The 7 Best Banks for Savings Accounts of 2019

Grow your money quickly and easily

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Savings accounts should pay you interest, not charge you fees, and help you safely and slowly grow your savings. While this should be common sense, across many banks this experience is a pipedream. The average bank in the United States pays low-interest rates and charges high fees if you don’t meet specific requirements. These banks stand out from the crowd, thanks to low fees, high-interest rates, and a better overall savings experience. Follow along with this guide to pick your next savings account to maximize your results.

Best Overall: FNBO Direct

FBNO stands for First National Bank of Omaha, and the company is an old school bank with strong Nebraska roots. It has locations in seven states, mostly in the Midwest. You can open a new online account with a $1 minimum deposit.

FNBO Direct currently offers an impressive 2.00 percent APY. FNBO offers checking as well, so you can do all of your banking at this bank. FNBO Direct is also a member of the PopMoney network, which offers quick, free transfers to friends and family at other banks.

The bank has mixed reviews, which considering its straddling of both traditional branch banking and online-only banking isn’t a huge surprise. But if you want top interest rates, FDIC insurance and a worry-free savings experience, FNBO Direct has you covered.

Best for Simple High Yield Savings: Synchrony

Customers love Synchrony’s high yield savings, which currently pays 1.90 percent APY, among the highest interest rates in the country. With FDIC insurance and consistently great savings rates, this is a very popular bank for savings accounts.

While the interest rates are high, this bank does receive some low marks for customer service and its clunky online banking system. Customer reviews cite poor customer service and a poor website. Synchrony does not offer a linked checking account and has only two physical branch locations in New Jersey and Utah.

If all you want to do is store your cash while it earns interest in a safe account, this account is a good choice. The high yield savings has no monthly service fees, a $1 minimum opening balance, and if you connect your Synchrony savings account to your primary checking for online transfers, accessing your funds is relatively quick and easy.

Interested in reading more? Check out our full review of Synchrony.

Best for High Yield Savings Cash Deposits: CIT Bank

If you want high yield savings and physical branches, CIT Bank is a leading option (not to be confused with Citi Bank). CIT Bank’s Premier High Yield Savings account currently offers an impressive 1.55 percent APY, putting it in the top tier of savings accounts.

The account requires a $100 minimum opening balance and is FDIC insured. The account charges no fees for regular use. CIT doesn’t offer a checking account, so you will need multiple banks to use this account. Some reviews indicate a poor online experience. CIT Bank and OneWest Bank are the same company ​and offer locations throughout the country. 

Best Customer Service: American Express Bank

American Express is more than a credit card company. While traveler’s cheques have mostly fallen out of fashion, one non-credit product at Amex never goes out of style: savings accounts. Through American Express Bank, you can open an account that currently pays 1.90 percent APY.

The FDIC insured high yield savings account has better than average customer service ratings, which is likely not a big surprise to anyone who holds a premium Amex credit card. The big downside for existing Amex customers is that the bank logins and systems are not linked to the credit card systems.

That said, it is a safe, high-interest place to stash your cash. It is an online-only bank, so you won’t find any branches.

Want some more information? Read our full review of American Express Bank

Best for High Yield Savings & Checking: Ally Bank

Ally Bank offers another well-rated online savings account, currently offering 1.80 percent APY. This bank offers no monthly fees, checking accounts if you want to keep all of your banking at the same place, as well as mobile check deposits from your phone right to your savings account.

Ally has generally well-rated online and mobile banking systems, but remember that with online banks you can’t deposit cash. Because the bank also offers checking accounts, you can get an ATM card for your account and use it for free at a large network of ATMs. Thanks to great interest rates, easy transfers, and a well-built website, Ally is a good choice for all of your banking needs, including high yield checking.

Best High-Tech: Capital One Bank

Capital One’s 360 Performance Savings is not the highest yield account in its peer group, but nonetheless offers rates well above the national average. The current interest rate is 1.90 percent APY. The fee-free account has no minimum balance and is a mostly online-only bank, though Capital One does have a few locations in big cities throughout the country.

Capital One offers high yield checking in addition to savings, which means you can get a debit card and do all of your banking under one roof if you use this account. You can also freely transfer funds to and from any other linked bank account in the United States, which is the norm for all banks on this list.

One cool feature is the ability to open up to 25 savings account per account holder. This means you can set up automatic transfers to your travel fund, wedding fund, kids' college fund or any other savings goal.

Best Wall Street Bank: Goldman Sachs Bank

Goldman Sachs is a Wall Street powerhouse and is a newer entrant to consumer banking. Its bank goes by the name Marcus By Goldman Sachs. Marcus has an online savings account with 1.90 percent APY.

The account is simple with no frills and no fees. It is just a place to store your cash with a good interest rate. Like other online banks, you can’t deposit cash, but it is easy to transfer funds to or from any account at a linked bank. The bank experience doesn’t offer much, but how much do you need to interact with a bank that is holding your high yield savings?

Marcus also offers personal loans, which some customers have left complaints about online. But overall the savings accounts are highly rated.

You can also read through our full review of Marcus by Goldman Sachs

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More: Best Savings Account Interest Rates

The Balance offers a comprehensive comparison of the best savings account interest rates. We teamed up with Bankrate to survey approximately 4,800 banks and credit unions nationwide. Depending on how much money you’re looking to deposit, this list will show you some of the best options available today. All of the banks and credit unions listed are insured by the FDIC or NCUA.