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Best savings accounts of July 2024

Updated July 15, 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 0.82 percent.

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Current savings trends
Bankrate Partner average
4.63% APY
National average
0.82% APY

Best savings account rates for July 2024

Note: Annual percentage yields (APYs) shown were updated between July 15 and July 21. All other information is current as of July 15. 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: 5 stars out of 5
5.0

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

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

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
5.05% APY
Loan
$100 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. 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. 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: 4.9 stars out of 5
4.9

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
$100 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 12 months and five years. The online savings account doesn’t have a maintenance fee or an account opening fee. 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 June 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 if yields pull back later in 2024 as we expect. — 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 3.0 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 0.82 percent, according to Bankrate’s most recent survey on July 22, 2024.

How to choose the best savings account for you

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

What to know about savings accounts

A savings account is a type of deposit account found at both banks and credit unions that generally offers a variable yield and it allows withdrawals generally when you need to make them without incurring a penalty.

What fees are associated with a savings account?

Earning a competitive APY and then having fees eat into your interest earning isn’t a good saving strategy.

Here are savings account fees to watch out for:

  • Monthly service fees
  • Out-of-network ATM fees
  • Early account closure fees
  • Overdraft fees

Savings account terms to know

Compound interest
Method of calculating interest where interest earned over time is added to the principal. Compounding is usually done on a daily or monthly basis and the more frequently it is done, the faster your savings can grow.
Interest
Money that you earn for having your funds deposited with a bank.
Interest rate
A number that doesn't take into account the effects of compounding.
Annual Percentage Yield (APY)
A rate that takes into account the effects of compounding during the year. It's best to compare yields (APYs) rather than interest rates.
Minimum balance requirement
The minimum amount needed in a savings account to avoid a monthly maintenance fee.
Money market account
A type of savings account that may offer checks, and/or an ATM or debit card for teller machine withdrawals. Here are the best money market accounts right now.

Who should get a savings account?

A savings account is useful if you have money that you’re not sure when you’re going to need, but you want it to grow by earning interest. Savings accounts are useful because the top accounts are outpacing inflation

Since some savings accounts at online-only banks don’t have minimum opening deposit requirements or monthly service fees, these accounts are accessible for most people.

Moneybag
College savers

Saving for college is one of the biggest expenses parents face. Saving for students should be a marathon, not a sprint. An FDIC-insured savings account is a safe place to save for your child’s college education. 

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Future retirees

A savings account is one of the vehicles that should be used to prepare for retirement and should be a part of your retirement plan.

Calendar
Disciplined planners

It's crucial to have an emergency savings account. This account should be able to cover at least six months' worth of expenses. You never know what the future will hold, so it’s best to be prepared.

Mother, daughter bent over laptop and calculator

What is needed to open a savings account?

Whether opening an account online or in a bank or credit union, you'll likely be asked for similar information.

Learn more

Pros and cons of a savings account

Savings accounts, like all financial tools, come with benefits and risks. It's wise to weigh the pros and cons to see if one of these accounts is ideal for your financial situation.

Pros

  • Checkmark

    FDIC protection: Savings accounts at an FDIC-insured bank are federally insured for up to $250,000, per depositor, per FDIC-insured bank, per ownership category, according to the FDIC.

  • Checkmark

    Liquidity: You can generally access your savings in your account when needed.

  • Checkmark

    Earnings: The money you keep in a savings account earns interest over time and compounds, offering a return on the principal.

  • Checkmark

    Higher interest: The best savings accounts usually earn more interest than a checking account — and some even have a higher yield than money market accounts.

  • Checkmark

    Low-fee options: There are many savings account options that either have a $1 minimum balance or no minimum. With these options, it’s easy to avoid a maintenance fee.

Cons

  • Low interest: A CD – or other investments – might earn a higher yield/return.

  • Accessibility: Unlike checking accounts, savings accounts often have a limit on the number of withdrawals and transfers you can make each monthly statement cycle.

  • Fees: Some banks charge minimum balance fees. Those maintenance fees can eat into interest earned – and even your principal.

  • Variable APY: Yields for savings accounts can change based on fluctuations in interest rates made by the Federal Reserve.

  • Limited purchasing power: Economic factors such as long-term inflation could exceed the APY on a savings account.

Savings account FAQs