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The 10 Best Savings Accounts in America

Matt McIntyre

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The Best Savings Accounts in America

Are you trying to research which banks in the US have the best savings accounts?

Saving money is something that everyone should try to do, as you never know when a major expensive might pop up. 

But, saving money can be difficult, especially when savings rates aren’t that attractive either. 

However, we’ve managed to find 10 of the best savings accounts in America that might help incentivise your saving efforts. 

So, have a read through the list, pick out your favorites and put your savings game on autopilot! 

 

The 10 Best Savings Accounts in America

The list of the 10 best American savings accounts and figures mentioned below have been compiled from various sources around the web, such as The College Investor & The Balance

These are the 10 best savings accounts in America.

 

10. FNBO Direct

Kicking off the list is a relatively unknown bank when compared to others on the list. 

FNBO stands for First National Bank of Omaha. The company has a long history in the banking world and its roots lie in Nebraska. 

If you’re the type of person that likes visiting a branch to deposit your money, then you’ll be happy to know that they have branches in 7 states, mostly in the mid-west of America. 

However, if you’re not fussed about that, then you can open an account online with a minimum deposit of only $1. 

They’re currently offering a 2.00% APY, which is pretty good compared to the current standard rates.

And, if you like doing all your banking under one roof, then you could also consider opening a checking account so you can easily transfer money between the two! 

 

9. Capital One Bank

If you like your using technology to manage your finances and prefer the efficiency of doing it online, then opening a savings account with Capital One Bank could be a good choice for you. 

At the moment, they’re offering 1.00% APY, which is still much better than the national average. 

The account is completely fee-free and you don’t need to hold a balance, so it’s up to you how you use this account in your financial plans. 

Now, let’s say you want to have more than one savings account, or you want to split your savings into easily identifiable savings goals, like a travel fund or car fund, well, Capital One lets you open up to 25 savings accounts as a single account holder. 

You can then set up automatic transfers, of the amount of your choice, into each savings account when you get paid, so your whole savings system is automated! 

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8. SOFI Money 

Now, this is an interesting one. 

This type of account from SOFI money is what you might call a “Hybrid Savings Account”.

The reason being is that it’s actually a cash money account that has an interest rate of a savings account currently 1.80% and a debit card like a checking account. 

So, you get all the benefits of parking your money in an account with decent interest, no fees and online access, but you can also withdraw from that balance at any time using your debit card! 

This could be a good option for someone that likes to have access to a decent amount of money at any time, but would more than likely still hold on to the cash for an emergency of some kind.

So it could be a good place to house your emergency fund! 

 

7. Ally Bank 

Currently offering a savings rate of 1.90% APY, Ally Banks savings account could be worth your while taking a look at. 

As you might have come to expect, this type of savings account comes with no fees, no minimum balance and an array of other pretty standard benefits. 

Where this account differs from others is in the ease of access and customer service. So far, Ally Bank is known for providing good customer service, and accessing your money through its web site is simple and efficient. 

Ally Bank also offers High-Yield Checking accounts, so if you want to keep everything under one roof and like to do it all online, then opening an account with them could work well for you. 

Also, if you do get one of their checking accounts, you’ll receive a debit card which you can use for free across at a number of ATMs across America. 

 

6. Marcus By Goldman Sachs

The next best savings account in America is Marcus by Goldman Sachs. 

Familiarity might play a big part in your decision to open a new account and understandably so. Goldman Sachs has a solid reputation when all things are considered, and is more than likely not going anywhere soon. 

So, if you choose to open a Marcus savings account, you’ll get 2.00% APY, no fees and no minimum deposits.

The extra 0.10% puts it ahead of Ally Banks online savings account and, with no fees to pay at all, we think it’s a better option if you’re just looking for a savings account! 

Also, if you’re looking to transfer quite a bit of money, the Marcus account should be good enough as it has decent transfer limits. 

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5. Synchrony

Another savings account that offers high yields is this one from Synchrony. 

Offering 2.00% APY like the Marcus account from Goldman Sachs, Synchrony’s savings account is one of the best rates on the market currently. 

If you choose to open an account with them, you’ll also be pleased to know that they have FDIC insurance and consistently good savings rates. 

The account is easy to open and done within minutes, with no more than $1 minimum deposit. 

However, if customer service and good user experience are important to you, then Synchrony might not be the best choice. They have received some negative feedback from customers about their clunky website and overall customer support. 

You won’t be able to go into a branch any time soon either, as the company only has one location in New Jersey.

So, take these points into consideration when deciding if you’re going to choose this account, as high-interest yields mean nothing if you have trouble accessing your money! 

 

4. American Express Bank 

Next up, we have a high yield savings account from American Express Bank. 

If you’re already an existing Amex credit card customer, then you’ll know how good their customer service is and what you might expect if you open a savings account with them. 

They offer savings accounts with a 1.90% APY, that’s FDI insured and positively reviewed. 

This is also an online-only offering as Amex do not have any branches, so this type of account would be best suited for someone that is looking for a high-interest account to store their money from a reputable company. 

One annoying downside is that you’ll have to have multiple account logins if you have a credit card and a bank account with them, as they’re not linked. 

This is not a major problem, but something to consider if you like to minimize accounts and passwords. 

 

3. Discover Bank

Coming in at number 3 on our list of the best savings accounts in America, is the high yield savings account from Discover Bank. 

Maybe not the most well-known bank in the savings space, but certainly one that’s been around for a long time.

Their savings account currently offers 1.90% APY with no fees and no minimum balance requirements. 

Now, if you’re a fan of offers and incentives and can’t quite choose between this account and another one on the list, then they’ve made your life easier by offering you a deal to sign up. 

If you open an account by a certain date and deposit some cash, they’ll give you $150 – $200 depending on the amount you deposit. 

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Check their website for promo dates and rewards. 

 

2. CIT Bank

In second place on our list is CIT bank, who currently offer a 2.20% APY Premier High Yield Savings account.

This is one of the highest rates on the market and is attracting a lot of attention. 

However, bear in mind that you’ll need bank accounts from other providers to be able to transfer money in and out of your savings accounts, as CIT does not offer checking accounts. However, it does have branches that you can visit, if you need some more peace of mind. 

To open an account, you don’t need a massive balance, $100 will do, but in order to get the best rates possible, you’ll probably end up jumping through a few hoops to confirm your eligibility.

The rates are obviously based on your personal financial situation, so the better your financial situation, the better your chances of a higher rate. 

Overall, it seems like CIT Bank has received mixed reviews, with the negative ones mainly being associated with their customer service and online experience. 

 

1. Betterment

The best savings account in America right now is from Betterment. 

They’re fairly new to the world of high yield savings accounts, but they’re certainly offering some great value. 

As it currently stands, they’re offering the highest rate of 2.21% APY with absolutely no fees and no minimum balance requirements.

Their account is also FDIC Insured up to $1,000,000.

If you want to get the highest rate, then they’ll require you to join a waiting list for a checking account they’re also releasing, however, the checking account is free and it’s not mandatory that you have to open one.

If you combine their current offering with their great online banking facilities and positive reviews, it’s quite clear why they’ve come in at number one!

 

Summary

We hope you enjoyed our list of the 10 best savings accounts in America.

Head over to a couple of your favorites and see what other products they have that you could benefit from.

Maybe they have some interesting mortgage rates or credit cards that could work for you?!

Here’s a quick recap of the 10 best savings accounts in America.

  1. Betterment
  2. CIT Bank
  3. Discover Bank
  4. American Express Bank.
  5. Synchrony
  6. Marcus By Goldman Sachs
  7. Ally Bank
  8. SOFI Money
  9. Capital One Bank
  10. FNBO Direct

What’re your favorite savings account in America? Leave a comment below.

Matt McIntyre is a digital marketing consultant and certified marketing strategist. When he's not talking about business or marketing, you'll find him in the gym.

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