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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 1.5 percent APY. Here are Bankrate’s picks for the best savings account:

Best savings accounts – June 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.

Northpointe Bank

At the top of the list is Northpointe Bank. Its Ultimate Savings account:

  • Pays 2.05 percent APY.
  • Requires a $25,000 minimum deposit to earn the top yield.
  • Charges no monthly maintenance fees.

Internet-only institution Northpointe Bank was established in 1999 and is based in Grand Rapids, Michigan. It earned five out of five stars in Bankrate’s latest review of its financial health.

PurePoint Financial

Next is PurePoint Financial. Its Online Savings Account:

  • Pays 1.9 percent APY.
  • Charges no monthly service fees.
  • Requires a $10,000 minimum deposit.

PurePoint Financial is an online division of MUFG Union Bank, a subsidiary of one of the biggest financial groups in the world. MUFG Union Bank earned four out of five stars in the latest review of its financial health.


IncredibleBank offers savers a high yield, too. Its savings account:

  • Pays 1.88 percent APY for deposit amounts of $25,000 or more.
  • Charges no monthly maintenance fees.
  • Requires a $2,500 minimum deposit to open an account.

Founded in 2009, IncredibleBank is an internet-only bank and a division of River Valley Bank, which began operations in 1967 and is based in Wausau, Wisconsin. River Valley Bank earned four out of five stars in Bankrate’s 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
Northpointe Bank 2.05% $25,000
PurePoint Financial 1.90% $10,000
IncredibleBank 1.88% $25,000
Radius Bank 1.86% $25,000
Salem Five Direct 1.85% $100
Popular Direct 1.85% $5,000
ConnectOne Bank 1.82% $2,500
MutualOne Bank 1.81% $10
SFGI Direct 1.81% $500
DollarSavingsDirect 1.80% $1