Mason jar piggy bank
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Here’s why you should never settle for just any savings account: The very best pay more than 27 times the average (0.09 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 2.5 percent APY. But there are more than two dozen banks that offer either savings or money market account rates as high as 1.8 percent APY.

Here are Bankrate’s picks for the best savings account:

Best savings accounts – October 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.

EBSB Direct

At the top of the list is EBSB Direct. Its High Yield Statement Savings account:

  • Pays 2.5 percent APY.
  • Requires a $5,000 minimum deposit to earn the top yield; smaller balances earn nothing.
  • Requires a $50 minimum deposit to open an account.

EBSB Direct is an online division of East Boston Savings Bank. Its parent company earned four out of five stars in Bankrate’s latest review of its financial health.

Northfield Bank

Next is Northfield Bank. Its Platinum Savings account:

  • Pays 2.25 percent APY.
  • Requires a minimum balance of $0.01 to open an account.
  • Charges a $8 monthly fee when balances fall below $2,500.

Northfield Bank is based in Staten Island, New York. It was founded in 1887. It earned five out of five stars in the latest review of its financial health.

MySavingsDirect

MySavingsDirect offers savers a high yield, too. The MySavings Account:

  • Pays 2.25 percent APY.
  • Requires a $1 minimum deposit to open an account.
  • Charges no monthly maintenance fees.

MySavingsDirect is an online division of Emigrant Bank, a New York-based institution founded in 1850. Emigrant Bank 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 hiked rates in September by a quarter percentage point. It’s anticipated that the central bank’s rate-setting committee will increase rates one more time 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 to earn top yield
EBSB Direct 2.5% $5,000
Northfield Bank 2.25% $0.01
MySavingsDirect 2.25% $1
Customers Bank 2.25% $25,000
CIBC Bank USA 2.16% $1,000
Vio Bank 2.15% $100
CIT Bank 2.15% $100
PurePoint Financial 2.15% $10,000
MutualOne Bank 2.12% $10
Citizens Access 2.12% $5,000