Our 10 Top Picks for Best Savings Accounts for December 2024
Best for Connecting to Multiple Accounts
360 Performance Savings
- High-rated mobile app
- No monthly fees
3.90%
APY
Best for checking interest
SoFi® Checking and Savings
- 0.50% APY on checking
- Up to 4.00% on savings
Up to 4.00%
APY
Best Customer Experience
CIT Savings
- No monthly fees
- Easy access to money
1.00%
APY
When it comes to savings accounts, where do you even begin?
Do a quick search, and you’ll find many savings accounts with different options, varying percentages, monthly fees, and minimum requirements. Add to that the many types of financial institutions themselves— online-only, banks, and credit unions—and it can get overwhelming fast.
Keeping this in mind, we’ve rounded up the best savings accounts of 2024 — including ones at online banks and traditional brick-and-mortar banks — and included the top information you need to know before opening or switching an account.
And before we move on, yes, we recommend that Penny Hoarders have a savings account. Keeping your cash in a box under your bed is not a solid or safe financial plan. We want you to feel empowered so you can get the best proverbial bang for your buck.
We’ve ranked the very best savings accounts available today to help get you started.
10 Best Savings Accounts for December 2024
Free Savings Accounts at a Glance
| Account | Minimum Balance | APY | ||||
|---|---|---|---|---|---|---|
Capital One 360 Performance Savings Account |
None |
3.90% |
GET DETAILS | |||
SoFi Checking and Savings |
None |
Up to 4.00% |
GET DETAILS | |||
CIT Savings Builder Account |
$100 |
1.00% |
GET DETAILS | |||
Synchrony Bank High-Yield Savings Account |
None |
4.30% |
GET DETAILS | |||
Ally Online Savings Account |
None |
3.85% |
GET DETAILS | |||
Alliant High-Rate Savings Account |
$100 |
3.10% |
GET DETAILS | |||
Barclays Online Savings Account |
None |
4.10% |
GET DETAILS | |||
American Express High-Yield Savings |
None |
3.90% |
GET DETAILS | |||
Marcus Online Savings Account |
None |
4.10% |
GET DETAILS | |||
Quontic High-Yield Savings |
None |
4.00% |
GET DETAILS |
Capital One 360 Performance Savings
- Highly rated mobile app
- 3.90% APY on all balances
- No monthly fees
If you don’t open a linked checking account for easy ATM access with Capital One, you can still get your funds via the traditional (but slower) means. The Capital One Performance Savings Account is a good option for people who prefer to bank with a well-known entity.
For more information on the Capital One Performance Savings account, check out our full Capital One review.
SoFi Checking and Savings Account
- Up to 4.00% APY
- Fee-free overdraft coverage
- Early access to paycheck
SoFi’s online bank account certainly rewards members for spending and saving. The account, which doubles as a checking and savings account, allows you to organize your savings into vaults so you can work toward your goals. You’ll earn up to 4.00% APY on money in savings and 0.50% on checking funds. The bonus is tiered; to get the full $300, make sure your qualifying direct deposits total $5,000 or more.
CIT Savings Builder Account
- No monthly fees
- Earn up to 1.00% APY
- Low minimum required balance
With CIT Bank, you can get your money via electronic transfer, wire transfer (free if you have $25,000 or more in the account) or paper check. Bonus: You can get reimbursed up to $30 a month for using other bank’s ATMs. CIT Bank’s mobile app also has a solid rating and is available on both the App Store and Google Play.
For more information on the CIT Savings Builder account, check out our full CIT Bank review.
Synchrony High-Yield Savings
- 4.30% APY on all balances
- No monthly fees
- Highly rated mobile app
With Synchrony, you can access your money through an ATM, electronic transfer to an external account, wire transfer or a paper check in the mail (remember, it’s an online-only institution). And if you’re interested in similar accounts, check out our list of the overall best high yield savings accounts.
For more information on Synchrony’s no fees accounts, check out our full Synchrony review.
Ally Online Savings
- Highly rated mobile app
- 3.85% APY
- Free tools to help you save more money
Ally has three online savings account balance tiers: less than $5,000, between $5K and $24,999.99, and $25K or more. Ally used to pay a particular APY based on the tier your end-of-day balance fell in, but now offers 3.85% APY across all balance tiers. You can transfer money to your savings account via direct deposit, electronic transfer, wire transfer or paper check.
For more information on the Ally Online Savings account, check out our full Ally Bank review.
Alliant High-Rate Savings
- 3.10% APY
- Low minimum balance required
- Free ATM card
Joining Alliant requires some effort. You need to fulfill one of these five requirements:
- Be a current or retired employee of a business that is partnered with Alliant.
- Have an immediate family member or domestic partner who banks with Alliant.
- Be a member of an Alliant-related organization/association.
- Live or work in one of the following communities in Illinois.
- Become a member of Foster Care to Success, Alliant’s partner charity.
Once you join, you’re eligible to open a high-yield savings account for $5 (which Alliant will reimburse you for!).
For more information on the Alliant High-Rate Savings account, check out our full Alliant Credit Union review.
Barclays Online Savings
- 4.10% APY
- No minimum balance required
- Secure, 24/7 online access to funds
With this Barclays savings account, users can deposit and withdraw funds in a number of ways, through direct deposit, an electronic transfer, paper check and more. If you’re looking for additional savings options, Barclays offers online CDs as well.
For more information on the Barclays Online Savings account, check out our full Barclays review.
American Express High-Yield Savings
- No minimum balance requirements
- 3.90% APY
- Up to nine withdrawals allowed
With American Express high-yield savings, electronic transfer, wire transfer and paper check are the only ways to access your money. On the plus side, you can make up to nine withdrawals or transfers during a monthly statement cycle. This is higher than the six withdrawals or transfers that many high-yield accounts typically offer.
For more information on the American Express High-Yield Savings account, check out our full American Express review.
Marcus Online Savings
- 4.10% APY
- Popular app
- No minimum balance requirement
Marcus by Goldman Sachs withdrawals are limited to electronic transfer and wire transfer. You also cannot deposit checks via the app. If you’re looking for an account you can set-and-forget while earning higher interest, this could be an attractive option for you with a well-known company.
Quontic High-Yield Savings
- 4.00% APY
- $100 to get started
- Mobile app
Interested Quontic customers can open this high-yield savings account with $100 and in as little as three minutes. Users can take advantage of up to six free withdrawals per statement cycle (and pay $10 after that). You won’t get a debit card with this account, but you’ll have access to services such as remote check deposit and bill pay.
Savings Accounts Terms to Know
Before you embark on your savings account search, here are a few key terms to know:
- Interest: is the amount of money you earn on your account balance. For example, if you have a savings account that earns 2% interest annually, you’d have $1,020 on a $1,000 balance at the end of the year.
- Compound interest: is the financial concept of your balance increasing by earning interest on the interest. Here’s a bigger breakdown of compound interest and how it’s calculated.
- Interest rate: An interest rate is the amount of money you earn on your account balance. The average rate on a U.S. savings account is 0.43% according to the FDIC.
- APY: Short for annual percentage yield, APY is the amount of interest you can earn on your money kept in a bank or financial institution.
- Minimum balance requirement: Some accounts require customers to keep a certain balance to earn perks like higher interest rates or avoid fees. A bank might require you to keep a minimum monthly balance of $25 in an account to avoid being charged a $5 fee, for example.
What Is a Savings Account?
A savings account is an (often) interest-earning account where you can store your money at a bank, credit union, or financial institution. Typically, you keep your funds there for long-term goals instead of using them for everyday expenses. Savings accounts are a great tool for saving up for a car, a house, or college tuition. More importantly, they are an excellent place to build and store an accessible emergency fund.
Visit our checking vs. savings account comparison for a detailed explanation of how a savings account differs from a traditional checking account.
Are Savings Accounts Safe?
Savings accounts that are secured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) are safe. These designations — FDIC and NCUA — are consumer protections. If you store your money with a financial institution insured by either organization then your account is federally protected up to $250,000.
What Monthly Fees Do Savings Accounts Have?
Savings accounts sometimes have monthly fees, which is why you want to take any and all fees into consideration before you go with a particular account. Here are examples of common monthly fees associated with savings accounts:
- Maintenance fee
- Inactivity fee
- Paper statement fee
- Withdrawal fee (users are usually allotted a set number of withdrawals per statement cycle, and you’ll get charged if you go over it)
Some banks also require that your account have a minimum monthly balance. Further, a financial institution might waive your monthly maintenance fee (for example) if you keep a set balance in your account each month.
What Do the Best Savings Accounts Have in Common?
The best savings accounts tend to have the following in common:
- Low or no fees (or ways to nix fees by completing certain actions)
- A good interest rate
- Additional banking products available
- A mobile app
- Perks, like free financial coaching
- Physical and online locations
The “best” savings account will ultimately depend on your individual wants and needs, but this list is a good starting point.
Pros and Cons of Savings Accounts
Here’s a breakdown of some high-level pros and cons that come with a savings account.
Pros
- Interest-earning ability (and remember, online-only banks tend to offer higher rates)
- Many national banks and credit unions offer in-person business hours and 24/7 service online
- Easy access to money compared to other savings vehicles (like a CD)
- ATM access, and sometimes ATM-fee reimbursement
Cons
- Interest rates are variable and not always high
- Some accounts have lots of fees
- Some banks might not have a solid mobile or online banking experience
Overall, a savings account is a good method to safely grow your money. If you’re comfortable keeping your money away for a longer period of time where you can’t as easily access it in exchange for a higher interest rate, there are other savings options for you.
Online vs. Traditional Savings Accounts
Before the advent of the internet, brick-and-mortar banks and credit unions were the only place to securely store and earn interest on your money. However, over the last couple decades, online banks have transformed the way we think of safely storing our money.
Because of online banks’ low overhead (fewer staff and few or no physical locations), they can offer much better interest rates on savings accounts. If you’re comfortable banking entirely online or via an app, an online savings account could be a solid option for you.
Alternatives to Savings Accounts
Common alternatives to savings accounts include certificates of deposit (CDs), where you store your money for a fixed term for a slightly higher interest rate, and money market accounts, which typically offer a higher APY but have significantly higher minimum balance requirements. A high-yield savings account is also a popular alternative to a traditional savings account because you tend to earn more interest on your money.
6 Tips for Choosing a Savings Account
You should be aware that banks can change interest rates, develop better apps, and update their bonuses, so it is important to understand how to determine the best savings account for yourself.
Here are a few tips:
1. Consider Your Needs
We prioritized high savings rates, ease of funds transfer and mobile apps in our rankings, but maybe for you, two-factor authentication and customer service are top considerations.
Build your own ranking system based on your top two or three criteria. You won’t find a perfect bank that offers everything, but at the very least, you’ll find banks that can meet all of your top needs.
2. Stick With Online
Put your money in an online savings account unless you have a good reason not to, such as a high-interest savings account at a brick-and-mortar credit union or a regular need to get in-person help.
3. Save Only With Insured Banks
Do not put your money into any bank that is not insured by the FDIC. Or, if you go the credit union route, make sure it is insured by the NCUA. We did not include any banks on our list that were not insured.
4. Don’t Be Tempted by Sign-on Bonuses Alone
Earning cash for starting an account with a bank feels awesome, but don’t let the appeal of $100 now prevent you from putting your savings into an account that will earn you $500 over a couple years.
5. Find a No-fee Account
Be wary of accounts with monthly maintenance fees, statement fees, or any other miscellaneous charges. You’re more likely to find these fees with a brick-and-mortar bank.
Ideally, find a bank that has an associated free checking account for easy and fast funds transfers.
6. Read the Fine Print
Know what you are signing before you sign it.
If an APY sounds too good to be true, it’s possible there are strings attached — or that the rate is only temporary.
Ask questions and do research when you are confused by any of the terms and conditions. Don’t deposit your savings until you are satisfied with the agreement.
Recapping Our Best Savings Accounts of December 2024
- Capital One 360 Savings Account: Best for Users Who Want to Connect Multiple Accounts
- SoFi Checking and Savings: Best for Checking Interest
- Synchrony Bank High-Yield Savings Account: Best for High-Yield Savings and ATMs
- CIT Savings Builder Account: Best for Users Who Need an Incentive to Save
- Ally Online Savings Account: Best for Users Who Want to Save Smarter
- Alliant High-Rate Savings Account: Best for Users Who Prefer to Bank at a Credit Union
- Barclays Online Savings Account: Best for Consumers Saving Toward a Goal
- American Express High-Yield Savings: Best for Users Who Like to Make Multiple Withdrawals
- Marcus Online Savings Account: Best for Growing an Account You Don’t Need to Touch
- Quontic High-Yield Savings: Best for Users Who Want a High APY Above All Else
Methodology
In determining our top 10, we reviewed more than 20 popular savings accounts and considered what elements seem to be most universally important:
- Interest-earning opportunity
- Mobile app and/or online banking availability
- Ease of access to funds
- Accounts that are FDIC-insured or NCUA-insured
- Availability of additional banking products, such as high-yield savings accounts, small-business resources, and money market accounts
So, what didn’t we consider when making our list?
- Bank bonuses, since banks regularly add and remove them (you can check out our current bank promotions list)
- Quality of customer service, since that can be subjective
With that said, it’s important to keep in mind what you consider to be essential in a savings account when doing your research.
Frequently Asked Questions (FAQ) About Savings Accounts
Here’s a round-up of common questions — and answers — when it comes to savings accounts.
Interest rates are variable and change from time to time. These days, a good interest rate hovers somewhere between 1.00% and 5.00%. With rising interest rates, don’t be surprised to see those rates go up again this year.
Similarly, the best savings account for 2024 will hinge on a variety of factors. Look for an account that offers a savings account with a solid APY that ticks off other boxes — Do you want to be able to view your savings on an app? Bank with an institution that offers additional products? Score a higher interest rate with an online-only bank?
Depending on your needs, wants and goals, there’s a bank with a savings account offering that will work for you.
A high-yield savings account is another option for you to store your money. Similar to a savings account, these types of accounts typically offer higher interest rates if you follow certain guidelines. For instance, you might be required to maintain a regular balance and be allowed to transfer money out a particular number of times a month. High-yield savings accounts could be a good option for you (and your emergency fund) if you’re disciplined and organized, and don’t need daily access to this money.
First, look for a traditional savings account that offers 1.00% APY or higher. And again, consider a high-yield savings account or online-only savings account, which usually boast higher interest rates.
From there, make saving money regularly — any little bit helps — a habit. With consistency and patience, you’ll earn money on your savings.
* SoFi® Checking and Savings (member FDIC):
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See the list of participating banks at SoFi.com/banking/fdic/receivingbanks
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
