The accounts on this list are rated from top to bottom based on their interest rate. The account with the highest interest APY rate is at the top, and the one with the lowest is at the bottom. All of the accounts listed require less than $500 or less to open the account.

What Makes A Great Savings Account

Before going into the best savings accounts, you should consider these points. Remember that savings accounts are not as profitable as investment accounts and other financial products, but they do tend to be safer.

1. The Ability To Withdraw Your  Quickly

There are some accounts on this list that will allow you to transfer money out, and others that will allow you to use an ATM to take your money out. Others will allow you to take out or transfer out money within two days. Being able to quickly withdraw your money may be an issue if you are using your savings Moneyaccount to hold spare cash and not as a place to build wealth.

2. Allowing You To Link More Than One Account

Being able to link just one account is fine and it shouldn’t cause you a big impediment, but it may bother some people who wish to use their savings account as a budget tool or for numerous purposes.

3. Joint Account Options

Having a joint savings account is sometimes how people save up to buy a house, or how they build wealth together. In these cases, the lack of an option to set up a duel or joint account may be a deal breaker.

4. A Reasonable APY

The national average is around 0.01% and 0.10%, which is okay, but is nothing to smile about. The lowest APY rate on this list is 0.95, which is almost 10x the national average. If there is not a good APY, then you may as well keep your money in your deposit or checking account.

5. An Online Portal Or Online Account

Being able to access and manage your money online is simply essential in this day and age. A savings account that doesn’t have online access is not worth your time.

6. Telephone Banking

Some saving and bank accounts allow you to undertake telephone banking. It is not essentials, but it is certainly a good selling point and is very handy for people who maybe cannot get a hold of their online passwords or cannot get on a secure Internet connection.

7. No Limits On Withdrawals

Many of the accounts on this list have free withdrawal limits. They will not stop you drawing money out of your account, but they may charge you for taking your money out. A good saving account doesn’t restrict how many times you may withdraw, and it shouldn’t charge you fees for withdrawals and transactions. Some of the accounts on this list will charge you if you withdraw more than a set number of times (usually more than six times per statement cycle).

7. Few Or No Maintenance Fees

None of the accounts on this list have maintenance fees. Some of them have a minimum balance requirement before they start paying you interest, and that is okay, but it is not okay for a savings account to charge you maintenance fees. What is the point in them paying you interest if you have to pay it out again on fees?

9. No Deposit Fees

They shouldn’t charge you money to open your account and they shouldn’t charge you money to put money in your account. A bank or financial institution’s reasons for charging deposit fees are obvious, it is so people keep their money in their accounts, but deposit fees are unfair.

10. Large First Deposit Options

Such an issue may not be a big problem for most savers, but it is a little annoying when you try to deposit your first amount and there is a limit. It is especially annoying if your first deposit is from a big sale or a big check.

11. A Mobile Banking Option

A good savings account doesn’t have to have a mobile banking option, but given the popularity of Smartphones, it is the right thing to have, just so long as the app is safe. There are some savings accounts on this list that come with a mobile app.

12. Things You Should Know

The APY is the Annual Percentage Yield, and it represents how much money you earn in interest if you leave your money in the account for a full year.

Some of the accounts say they have a minimum balance requirement of just $1, and yet in the same section it says they have no minimum balance. The minimum balance requirement is the amount required before they will start paying you interest, and obviously if you have less than $1, then there is not enough to pay you interest on. Accounts that say they have a minimum balance of $1 only require that minimum to pay interest. They do not require a minimum balance in order to keep the account open or to keep it free.

Best Savings Accounts

1 – MySavingsDirect

  • $1 Required Minimum Balance
  • 1.10% APY

My Savings Direct boasts that it has the highest APY rates in America. They are partially true if you consider savings (only) accounts that require less than $1000 to open. They are at the top of the list because they have an interest rate of 1.10%, which is high when compared to other savings accounts on the market.

You can open your account online and it is relatively quick when compared to opening checking and credit accounts. You do not need to change your checking account if you already have one with the company because they link your savings account with your checking account.

They allow you to access your online account at any time during the night or day so long as it is online, and in place of a solid customer service department they have a FAQ. They do not charge fees and do not have a minimum balance. Signing up is very easy, and is even easier if you already have an Emigrant Bank account.

Why We Recommend It

Interest rates for savings accounts are always tiny because they offer a very low level of risk. However, it is fair to say that their rate of 1.10% APY is very generous. They also have other savings options if you would will longer or shorter terms and for if you want to invest more than $1000.

The reason they direct you straight to the FAQ if you have a question is because it saves them money on customer support staff. However, if you are truly stuck on an issue, then they do have ways you may contact them to get your answers.

How To Open

Click the “Open Now” button on their website. If you have a high security level on your computer or you block all cookies, then you will have to create an allowance or permission, or the page will tell you it has expired already.

Enter your details, follow the questions, and answer them to open your account. Signing up doesn’t take long, and it only takes around two weeks to verify your information and get yourself signed up properly.

2 – SFGI Direct

  • $1 Required Minimum Balance
  • 1.06% APY

With an online account, you may manage your money at any time of the day. Funding your account is easy because you can transfer money from other accounts, and you can open your account online far easier than if you called them. Earn interest with just one dollar in your account, and there are no fees and no minimum balances to worry about.

SFGI Direct is an online division of Summit Community Bank. You can make withdrawals into other accounts, and it is very easy to transfer money into it. You cannot wire money into your account, and you cannot fund it with a check. There is no limit on how much you may keep in your account, but your first deposit cannot be more than $25,000.

Why We Recommend It

With their 1.06% APY, they are a fine alternative to MySavingsDirect. They do not have service charges and do not ask for a minimum balance. They are also a little more sophisticated than MySavingsDirect, and it does appear that they have put more money into the user experience, though it is nothing to brag about.

The biggest downside of this account is that you can only link one account to it in order to deposit and withdraw. This is not a problem for most people, especially if all their accounts are online. The company does not offer business accounts and you can open an account with a beneficiary. You can start a joint account, you can transfer money between your accounts for free, though it is annoying that in most cases it takes around two days for the money to be transferred.

How To Open

Click the button on their website to open your account. They have to run through the usual checks in order to open your account, and this can take a while. They have to check where you work and if you are paying tax, as well as having to check a number of other things to ensure there is no form of fraud going on. You can open a joint account too, but there is a little more paperwork because you need to fill out a “Joint Accounts with Rights of Survivorship” agreement.

3 – Synchrony Bank

  • $30 Required Minimum Balance
  • 1.05% APY

If you keep your minimum balance to $30, then the account is free to maintain and will pay an APY rate of 1.05%. Keeping a $30 minimum balance in a checking account may be difficult (for some people), but it shouldn’t be too difficult in a savings account. They have a banking portal through which you may control your money and speak to their banking representatives.

The online account is very easy to use and allows a lot of flexibility. You are able to withdraw whenever you like with this account, but if you make more than six withdrawals per monthly statement cycle, then you are charged $20 per withdrawal. If you do not have a minimum of $30 in your account at any one time, then you are charged a $5 fee for your savings account every month, and whatever money you have in your account will not have interest paid into it.

Why We Recommend It

This savings account may have a lower APY rate than the accounts listed above it, but with this account, you get an ATM card, which means you can draw out your money whenever you like. This is far better than the accounts above that make you wait two days. You can make withdrawals and deposits online and over the phone, which is why this company should be top of your savings account list.

The downside is that they do charge you for withdrawing too often. If you withdraw over six times per statement cycle, then they charge you $20 per withdrawal, which is a very steep fee and is probably how they are able to allow people to withdraw so quickly and easily. Their service charge is also a little unfair, but it is so easy for most people to keep their account balance over $30 that it seems insincere to call it unfair.

How To Open

You can open your account online, but it may be a good idea to use their growth calculator first. It shows you your APY rates for your initial deposit and then the growth and the amount you will earn if you make additional deposits. Use the tool to plan how much you are going to earn, and set up your account. The online part takes around thirty minutes, and it takes around a week to get your account set up and finalized.

4 – Salem Five Direct

  • $1 Required Minimum Balance
  • 1.00% APY

There are no minimum balance requirements and no admin or maintenance fees for this savings account. You get between a 1.00% and 1.05% APY rates on any money under half a million. You get a free ATM card and they have numerous ATMs around the country that they have either installed or are associated with. There is no commitment with the account, which means you can move your money in and out as you like. You can initiate an immediate funds transfer between your eOne Checking and your eOne Savings account with Salem Five Direct.

If you already have accounts with Salem Five Direct, then it may be difficult for you to open a savings account. The reasons for this are unclear, but it has something to do with how they bundle or sell their accounts together.

Why We Recommend It

If you are lucky enough to get an account, then the bank is a good one, but you are going to have trouble. Opening an account with their website is still very difficult, and their customer support is terrible. You will be on hold for a long time if you want any help or want to open an account. People seem to like their drive-through ATMs, but are not too keen on the service standard and politeness of their bank staff.

When you sign up for an account, you will be called back by sales people who try to sign you up to their debit card and credit card services. The people who call you are not rude, but are poorly trained and lackadaisical. They also post their own reviews on places such as Yelp, which is needed in most cases because it helps to counter the sheer weight of negative reviews they get. Their account is fair and suitable for many people, but their administration, sales staff and customer support staff are so bad that you should probably give this bank a miss.

How To Open

It is better to call them instead of use their website. If you use their website, then you are probably going to have technical problems that you cannot overcome without assistance. There are people who try week after week and cannot open an account on their website. Call the company and open your website because in the long-run it will be quicker. However, they will put you on hold for a long time before you get through to anybody.

5 – Savings Account

  • $1 Required Minimum Balance
  • 1.00% APY

You do not need a large amount of money to open your account. You can start with a small first deposit, and there are no maintenance fees. There is no minimum bank balance you have to maintain, and their APY is a reasonable 1%. You may have quick and easy access to your money online and they have both a phone number you can call for support, and they have a FAQ section you can check if you have a problem or a question.

You can use their mobile account apps too. If you use the iOS or Android, you can download and use their app to manage your accounts. You can pay bills, check your account balances, and view your account history. The app gives you all the options that the website gives you with regards to your savings account, and the app is built to allow access to all of your accounts with iGObanking.

Why We Recommend It

The company makes choosing your account very easy because they package them up into easy-to-understand parcels. The mobile option is rather nice because it allows you to access all of your iGObanking accounts in one place just like the website does. The account is not very flexible compared to some of the others on this list, but the rate is a reasonable 1%, so it is hard to complain.

It is a good place to leave your money and forget about it. It is not the sort of account you may sign up for if you want frequent access to your money, or if you rely on it to plug some hole in your budget. The sign up procedure is simple enough, and their accounts are very easy to understand. However, the biggest downside is that they have hidden all of their fees from the promotional material. You will have to read the small print if you want to find out how much you can deposit and with what frequency and such.

How To Open

The sign up procedure is very simple. You can do it online and the website walks you through all of the things you need to do. The application process will take as long as it takes for your card to arrive, which can be anywhere between a few days to a few weeks. The website sometimes has loading issues, but be very wary when pressing refresh because it may submit the information twice. Call them if it proves bothersome and do it over the phone.

7 – Ally Bank

  • $1 Required Minimum Balance
  • 0.99% APY

You are not able to withdraw your money as quickly as you may like, but you can speed up the process by transferring your money to an Ally Checking Account. You can deposit checks with their Ally eCheck Deposit system, and you can manage your account online with their website access. You can transfer money between your Ally bank accounts and your non-Ally bank accounts. You can schedule transfers, and moving your money is fairly simple.

You do not have to pay maintenance fees for your savings account, nor is there a minimum balance requirement. There are unlimited deposits without the need to pay fees, and you can do six transactions per statement cycle. If you do more than six transactions, then they start charging you fees. Setting up your account is easy, and linking your accounts from one Ally account to your savings account is very easy too.

Why We Recommend It

There are very few savings accounts that are good at marketing whilst making things easy to understand in tandem. Ally Bank is one of the few that can both promote itself very well whilst making it easy for the consumer to understand what it is all about. Their website is fairly simple and in its simplicity it allows you to fully comprehend what they are offering, which it turns out, is a fairly good deal.

The biggest problem with the bank at the moment is their customer support. It has taken a massive cut in funding, for reasons that are not clear, and as a result, the teams being employed are outright incompetent. Do not be surprised if your applications get lost and your questions go unanswered. Do not be surprised if you are told to wait for an answer, only to call them in a month and they claim your paperwork never went through.

How To Open

Click the button on the website to start your application. The process is simple, and they ensure that each item you enter is correct before moving you on to the next bit. You cannot apply for an account if you are not a US citizen, and if you are using VPN, then it will redirect you to their rejection page. There is no fee to open, but they do ask you to link an account in case you cannot pay their other fees, which may also double over as the account you fund your savings account with. For example, if you do more than six transactions per statement cycle, then you are charged $10 a time, and if there is no money in your savings account, then they take it out of your linked account.

7 – Discover Savings Account

  • $500 Required Minimum Balance
  • 0.95% APY

To open your account you will need to give them $500 to put into your account. This is not a fee, it is an opening deposit. If you keep a minimum daily balance of less than $500, then you are paid no interest. Keep more than $500 in your account, and you get your interest. There are no maintenance fees, which means even if your balance drops to below $500, you will not be charged fees. There are over 60,000 ATMs you can use, but you are not allowed to deposit money via ATMs.

Why We Recommend It

How can they justify how long it takes for transfers and deposits to be made available? Why do they hang on to people’s money for so long? In the electronic age, it is not acceptable. Some claim it is because of their anti-fraud checks, but their checks are severely lacking because it is not as difficult as it should be to steal a Discover Savings account member’s identity and drain their accounts. If you have a complaint or want to start a dispute, they will keep your paperwork in limbo for months without giving you answers.

The biggest problem with the account is the sheer amount of time they keep your money when you transfer it in. You cannot deposit money into your savings account via an ATM, so you are forced to transfer money into it. Even if you use another discover account, they will still take three to five business days before putting the money into your account and making available to you. You also cannot set up recurring transfers. This is truly a savings account for somebody that wants to toss a bit of cash into an account and forget about it until the next time.

How To Open

Use the website and run through their application process. They are fairly swift when it comes to new account and will push your paperwork through.  You will need to disable your cookies on your computer otherwise the website will say your session has been discontinued thanks to inactivity.

8 – Bank5 Connect

  • $100 Required Minimum Balance
  • 0.90% APY

You get free online bank statements known as eStatements, and they have a free mobile banking feature. One of the finer options they offer is that your savings can be used to cover your overdrafts in your checking account, which is something that few other banks and financial companies offer. You will need to deposit $10 to open your account, but this is only a deposit and not a fee. If you want to start earning interest, then you just need to keep a balance of $100 or more.

There are no maintenance fees and no opening fees. The $100 balance is only so that you earn interest, if you have less than $100, you will not be charged maintenance fees. You can enter a cashier’s check, do an overdraft transfer, and do an incoming wire transaction for fee. However, they will charge you $5.71 for a returned deposited item, $10 for over 6 withdrawals/transfers, $15 for an overdraft, $15.00 for uncollected funds, $15.00 to stop a payment, $25.00 for garnishments and $25.00 for levies.

Why We Recommend It

It is hard to figure out if this company is being panned by the online community for the right reasons. The trouble is that there are a few security issues that they need to deal with, but the bigger issue is that their account opening process is clearly defective. As a result, many people are posting reviews online and are criticizing the savings account when they have never had full access to it. The account itself is fine, and you get your 0.90% APY if you keep over $100 in your account.

The company is healthy, so your money isn’t going anywhere anytime soon, so if you want a safe savings account, then you may have one with this company so long as you keep your passwords long and hidden. Their other savings options have more attractive rates than their savings account, but the choice is yours.

How To Open

Open your account on the website and be prepared for a bit of trouble. There are plenty of people who open accounts online and it is fine, but beware that a lot of people have posted negative reviews online because of problems they have had opening accounts.