The best banks for savings accounts

Vio Bank currently offers a competitive annual percentage yield (APY) of 1.95 percent APY on its High Yield Online Savings account.

In addition to this, you only need $100 to open the account. There’s no monthly fee as long as you enroll in paperless statements. Paper statements will cost you $5 a month.

Vio Bank, a division of MidFirst Bank, also offers high-yield CDs. Those CD terms range from a short-term six-month CD to a long-term 10-year CD.

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UFB Direct consistently offers a high annual percentage yield (APY) on its High Yield Savings, which is currently up to 2 percent APY when you have a balance of $10,000 and above in the account.

But only savers with $10,000 or more should consider the UFB High Yield Savings account. That’s because balances under this amount won’t earn any interest. There are no maintenance fees and no minimum balance requirement to worry about.

The UFB High Yield Savings account also comes with an ATM card, if accessing your money at an ATM is a feature you’re looking for.

UFB Direct is a division of Axos Bank. Since UFB Direct products are offered through Axos Bank, it’s important to consider all Axos Bank balances when calculating your Federal Deposit Insurance Corp. (FDIC) coverage.

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Comenity Direct launched in April 2019. Since its launch, it has had a competitive annual percentage yield (APY) on its High-Yield Savings account.

Comenity Direct’s High-Yield Savings account only requires a $100 minimum for opening and doesn’t have a monthly service fee.

This High-Yield Savings account is offered through Comenity Capital Bank.

In addition to its High-Yield Savings account, Comenity Direct also offers competitive yields on its five CD terms.

The HSBC Direct Savings account is an account available to nearly every saver with its low minimum to open the account. The savings account only requires $1 to open it and receive a high annual percentage yield (APY), which is currently at 2.05 percent APY.

The HSBC Direct Savings account doesn’t have a monthly maintenance fee, so savers don’t have to worry about monthly fees erasing interest earnings. Customers can also make a deposit or withdrawal at HSBC retail locations throughout the U.S.

HSBC Direct also offers an HSBC Direct Checking account and HSBC Direct CDs.

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Capital One switched its products around in 2019 and has one of the best savings accounts, which is currently earning 1.7 percent annual percentage yield (APY).

Capital One launched its 360 Performance Savings account in September 2019. This account replaced the 360 Savings and 360 Money Market accounts for new customers.

The 360 Performance Savings debuted with an APY nearly twice what the 360 Savings offered in September 2019. The 360 Money Market offered an APY comparable to the 360 Performance Savings. But you needed at least $10,000 to earn that yield. So the 360 Performance Savings helped customers, no matter what their balance is, earn a competitive yield.

The Capital One 360 Performance Savings is an option for any saver since it has no minimum balance to open and it doesn’t have a minimum amount that you need to keep in the account.

All balances earn the same APY with the 360 Performance Savings account. The account offers a competitive APY, but isn’t the absolute highest. It was in the second-tier of the highest yields based on our research.

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Discover Bank offers customers a way to save with no maintenance fee and without a minimum opening balance requirement.

Discover Bank doesn’t have the absolute highest annual percentage yield (APY), which cost it in Bankrate’s scoring. But its yield of 1.7 percent APY still was good enough to fall in the second-tier of APY scoring.

In addition to its Online Savings account, Discover Bank also offers a money market account, checking account, CDs, credit cards, student loans, personal loans and home equity loans. Discover Bank’s deposit products are available in all 50 states.

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The Bank5 Connect High-Interest Savings account earns a second-tier annual percentage yield (APY) according to Bankrate’s research. Currently, the savings account earns 1.85 percent APY.

However, the account scored well for its low minimum opening deposit and no monthly maintenance fee. You only need $10 to open a Bank5 Connect High-Interest Savings account.

You can request to receive an ATM card for your High-Interest Savings account.

Bank5 Connect is a division of BankFive.

They also offer a High-Interest Checking account that was named one of Bankrate’s Best Banks for Checking. Its CDs also offer a competitive APY.

The Salem Five Direct eOne Savings account had one of the highest second-tier APYs, which is currently at 1.91 percent APY. The eOne Savings account, which is available in all 50 states, only requires $100 to open. After that, the account doesn’t have a minimum balance requirement or a monthly fee.

The eOne Savings account gives all balances from a penny to $1,000,000 the same competitive APY. Balances over $1,000,000, however, don’t earn a competitive APY.

Salem Five Direct is an online division of Salem Five, located in Salem, Massachusetts. Salem Five has 35 branch locations in Massachusetts.

Besides the eOne Savings account, Salem Five Direct also offers CDs and a checking account.