distinct advantages over most competitors. First of all, this company offers 2.15% interest rates on checking accounts, some of the highest in the industry. Additionally, there is no minimum deposit or monthly fees. Finally, unlike many prominent online banks, Synchrony has plenty of ATM options. Similar to some of the banks above, the main drawback with Synchrony Bank is the fact they don't have any brick and mortar locations.
1. Barclays Bank
Finally, another outstanding savings account comes courtesy of Barclays Bank. Although Barclays is often known for its financial management, it offers top of the line savings options.
Important Information: The Barclays savings account was created to offer a comprehensive package for clients. First and foremost, Barclays offers excellent interest rates of up to 2.00% annually. Additionally, this bank does not require an initial deposit or monthly fees to open an account. Next, there are thousands of Barclays branches throughout the world. Finally, what separates Barclays from other banks is their customer service. With over 100 years in the industry, Barclays understands the value in client satisfaction. The one disadvantage of opening an account with Barclays is their lack of ATM's, making it difficult to make withdrawals.
Hopefully, this article has helped you gain a better sense of the bank accounts that offer excellent interest rates, quality customer service, and fit your personal needs. If you're looking for the right bank to open a savings account with, consider these in-person and online banks.
Disclaimer: This article is for informational purposes only and is not intended to be a substitute for professional consultation or advice related to your health or finances. No reference to an identifiable individual or company is intended as an endorsement thereof. Some or all of this article may have been generated using artificial intelligence, and it may contain certain inaccuracies or unreliable information. Readers should not rely on this article for information and should consult with professionals for personal advice.
