Best Savings Accounts of November 2023

Whether you’re saving for a down payment for a home or just want to park some cash and earn some interest, a savings account could be the solution. Savings accounts safely store your money and pay interest at the same time.

Finding the perfect savings account when there are so many options can feel overwhelming, though. To help, we’ve narrowed down the list of options to the eight best savings accounts. We’ll also share tips on how to pick the best account for your personal finance situation and the key factors to look for.

Featured Offer

Turn your savings into passive income

• Incredible 5.26% APY⁶ to boost your savings
• Interest is compounded daily and posted to your account monthly
• Enjoy 24/7 online access to your account and funds
• FDIC insured through Third Coast Bank SSB, no fees, $1 minimum deposit

Visit CloudBank 24/7

The best savings accounts of November 2023

• Varo Savings account: Best for high interest on small balances
• UFB Premier Savings account: Most accessible high-yield savings rate
• Wealthfront Cash account: Best savings account alternative
• CIT Bank Savings accounts: Best for building a savings habit
• Citi Accelerate High-Yield Savings: Best traditional bank
• American Express High Yield Savings account: Best for customer service
• High Yield Chime® Savings account: Best for automated savings
• TD Bank Savings accounts: Best for ATM fees

Compare the best savings accounts

Varo Savings account: Best for high interest on small balances

Varo offers a savings account with a unique twist that allows you to earn a high interest rate well above the national average on certain balances. The account can even be managed through the iOS or Android mobile app.

Join The Bank with 0 Monthly Fees

Learn More

Typically, the account comes with an APY of 3.00% (as of Oct. 3, 2023). However, you could bump that up to 5.00% (as of Oct. 3, 2023) APY. To get the highest APY, you must receive total qualifying direct deposits of $1,000 or more each month.¹

The twist is depositors cannot allow their Varo saving account to exceed a daily balance of $5,000 any time during the calendar month to earn this higher interest rate. This limit may seem counterproductive to some people for a savings account, but if you’re just starting to save or you want an account for a specific goal, this could be a great fit and a simple way to earn a highly competitive interest rate.

Visit Varo

… Or read our Varo Savings account review.

UFB Premier Savings account: Most accessible high-yield savings rate

UFB Premier Savings has a high APY rate with relatively few strings attached. You can get up to 5.25% (as of Oct. 3, 2023), and UFB Direct doesn’t require you to set up direct deposit. You also don’t have to maintain a minimum balance or pay any maintenance fees.

This account also comes with a complimentary ATM card, which is good because UFB Direct is an online bank. If you need access to cash, you’ll need to use an ATM. And while UFB doesn’t reimburse ATM fees, it does have around 91,000 ATMs across the U.S. that you can use for free. Use the mobile app to find one near you.

Visit UFB Direct

Wealthfront Cash account: Best savings account alternative

The Wealthfront Cash account is not a savings account, and it’s not offered by a bank. This Cash account is similar to a high-yield savings account, but it comes from investment robo-advisor Wealthfront rather than from a traditional bank.

Wealthfront Cash Account - 5.00% APY⁷

High Yield Cash Management Account. $1 minimum deposit. FDIC Insured.

Open Account

Details aside, the Wealthfront Cash account is worth your attention due to its impressively high interest rate. You can get 5.00% APY. And unlike a lot of savings accounts, the Wealthfront Cash account doesn’t have minimum balance or direct deposit requirements. It also doesn’t charge any maintenance fees.

Keep in mind that Wealthfront is online only, so you can’t walk into a brick-and-mortar location. In this case, that also means you can’t deposit cash.

Visit Wealthfront

…or read our Wealthfront Cash Account review

CIT Bank Savings accounts: Best for building a savings habit

CIT Bank offers a few savings accounts that proactively help you build a savings habit. For people looking for a bank with multiple account options, CIT also offers a checking account, certificates of deposit (CDs), and mortgage loans.

CIT Bank Platinum Savings - 5.05% APY⁸

High Yield Savings Account. $5,000 minimum balance. FDIC Insured.

Open Account

The CIT Bank Platinum Savings account has the highest APY of all CIT's options: 5.05%. This account has no maintenance or account opening fees, but it does have a minimum deposit requirement of $100. You also have to maintain at least a $5,000 balance to get the highest APY, but that's still relatively accessible compared to CIT Bank's Savings Builder account. If you can swing the minimums, then this account's APY is a great catch. 

If you're trying to make savings a habit, then the CIT Bank Savings Builder account is excellent for saving money consistently. The bank rewards you with a higher APY of up to 1.00% (as of Aug. 29, 2023) if you make at least one deposit of $100 or more each month. You can also earn the higher APY by maintaining a minimum balance of $25,000. Otherwise, you earn only 0.40% (as of Aug. 29, 2023).

CIT Bank also offers a Savings Connect account that pays a higher APY of 4.65% (as of Aug. 29, 2023). if you have a linked eChecking account and deposit $200 or more per month from an external account into that account. This also promotes saving for people trying to build a savings habit.

Any of these bank accounts can be managed using CIT Bank’s iOS or Android apps.

Visit CIT Bank

… Or read our CIT Bank Savings Builder Account review.

Citi Accelerate High-Yield Savings: Best traditional bank

If you prefer to bank with a national bank and still want a high APY, the Citi Accelerate High-Yield Savings account may be a smart fit for you. The account offers an APY of 4.35% (as of November 28, 2023) and doesn’t limit the amount of interest you earn. You can even open an account with no minimum balance.

This account is online-based, which means you won’t hear about it in a Citi branch. The good news is you can manage this account and any other Citi accounts you have, such as a Citi Double Cash credit card, 24/7 through the Citi mobile app for iOS and Android devices.

Unfortunately, the Accelerate account is only available in select markets. But for those in the right locations, the Citi Accelerate could be a great fit.

Visit Citi

American Express High Yield Savings account: Best for customer service

The American Express High Yield Savings Account stands out for its outstanding customer service. If you want to be able to contact your bank whenever you want, this account could be a smart choice. The American Express National Bank offers customer support by phone 24 hours per day, seven days per week, to answer questions or deal with issues you may have.

This high-yield account is competitive in other aspects, too. For example, it offers an APY of 4.30% (as of Oct. 3, 2023) with no minimum balances and no monthly fees.

American Express also offers CDs, IRAs, personal loans, and credit cards. They have apps for Android and iPhone devices to manage your credit cards. If you have a credit card and a high-yield savings account, American Express is currently testing allowing account holders to manage their savings account via the app if they have signed up for one-click access.

Visit American Express

... Or read our American Express High-Yield Savings Review

High Yield Chime® Savings account: Best for automated savings

If you don’t want to worry about managing your account activity and balances or you have a higher savings goal in mind, Chime⁵ might be a smart solution. 

Chime® Checking⁵ - No Fees + Early Paydays^{2 9}

Checking Account. No minimum balance. FDIC Insured through The Bank Corp Bank, N.A. or Stride Bank, N.A.

Open Account

The Chime High Yield Savings Account offers an annual percentage yield (APY) of 2.00% (as of Oct. 25, 2023) ³ with no fees² , no minimum account balance requirement, and no maximums on earning interest.

And with your Chime Checking Account, you can take advantage of some helpful automated savings features. You can save the change from every purchase you make with your Chime Visa Debit Card.⁴ Or you can set up the account to automatically transfer money from every paycheck⁴ into your savings.

Mobile banking is available for all Chime accounts via their iPhone or Android apps.

Visit Chime

… Or read our Chime review.

TD Bank Savings accounts: Best for ATM fees

If you’re looking for a savings account from a big bank that doesn’t charge ATM fees and offers a wide variety of account types, TD Bank may be worth considering.

TD Bank offers two savings accounts, including the TD Beyond Savings account and the TD Simple Savings account. It also offers its clients checking accounts, CDs, credit cards, mortgages, personal loans, IRAs, and many other services.

The TD Beyond Savings Account requires a $20,000 minimum balance to waive the monthly maintenance fees. But the TD Simple Savings account only requires a $300 minimum balance to waive those fees.

Neither account offers impressive APYs, but the TD Beyond Savings account provides free ATM transactions anywhere as long as you maintain a $2,500 minimum daily balance. They even reimburse other banks’ charges from non-TD ATMs. This gives you a lot of leeway when it comes to ATM access.

Like most TD Bank accounts, this account can be managed by using their Apple or Android app on your mobile device.

Visit TD Bank

Featured High Yield Savings Accounts

CloudBank 24/7 Savings - 5.26% APY⁶

High-yield savings account. $1 minimum deposit. FDIC insured.

Open Account

Upgrade Premier Savings - 5.07% APY

High Yield Savings Account. $1,000 minimum balance. FDIC Insured through Cross River Bank.¹⁰

Open Account

SoFi Checking & Savings - Earn Up to $250 When You Set Up Direct Deposit

Earn 4.60% APY¹¹ and collect up to a $250 cash bonus with direct deposit or $5,000 or more in qualifying deposits.¹² FDIC Insured.

Open Account

Other popular savings accounts

In no particular order or rankings, here are more savings account options:

• Discover High Yield Savings Account: 4.35% (as of Nov. 16, 2023) APY
• Capital One 360 Performance Savings: 4.30% (as of Oct. 3, 2023) APY
• Ally Bank High Yield Savings: 4.25% (as of Oct. 16, 2023) APY
• Marcus by Goldman Sachs Online Savings: 4.40% (as of Oct. 3, 2023) APY

• LendingClub High-Yield Savings Account: 4.50% (as of Oct. 3, 2023) APY

• SoFi Savings Account: 4.60% APY with direct deposit and 1.20% (as of Oct. 24, 2023) APY without direct deposit

• Barclays Online Savings Account: 4.35% (as of Oct. 3, 2023) APY

• Synchrony Bank High Yield Savings: 4.75% (as of Oct. 3, 2023) APY
  

Note that this list doesn't include all available savings accounts. If you're interested in earning airline miles rather than cash with a savings account, consider Bask Bank.

What is a savings account?

A savings account is a type of bank account designed to allow you to put away money you don’t intend to spend in the near term. Savings accounts typically pay interest in the form of an annual percentage yield (APY), which can serve as an incentive for you to keep money in the account.

People use savings accounts for a variety of purposes. For example, you might use yours to save for a new computer, a future vacation, college costs for your kids, an emergency fund, to buy your next car, or any other goal.

Having multiple savings goals is among the reasons to have more than one savings account. Some banks allow you to open multiple savings accounts and create custom names for each. This could enable you to visualize your savings goals better.

Savings accounts at banks generally come with FDIC insurance. This covers you up to at least $250,000 in case the bank fails, and your funds go missing. Savings accounts don’t lose money due to market movements like an investment could. They have high liquidity, so they’ve historically been a reasonably stable place to stash any cash you want to have quick access to.

Traditionally, savings accounts have been subject to Regulation D, which limits deposit accounts to six withdrawals per month. However, the Federal Reserve suspended the enforcement of this rule in April 2020 due to the coronavirus pandemic. This is known as an interim final rule, which means it is not yet finalized but could become finalized in the future. Check with the savings account you’re considering to see if there are any withdrawal limits on the savings accounts you’re considering.

Types of savings accounts

Most of us probably think of a traditional savings account when someone says the words "savings account" to us. But there are actually a few different types of savings accounts:

• Regular savings accounts and high-yield savings accounts: These are the accounts most people are familiar with. They may be offered at a brick-and-mortar bank (like Chase or Bank of America) or by online financial institutions (or a combination of both, like Capital One). Depending who offers the account, you may or may not have access to things like wire transfers, or if it's an online-only bank, you may have to deposit your money via ACH as opposed to being able to deposit cash.
• Certificate of deposit accounts: Also known as CDs, these accounts often pay high returns on your money, but you may not be able to withdraw the money when you want to. You are typically committed to a specific term length before you have access to your money again.
• Money market account: The main advantage of these is that they often provide a higher interest rate. However, these accounts usually have a higher minimum balance requirement.
• Cash management account: These accounts combine checking and savings account features. You may also receive a higher interest rate than a standard checking account, though maybe not as high as with one of the best high-yield savings accounts.

Savings accounts vs. CDs

Both savings accounts and CDs (Certificates of Deposit) give you a way to stash money away for emergency savings or that big vacation you’ve always dreamed of. CD rates are often higher than most savings accounts. But while savings accounts allow you to withdraw your money almost anytime, CDs typically include term agreements that require you to keep your money in the account for a specified period of time.

Unlike savings accounts, you’ll usually face a penalty fee if you take your money out of a CD early. You can get a no-penalty CD to avoid the potential fee, but the rates are usually lower than time-bound CDs, which makes them roughly equivalent to a high-yield savings account.

How does compound interest work?

Compound interest is a powerful feature that the best savings accounts offer. To understand why this feature is so powerful, let’s go over how compound interest works:

1. Your initial balance earns interest that gets calculated on a certain time basis, possibly daily or monthly.
2. After your interest earnings are calculated, that newly earned money is automatically deposited into your account.
3. Now the interest you earned can earn interest too.

Simply put, compound interest is the interest you earn on your interest. This means a small difference like a competitive APY can make a huge impact on your savings. This is why high-yield savings accounts, or savings accounts with 5% interest, are so valuable.

Here’s an example showing the difference the savings account rate can make when you factor in daily compounding interest. We’ll look at a traditional savings account at the current average APY of 0.46% (as of Nov. 2, 2023) versus a high-yield savings account with a 3.00% APY.

APYs can vary widely from bank to bank, as can the timeframe the interest is compounded (the more often it compounds, the faster your money grows). Some banks require you to maintain a high balance in your account; some have no balance stipulations. 

How to pick the right savings account for you

Figuring out how to choose a savings account can feel overwhelming, but it doesn’t have to. Here are a few factors to consider to help you find the perfect account for you:

• FDIC or NCUA coverage: Banks that are FDIC members and credit unions that are National Credit Union Administration (NCUA) members offer account holders up to $250,000 of insurance on qualifying account types. This gives you peace of mind that your money will be safe even if the bank or credit union fails.
• Interest rate or APY: Savings account interest rates and APYs are different ways of expressing the rate of the money you’ll earn by leaving your cash in your account. The higher your interest rate or APY, the more you’ll earn. Savings accounts from traditional banks don't typically have the best rates. Online banks tend to have competitive rates.
• Service fees: Ideally, you’d find a bank with no fees. However, some banks offer additional services that may be worth paying fees depending on your circumstances. Make sure you read the fine print to understand what fees you may be subject to before opening a new account.
• Minimum deposit requirements: Some accounts require you to deposit a certain amount just to open them. If you’ve already saved a lot, this initial deposit may not be an issue. But if you’re new to saving, you’ll want to take this into consideration and make sure you have this amount ready to deposit.
• Minimum balance requirements: You may have to pay monthly maintenance fees if you don’t meet monthly minimum balance requirements. Some banks do not have these requirements, which may be a factor you want to prioritize depending on your situation.
• Online bank versus physical branches: The best high-yield online savings accounts may offer higher interest rates because the bank has lower overhead, which means the bank won’t have physical branches you can visit. Brick-and-mortar banks have higher expenses to stay open and therefore usually have lower interest rates, but they’ll provide in-branch services. Decide whether you prefer in-person or online banking before opening an account. Some banks may even offer a blend, providing paper statements and paper check-writing as well as mobile check deposit.
• Customer service: Check how and when you can contact customer service if you anticipate needing help with your account. Some banks offer in-person, phone, or online chat support.

Many financial institutions offer easy access to your account, with online and app options; some don’t. Some may offer a variety of financial services, while others may not have physical locations. Make sure you know which are the best banks for offering the things that are important to you.

Our methodology

In determining our list of the best accounts, we looked at eight popular financial institutions and evaluated them according to a set of criteria we consider critical to the consumer. We did not evaluate all banks or credit unions in the category. We used editorial judgment to determine what use or user each savings account would be best for.

FinanceBuzz evaluation criteria include:

• FDIC insured: All banks included on our list are insured by the Federal Deposit Insurance Corporation. You'll often see this indicated on a bank's website with the phrase "Member FDIC."
• APYs: We evaluated the APYs offered on the different accounts and the requirements to earn those APYs.
• Account features: We considered the features each savings account offered, including access to other financial products, ATM fees, the ability to set up automatic transfers, mobile app availability, and more.
• Minimum account opening balance: We included a variety of accounts in this regard as some accounts will be more available to newer savers, while others may have more savings and prioritize other bank account benefits.
• Fees: We considered any fees each account may have, including monthly maintenance fees, ATM fees, and more.
• Customer service: Customer service hours and contact options influenced what the accounts were classified as best for.

FAQs

Bottom line

Whether you’re looking for your first savings account or one that pays more interest, opening a new savings account doesn’t have to be difficult. First, decide which features are most important to you. Then, find a savings account that excels in that area.

If you’re looking for a savings account to help you work toward your financial goals, consider looking into the savings accounts listed above. And if you’re looking for a financial institution that offers more than just savings accounts, be sure to check out our list of the best banks. There you'll find banks that offer checking account, money market accounts, and more.

Reach Your Savings Goals Faster

SoFi Checking and Savings Benefits

• Earn up to a $250 bonus and up to 4.60% APY¹¹ on your money
• No account, overdraft, or monthly fees
• Get your paycheck up to two days early¹³
• Savings of up to 20% or more on select trips booked through SoFi Travel
• Access additional FDIC insurance up to $2 million

Open an account with SoFi here

Author Details

Lance Cothern Lance Cothern, CPA is a personal finance writer and founder of MoneyManifesto.com. Lance's work covering several personal finance topics has been published in U.S. News & World Report, Business Insider, Credit Karma, Investopedia, and several other publications.

More posts from Lance Cothern >