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The average interest rate paid by a savings account right now is FDIC National Deposit Savings Rates, according to the FDIC.
The best online institution for getting a competitive interest rate on a high-yield savings account is LendingClub. LendingClub pays LendingClub High-Yield Savings Account on the LendingClub High-Yield Savings Account. National brick-and-mortar banks generally pay much lower interest rates than online banks. For example, Wells Fargo pays Wells Fargo Way2Save® Savings Account on the Wells Fargo Way2Save® Savings Account.
We’ve been checking over a dozen financial institutions to keep up with their new rate offerings. Our best savings accounts guide and best high-yield savings account guide can be great starting points in your research — but if you prioritize finding the highest rates above all else, this list is for you.
Best savings account interest rates
LendingClub High-Yield Savings Account: LendingClub High-Yield Savings Account
The LendingClub High-Yield Savings Account might be ideal if you have at least LendingClub High-Yield Savings Account to open an account. LendingClub also has a solid cash-back checking account.
UFB Elite Savings: UFB Rewards Savings
UFB Elite Savings could be worthwhile if you’d like easy access to your account — the savings account comes with an ATM card. UFB Direct only offers types of online savings accounts. If you’re planning on opening a checking account or CD as well, you might consider other banks.
Bask Bank Interest Savings Account: Bask Bank Interest Savings Account
Bask Bank might be a good fit if you’d like to open an account with Bask Bank Interest Savings Account. However, keep in mind that the online-only bank only offers savings accounts and CDs. If you’re also looking for a checking account, you’ll want to consider other financial institutions.
CIT Bank Savings Connect: CIT Bank Savings Connect Account
The CIT Bank Savings Connect Account is straightforward savings account with a high interest rate. CIT Bank might be ideal if you’re searching for CDs or money market accounts, too. CIT Bank is currently offering a unique promotional offer through its money market account, and the bank offers a wide range of CD options.
Citizens Access Savings: Citizens Online Access Savings Account
The Citizens Online Access Savings Account could be a good choice if you have at least $5,000 for a minimum opening deposit. If the initial opening deposit is too steep, other banks listed let you open an account with less money upfront.
Bread Savings: Bread Savings High-Yield Savings Account
The Bread Savings High-Yield Savings Account is another solid high-yield savings account. It could be a good choice if you have at least Bread Savings High-Yield Savings Account to get started.
If you haven’t heard of Bread Savings, you might be familiar with Comenity Direct. Comenity Direct has recently been rebranded because its parent company, Bread Financial, has expanded to include lending options.
BrioDirect High-Yield Savings Account: BrioDirect High-Yield Savings Account
The Redirect High-Yield Savings Account may be appealing if you can open an account with at least BrioDirect High-Yield Savings Account. Most high-yield savings accounts at online banks have lower minimum opening deposits, though.
Betterment Cash Reserve: Betterment Cash Reserve Account
Although Betterment is primarily known as an online investment platform, it also has a checking and cash reserve account. Betterment Cash Reserve is essentially a high-yield savings account. It might be worth exploring if you currently invest with Betterment and you’re searching for a savings account that lets you save for individual goals.
Credit Karma Save Account: Credit Karma Money Save Account
The Credit Karma Money Save Account has no minimum opening deposit or monthly fees. This account may a good option if you find Credit Karma’s instant feature appealing. Credit Karma’s Instant Karma feature allows you to earn rewards when you use your Credit Karma debit card.
Keep in mind Credit Karma only has a save account and spend account. If you’d like to open a CD or money market account too, you might consider other institutions.
Personal Capital Cash Account: Personal Capital Cash Account
Although Personal Capital is primarily an investment platform, you may also earn a high interest rate on your cash by opening the Personal Capital Cash Account. Anyone can open an account as long as they’re a US citizen or a US permanent resident who is over the age of 18 and doesn’t have any IRA backup withholdings.
To earn 2.70% APY, you must be a Personal Capital advisory client. Otherwise, you’ll earn 2.60% APY.