Our Picks for the Best Savings Account

Best Overall

Synchrony High Yield Savings AccountHigh interest rates and no minimum balance.

Synchrony offers an impressively high interest rate at 1.55 percent and flexibility that rivals Ally. With no fees and no minimum balance, we’re confident recommending Synchrony to anyone looking to grow money.

Though it doesn’t offer Ally’s option for convenient app-based check deposits, it does allow for mobile deposits via your web browser on your smartphone, using a photo of your check.


CIT Bank High Yield SavingsThe highest interest rates in our top picks, and the highest minimum balance to get started.

CIT Bank has the highest interest rate of our top picks, and that means it could — theoretically — do the best job growing your money. But its accounts are tiered, meaning that interest rates may differ depending on how much money you put into your account. As of January 2018, its website advertises the same interest rate for every tier, but fine print indicates that it may change at any time. Because we can’t guarantee exactly what interest rate you’ll be advertised, it didn’t quite snag our top spot.

CIT is also the only one of the top picks that has a minimum balance requirement to open a savings account. We didn’t find that to be a huge issue, though, considering it’s $100 and not a rare requirement among banks in general.


Ally Bank Online SavingsThe most freedom, with a convenient mobile app.

Though Ally’s interest rates aren’t as competitive as the other top picks at 1.25 percent, they’ll still grow your money at a much higher rate than a brick-and-mortar bank. And with no fees or minimum balance, an account with Ally affords the maximum flexibility an online bank can offer.

Plus, it’s the only one of our top picks that allows for check deposit through a mobile app using just a photo of your endorsed check. Consider the comparison between taking the checks your relatives mail you for your birthday and scanning them in one by one for a web-based deposit, versus simply picking up your smartphone and snapping a quick photo.

Did You Know?

There are more ways to save money

Standard savings accounts are the most common way to save money and grow your wealth, but they aren’t the only option. Depending on your goals and circumstances, it might also make sense to look into money markets, certificates of deposits (CDs), and IRAs. You can check out our review of the best IRA account here.

Regardless of what you’re saving for, the fact is that you could be maximizing that saving by finding an account with a high interest rate.

The Best Savings Account: Summed Up

Savings Account
CIT Bank