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Best savings accounts of December 2024

Updated Dec. 9, 2024

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Opening a savings account allows savers to secure their funds in a safe place, capitalize on current interest rates and maintain liquidity for emergencies. Currently, the top savings account annual percentage yields (APY) range from 4.50 percent to 5.10 percent, with just a few banks still offering 5 percent or higher. This is close to nine times higher than today's national average of 0.57 percent.

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Current savings trends
Bankrate Partner average
4.43% APY
National average
0.57% APY

Best savings account rates for December 2024

Note: Annual percentage yields (APYs) shown were updated between Dec. 4 and Dec. 10. All other information is current as of Dec. 9. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

EverBank

Rating: 5 stars out of 5
5.0 Bankrate savings score
  • Annual percentage yield

    4.75%
  • Min. balance for APY

    $0
  • Min. deposit to open

    $0

Why EverBank?

The EverBank Performance℠ Savings account earns more than the national average APY. There’s no minimum deposit required to open the account.

Bask Bank

Rating: 5 stars out of 5
5.0 Bankrate savings score
  • Annual percentage yield

    4.65%
  • Min. balance for APY

    $0
  • Min. deposit to open

    $0

Why Bask Bank?

Bask Bank is known for its Bask Interest Savings account. It’s also known for a unique account, the Bask Mileage Savings account, where you can earn American Airlines miles.  Bask Bank, a division of Texas Capital Bank, made its debut in early 2020 with its Mileage Savings Account. In February 2022, Bask introduced its Interest Savings Account, which offers a very competitive yield and doesn’t require a minimum opening deposit.

Bread Savings

Rating: 4.9 stars out of 5
4.9 Bankrate savings score
  • Annual percentage yield

    4.65%
  • Min. balance for APY

    $0
  • Min. deposit to open

    $100

Why Bread Savings?

Bread Savings is an online bank that offers a high-yield savings account and five terms of CDs. Bread Savings requires at least $100 to open this account, which is a lot lower than the $1,500 required to open one of its CDs. The Bread Savings account doesn’t have a monthly service fee or minimum balance requirements after your opening deposit.

Popular Direct

Rating: 4.8 stars out of 5
4.8 Bankrate savings score
  • Annual percentage yield

    4.60%
  • Min. deposit to open

    $100

Why Popular Direct?

Popular Direct is known for having some of the highest savings yields and much higher minimum deposit requirements than most other online banks. A Popular Direct Select Savings account is opened through Popular Bank. You’ll need to deposit at least $100 to open the account, but there’s no monthly maintenance fee. Popular Direct also offers mobile deposit.

CIT Bank

Rating: 4.6 stars out of 5
4.6 Bankrate savings score
  • Annual percentage yield

    4.55%
  • Min. balance for APY

    $5,000
  • Min. deposit to open

    $100

Why CIT Bank?

CIT Bank is known for offering multiple savings accounts. CIT Bank’s Platinum Savings account earns the highest yield on balances of $5,000 or more, while the Savings Connect account can be opened with just $100. These accounts don't charge a monthly maintenance fee. CIT Bank also has most of the other bank accounts a person could need, including a checking account, a money market account and CDs.