Savings Accounts
Compare savings accounts and find the best APY rates available today.
| Note | ||
|---|---|---|
5.00% | ||
4.60% | ||
4.46% | ||
4.41% | ||
4.40% | ||
4.40% | ||
4.40% | ||
4.40% | ||
4.35% | ||
4.35% | ||
4.35% | ||
4.32% | ||
4.31% | ||
4.31% | ||
4.30% | ||
4.30% | ||
4.30% | ||
4.30% | ||
4.25% | ||
4.25% | ||
4.25% | ||
4.25% | ||
4.25% | ||
4.21% | ||
4.20% |
FDIC Insurance
All savings accounts listed are FDIC-insured up to $250,000 per depositor, per bank.
The Federal Deposit Insurance Corporation (FDIC) protects your deposits in case a bank fails. This insurance is backed by the full faith and credit of the United States government.
- Coverage Limit: Up to $250,000 per depositor, per FDIC-insured bank, per ownership category
- Automatic Protection: No need to apply for FDIC insurance - it's automatic at FDIC-insured banks
- What's Covered: Savings accounts, checking accounts, money market accounts, and CDs
- What's Not Covered: Investments like stocks, bonds, mutual funds, and annuities
What is the best bank account?
The "best" bank account depends on your individual needs, but here are key factors to consider when choosing a savings account:
- Annual Percentage Yield (APY): Look for the highest APY available, but remember rates can change
- Minimum Balance Requirements: Some accounts require minimum balances to earn the advertised APY
- Fees: Avoid accounts with monthly maintenance fees or excessive transaction fees
- Access and Convenience: Consider online banking features, mobile apps, and ATM access
- Customer Service: Look for banks with good customer service ratings and support options
- FDIC Insurance: Ensure the bank is FDIC-insured for deposit protection
Online banks typically offer higher APYs than traditional brick-and-mortar banks because they have lower overhead costs. However, they may have limited physical locations and ATM networks.
Other FAQs
How often do savings account rates change?
Savings account rates can change at any time, as they're typically variable rates tied to federal interest rates. Banks may adjust rates based on Federal Reserve policy changes, competitive pressures, or their own business needs.
What's the difference between APY and interest rate?
APY (Annual Percentage Yield) includes the effect of compounding, while the interest rate does not. APY gives you a more accurate picture of what you'll actually earn over a year, so it's the better number to compare when shopping for accounts.
Are there limits on savings account withdrawals?
Federal regulations previously limited savings account withdrawals to 6 per month, but this restriction was lifted in 2020. However, some banks may still impose their own limits or fees for excessive transactions.
Should I keep all my money in a savings account?
Savings accounts are great for emergency funds and short-term savings goals, but they shouldn't be your only financial tool. Consider diversifying with checking accounts for daily expenses, CDs for longer-term savings, and investment accounts for long-term wealth building.
How do I open a savings account?
Most savings accounts can be opened online in minutes. You'll typically need to provide personal information, make an initial deposit, and verify your identity. Many accounts can be funded by transferring money from your existing bank account.
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