Best Savings Rates for November 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 November 11, 2024

Bank
Product
APY
Min Dep
First Step (Youth) Savings
7.00%
$1
Primary Savings
6.17%
$5
Advantage Savings (Member Advantage)
6.17%
$5
Stash (Emergency) Savings
6.00%
$0
High Yield Savings
5.25%
$0
Savings
5.15%
$25,000
Health Savings
5.12%
$0
RoundUp Savings
5.10%
$5
Smart Savings
5.10%
$0
Fitness Savings
5.00%
$100
High Yield Savings
5.00%
$2,500
Kasasa Savings
5.00%
$100
LevelUp Savings
5.00%
$100
Orange Saver Savings
5.00%
$0
Primary Savings
5.00%
$0
E Savings
5.00%
$1
SmartPlus Savings
5.00%
$0
Explorer Youth Savings
5.00%
$0
Online Savings
4.90%
$1,000
Dollar Savings
4.85%
$0
High Yield Savings
4.85%
$500
High Yield Savings
4.85%
$2,500
Savings
4.80%
$0
High Yield Savings
4.75%
$100
Savings
4.75%
$1
Performance Savings
4.75%
$0
Blue Axis Edge Savings
4.75%
$0
Yield Shield Savings
4.73%
$25,000
High Yield Savings
4.70%
$5,000
Max Interest Savings
4.65%
$10
Online Savings
4.60%
$0
Connection Plus Savings
4.60%
$2,500
Savings
4.60%
$0
High Yield Savings
4.52%
$0
High Yield Savings
4.50%
$1,000
High-Yield Online Savings
4.50%
$100
eOne Savings
4.50%
$10
Soaring Savings
4.50%
$25,000
Radiant Savings
4.50%
$100
High Yield Savings
4.50%
$0
Advantage Savings
4.50%
$100
Preferred Savings
4.50%
$5
CW HiRate Savings - Monthly
4.50%
$1
Online Savings
4.45%
$1
Progressive Savings
4.36%
$0
Savings
4.30%
$0
Savings
4.26%
$1
High-Yield Online Savings
4.25%
$0
Premium Savings
4.25%
$0
High Dividend Savings
4.25%
$500
Kasasa Savings
4.25%
$100
High Yield Savings
4.25%
$100
Savings
4.25%
$25
High Yield Rewards Savings
4.16%
$5
High Yield Online Savings
4.15%
$0
Premier Relationship Savings
4.10%
$1
Eagle Premium Savings
4.07%
$100,000
High Yield Savings
4.01%
$100
Savings Plus
4.00%
$50
Kasasa Savings
4.00%
$50
Premier Savings (Jumbo)
4.00%
$100,000
Propel Preferred Savings
4.00%
$50
Kasasa Savings
4.00%
$0
Big Interest Savings
4.00%
$5,000
High Yield Savings
4.00%
$0
Kasasa Savings
4.00%
$50
Savings
4.00%
$0
Investment Savings
3.97%
$500,000
Companion Savings
3.92%
$10
eRelationship Savings
3.90%
$25,000
High Yield Savings Account
3.87%
$5,000
Super Saver Savings
3.82%
$100,000
Savings
3.80%
$0
Simple Savings
3.75%
$50,000
Statement Savings
3.75%
$500
Safe Haven Savings
3.75%
$10,000
Regular Savings
3.75%
$100
Statement Savings
3.75%
$500
Platinum Money Market Savings
3.75%
$100,000
Earn More Savings
3.65%
$5,000
Relationship Savings
3.60%
$0
Kasasa Savings
3.55%
$50
Companion Savings
3.53%
$1,000
Smart Savings
3.50%
$100
Smart Move Online Savings
3.50%
$0
Premium Savings
3.50%
$25,000
Platinum Savings
3.50%
$0
Digital Direct Savings
3.40%
$100
High Yield Savings
3.40%
$10,000
The Vault Savings
3.30%
$50
Money Market Savings
3.30%
$0
High Yield Savings
3.25%
$25,000
Elite Savings
3.25%
$30,000
Growth Savings
3.25%
$1,000
Premier Money Management Savings
3.06%
$25
Real Savings
3.03%
$1
Christmas Club Savings
3.03%
$0
Premium Online Savings
3.00%
$5
Investors Savings
3.00%
$250,000
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Bank
Product
APY
Min Dep
Money Market
5.11%
$25,000
High Yield Money Market
5.00%
$100,000
Indexed Money Market
5.00%
$50
High-Rate Jumbo Money Market
4.96%
$100,000
Online Money Market
4.90%
$1,000
Money Market
4.80%
$1,000
High-Yield Money Market
4.76%
$50,000
Shield Money Market
4.75%
$250,000
Money Market
4.72%
$50,000
Money Market (Private Client)
4.70%
$25,000
eMoney Market
4.50%
$0
Money Market
4.50%
$50
Smart Move Money Market
4.50%
$10,000
Sapphire Money Market
4.50%
$1
Hometown Money Market
4.50%
$25,000
Money Market
4.50%
$20,000
High Yield Money Market
4.50%
$25,000
Platinum Money Market
4.46%
$2,000,000
Mega Money Market
4.40%
$0
Money Market Advantage
4.37%
$25,000
Super Saver Money Market
4.35%
$50,000
Money Market
4.34%
$25,000
Performance Money Market
4.30%
$50,000
Money Market
4.25%
$25,000
High Yield Money Market
4.25%
$100,000
Money Market (6-Month Promo)
4.25%
$25,000
Money Market
4.25%
$25,000
Premier Money Market
4.25%
$10,000
Premier Money Market
4.25%
$250,000
Premier Money Market
4.08%
$5,000
Money Market Max Plus
4.08%
$100,000
Money Market
4.08%
$200,000
Money Market
4.07%
$1,500
Money Market Advantage
4.07%
$25,000
Money Market
4.07%
$0
Premium Money Market
4.01%
$25,000
Money Market
4.00%
$5,000
Blue Axis Money Market
4.00%
$100,000
High Yield Money Market
4.00%
$2,500,000
Everett Elite Money Market
4.00%
$100,000
Gold Money Market
4.00%
$500,000
Premium Money Market
4.00%
$250,000
Liquid Platinum Money Market
4.00%
$1,000,000
Money Market
4.00%
$500,000
Sugar River Money Market
4.00%
$250,000
1903 Money Market
4.00%
$50,000
Premier Money Market
4.00%
$50,000
MonuMINT Business Emerald Money Market
4.00%
$500,000
ManageMINT Emerald Money Market
4.00%
$250,000
IRA Money Market
4.00%
$25,000
Business Bundle Money Market
4.00%
$10,000
Money Market
4.00%
$0
Premier Money Market
4.00%
$100,000
Money Market
3.97%
$1,500,000
SuperSaver Money Market (Jumbo)
3.90%
$100,000
Money Market
3.85%
$500,000
High Yield Money Market
3.82%
$500,000
Premium Money Market
3.82%
$25,000
High Yield Money Market
3.81%
$1,000,000
Money Market
3.77%
$100
Money Market (Companion)
3.75%
$2,500
Money Market
3.75%
$5,000
Money Market
3.75%
$500,000
Premier Money Market
3.75%
$25,000
Top Yield Money Market
3.75%
$1,000,000
Money Market
3.75%
$500
Money Market
3.75%
$1,000
Platinum Money Market Savings
3.75%
$100,000
Business Premium Money Market
3.60%
$1,000,000
Premium Personal Money Market
3.60%
$1,000,000
Money Market
3.56%
$1,000
SecFed High Yield Money Market
3.56%
$250,000
Liberty Premium Money Market
3.56%
$100,000
Platinum Money Market
3.56%
$500,000
Rate Watchers Money Market
3.56%
$25,000
Prosper Money Market
3.55%
$25,000
Enterprise Enhanced Money Market
3.55%
$2,000
Smart Money Market
3.50%
$100
Business High Yield Money Market
3.50%
$1,000,000
Rewards Money Market
3.50%
$5,000
Money Market
3.50%
$1,000,000
Premier Money Market
3.50%
$250,000
High Yield Money Market
3.50%
$1,000,000
Super Savers Money Market
3.49%
$0
SuperSaver Money Market
3.40%
$5,000
Money Market
3.40%
$250,000
Money Market
3.40%
$100,000
Money Market
3.35%
$100,000
Money Market
3.34%
$500
Premium Money Market
3.30%
$1,000,000
Money Market
3.30%
$100,000
Money Market
3.30%
$90,000
Money Market
3.30%
$200,000
Money Market Savings
3.30%
$0
Lighthouse Money Market
3.29%
$1,000,000
Prime Personal Money Market
3.27%
$10,000
Business Prime Money Market
3.27%
$10,000
Money Market
3.26%
$250,000
Money Market
3.25%
$1,000
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.