Best Savings Rates for June 2024

Why are Savings Accounts Better?

Online savings accounts are very mainstream these days and have been around for about two decades now. There are many features about an online savings account that make banking so much easier than a traditional brick and mortar savings account. Plus, the interest rate earn on an online account is so much higher than an account offered by a brick and mortar bank.

Savings accounts in general earn a lower rate than certificate of deposit accounts but you have access to your money when you need it. You can access your money in a certificate of deposit but you will pay an early withdrawal penalty if you do so.

Savings accounts are a good way to save for unexpected expenses or can be used for an emergency account. Experts recommend having at least six months of expenses stashed away in an emergency account.

Best Savings Rates and Money Market Rates May 26, 2024

Bank
Product
APY
Min Dep
SmartPlus Savings
7.00%
$0
Explorer Youth Savings
7.00%
$0
Primary Savings
6.17%
$5
Member Advantage Savings
6.17%
$5
Stash (Emergency) Savings<_$2,500
6.00%
$0
Online Savings Account (Special)
5.75%
$0
High Yield Savings
5.55%
$500
Savings (Cash Reserve)
5.50%
$0
Savings (Cash Reserve New Money) 3-Month Intro
5.50%
$10
Core Savings Promotional
5.40%
$100
Progressive Savings Tier 1
5.38%
$0
High-Yield Savings
5.35%
$5,000
Money Market Savings
5.33%
$1,000,000
Cornerstone Money Market Savings Account
5.30%
$100
High Yield Savings Account
5.30%
$2,500
Savings Account
5.30%
$25,000
High Yield Savings
5.27%
$0
High-Yield Online Savings Account
5.25%
$100
Secure Savings
5.25%
$0
Savings Account High Yield
5.25%
$2,500
Savings Account
5.25%
$0
Personal High Yield Savings
5.25%
$0
Savings Account via Raisin
5.24%
$1
Premier Savings Account
5.21%
$1,000
Savings Account
5.15%
$100
Performance Savings
5.15%
$0
Max Interest Savings Account
5.15%
$10
Yield Shield Savings Account
5.14%
$25,000
Savings Account
5.13%
$0
Affinity Savings
5.13%
$0
Health Savings Account
5.12%
$0
Money Market Savings
5.12%
$250,000
Online Savings Account
5.10%
$0
Savings Account
5.10%
$0
Soaring Savings
5.10%
$25,000
Jumbo Savings
5.10%
$25,000
RoundUp Savings
5.10%
$5
Smart Savings
5.10%
$0
Savings Account
5.07%
$1
Triple Rate Savings
5.07%
$500,000
eOne Savings Account
5.01%
$10
Platinum Savings
5.00%
$5,000
Savings Account
5.00%
$1,000
Dollar Savings Account
5.00%
$0
Savings Account
5.00%
$100
Student Savings
5.00%
$0
Money Market Savings
5.00%
$50
Savings Account BLUE AXIS EDGE
5.00%
$0
Radiant Savings
5.00%
$100
Kasasa Saver Savings Account
5.00%
$100
High-Yield Savings Account <-$5K
5.00%
$0
Statement Savings Advanced
5.00%
$0
Orange Saver Savings
5.00%
$0
Student Savings
5.00%
$500
Select III Savings
5.00%
$25,000
Primary Savings
5.00%
$0
IRA Savings
5.00%
$2,000
e-Savings <-$500
5.00%
$1
Savings Account
4.95%
$0
Online Savings Account
4.90%
$1,000
eRelationship Savings Account
4.81%
$25,000
Premium Savings Account
4.80%
$100,000
Savings Account
4.75%
$0
High-Yield Online Savings Account
4.75%
$0
High Yield Savings
4.75%
$0
Savings Plus
4.75%
$50,000
High Yield Rewards Savings
4.75%
$5
High Yield Savings
4.70%
$5,000
Business High Yield Savings
4.70%
$500,000
Eagle Savings
4.65%
$100
Savings Account
4.60%
$0
Connection Plus Savings
4.60%
$2,500
High Yield Savings Account
4.60%
$100
Eagle Premium Savings
4.59%
$100,000
High Dividend Savings
4.55%
$500
High Yield Savings
4.50%
$100
Premier Relationship Savings
4.50%
$1
Personal Savings
4.50%
$0
High Yield Online Savings
4.50%
$0
Propel Preferred Savings
4.50%
$50
High Yield Savings
4.50%
$0
Advantage Savings
4.50%
$100
Preferred Savings
4.50%
$5
Premier Savings new customer
4.45%
$50,000
High Yield Savings
4.40%
$1
Online Savings Account
4.40%
$0
Premier Relationship Savings
4.40%
$1
Business Savings
4.40%
$5,000,000
Personal Savings Account
4.40%
$0
Online Savings Account
4.35%
$0
High Yield Savings Account
4.35%
$0
Savings Account
4.35%
$0
Monesty High Yield Savings
4.33%
$1,000
Platinum Plus Savings
4.33%
$10,000,000
Simple Savings Account
4.30%
$50,000
Online Savings Account
4.26%
$1
360 Performance Savings
4.25%
$0
Bright Savings
4.25%
$250,000
Sprout Savings
4.25%
$0
Show More
Bank
Product
APY
Min Dep
Indexed Money Market (Tier 1) <-$2.5K
5.50%
$50
Money Market Choice Personal
5.34%
$50,000
Money Market Savings
5.33%
$1,000,000
Cornerstone Money Market Savings Account
5.30%
$100
Money Market
5.26%
$25,000
Secure Money Market
5.25%
$0
High Yield Money Market Account
5.25%
$1,000
Money Market
5.25%
$100,000
High-Rate Jumbo Money Market
5.22%
$100,000
Money Market High Yield
5.20%
$100,000
Shield Money Market
5.15%
$0
Money Market
5.12%
$500,000
Money Market Savings
5.12%
$250,000
Purley Money Market
5.05%
$25,000
eMoney Market
5.00%
$0
Money Market Savings
5.00%
$50
Coastline Money Market
5.00%
$75,000
High-Yield Money Market $10K new money
5.00%
$50,000
Win-Win Money Market
5.00%
$25,000
Personal Money Market
5.00%
$500,000
MonuMINT Business Emerald Money Market
5.00%
$500,000
ManageMINT Emerald Money Market
5.00%
$250,000
Hi-Rate Monthly Money Market
5.00%
$1
Commercial Money Market
5.00%
$1,000,000
High Rate Money Market
5.00%
$2,500
Money Market
5.00%
$100
Elite Money Market Account
4.92%
$25,000
Online Money Market
4.90%
$1,000
Mega Money Market
4.90%
$0
Mega Money Market Checking
4.90%
$0
Money Market
4.85%
$1,000,000
Maximize Money Market
4.85%
$1,000,000
T Money Market Personal
4.83%
$100,000
SuperSaver Money Market Account Jumbo
4.81%
$100,000
Premier Money Market
4.80%
$250,000
Money Market
4.78%
$25,000
Smart Move Money Market
4.75%
$10,000
Platinum Money Market
4.75%
$2,000,000
Prosper Money Market 90-Day Promo
4.75%
$25,000
Money Market
4.72%
$25,000
Premium Money Market Account
4.70%
$25,000
Money Market (with Private Client Account)
4.70%
$25,000
1903 Money Market
4.70%
$50,000
High Yield Money Market
4.70%
$2,500,000
Business High Yield Money Market
4.70%
$2,500,000
Money Market Deposit
4.70%
$0
Money Market
4.65%
$0
Money Market Saving
4.65%
$50,000
Money Market
4.65%
$1,000,000
High Yield Money Market
4.60%
$500,000
Premier Money Market
4.60%
$50,000
Money Market
4.60%
$1,000,000
Money Market relationship bonus
4.58%
$25,000
Super Saver Money Market
4.50%
$50,000
Money Market
4.50%
$100,000
Money Market Everett Elite (new money)
4.50%
$100,000
Money Market (special)
4.50%
$25,000
Sapphire Money Market
4.50%
$2,000,000
Business Sapphire Money Market
4.50%
$2,000,000
Hometown Money Market
4.50%
$25,000
Investment Money Market
4.50%
$500,000
Personal Money Market
4.50%
$0
High Yield Money Market
4.50%
$25,000
High Yield Money Market
4.50%
$1,000,000
Money Market (Non-Relationship)
4.49%
$25,000
High Yield Money Market
4.46%
$1,000,000
Money Market Platinum
4.40%
$100,000
Business Premium Money Market
4.40%
$5,000,000
Money Market Advantage Checking
4.37%
$25,000
Money Market special (new money only)
4.35%
$25,000
Money Market
4.33%
$1,500,000
Money Market
4.33%
$500,000
6-Month CD Money Market
4.33%
$1,000
Money Market
4.30%
$25,000
Yield Pledge Money Market 12-month intro
4.30%
$100,000
Commercial Money Market
4.28%
$1,000,000
Elite Money Market Account
4.25%
$25,000
Advantage Money Market
4.25%
$25,000
High Yield Money Market
4.25%
$100,000
Platinum Money Market
4.25%
$2,500
Money Market Special
4.25%
$2,500
Money Market High Yield special
4.25%
$15,000
Money Market Account
4.25%
$250,000
Money Market HYMMIA (requirements)
4.25%
$15,000
Money Market Tier 9
4.25%
$5,000,000
Premier Money Market
4.25%
$500,000
Money Market
4.25%
$5,000,000
Business Money Market
4.25%
$5,000,000
Business Money Market
4.25%
$250,000
Ultimate Plus Money Market
4.25%
$1,000,000
Money market
4.25%
$500,000
Gold Money Market
4.22%
$5,000,000
Premium Money Market
4.20%
$250,000
Money Market
4.20%
$0
Prosper Money Market
4.18%
$25,000
Money Market
4.18%
$1,000,000
Money Market
4.18%
$1,000,000
Personal Money Market
4.15%
$300,000
Premier Money Market 6-month special
4.15%
$10,000
Investment Money Market
4.11%
$1,000,000
Show More

The Annual Percentage Yields (APYs) displayed are based on the highest APY offered for the specified deposit amount or less. Rates may change without prior notice. The "Min. Balance" indicates the minimum amount required to earn the stated APY. Please note that some of the offers presented on this site are from advertisers, who provide compensation for their inclusion. However, these advertised offers do not encompass all available deposit accounts.

Savings Account Rates by State

Recent Savings Account Rate Deals

Savings Account Features

Federal law, Regulation D, only allows for 6 withdrawals from a savings account per billing cycle. If you constantly go over that amount your bank or credit unoin is allowed to switch your account to a checking account. Most checking accounts earn a lower rate than savings accounts.

We actually recommend having a savings account, checking account and also certificates of deposit, each is designed for a particular need.

Online savings accounts earn a much higher interest rate than regular savings accounts. The reason being, with traditional brick and mortar banking there are higher costs to maintain branch locations. If a bank only has an online presence the savings are tremendous and they can pass the savings onto depositors in the form of higher interest rates.

Why Use an Online Savings Account?

The ease and convenience of online banking is the second reason to stick with online accounts. You can access your accounts online to view balances, pay bills, transfer money between accounts. One of the greatest features is mobile deposit. You can take a photo of a check to deposit it into your account.

Traditional Savings Accounts vs. Online Savings Account

There are many reasons to choose an online savings account over a traditional savings account. Many reasons we mention above.

Right now, the best online savings rate is more than 10 times the best brick and mortar savings rate. We don't expect this to ever change because online banks have lower costs.

Compound Interest on a Savings Account

If you haven't heard of compound interest you really need to read this next paragraph. Compound interest is interest calculated on the savings account principal and interest already earned. Compound interest is the most powerful aspect of a savings account.

When you open a savings account make sure to see when a bank or credit union "compounds the interest." Finanical institutions greatly differ on when the compound interest. The more frequently interest is compounded the more money you make. Some finanical institutions will do it daily, some compound monthly, some compound quarterly or even annually.

Do you pay income tax on interest earned on a savings account?

The answer is yes, interest earned on a savings account is taxable. The finanical institution you have an account with will send you a 1099-INT with the amount of interest you earned. The tax rate you pay will depend on your tax rate which depends on how much income you had any given year.

How to Open a Savings Account

The best and easiest way to open a savings account is online. You will need several pieces of information to open an account. There are Federal laws designed to prevent money laundering which drive most of the process these days.

Information you will need to provide a bank or credit union to open a savings account include:

  • Full Name
  • Date of Birth
  • Social Security Number or EIN for businesses
  • Proof of Address
  • Phone number
  • Email address and tax identification number (such as a Social Security number)
  • Drivers License or Passport

Should I Designate Beneficiaries when I open a Savings Account?

Most banks or credit unions require you to designate a beneficiary when you open an account. The person(s) you name as the beneficiaries will inherit the money in the account.

Funding a Savings Account

If the savings account has a minimum deposit requirement, you’ll need to deposit at least that much money in the account. You can do this by initiating a bank transfer, sending or depositing a check or using a wire transfer.

Not all banks require a minimum deposit but for the banks that do you might also be able fund the account for some period after the account has been opened.