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Best savings accounts for June 2024

Updated June 17, 2024

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A savings account can be a great place to set aside money that you’re saving and want to earn a competitive APY on, even if you aren’t sure on the time horizon for the money. Bankrate’s top savings rates are much higher than the current national average savings yield of 0.59 percent.

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Current savings trends
Bankrate Partner average
4.91% APY
National average
0.59% APY

Best savings account rates for June 2024

Note: Annual percentage yields (APYs) shown were updated between June 13 and June 19. All other information is current as of June 17. 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.

UFB Direct

UFB Direct_logo
Rating: 4.5 stars out of 5
4.5

Overview

UFB Direct is known for its high-yield savings account and money market account. Both the UFB Secure Savings account and UFB Secure Money Market account have very competitive yields. One of the differences is that the UFB Secure Savings account doesn’t have a monthly service fee.
Invest Rate
5.25% APY
Loan
$0 min. deposit to open

Bread Savings

Bread Savings_logo
Rating: 4.8 stars out of 5
4.8

Overview

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.
Invest Rate
5.15% APY
Loan
$100 min. deposit to open

Popular Direct

Popular Direct_logo
Rating: 4.8 stars out of 5
4.8

Overview

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.
Invest Rate
5.15% APY
Loan
$100 min. deposit to open

Bask Bank

Bask Bank_logo
Rating: 4.7 stars out of 5
4.7

Overview

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.
Invest Rate
5.10% APY
Loan
$0 min. deposit to open

EverBank (formerly TIAA Bank)

EverBank (formerly TIAA Bank)_logo
Rating: 5 stars out of 5
5.0

Overview

The EverBank Performance℠ Savings account earns more than the national average APY. There’s no minimum deposit required to open the account.
Invest Rate
5.05% APY
Loan
$0 min. deposit to open

Salem Five Direct

Salem Five Direct_logo
Rating: 4.9 stars out of 5
4.9

Overview

Salem Five Direct is known for being the online division of Salem Five, a bank founded in 1855 in Salem, Massachusetts. The division was the first online bank, started in 1995. It’s also known for offering a high-yield savings account, checking account and CDs. Its eOne Savings account only requires a $10 opening deposit, and it doesn’t have a monthly service fee or minimum balance requirements.
Invest Rate
5.01% APY
Loan
$10 min. deposit to open

CIBC Bank USA

CIBC Bank USA_logo
Rating: 4.7 stars out of 5
4.7

Overview

CIBC Bank USA is currently known for offering a competitive yield on its CIBC Agility Online Savings Account, which charges no monthly service fee. The bank also is known for offering CDs that have a slightly higher yield with a deposit of at least $25,000. But its savings account has a much lower minimum opening deposit amount of $1,000.
Invest Rate
5.01% APY
Loan
$1,000 min. deposit to open

CIT Bank

CIT Bank_logo
Rating: 4.6 stars out of 5
4.6

Overview

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.
Invest Rate
5.00% APY
Loan
$5,000 min. deposit to open

Citizens Access

Citizens Access_logo
Rating: 4.9 stars out of 5
4.9

Overview

Citizens Access is known for being the online bank division of Citizens Bank. Citizens Access offers a high-yield online savings account and CDs with terms between six months and five years. The online savings account doesn’t have a maintenance fee, and you only need 1 cent to open an account. Currently, all balances receive the bank’s competitive APY.
Invest Rate
4.50% APY
Loan
$1 min. deposit to open

Capital One

Capital One_logo
Rating: 4.4 stars out of 5
4.4

Overview

Capital One is known for having competitive yields on its savings accounts and CDs. It’s also known for its credit cards, and it offers a checking account. For saving, the Capital One 360 Performance Savings Account earns a competitive yield. It doesn’t have a monthly service fee, and you won’t need a minimum deposit to open this account. Capital One is one of the top 10 largest banks in the U.S.
Invest Rate
4.25% APY
Loan
$0 min. deposit to open

Bankrate's expertise

Bankrate’s trusted industry knowledge

Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.

48 years

of industry experience

3 k

deposits rates tracked

120

banks reviewed

Recent news on savings account interest rates

Even though the Federal Reserve didn’t change rates in May you can currently find savings accounts with high yields that are greater than the rate of inflation.

Looking at savings yields through the lens of inflation, the returns on savings will continue to be among the best in the past two decades – even as yields pull back in 2024. — GREG MCBRIDE, CFA | BANKRATE CHIEF FINANCIAL ANALYST

Generally, the Fed’s rate decisions can impact the savings account yields at competitive FDIC-insured online banks.

It’s easy to find a savings account with a rate that outpaces the current inflation rate of 3.5 percent at online-only banks and credit unions. Currently, top-yielding savings accounts earn APYs above 5 percent.

A key factor that influences savings account yields are the 11 federal funds rate increases the Fed has made since March 2022. Savings account rates at competitive banks tend to fluctuate along with the fed funds rate, while savings account rates from large brick-and-mortar banks often remain at near-zero. The national average savings account rate is currently 0.59 percent, according to Bankrate’s most recent survey on June 20, 2024.

How to choose the best savings account for you

The three most important factors to consider when choosing a savings account are: