Koala mother and baby on a tree
jeep2499/Shutterstock.com

Here’s why you should never settle for just any savings account: The very best pay eight times more than the average (0.25 percent APY).

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 2.05 percent APY. But there are more than two dozen banks that offer either savings or money market account rates as high as 1.6 percent APY. Here are Bankrate’s picks for the best savings account:

Best savings accounts – July 2018

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.

Salem Five Direct

At the top of the list is Salem Five Direct. Its eOne Savings account:

  • Pays 2.05 percent APY.
  • Requires a $100 minimum deposit.
  • Charges no monthly fees.

Salem Five Direct is based in Salem, Massachusetts. Its parent company, Salem Five Cents Savings Bank, earned four out of five stars in Bankrate’s latest review of its financial health.

Customers Bank

Next is Customers Bank. Its Ascent Money Market Savings Account:

  • Pays 2.03 percent APY.
  • Requires a $25,000 minimum deposit to earn interest; smaller balances earn nothing.
  • Charges no fees for falling below the minimum balance.

Customers Bank is a community, full-service bank based in Wyomissing, Pennsylvania with offices throughout the northeast and midwest. Founded in 1997, Customers Bank earned a five-star rating in Bankrate’s latest review of its financial health.

Utah First Federal Credit Union

Utah First Federal Credit Union also offers savers a high yield, too. Its Dedicated Savings Account:

  • Pays 2.00 percent APY for balances of $50 or more.
  • Requires a minimum $25 deposit to open.
  • Requires monthly deposits.

Utah First Federal Credit Union is based in Salt Lake City. Membership is open to anyone who joins the Community Volunteers of Utah for a $5 membership fee. The credit union earned five out of five stars in the latest review of its financial health.

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 in response to the Federal Reserve, which has increased its benchmark interest rate multiple times in recent months. The Fed last hiked rates in June by a quarter percentage point. It’s anticipated that the central bank’s rate-setting committee will increase rates two more 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.

Compare: Best savings accounts and rates

Bank/Institution APY Minimum deposit to open
Salem Five Direct 2.05% $100
Customers Bank 2.03% $25,000
Utah First Federal Credit Union 2.00% $50
Citizens Access 2.00% $5,000
Northpointe Bank 1.95% $25,000
CIBC Bank USA 1.90% $1,000
PurePoint Financial 1.90% $10,000
IncredibleBank 1.88% $25,000
Radius Bank 1.86% $25,000
Popular Direct 1.85% $5,000