Best Savings Accounts, list of accounts with best savings rates

Most Americans aren’t saving much these days, but if they knew how to better grow their money with high savings rates, they may change their mind. One recent survey found 62 percent had less than $1,000 in a savings account, and only 29 percent had over $1,000 put aside for emergencies.

Many will point to low interest rates as the reason they are not saving in an account, adopting an almost “why bother” attitude. But having a savings account is smart for several reasons:

  1. In case of emergency, there’s actual money to cover the cost, so you don’t end up overloading credit cards or having to take out a loan.
  2. It makes you more aware of your overall financial picture, especially if you set up a schedule to make deposits into the savings account.
  3. Saving money up front also saves you on interest if you do need to cover an unexpected cost or save for something specific like a new car or a vacation.
  4. If you lose your job or find your hours reduced, a savings account is a nice addition to whatever severance or unemployment you receive.

With all the reasons to open a savings account, where do you turn to for the right one?

Here are the best savings accounts for 2017:

Online Savings Account

Ally Bank

With a high savings rate of 1.00% annual percentage yield (APY), Ally Bank customers benefit from no monthly fees or minimums. Using the Ally Bank mobile app, customers can pay bills, perform money transfers and make deposits via mobile check deposit or other methods like electronic transfer, direct deposit or mail.

High Yield Savings Account

Synchrony Bank

In addition to a top-rated APY of 1.05%, Synchrony Bank offers a rewards program to get more out of your savings account. Synchrony Bank customers are automatically enrolled in its Perks program when they open a savings account (or other account like a certificate of deposit or individual retirement account). Synchrony Bank Perks gives customers a chance to earn rewards like ATM fee reimbursements and travel discounts.

Discover Savings Account

Discover Bank

While Discover Bank is a big name among credit cards, its savings account is also deserving of attention, featuring no monthly maintenance charges. There is no minimum to open an account with Discover and after opening your savings account, there are no other minimum balance requirements to earn a high APY of 0.95%.

Online Savings Account

Barclays Bank

Barclays Bank offers an online savings account that has no minimum balance to open and a small minimum of just 1 cent to grow your money with an APY of 1.00%. The bank’s mobile app has various features to manage your account like reviewing balances, transferring money and more.

MySavings Account

MySavingsDirect

For a no frills online savings account, look to MySavingsDirect with its MySavings Account with no minimums to earn APY. Although MySavings Direct does not have a mobile app to oversee finances, customers can access their account information via online banking.

High-Interest Savings Account

Bank5 Connect

Though Bank5 Connect has minimum balance requirements unlike some of the other banks on the list, it still has a similarly high savings rate. The bank has a minimum opening balance of $10. To earn the advertised APY of 0.90%, customers must deposit $100.

High Yield Savings Account

CIT Bank

True to its name, the High Yield Savings account offered by CIT Bank has one of the highest savings rates among the Best Savings Accounts with 1.05% APY. This free savings account has a low minimum opening deposit requirement of $100 to get this rate and no minimum daily balance requirement.

Compare Best Savings Accounts for 2017

Bank/Credit Union Account Interest Rate (APY) Monthly Fee Minimums Mobile Banking
Ally Bank Online Savings 1.00% Free None Mobile App
Synchrony Bank High Yield Savings 1.05% Free None Mobile Browser
Discover Bank Discover Savings 0.95% Free None Mobile App
Barclays Bank Online Savings 1.00% Free $0.01 To Earn APY Mobile App
MySavingsDirect MySavings 0.85% Free None No App
Bank5 Connect High-Interest Savings 0.90% Free $100 To Earn APY Mobile App
CIT Bank High Yield Savings 1.05% Free $100 Opening Deposit Mobile App

Comment: Do you have a savings account featured on our Best Savings Account list? What other accounts should make the list?