Key Takeaways
The best banks for savings accounts offer higher rates than their competitors, with numerous financial institutions offering annual percentage yields (APYs) near or above 4.4%. They also have low minimum balance requirements and charge few to no fees.
Many banks and credit unions have been increasing the interest rates they offer in recent weeks following the Federal Reserve’s September rate hike — its first since July 2023.
Money’s methodology for selecting the best savings account is based on several key points, including account fees, access to funds, APY, customer service, financial standing, fraud protection, minimum deposit requirements, privacy, security, transparency and more.
The best savings accounts offer high annual percentage yields (APYs), have low minimum balance requirements and charge low (or no) fees while also providing customers with reliable and widely accessible customer service.
The products on our list offer some of the highest APYs available. Organized alphabetically, here are Money’s top picks for the best savings accounts for November 2026:
Ally: Best Digital Savings Tools
Barclays: Best Savings Account to Pair With a Certificate of Deposit (CD)
Bread: Best No-Frills Savings Account
Capital One: Best Savings Account for Kids and Teens
CIT Bank: Best Savings Account for $5,000 and Up
Marcus by Goldman Sachs: Best Online Savings Account Option
Raisin: Best Savings Account Marketplace
SoFi: Best Savings and Checking Account Combination
Synchrony Bank: Best Savings Account with an ATM Card
*Rates and APYs are subject to change. All information provided here is accurate as of Oct. 20, 2026.
Pros
Savings “buckets” make it easy to visualize and keep track of savings goals
“Surprise Savings” tool to help you identify potential savings opportunities
24/7 customer support, no minimum deposit required, and mobile check deposit available
No fees for maintenance, overdrafts, incoming wires or cashier’s checks
No. 2 in customer satisfaction among HYSA providers
Cons
No ATM access for online savings account (you can still use ATMs without a fee)
No brick and mortar locations
Withdrawals are limited to 10 per statement cycle
Very low Trustpilot ratings
CFPB complaints are trending upward
HIGHLIGHTS
APY
3.1%
Minimum opening deposit
None
Other fees
Expedited delivery $15 / Outgoing domestic wires $20
Ally Bank offers innovative savings tools, such as “buckets” and “boosters,” which are integrated into its mobile app.
Ally Bank’s online savings account not only offers a competitive APY, but also stands out with its smart saving tools. Saving buckets allow savers to divide their savings into up to 10 different categories. Additionally, Ally Bank offers automated savings tools called boosters that feature:
Recurring transfers: Schedule recurring transfers from your checking account.
Round ups: Ally automatically rounds up eligible transactions to the nearest dollar, then automatically transfers these amounts to your savings in increments of $5 or more.
Surprise savings: Ally analyzes your checking account monthly for funds it considers “safe to save” and automatically transfers them to your savings account.
You can opt in or out of these automated boosters at any time. There are also visualization features on the Ally app that help you better track progress and meet savings goals.
Pros
No monthly fees on savings or CD accounts
Competitive APYs on CDs with a variety of term lengths
No minimum deposit requirement for savings or CDs
Above-average customer satisfaction among HYSA providers
Up to $200 cash bonus
Cons
No ATM access
Low BBB reviews
Must have a balance of $250k to get highest rates
HIGHLIGHTS
APY
3.5% to 3.65%
Minimum opening deposit
None
Other fees
No monthly maintenance fees / No limit to the number of withdrawals and transfers
Barclays offers competitive rates for its savings account and certificates of deposit (CDs).
Barclays Online Savings offers a strong APY, allows for check deposits (which not all accounts do) and boasts an even higher APY (up to 4.75%) on its CDs. Its CDs come with terms of either 6, 9, 12, 18, 24, 36, 48 or 60 months. If you’re looking to incorporate a CD alongside your savings account, Barclays is a solid choice.
Pros
No monthly maintenance fee
Mobile check deposit
Wide variety of CD terms available
Unlimited transfers to external accounts
Highly rated mobile apps
Cons
Required $100 opening deposit may be too high for some customers
No ATM card available
$1,500 minimum required for CDs
HIGHLIGHTS
APY
4.05%
Minimum opening deposit
$100
Other fees
$25 per outgoing wire transfer / $15 per official check request / $5 per paper statement request
Bread Savings has one of the highest APYs on our list. The online bank charges no fees, has a mobile check deposit option and allows unlimited transfers.
Bread Financial offers a high-yield savings account with a strong APY, which requires a minimum opening deposit of $100. You can fund your account through electronic transfers or mobile check deposits in the Bread Financial app.
After funding, Bread Savings has no ongoing minimum balance requirement or monthly fees. The bank also doesn’t charge overdraft fees, and there are no restrictions on the number of transfers to external bank accounts. The bank also has a wide variety of CD terms (with up to 4.85% APYs) you can pair with your account, though you’ll need at least $1,500 to open one.
Pros
No minimum required deposit, no account maintenance fees, no excess withdrawal fees
Available for ages 6 and up and offers automatic savings rules to help your child save more
Offers automatic savings rules to help your child save more
Can create separate multiple accounts for separate savings goals
Above-average customer satisfaction among HYSA providers
Cons
No ATM card
APY is lower than other companies we evaluated
HIGHLIGHTS
APY
2.5%
Minimum opening deposit
None
Other fees
No monthly or maintenance fees
Capital One offers a custodial savings account with no monthly fees, no minimum deposit and a competitive APY. Parents and guardians can link this account to their own to help manage finances.
While best known for its credit cards, Capital One offers multiple savings products, including its Kids Savings Account (available to children ages 6 and up). Parents and guardians with children of any age can open this free account, which also has no minimum balance requirement, to help them learn personal finance basics without the risk of extra charges.
The savings account can be paired with a fee-free Teen Checking Account, which comes with a debit card that guardians can lock or unlock at any time. Parents and guardians can set up automated deposits from this account as well as transfers from their own accounts, and oversee all of their Capital One accounts via the mobile app.
While the APY on the Kids Savings Account is lower than what’s offered by other financial institutions on our list, it remains a helpful tool for youth to learn how to manage money while under adult supervision. And if you need your own savings account, the bank’s 360 Performance Savings is a popular choice and currently offers a 3.1% APY.
Pros
High APY for accounts funded with $5,000 or more
No balance cap on highest available APY, and no limit on transfers to external bank accounts
No opening, maintenance or overdraft fees
Mobile check deposit via CIT Bank app
Highly rated mobile apps
Cons
No ATM card for withdrawals
Must maintain balance of $5,000 or more to earn highest APY
Highest APY only available for six months
Low Trustpilot ratings
HIGHLIGHTS
APY
4.25% (Platinum Savings)
Minimum opening deposit
$5,000 for highest APY, $100 otherwise
Other fees
$10 outgoing wire transfer fee for accounts with less than $25,000
CIT Bank offers 4.25% APY on balances of $5,000 or more.
The bank charges no monthly or overdraft fees and has no limits on how many transfers you can make out of your Platinum Savings account. A $100 deposit is required to open the account. Note that while there is no ongoing minimum balance requirement, only balances of $5,000 and up earn the highest available APY. Below that threshold, the APY is just 0.75% (including the six-month boost).
CIT Bank also offers the Savings Connect account, which has a slightly lower APY (currently 3.65%). That also requires only $100 to open and there is no minimum to get the highest APY. Like Platinum Savings, this account also features no monthly fees and no overdraft charges.
For a complete list of account details and fees, see CIT’s Personal Account disclosures.
*Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance.
*APYs — annual percentage yields are accurate as of Oct. 20, 2026: 3.65% APY on balances of $0.01 to $4,999.99; 4.25% APY on balances of $5,000.00 or more. Interest rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
*Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of Oct. 20, 2026.
Pros
Same-day transfers of up to $100,000 (inbound and outbound)
No monthly fees, no wire transfer fees and no minimum deposit requirement
24/7 customer service
No. 1 in customer satisfaction for HYSA providers
Highly rated mobile apps
Cons
No ATM access for savings account
No mobile check deposits
HIGHLIGHTS
APY
3.5%
Minimum opening deposit
None
Other fees
None
Marcus by Goldman Sachs is our choice for the best online savings account due to its solid APY, fast transfers and low fees
Marcus by Goldman Sachs offers a solid savings account: no fees, competitive APY and no minimum opening deposit requirement. You can also transfer funds both in and out of the account — up to $100,000 — on the same day. There’s even a “transfer tracker” to help you monitor the status and timing of any transfers.
Pros
Compare savings accounts from over 10 different credit unions and banks
No monthly fees on any accounts offered so long as you satisfy account requirements
You can add additional savings products to your Raisin account to get the most out of your funds
Very high Trustpilot ratings
Up to $1,000 cash bonus
Cons
Must register with Raisin for access to all savings products
Account requirements (e.g., minimum opening deposit) and features vary widely across financial institutions
HIGHLIGHTS
APY
Up to 4.3%
Minimum opening deposit
$1
Other fees
Varies by bank
Raisin partners with over 100 financial institutions to offer a variety of savings products with competitive APYs — including the highest on Money’s list.
Raisin is an online marketplace where you can comparison-shop for high-yield savings accounts and CDs from 100+ member FDIC or NCUA national banks, online-only banks and credit unions, including Liberty Savings Bank, EverBank, Quontic Bank, Sallie Mae and Western Alliance Bank.
You can search for accounts based on specific characteristics (e.g., credit union, minority-led, charitable companies, digital first) as well as APY and the amount you plan to deposit. Furthermore, once you’ve signed up, you can add additional accounts from other partner banks and manage them all at once through your Raisin account. It’s also worth mentioning that Raisin comes highly rated by customers. The site has 4.4 out of 5 stars on Trustpilot, based on more than 13,000 reviews.
Pros
Sign-up bonus of up to $400
Multiple savings tools, including Vaults for individual savings goals
Get paid up to two days early with direct deposit to checking account
Interest-bearing checking account
Above-average customer satisfaction among HYSA providers
Cons
Must set up direct deposit to SoFi checking account to qualify for highest APY and signup bonus
Highest APY only available for six months
HIGHLIGHTS
APY
Up to 4.4% (with qualifying boost of 1.1% for the first six months)
Minimum opening deposit
None
Other fees
None
SoFi offers a strong savings APY and cash back on debit card purchases, plus a sign-up bonus of up to $400. If you meet certain direct deposit requirements, you can earn up to 4.4% APY for the first six months.
SoFi is an ideal choice for people looking to host their savings and checking accounts within the same bank. Its savings account offers a competitive APY and several savings tools, including automated round-ups. (SoFi automatically rounds up your debit card purchases to the nearest dollar and deposits the change into your savings account.)
Furthermore, new SoFi customers can receive up to $400 as a sign-up bonus. To get the full amount, you must receive direct deposits totaling at least $5,000 during the qualifying period, which starts the day you receive your first direct deposit and ends 25 days later. Direct deposits of at least $1,000 but less than $5,000 qualify for a $50 bonus.
Pros
Includes debit card for ATM withdrawals and purchases
No monthly limit on number of ATM transactions
No minimum deposit, minimum balance or monthly fees
Virtual savings goal calculator
Numerous CD options available
Cons
Only $5 in ATM fee reimbursements per statement cycle
$1,000 daily ATM withdrawal limit
$500 daily point-of-sale transaction limit
Limit of six transfers to external accounts per month
Below-average customer satisfaction among HYSA providers
$25 wire transfer fee
HIGHLIGHTS
APY
3.75%
Minimum opening deposit
None
Other fees
Surcharges from out-of-network ATMs (refunded up to $5 per month), $25 outgoing wire transfer fee
Synchrony Bank is one of the few banks that includes an ATM card with its online savings account.
You can use your Synchrony ATM withdrawals for free at in-network ATMs (Plus or Accel) or for a fee at out-of-network ATMs. You may also be able to use your ATM card fee-free at businesses that accept PIN-based ATM cards.
Note that Synchrony only reimburses up to $5 in ATM fees per statement cycle. Additionally, there is a limit of $1,000 in ATM withdrawals per day.
How to choose a savings account
The most important factor when choosing a savings account should be a high APY. This ensures that your savings get a small monthly boost.
However, the best savings accounts also include features such as:
No monthly fees
No minimum balance requirements
No overdraft fees
Easy account management, including online transfers in and out of your account
Mobile banking app with mobile check deposit
No limit on how many withdrawals you can make per cycle
Access to funds via ATM withdrawal with no ATM fees (or unlimited reimbursements)
24/7 customer service
Strong customer ratings
How does APY work?
Annual percentage yield (APY) works by compounding interest. The APY shows the total amount of interest you will earn, including both the principal (the funds you deposit) and the interest earned on those funds.
For example: You deposit $1,000 into a savings account with a 5.02% interest rate and 5.15% APY. The interest rate is the amount you earn on the principal ($1,000). However, the APY reflects compound interest, which includes the principal amount plus the interest earned.
We’ll use daily compounding interest in this scenario, because that’s what most savings accounts offer (rather than monthly compounding interest). With an APY of 5.15%, in 12 months — assuming you don’t withdraw or add any funds — you earn a total of $51.48 in interest. At this point, your savings account balance will be $1,051.48.
It’s important to note that APYs are variable and can rise or fall depending on market conditions. Keep an eye out for changes to ensure you’re getting the best possible return on your funds. For example, with the Federal Reserve recently voting to raise interest rates, many banks have opted to increase their savings account rates. These increases are reflected in the rates listed for each institution above.
Latest news in savings accounts
The Federal Reserve voted to increase the federal funds rate at its September meeting by a quarter-point. When the Fed raises rates, it often results in higher savings and CD rates, too. Be sure to check that your financial institutions are still paying the highest rates available.
Rates on CDs, a popular type of savings vehicle, were already trending upward before the Fed’s most recent meeting. According to CD Valet, 93% of rate changes on the site since September were increases. The number of institutions offering APYs of 4% or higher jumped almost 74%.
Savings Accounts FAQs
Which bank has the best savings account?
The best savings account depends on your financial needs. If you’re looking for an account with digital savings tools, Ally is your best bet. For a kids savings account, look to Capital One. And for an account that pairs well with a certificate of deposit, consider Barclays. All three ranked in Money’s list of the best savings accounts for 2026.
What account fees should you avoid with savings accounts?
Accounts fees you should avoid with savings accounts include monthly maintenance fees and minimum balance fees. Most financial institutions do not charge these fees. If yours does, consider looking for a new account.
How does a savings account work?
A savings account works as follows: You deposit funds and those funds earn interest at a rate determined by the financial institution in question. Interest may be calculated daily, weekly or monthly, although daily is most common. Banks typically credit this interest once per month.
How much interest does a savings account earn?
The interest you earn with a savings account varies by financial institution. Some savings accounts are offering low annual percentage yields, while others are on par with the rates of high-yield savings accounts.
Can I open a savings account for my child?
Yes, opening a savings account for a child is as simple as opening one for an adult. In addition to requirements listed above, the other information you’ll need to provide is your child’s. A savings account not only provides funds for your child, but can also help them learn the basics of personal finance.
Which bank offers 7% interest on savings accounts?
No banks are offering 7% interest rates on savings accounts these days. The current national average rate on a savings account is 0.38%, according to the Federal Deposit Insurance Corporation. Some banks offer high-yield savings accounts with rates that go up to 4.25%
How we chose the best banks for savings accounts
Our methodology for selecting the best savings account is based on several key points, including:
Access to funds: We considered access to funds in analyzing savings accounts to provide detailed information about how (and how often) customers can make withdrawals.
Account fees: We searched for savings accounts with zero monthly fees.
Annual percentage yield (APY): We reviewed accounts for consistently strong APYs.
Customer service: Financial institutions must have a strong reputation for excellent customer service. We analyzed customer feedback across multiple third-party review sites, as well as J.D. Power’s Direct Banking Satisfaction Survey.
Financial standing: Your financial institution should have a good financial rating from a reputable credit rating agency. We analyzed reports from S&P Global Ratings, Moody’s and Fitch Group.
Fraud protection: We looked for financial institutions that offer assistance with fraud identification, including tips for spotting identity theft and financial scams. We also analyzed fraud protection policies for guarantees that customers will not be held liable for unauthorized transactions.
Minimum deposit requirement: We considered accounts with minimum deposit requirements and included them only when they offered benefits to account holders.
Member FDIC or NCUA: We require that all financial institutions on our list are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), which guarantees deposits up to $250,000 per depositor, per ownership category, per FDIC-insured institution.
Mobile app: We assessed ease of use and ratings for each financial institution’s mobile app.
Privacy: Financial companies often share your personal information to help you use their products effectively. Details about information sharing should be clearly stated in a financial institution’s privacy policy. However, customers should be given the option to opt out of sharing their personal information with third parties, as required by federal law.
Security: We analyzed banking site and mobile app security measures, such as end-to-end data encryption, multi-factor authentication and biometric login options.
Transparency: Financial institutions should be upfront about fees, interest rates and other terms.