Which savings account earns the most money

Salem Five Direct is an online division of Salem Five, a bank that was founded in 1855 in Salem, Massachusetts. The division was the first online bank, started in 1995.

Salem Five Direct offers certificates of deposit, savings accounts and checking accounts. Its fees are low, and its rates are competitive.

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• Why we chose it

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  An e-One Savings account can be opened with $10.

  A competitive APY is paid on balances up to $1 million.

• What to watch for

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  The eOne Savings account is available only to customers who don’t have an existing checking or savings account with Salem Five Bank.

Bask Bank – 4.03% APY, $0 minimum opening deposit

Rating: 3.4 stars out of 5

Overview

Bask Bank, a division of Texas Capital Bank, made its debut in early 2020 with its Mileage Savings Account. Bask has since introduced its Interest Savings Account which offers a very competitive yield and doesn’t require a minimum opening deposit.

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• Why we chose it

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  Bask Bank has consistently offered a top-tier APY on its Interest Savings Account since it first debuted in early 2022. With no minimum balance requirement and no monthly fees, savers might find Bask Bank’s account to be an attractive option.

• What to watch for

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  You’ll need to fund your Bask Bank Interest Savings Account within 15 days of opening it, otherwise the account could be closed. 

Popular Direct -  4.01% APY, $5,000 minimum opening deposit

Rating: 3.4 stars out of 5

Overview

Popular Direct has been around since 2016. It offers a savings account and eight terms of CDs. The CDs have terms ranging from three months to five years.

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• Why we chose it

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  The Popular Direct High-Rise Savings account earns a competitive yield.

  The account has no monthly maintenance fee.

• What to watch for

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  At least $5,000 is needed to open a Popular Direct High-Rise Savings account.

  A $25 fee applies if the account is closed within the first 180 days.

PNC Bank - 4.00% APY, $0 minimum opening deposit

Rating: 3.9 stars out of 5

Overview

The PNC High Yield Savings account offers a competitive yield in certain markets. It requires no opening deposit and charges no monthly service fee.

Invest Rate

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• Why we chose it

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  PNC’s High Yield Savings account doesn’t require an opening deposit. It offers a competitive yield and has no monthly maintenance fee.

• What to watch for

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  There’s a $25 fee for closing the account during the first 180 days.

UFB Direct – 3.91% APY, $0 minimum opening deposit

Rating: 2.9 stars out of 5

Overview

The UFB Direct Rewards Savings account has one of the highest yields available and it offers ATM access. The account offers the same yield on every balance and it doesn’t require a minimum balance at account opening. 

Invest Rate

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• Why we chose it

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  UFB Direct’s Rewards Savings account offers a top-tier yield. It also offers ATM access, which isn’t offered by every online bank. 

• What to watch for

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  Time will tell if UFB Direct’s yield stays among the highest APYs over time, since savings APYs are variable.

MySavingsDirect – 3.90% APY, $1 minimum opening deposit

Rating: 3.2 stars out of 5

Overview

MySavingsDirect is a division of Emigrant Bank. It offers a savings account and CDs.

Invest Rate

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• Why we chose it

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  You only need $1 to open a MySavingsDirect. The bank is currently offering a competitive yield, and you won’t pay a monthly service fee with this account.

• What to watch for

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  There are some banks that offer a higher-yielding savings account. Also, you’ll need to mail a check in order to fund your account with a check.

BrioDirect – 3.75% APY, $25 minimum opening deposit

Rating: 4.8 stars out of 5

Overview

BrioDirect is an online subsidiary of Webster Bank. Its savings account earns a competitive yield. BrioDirect also offers CDs with terms ranging from 30 days to five years, all of which require a $500 deposit to earn the disclosed APY.

Invest Rate

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• Why we chose it

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  You’ll earn a competitive yield on a High-Yield Savings Account at BrioDirect. You only need $25 to open this account and it doesn’t charge a monthly service fee.

• What to watch for

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  BrioDirect offers a much more competitive yield on its High-Yield Savings account than it does on its money market account. BrioDirect’s money market account requires $100 to open it, while you only need $25 to open its savings account.

Citizens – 3.75% APY, $0.01 minimum opening deposit

Rating: 3.5 stars out of 5

Overview

Citizens is the online bank division of Citizens Bank. It offers a high-yield online savings account and CDs with terms between six months and five years. The online savings account doesn’t have a maintenance fee, but you’ll need at least $5,000 to open one.

Invest Rate

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• Why we chose it

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  Citizens offers a competitive yield on its savings account, and it doesn’t charge a monthly fee.

• What to watch for

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  At the moment, all balances earn the same yield at Citizens. But the bank does have a balance tier of under $5,000 and a balance tier for people with more than $5,000 in their account.

TAB Bank – 3.64% APY, $0 minimum opening deposit

Rating: 4.7 stars out of 5

Overview

TAB Bank’s High Yield Savings Account doesn’t require a minimum opening deposit and it doesn’t have a monthly maintenance fee.

Invest Rate

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• Why we chose it

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  TAB Bank pays a very competitive yield on its savings account. Since it doesn’t require an opening deposit and it doesn’t have a monthly maintenance fee, it’s an account that many people can open to start saving.

• What to watch for

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  Paper statements cost $5 for TAB Bank’s High Yield Savings Account.

LendingClub Bank – 3.60% APY, $100 minimum opening deposit

Rating: 4.4 stars out of 5

Overview

LendingClub Bank’s online savings account doesn’t have a monthly service fee and it will help you earn a top-tier yield on your savings. Although you’ll need to do your banking online, LendingClub Bank offers access to an ATM card so customers can deposit cash and make withdrawals. There is no minimum balance required to earn interest.

Invest Rate

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• Why we chose it

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   LendingClub Bank offers a top-tier savings APY, meaning it’s one of the top yields currently offered. That combined with the low minimum opening deposit requirement and no monthly service fee makes it an appealing option for savers to consider.

• What to watch for

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   You’ll need at least $100 to open a LendingClub Bank High-Yield Savings Account. At the time of this review, all balance tiers paid the same APY. But that might not always be the case in the future.

CIT Bank – 3.60% APY, $100 minimum opening deposit

Rating: 4.6 stars out of 5

Overview

CIT Bank’s Savings Connect account can be opened with just $100. The bank offers a competitive APY and doesn’t charge a monthly service fee for this account. It also has a Savings Builder account, a checking account, a money market account and CDs.

Invest Rate

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• Why we chose it

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  CIT Bank offers a competitive yield. And like many online banks, it doesn’t have a monthly service fee.

• What to watch for

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  You’ll need at least $100 to open your CIT Bank Savings Connect account.

Synchrony Bank – 3.50% APY, $0 minimum opening deposit

Rating: 4.2 stars out of 5

Overview

Synchrony Bank’s High Yield Savings account earns a competitive yield and it has ATM access. There are no monthly fees, no minimum deposit to open, and no minimum balance required.

Invest Rate

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• Why we chose it

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  The Synchrony Bank High Yield Savings account not only earns a competitive yield but it also comes with ATM access and the bank refunds $5 worth of ATM fees made domestically each month.

• What to watch for

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  You’ll need to make your initial deposit within 60 days of account opening – otherwise your account could be closed.

Bread Savings – 3.50% APY, $100 minimum opening deposit

Rating: 4.1 stars out of 5

Overview

Bread Savings is an online bank that offers a high-yield savings account and five terms of CDs. Bread Savings requires at least $100 to open this account.

Invest Rate

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• Why we chose it

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  Bread Savings pays very competitive yields on its savings account. With just $100 needed to open an account and no monthly maintenance fees, savers of all types may find it to be an appealing option.  

• What to watch for

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  A paper statement will cost you $5 per request at Bread Savings. The bank also charges $25 to send a wire transfer.

Citibank - 3.40% APY, $0 minimum opening deposit/$1 minimum for APY

Rating: 4.6 stars out of 5

Overview

The Citi Accelerate Savings account has a competitive APY in select markets. It’s not available in some larger states, such as California and New York state. The savings account doesn’t require a minimum balance to open the account.

There is a $10 monthly service fee if you have a checking and savings account linked and don’t meet the requirements to have the fee waived.

Invest Rate

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• Why we chose it

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  Citi’s Accelerate Savings account requires no minimum deposit to open, and all balances earn the same APY.

• What to watch for

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  There is a $4.50 monthly service fee if your savings account isn’t linked to a Citi checking account. You’ll need at least $500 in this savings account to waive that fee if the account isn’t linked to a Citi checking account.

CIBC Bank USA – 3.37% APY, $1,000 minimum opening deposit

Rating: 3.7 stars out of 5

Overview

CIBC Bank USA offers a competitive yield on its Agility Online Savings Account. And it doesn’t have a monthly service fee.

Invest Rate

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• Why we chose it

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  The CIBC Bank USA Agility Online Savings Account offers a top-tier yield. It’s a good option for some savers who have at least $1,000 to initially deposit.

• What to watch for

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  CIBC’s Agility Online Savings Account requires at least $1,000 as an opening deposit. This is a much higher requirement than some other online banks. You also won’t be able to make external transfers via CIBC NetBanking during the first 30 days that you have the account.

Morgan Stanley Private Bank – 3.25% APY, $0 minimum opening deposit

Rating: 3.8 stars out of 5

Overview

Morgan Stanley Private Bank offers its premium online savings account. Morgan Stanley Private Bank used to be E-Trade before Morgan Stanley’s acquisition closed in October 2020. 

Invest Rate

Loan

• Why we chose it

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  This savings account doesn’t have a monthly service fee. 
  
  You don’t need to make an opening deposit to open this account.

• What to watch for

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  You can only deposit $250,000 per day via the mobile app. But this is higher than some other banks’ limits.

  Where can I put my money to earn the most interest?

  The following ideas can help you make a plan to save and maximize your interest earnings..

  High-Yield Savings Account. ... .

  High-Yield Checking Account. ... .

  CDs and CD Ladders. ... .

  Money Market Account. ... .

  Treasury Bills..

  Which bank has highest rate of interest on savings account?

  The only bank now paying the highest interest rate of 7.50% on savings bank deposits of more than ₹25 crore is Ujjivan Small Finance Bank. The Ujjivan Small Finance Bank's interest rates for Domestic and Non-Resident Accounts are listed below, effective as of November 1, 2022.