Cash is only the start. The best gifts are the ones that keep on giving, year after year. Pay attention to the features that will both save you money and make it easier to save. Perks like high returns on interest and waived ATM fees can add up over time, bringing you far more than you made on your sign-up bonus.

Does the mobile app have all the features you need? Can you deposit checks remotely? If you ever need cash, how easily can you access your savings account balance? Yes, like interest earned you must pay taxes on a bonus earned with a savings account.

You may be issued a INT at the end of the year listing your bonus amount received along with any interest you earned, depending on your bank. You alternatively may be issued a MISC or S instead. Opening or switching bank accounts to receive a bonus depends on your personal banking preferences and whether you find a promotion attractive enough.

You may decide the steps to opening a new savings account and meeting the qualifications for a bonus is not worth what is being given in return, or that a savings account without a bonus is ultimately better. With so many savings account options out there, you can easily shop around and find the bank that has everything you need.

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Learn more ». Overview: Best savings account bonuses. Your savings can score a superior interest rate—you just have to know where to look. For February, our research shows the best high-yield savings account is at Milli, which currently offers a 5.

Note: APYs in our list below are up to date as of February 12, , but are subject to change. Milli is a mobile bank that specializes in offering high-yield spending and savings accounts. With a standout 5. UFB Direct is an online-only bank and a division of the more widely known Axos Bank.

It offers high-yield savings, money market accounts, and mortgages. But your UFB preferred savings account also includes a complimentary ATM card for fast cash and digital tools for remote banking.

Also a division of First National Bank of Omaha, FNBO Direct is an online-only bank offering high-yield checking and savings accounts without monthly fees. With security features across the board and a 5. Their site and account access features a trifecta of security musts: multi-factor authentication, website encryption, and fraud protection that covers your accounts.

To boost your security when using their mobile app, skip the public WiFi and use a cellular signal or secure WiFi connection. SoFi Bank once again ranked as having one of the best high-yield savings accounts—this time, in the category of flexibility. Flexibility means the ability to bank how you want to bank, and this is a promise SoFi fulfills in every niche of its product suite.

Your SoFi Bank savings account combo comes with a Mastercard-branded debit card that you can use at 55, ATMs nationwide. Here, you can find yield and extended customer service hours that work with your schedule.

CIBC offers a balance between customer service hours that meet the entire country in the middle with a competitive APY. This bank could be a good fit if you prefer a personal touch.

You know, an actual human to speak with about your money occasionally. And sometimes, a personal touch is the best thing at the end of a long day when you just want to ask a simple question about your money. Note: APYs in the list below are updated monthly and up to date as of February 2, , but are subject to change.

A high-yield savings account works just like a traditional savings account. The main difference is that the high-yield savings account offers a much higher annual percentage yield APY on the money you keep in your account. The most recent rates from the FDIC put the national savings APY average at 0.

Some financial institutions charge a monthly fee to cover the administrative costs of providing a savings account. These fees can often be waived by meeting certain requirements, such as maintaining a minimum balance or linking a checking account.

However, fees can easily wipe away your interest earnings, so choosing an account that charges minimal or no fees is important, if possible. You may be required to deposit a minimum amount of money to open a high-yield savings account.

Always check the balance requirements of an account to find out if you need to meet a certain threshold to earn the advertised rate. When you deposit money in a HYSA, your savings will grow thanks to the magic of compound interest. The APY on your account can and likely will fluctuate any time the Fed raises or decreases the federal funds rate.

The rate at which your interest compounds daily, weekly, monthly, annually will depend on the financial institution.

One of the main advantages of high-yield savings accounts is that they typically offer interest rates well above the national average. Currently, the national average APY for a traditional savings account sits at 0. A high-yield savings account also provides greater security than some other investment options.

Even so, high-yield savings accounts are sensitive to changes in the economy, which means that your APY can increase or decrease at the discretion of your bank. There may also be a cap on your monthly withdrawals.

Your financial institution may limit the number of withdrawals you can make each month. You may be charged a fee for each additional transaction if you exceed the limit. High-yield savings accounts can be an effective savings vehicle for savers with many different types of goals. A few common uses for high-yield saving accounts include:.

Choosing the right high-yield savings account will require you to think carefully about your financial habits, preferences, and goals so that you can select the account that best suits your needs. The APY is the interest you can expect to earn on the money you keep in your account for one year.

The FDIC regularly publishes average national rates for various accounts, including high-yield savings accounts, so this is a trustworthy resource to use when shopping around for rates. Ideally, a lucrative high-yield savings account will offer a savings rate at least 10 times that rate.

Many, but not all, high-yield savings accounts require a minimum deposit to open your account. This figure can vary widely across financial institutions, with some requiring no minimum deposit and others requiring a minimum deposit well into the thousands.

Certain accounts may charge fees for maintaining your account, transferring funds, and more. Weigh the different fees you could become responsible for and determine if the perks that come with the account outweigh potential penalties down the line.

Not all high-yield savings accounts will come with physical branch access or a large ATM network. Read Apple App Store and Google Play reviews to learn more about the digital platforms and tools available to you and what kinds of features and services are available on those platforms.

The primary difference between a high-yield savings account and a traditional savings account lies in their interest rates. High-yield savings accounts offer significantly higher interest rates compared to traditional savings accounts, which means that the money saved in a high-yield account grows faster.

In some cases, high-yield accounts might come with more restrictions, such as limitations on the number of withdrawals and higher minimum balance requirements. High-yield savings accounts are similar to traditional savings accounts, with the key difference being that high-yield accounts typically offer a more generous APY.

They differ from CDs in that high-yield savings accounts preserve access to your funds, while CDs require that you commit to locking up your funds for a fixed term if you hope to avoid a penalty.

One key difference between the two account types is that you may need to deposit and maintain a certain balance to open a money market account, and in some cases, the higher the balance, the higher your rate may be. To bring you our top picks for the best high-yield savings accounts, the Fortune Recommends TM team compared more than 60 online savings accounts from a mix of traditional brick-and-mortar banks, online banks, and credit unions.

A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states

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Discover the best bank promotions and bonuses available; which is updated weekly. These are nationally available and easy to get promos To get your $ or $ Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by One of the best savings account promotions currently available is from TD Bank. You can earn a $ cash bonus by opening a new TD Simple Savings Account and: Great Savings Offers

Greeat Banks. Our rankings of the Ofders high-yield savingsbest Baking supplies deals Great Savings Offers accountsand Offers certificates of deposit CDs include options that pay you more than 10 times the average rate, so it pays to shop around. Which Banks Offer Savings Account Bonuses? Citi® Enhanced Direct Deposits. at BMO or, read the full requirements. Share This Article:.	The bonus your friend receives depends on the type of account she opens and whether she completes the qualifying activities outlined in the bonus. Yes, money you earn from a new account bonus will be reported to the IRS and taxed as income. Create profiles to personalise content. Receive your money within 15 days of the deposit posting. Best Banks. Bank Citigold Axos Brex. Apply for a Discover Online Savings Account.	A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states	Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ % Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal non-IRA accounts A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo	Best bank bonuses for savings. Alliant Credit Union The Ultimate Opportunity Savings: $ bonus offer. Discover Missing The best savings account bonuses and promotions of November Earn up to $ or thousands of airline miles
How to get it: Open a Bank of America Advantage Banking account through Savinngs Bank of America Offfers page. Overview Barclays is known Great Savings Offers its credit Free product samples online. First, consider how much money is needed to obtain the bonus and whether the qualifying activities are doable. PNC is running a couple of welcome bonus offers targeting small business owners. Need a new business banking solution? Deposit products offered by U. See table view How do we get this data?	Fifth Third Momentum® Checking. EverBank formerly TIAA Bank savings rates Date Info. The Fed also increased the rate seven times in These banks and credit unions are running promotional offers if you open a new business checking or business savings account:. Last updated on February 13, Marcus by Goldman Sachs consistently offers a competitive yield.	A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states	The best savings account bonuses and promotions of November Earn up to $ or thousands of airline miles Discover® Online Savings Account: up to $ bonus offer. fair-wind.club score: /5. About the offer These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states	A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states
Article Sources. Ofers search of the best bank Free book sample directory. Banking Great Savings Offers Savings Savinvs Checking Accounts Certificate of Deposit Money Market Accounts Credit Offees Interest Rates Reviews. You will often see groups of providers increase or decrease their APYs at around the same time, especially if the Federal Reserve recently hiked or cut rates. Weigh the different fees you could become responsible for and determine if the perks that come with the account outweigh potential penalties down the line. Bank Smartly ® checking account.	Bonuses in. Alliant employees are not eligible for this promotion. Direct Deposit. Money Market. The offer expires May 31,	A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states	The best savings account bonuses and promotions of November Earn up to $ or thousands of airline miles These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states Discover® Online Savings Account: up to $ bonus offer. fair-wind.club score: /5. About the offer	We've researched the best savings account promotions among national, regional, and online banks, and here are our top picks for October One of the best savings account promotions currently available is from TD Bank. You can earn a $ cash bonus by opening a new TD Simple Savings Account and 7 best bank bonuses and promotions in February ; Discover Bank Online Savings Account. Best for strong APY · $ ; Fifth Third
UFB Great Savings Offers savings rates Date Info. A savings account bonus is Great Savings Offers free Ofcers or some other offering Savinsg. High-yield savings accounts are similar to traditional savings accounts, with the key difference being that high-yield accounts typically offer a more generous APY. Ally Bank APY. Overview Citizens Access is known for being the online bank division of Citizens Bank.	No, rates are variable. See how to qualify Open a TD Savings account using the link below. Best bank bonus for checking and savings. Marcus , 4. And sometimes, a personal touch is the best thing at the end of a long day when you just want to ask a simple question about your money. Funds from Huntington CDs are eligible for these offers when they mature. Cons Must pay taxes May require large deposits Only available for new customers Can be confusing to manage multiple accounts.	A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states	Bank promotions are incentives for new customers to open a new checking or savings account. Typically, you'll have to make qualifying Today's best high-yield savings account offer rates of 5% APY and above. See which bank can help your money work harder Discover the best bank promotions and bonuses available; which is updated weekly. These are nationally available and easy to get promos	Huntington Bank: Up to $ Bonus · U.S. Bank Smartly Checking Account: Up To $ Bonus · US Bank Standard Savings: $ Discover the best bank promotions and bonuses available; which is updated weekly. These are nationally available and easy to get promos % Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal non-IRA accounts
February 08, Read more. Additional note Ofvers EverBank also offers a checking Savijgs that Savinys interest Sampling products before purchasing offers ATM Great Savings Offers Savingw. Chase Great Savings Offers No. Members without either Direct Deposit or Qualifying Deposits, during the Day Evaluation Period will earn 1. No monthly service charge. There are often qualifications to "earn" the bonus, which may include things like setting up direct deposit or meeting a specified minimum balance within a certain time frame. Featured Bonus Offer.	And if the Fed does indeed cut rates this year, savings rates will decrease even further. To qualify, open your account by July 8, com is an independent, advertising-supported publisher and comparison service. Who can qualify: New Alliant Credit Union members only. All direct deposits must be made within the first 60 days.	A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states	A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Overview: Best savings account bonuses · Our Pick: Discover® Online Savings Account · Best for a high bonus: SoFi Checking and Savings One of the best savings account promotions currently available is from TD Bank. You can earn a $ cash bonus by opening a new TD Simple Savings Account and	Promoted offer: CIT Bank, a division of First Citizens, + years of experience. Next. View details Today's best high-yield savings account offer rates of 5% APY and above. See which bank can help your money work harder Bank promotions are incentives for new customers to open a new checking or savings account. Typically, you'll have to make qualifying

Great Savings Offers - The best savings account bonuses and promotions of November Earn up to $ or thousands of airline miles A closer look at the top savings account/money market account bonuses. Wells Fargo: $ bonus. New Wells Fargo Best Savings Account Bonuses of · SoFi: SoFi Checking/Savings - $ · Alliant: Alliant Ultimate Opportunity Savings - $ These bonuses allow you to earn the most with the least amount of work. Most are nationally available, but a few may only be available in certain states

Members without either Direct Deposit or Qualifying Deposits, during the Day Evaluation Period will earn 1. Minimum Deposit Amount. Pros Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate Check mark icon A check mark.

Earn a higher interest rate with qualifying activities Check mark icon A check mark. No minimum opening deposit Check mark icon A check mark. No monthly service fees Check mark icon A check mark. No overdraft fees Check mark icon A check mark.

Savings tools Check mark icon A check mark. Early direct deposit Check mark icon A check mark. Joint account available. Cons con icon Two crossed lines that form an 'X'. Doesn't reimburse out-of-network ATM providers' fees con icon Two crossed lines that form an 'X'.

SoFi Checking and Savings review External link Arrow An arrow icon, indicating this redirects the user. Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down. Wells Fargo Way2Save® Savings Account. Start saving On Wells Fargo's website.

Annual Percentage Yield APY. Automatic savings feature. Low APY con icon Two crossed lines that form an 'X'. Wells Fargo Way2Save Savings review External link Arrow An arrow icon, indicating this redirects the user.

TD Signature Savings. Start saving TD Bank, Member FDIC. Earn a competitive APY when you link to another eligible TD Bank account Check mark icon A check mark.

Earn a higher APY with a higher balance Check mark icon A check mark. Mobile check deposit Check mark icon A check mark. Free incoming wire transfers Check mark icon A check mark. Free money orders Check mark icon A check mark. Free stop payments Check mark icon A check mark.

Free official checks. Low APY if you don't link to another TD Bank account. TD Bank review External link Arrow An arrow icon, indicating this redirects the user. TD Simple Savings Account. No monthly fee for students, or for adults under age 24 or age 62 or older Check mark icon A check mark.

No minimum opening deposit. Alliant High-Rate Savings Account. Start saving Alliant Credit Union, NCUA insured. Competitive APY Check mark icon A check mark. No monthly service fee if you opt for eStatements instead of paper statements.

Interest compounded monthly, not daily con icon Two crossed lines that form an 'X'. Alliant High-Rate Savings Account review External link Arrow An arrow icon, indicating this redirects the user.

Bask Bank Mileage Savings Account. Start saving Bask Bank, Member FDIC. Earn American Airlines AAdvantages miles.

May not be easy to deposit cash. Bask Bank Mileage Savings Account review External link Arrow An arrow icon, indicating this redirects the user. Product Details Earn up to 5, Bonus AAdvantage® miles. Earn 2. Can I get a bonus for opening a savings account?

Why do savings accounts have bonuses? Can I receive more than one savings account bonus? With a savings account, you deposit your money into an account and earn an APY. Money market mutual funds not to be confused with money market accounts aren't FDIC insured, and you purchase shares when you deposit money into this product.

Money deposited in a savings account at an FDIC-insured bank, or at an NCUA-insured credit union, is safe as long as you are within FDIC or NCUA limits and following their guidelines.

That tool relies on the information that you provide. The FDIC also has a phone number, ASK-FDIC, that you can call to ask questions.

How many accounts you should have will vary. Though some savers are better off keeping all their funds in one account, others may benefit from having multiple savings accounts for different goals. Putting money into different buckets can be a more effective strategy for those looking to save for specific purposes or who want to keep emergency funds separate from other savings.

And some banks help by encouraging customers to create multiple accounts for specific saving purposes. Regardless of how many accounts you decide to open, avoiding accounts with monthly maintenance fees or minimum account balance requirements that may result in fees is one of the most effective ways to grow your savings.

Generally, any interest you earn on a savings account is considered taxable income. The IRS considers any interest earned on a savings account to be taxable. If you earn interest from your savings account, you'll be required to submit a INT form to the IRS.

Qualified withdrawals for education expenses from a account are not taxable. Savings rates are usually variable, which means banks can change them whenever they want.

Savings-account yields closely follow the federal funds rate , which is the interest rate banks charge each other for overnight loans and is guided by the Federal Reserve. Top-yielding banks have raised savings rates in response to recent Fed rate hikes.

The best savings accounts are federally insured. Only 4 in 10 U. A savings account can help you weather unexpected expenses, such as job loss, medical bills resulting from sudden illness, or unforeseen home or automobile repairs.

Savings can also help you achieve financial goals, such as purchasing a home. In some cases, the biggest banks still pay their savings account customers less than today's national average APY of 0. Though online banks offer higher savings rates and charge fewer fees than traditional banks, consumers should also consider their individual financial needs, such as the need or desire to bank in person at a branch, when weighing where to open an account.

We mainly look for the highest APYs and break ties using the minimum balance to open a CD. These institutions were selected because they offer competitive APYs, are larger based on the amount of deposits or assets , frequently appear in internet searches or other possible factors.

These banks and credit unions typically offer accounts that are available nationwide. All of these banks are insured by the Federal Deposit Insurance Corp.

FDIC and all of the credit unions are National Credit Union Administration NCUA credit unions, insured by the National Credit Union Share Insurance Fund NCUSIF. At Bankrate , we regularly survey over banks and credit unions in all 50 states to provide you with one of the most comprehensive comparisons of interest rates.

All of the savings accounts below are insured by the FDIC at banks or the NCUA at credit unions. When selecting the best savings account for you, look for the highest yield while also considering introductory rates, minimum balances and accessibility. We strive to help you make smarter financial decisions.

The top banks listed below are based on factors such as APY, minimum balance requirements and broad availability. Bank, UFB Direct, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.

Banking Savings Best savings accounts. Advertiser Disclosure Close X Close search Advertiser Disclosure The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear.

Bankrate Promise Close X Close search The Bankrate Promise Founded in , Bankrate has a long track record of helping people make smart financial choices.

Key Principles We value your trust. How We Make Money Plus Collapse You have money questions. Matthew Goldberg. Written by Matthew Goldberg Arrow Right Consumer banking reporter.

Marc Wojno. Edited by Marc Wojno Arrow Right Senior banking editor. Greg McBride, CFA. Reviewed by Greg McBride, CFA Arrow Right Chief financial analyst, Personal Finance. Updated January 22, Show Less. Table of contents Best savings account rates Recent news on savings account interest rates What is a savings account and how does it work?

How to choose the best savings account for you Pros and cons of a savings account Alternatives to savings accounts Savings account FAQs Research methodology.

Best savings account interest rates for February If you are looking for a low-risk way to save money over a long period of time, high yield savings accounts may be a good option for you. Show me:. Zip code. Deposit amount. Current savings trends. Bankrate Partner average. Money Market.

Money Market IRA. On This Page Best savings account rates Recent news on savings account interest rates What is a savings account and how does it work?

How to choose the best savings account for you Pros and cons of a savings account Alternatives to savings accounts Savings account FAQs Research methodology Jump to rates On This Page Jump to Menu List.

How to choose the best savings account for you Pros and cons of a savings account Alternatives to savings accounts Savings account FAQs Research methodology Jump to rates. Prev Next. Best savings account rates for February Note: Annual percentage yields APYs shown are as of Feb.

UFB Direct. Rating: 5 stars out of 5. Overview UFB Direct is known for its high-yield savings account and money market account. Both the UFB Secure Savings account and UFB Secure Money Market account have very competitive yields. Read Bankrate's Expert UFB Direct Review.

Invest Rate. Rate history for UFB Direct's savings account Caret Down See how rates for this account have changed over time.

National average APY. See table view How do we get this data? UFB Direct savings rates Date Info. UFB Direct APY. National average APY Info. You can use mobile deposit to deposit checks at UFB Direct.

UFB Direct has five balance tiers. Rating: 4. Overview Popular Direct is known for having some of the highest savings yields and much higher minimum deposit requirements than most other online banks. A Popular Direct Select Savings account is opened through Popular Bank. Popular Direct also offers mobile deposit.

Read Bankrate's Expert Popular Direct Review. Rate history for Popular Direct's savings account Caret Down See how rates for this account have changed over time. Popular Direct. Popular Direct savings rates Date Info.

Popular Direct APY. Overview The EverBank Performance Savings account earns more than the national average APY. Read Bankrate's Expert EverBank formerly TIAA Bank Review. Rate history for EverBank formerly TIAA Bank 's savings account Caret Down See how rates for this account have changed over time.

EverBank formerly TIAA Bank. EverBank formerly TIAA Bank savings rates Date Info. EverBank formerly TIAA Bank APY. Some savings accounts from other banks offer slightly higher yields. Overview CIT Bank is known for offering multiple savings accounts.

It also has a Savings Builder account, a checking account, a money market account and CDs. Read Bankrate's Expert CIT Bank Review. Rate history for CIT Bank's savings account Caret Down See how rates for this account have changed over time.

CIT Bank. CIT Bank savings rates Date Info. CIT Bank APY. CIT Bank offers a very competitive yield. Overview LendingClub was known for its lending products. But with its acquisition of Radius Bank, which closed in early , LendingClub is also known for its deposit products.

Read Bankrate's Expert LendingClub Bank Review. Rate history for LendingClub Bank's savings account Caret Down See how rates for this account have changed over time.

LendingClub Bank. LendingClub Bank savings rates Date Info. LendingClub Bank APY. Marcus , 4. ONE , 5. Popular Direct , 5. Quontic Bank , 4. Salem Five Direct , 5. Sallie Mae , 4. SoFi , 4. Synchrony , 4. TAB Bank , 5. UFB Direct , 5. Editor's note : Over the past year, NerdWallet readers have described delays in getting issues resolved through customer support.

Please read the full review for more details. Upgrade , 5. Zynlo , 5. We took a close look at over 90 financial institutions and financial service providers, including the largest U.

We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions and providers surveyed are: Affirm , All America Bank , Alliant Credit Union , Ally Bank , Amalgamated Bank , America First Credit Union , American Express National Bank , Andrews Federal Credit Union , Associated Bank , Axos Bank , Bank of America , Bank5 Connect , Bank7 , Barclays , Bask Bank , Bethpage Federal Credit Union , BMO , BMO Alto , Boeing Employees Credit Union , Bread Savings , BrioDirect , Capital One , Carver Federal Savings Bank , Charles Schwab Bank , Chase , Chime , CIBC U.

Bank , UFB Direct , Upgrade , USAA Bank , Varo , Vio Bank , Wells Fargo and Zynlo Bank. How we rate banks and credit unions. A savings account is an account at a bank, credit union or nonbank provider that typically earns interest. The money in a savings account is federally insured.

Certain types of transactions in savings accounts are often limited to a maximum of six per month. No, rates are variable. That means that they can change over time. The accounts featured in this article have the highest savings rates in our survey this month. You will often see groups of providers increase or decrease their APYs at around the same time, especially if the Federal Reserve recently hiked or cut rates.

Many will change their rates based on what their competitors are doing. This happened in March , when many online providers lowered their savings rates in reaction to the Federal Reserve's rate cuts. See this month's best rates.

You could transfer the money to your checking account or to another financial institution. This is often the easiest way to access money at an online provider. Other options include withdrawing cash from ATMs and setting up a transfer by phone.

Providers typically limit the number of certain types of withdrawals to a maximum of six per month. These transactions, called convenient withdrawals, include online transfers, overdraft protection transfers and transfers initiated by telephone. If you have more than six withdrawals in a statement cycle, the institution may charge an excess withdrawal fee each time.

Getting cash from an ATM does not count toward this limit. On April 24, , the Federal Reserve gave providers the option to eliminate this cap.

To find out if yours has eased restrictions, call its customer service line. To learn more, read our primer on Regulation D. If you want the ability to withdraw your money on short notice, use the flexibility of a savings account.

You can earn interest and have fast access to your funds. If you won't need to take out money for a set time period, generally a few months or years, then you could earn higher rates by putting your money in a CD.

To compare yields, take a look at NerdWallet's best CD rates this month. Best Savings Rates of February Discover the bank accounts that fit your financial goals. Just answer a few questions to compare bank accounts that meet your needs. Get Started. Best Savings Rates From Our Partners.

APY Bonus Learn more. Learn more. Our pick for Savings Rates. SoFi Checking and Savings. NerdWallet rating NerdWallet's ratings are determined by our editorial team. Our Take. Barclays Online Savings Account. Why We Like It Rate : 4.

Why We Like It Rate : 5. Bask Interest Savings Account. Synchrony Bank High Yield Savings. UFB Secure Savings.

More about best savings rates.