10 best savings account rates
Dollar Savings Direct

Here’s why you should never settle for just any savings account: The very best accounts pay 15 times higher than average.

Skip your corner bank and look to the best nationally available accounts, which could really boost your earning power.

The best savings account rate available to all savers is 1.4 percent APY. But there are about two dozen banks that offer either savings or money market account rates as high as 1 percent APY.

Compare the best savings accounts and pick the one that offers the right minimum balance and interest rate for your financial situation.

Bank APY Minimum balance
1.40% $1
Live Oak Bank 1.40% $0
BankPurely 1.30% $1
CIT Bank 1.30% $100
PurePoint Financial 1.30% $10,000
UFB Direct 1.30% $25,000
Popular Direct 1.21% $5,000
Barclays 1.20% $0
Synchrony Bank 1.20% $0
Goldman Sachs Bank USA 1.20% $1

Differences among the best savings accounts

Notice many of these top offers come from online banks. Without the brick-and-mortar overhead, these banks may be able to offer more competitive rates.

At the top of the list is DollarSavingsDirect and its Dollar Savings Account, which:

  • Pays 1.4 percent APY.
  • Charges no monthly or maintenance fees.
  • Requires a $1 minimum balance to earn interest.

The bank is an online division of Emigrant Bank, which has served New Yorkers for more than a century.

Live Oak Bank offers the same 1.4 percent yield through its savings account, which:

  • Charges no monthly or maintenance fees.
  • Requires no minimum deposit or opening balance

The online bank makes supporting small business owners a top priority.

BankPurely pays a top rate, too. Its SavingPurely account:

  • Pays 1.3 percent APY.
  • Charges no monthly or maintenance fees.
  • Requires a $1 minimum deposit.

The bank is an online division of New York’s Flushing Bank and touts ethical ideals as part of its business mantra. BankPurely will plant a tree in New York state every time you open an account, for instance.

CIT Bank offers the same 1.3 percent rate for balances of $100,000 or less. Through Sept. 8, savers who open a Premier High Yield Savings Account and enter a promotional code (PREMIER) can earn a $100 cash bonus. Certain conditions apply.

Calculate how much you stand to make with all these offers using our simple savings calculator.

Watch for changing savings account rates

Some banks have been gradually increasing interest rates, perhaps in response to the Federal Reserve, which has increased its benchmark interest rate three times in recent months. The Fed last hiked rates in June by a quarter percentage point. The central bank’s rate setting committee is still on track to increase rates one more time in 2017.

Though this could mean you’ll pay more interest on credit cards and auto loans, it could also mean higher interest rates on savings accounts. Keep an eye out for the ripple effects of the Fed’s decisions.

In the meantime, if you’re looking for a guaranteed return, compare the best savings rates with the top CD rates.

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