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Top Savings Accounts

In the United States, we love our money. And we love to save it. According to a 2019 study by GOBankingRates, Americans have more than $9.34 trillion held in various financial institutions.

From certificates of deposit to money market accounts, Americans may save money for a rainy day in various ways. Gross private savings in the United States amount to $4.64 trillion, while personal savings amount to $1.06 trillion.

But which savings account gives Americans the highest return on their investment? We took a closer look at the data to find out.

Defining Savings Account

Savings accounts are federally-backed financial tools that enable you to grow your money. In most cases, the best savings accounts tend to have high annual percentage yields or APYs. The higher the annual percentage yield (APY), the more money you’ll get over time.

When you open a savings account, you’ll need to deposit money into the account. Once your money is in the account, it will earn interest. The interest is what allows you to grow your money over time.

There are a few different types of savings accounts, but the most common are the following:

  • Traditional or regular savings account
  • Money market account
  • Certificate of deposit account.
  • High-yield savings account

To find the best savings account, you’ll want to look for an account with a high APY. The average savings account APY is 0.07%, but some accounts offer up to 20x that.

When looking for a savings account, it’s essential to consider some things. The top savings accounts should complement your financial objectives and habits.

At the absolute least, this entails locating an account that pays a reasonable interest rate, has low fees, and has low minimum balance requirements. Automatic savings tools and an ATM card are helpful to account features.

The Top Most Savings Accounts

The best savings accounts offer high APYs, low fees, and easy access to your money. Here are the top five savings accounts from our analysis, in order:

Discover Bank


Large ATM networkNo monthly feesCashback rewards on the checking accountGood rate on savingsNo minimum balance required to earn interestNo cash depositsOne physical branch

Why we choose it

You’ll get cash back and free access to an extensive ATM network when you use your Discover Bank debit card to make eligible monthly purchases. A robust high-yield savings account is also available through the internet bank. However, customers who like to bank in person


Discover is known for its rewards credit cards, but that’s only a small part of what they do. It’s a payment services provider as well as a full-service online bank. Individuals can use Discover for banking and retirement planning. Discover is a lender offering personal, student, and home equity loans.

The yearly percentage yield on the Discover online savings account is higher than the national average of 0.07%, and there are no account maintenance fees. Interest accumulates daily, and it gets paid out monthly. There is also no requirement for a minimum balance to earn interest.

Discover’s agents are available by phone 24 hours a day, seven days a week. You can also contact the bank via mail or social media.

CIT Bank


No monthly feesMoney market account with a reasonable minimum deposit.Competitive rates on the money market and high-yield savings accounts.Little interest in checking accountsChecking requires a large minimum deposit.Refundable ATM fees of up to $15 per monthNo ATMsNo bank branches

Why we choose it

CIT Bank is a well-known online bank that offers a money market savings account, a checking account, certificates of deposit, and high-yield savings accounts. CIT doesn’t charge monthly maintenance costs, and many of its interest rates are fair. However, there is no free ATM network, which is rare among online banks that provide checking accounts.


CIT Bank offers two types of savings accounts: Savings Builder and Premier High Yield Savings. Both accounts have a $100 minimum deposit requirement and no monthly service costs. With the Savings Builder account, you can earn up to 0.45% APY depending on your account balance and how often you make deposits. The Premier High Yield Savings account offers 0.50% APY on all balances.

CIT Bank also provides a Savings Connect package that includes a fixed-rate savings account, an interest-bearing e-checking account, and a Mastercard-branded ATM card. There is no monthly charge, minimum monthly deposit, or monthly balance requirement, and the account comes with up to $30 in cash back on ATM fees from other banks. Customers may use the mobile app to deposit checks and manage their accounts.

Barclays Bank


No monthly feesCompetitive savings No minimum opening depositsBeneficial credit card rewardsNo checking accountsNo physical branches 

Why we choose it

The annual percentage yield (APY) on Barclays’ high-yield savings account is 0.90 percent, which is better than the national average but lower than the top online savings accounts currently available. There is no requirement for a minimum deposit and no monthly service fees. You may make online transfers to and from other banks.


Barclays Bank is an international bank with operations in more than 50 countries and territories. The bank offers various financial services, including personal and business banking, credit cards, investment management, and wealth management.

Barclays is a terrific bank to grow your savings with minimal costs and strong returns. The Online Savings account provides a tool for establishing savings goals and pays 0.90 percent APY. You can open an account with no minimum deposit, and there are no monthly service fees.

Marcus by Goldman Sachs

No monthly feesNo minimum depositsPenalty-free CDsCompetitive savings rateNo ATM networkNo branches

Why we choose it

Marcus has a savings rate of 0.85 percent, which is higher than the national average annual percentage yield of 0.07 percent. No minimum deposit is required to start the account, and no monthly fees are charged.


This bank is an excellent choice if you want to grow your funds. The 0.85% APY means this account is designed to give savers the biggest bang for their bucks.

Same-day transactions up to $100,000 are available via Marcus. They also offer a mobile app that makes it easy to keep track of your finances on the go.

For those who want to make saving easier, Marcus offers an autopay feature that automatically transfers funds from your linked checking account to your savings account each month. You can also set up email or text alerts to help you stay on top of your balance.

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