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Here’s why you should never settle for just any savings account: The very best accounts pay more than 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 1.61 percent APY. But there are more than two dozen banks that offer either savings or money market account rates as high as 1 percent APY. Here are Bankrate’s picks for the best savings account:

Top 10 nationally available savings account rates
Bank APY Minimum balance
MutualOne Bank 1.61% $10
Live Oak Bank 1.60% $0
DollarSavingsDirect 1.60% $1
PurePoint Financial 1.60% $10,000
CIT Bank 1.55% $100
IncredibleBank 1.55% $25,000
SFGI Direct 1.51% $500
Barclays 1.50% $0
Synchrony Bank 1.50% $0
Goldman Sachs Bank USA 1.50% $0

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

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 MutualOne Bank. It’s online savings account:

  • Pays 1.61 percent APY.
  • Requires no daily minimum balance to earn interest.
  • Charges no monthly service fees.

MutualOne Bank is headquartered in Framingham, Massachusetts. In 1889, it was established as the Framingham Co-operative Bank. MutualOne earned five out of five stars in Bankrate’s latest review of its financial health.

Next is a virtual tie between Live Oak Bank and DollarSavingsDirect. Live Oak’s account:

  • Pays 1.6 percent APY.
  • Charges no monthly maintenance fees.
  • Requires a $0.01 minimum balance to earn interest.

The bank has supported small business owners since it opened in 2008. Live Oak Bank, which is based in Wilmington, North Carolina, earned five out of five stars in Bankrate’s latest review of its financial health.

DollarSavingsDirect is neck and neck with Live Oak Bank. Its Dollar Savings Account:

  • Pays 1.6 percent APY.
  • Charges no monthly 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. Emigrant Bank earned four out of five stars on Bankrate’s latest Safe & Sound Ratings, which measure the financial health of banks and credit unions throughout the United States.

Watch for changing savings account rates

Some banks have been gradually increasing interest rates in response to the Federal Reserve, which has increased its benchmark interest rate three times in recent months. The Fed last hiked rates in December by a quarter percentage point. It’s anticipated that the central bank’s rate-setting committee will increase rates at least three times in 2018.

Though this could mean you’ll pay more interest on credit cards and auto loans, it also could 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.