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  • Written By
    Jennifer Schell

    Jennifer Schell

    Financial Writer

    Jennifer Schell is a professional writer focused on demystifying annuities and other financial topics including banking, financial advising and insurance. She is proud to be a member of the National Association for Fixed Annuities (NAFA) as well as the National Association of Insurance and Financial Advisors (NAIFA).

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    Lamia Chowdhury
    Lamia Chowdhury

    Lamia Chowdhury

    Financial Editor

    Lamia Chowdhury is a financial editor at Annuity.org. Lamia carries an extensive skillset in the content marketing field, and her work as a copywriter spans industries as diverse as finance, health care, travel and restaurants.

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    Timothy Li, MBA
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    Timothy Li, MBA

    Business Finance Manager

    Timothy Li, MBA, has dedicated his career to increasing profitability for his clients, including Fortune 500 companies. Timothy currently serves as a business finance manager where he researches ways to increase profitability within the supply chain, logistics and sales departments.

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  • Updated: August 16, 2023
  • 12 min read time
  • This page features 5 Cited Research Articles
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How to Cite Annuity.org's Article

APA Schell, J. (2023, August 16). Best Savings Accounts of 2023. Annuity.org. Retrieved June 20, 2024, from https://dev.annuity.org/personal-finance/banking/best-savings-accounts/

MLA Schell, Jennifer. "Best Savings Accounts of 2023." Annuity.org, 16 Aug 2023, https://dev.annuity.org/personal-finance/banking/best-savings-accounts/.

Chicago Schell, Jennifer. "Best Savings Accounts of 2023." Annuity.org. Last modified August 16, 2023. https://dev.annuity.org/personal-finance/banking/best-savings-accounts/.

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How We Picked the Best Savings Accounts of 2023

We evaluated savings accounts from banks and credit unions that are available in all 50 states, ultimately only featuring those that fit our strict criteria. To be included on this list, providers must meet the following criteria:

  • One of the top 30 banks or top 10 credit unions in the country in terms of consolidated assets in 2022, according to data from the Federal Reserve and National Credit Union Administration.
  • Backed by the Federal Deposit Insurance Corporation (for banks) or the National Credit Union Administration (for credit unions).

Understanding Our Methodology

To choose the best savings accounts in 2023, Annuity.org’s independent editorial team carefully considered savings account offerings from the top banks and credit unions in the country.

Annuity.org uses a strict and fact-based methodology to determine which companies qualify for our rankings. To be considered, a bank or credit union must offer savings accounts in all 50 states and be backed by either the FDIC or the NCUA.

We also considered other factors, including the savings account’s minimum balances, minimum deposits, fees associated with the account and any bonuses or promotions offered for opening a savings account.

Learn more about our broader Editorial Guidelines.

In today’s market, there are better options than choosing a standard savings account that earns 0% APY. A high-interest savings account with no monthly fees may help you achieve your financial goals faster.

Editor’s Choice: Best Overall Savings Account of 2023

Great for: Earning high interest with no fees or minimum balance

Bank Details

Marcus is the online consumer banking subsidiary of Goldman Sachs, one of the biggest financial services firms in the nation. Marcus’ consumer banking offerings include high-yield savings accounts, personal loans and credit cards.

Pros & Cons

Pros

  • High APY
  • No minimum balance or minimum deposit
  • No monthly fees

Cons

  • Online only, no physical locations
  • No debit or ATM cards
  • Mobile check deposit not available

Our Take

Marcus’ online high-yield savings account is our top pick because it has almost everything you want. Marcus by Goldman Sachs offers one of the highest interest rates you’ll find on a savings account. The account has no minimum deposit, no minimum balance requirements and no fees.

The bank is online only, so you won’t be able to visit a branch to manage your account, but the lack of overhead for physical locations helps Marcus offer a generous APY with no monthly fees. Marcus also doesn’t offer checking accounts, nor do they provide debit or ATM cards to savings account owners.

Best Online High-Yield Savings Account

Great for: Earning high interest at an online bank with no fees

Bank Details

American Express is a financial services company based in New York City. In addition to being the world’s largest provider of traveler’s cheques, AmEx also offers travel insurance, credit cards, checking and savings accounts.

Pros & Cons

Pros

  • High APY
  • No fees
  • No minimum deposit and balance

Cons

  • Online only, no physical branches
  • Cash deposits not available

Our Take

Online banks tend to offer the most competitive APYs, but the American Express Online Savings Account’s interest rate is high even for an online-only institution. Customers can earn the high APY even if they only have $1 in their account, and there’s no minimum deposit required to open an account.

As an online bank, AmEx’s savings account has some limitations, namely that cash deposits are unavailable for the account.

Best Credit Union Savings Account

Great for: Online banking with high interest at a credit union

Credit Union Details

Alliant Credit Union is a nationwide credit union offering savings and checking accounts, loans, retirement accounts and insurance, among other products. The credit union has no physical branches but does have one of the largest fee-free ATM networks in the country.

Pros & Cons

Pros

  • High APY
  • $5 minimum deposit
  • No monthly fees

Cons

  • $100 minimum balance
  • Complicated membership requirements

Our Take

Alliant takes the top spot for credit unions with its generous APY and low minimum deposit ($5). There are no monthly fees associated with the account, and members can join from anywhere in the U.S. if they meet the other membership requirements.

The Ultimate Opportunity savings account also has one of the best savings account bonuses. New customers who deposit at least $100 a month for the first 12 months will receive a $100 bonus to their account.

Best Savings Account for In-Person Banking

Great for: Managing your savings account at a physical branch

Bank Details

Wells Fargo is the fourth largest bank in the country with the second largest number of physical locations in the U.S., according to a 2022 Statista report. Banking services offered by Wells Fargo include checking and savings accounts, certificates of deposit, credit cards and loans.

Pros & Cons

Pros

  • Over 4,700 branches nationwide
  • Overdraft protection
  • Mobile app for check deposits and bill pay

Cons

  • Low APY
  • $25 minimum deposit
  • Must maintain a minimum balance of $3,500 to waive $12 service fee

Our Take

Wells Fargo technically has the second-largest number of physical locations in the nation. However, their APY, while still rather low, is more generous than the bank in the number one spot, Chase Bank.

With over 4,700 branches across the country, Wells Fargo is an accessible choice for those who prefer to bank in person. The Platinum Savings Account requires a $25 minimum deposit and a minimum balance of $3,500 to avoid paying a $12 monthly service fee. With the bank’s mobile app, customers can deposit checks and pay bills right from their phone.

Best Savings Account for Kids

Great for: Growing your child’s savings with a competitive APY

Credit Union Details

Alliant Credit Union is a nationwide credit union offering savings and checking accounts, loans, retirement accounts and insurance, among other products. The credit union has no physical branches but does have one of the largest fee-free ATM networks in the country.

Pros & Cons

Pros

  • High APY
  • Minimum deposit paid by Alliant for children’s accounts
  • No monthly fees
  • Easy mobile and online banking

Cons

  • $100 minimum balance
  • Complicated membership requirements

Our Take

If you want to open a savings account for your child, the Kids Savings Account from Alliant Credit Union is a solid choice. Though customers must maintain a $100 minimum balance to earn interest, the APY offered is significantly higher than any other youth savings accounts we evaluated.

The Alliant Kids Savings Account has no monthly fees, and when your child opens a savings account at the credit union, Alliant will pay the $5 initial deposit for them. Children 12 and under can open a youth savings account with their parent or guardian as a joint owner.

Read More: Best Savings Accounts for Kids of 2023

Other Savings Accounts We Considered

Savings Account Description APY
Ally Bank Online Savings Account Ally Bank’s Online Savings Account offers a high interest rate with no monthly fees, no minimum balance requirements and interactive online savings tools. 4.25%
Bank of America Advantage Savings Bank of America’s Advantage Savings Account requires a $100 opening deposit and a minimum balance of $500. 0.01%
BMO Savings Builder The Savings Builder Account from BMO rewards customers who increase their monthly balance each month with a bonus interest rate. 0.50 to 2.50%
Capital One 360 Performance Savings Capital One’s 360 Performance Savings Account earns competitive interest with no fees, no minimum deposit and no minimum balance requirements. 4.30%
Chase Premier Savings The Premier Savings account is available to customers with Chase checking accounts. 0.01% to 0.02%
The Citibank Account Citibank’s high-yield savings account isn’t available in all states, but their standard Citibank savings account has a low minimum balance requirement and high APY. 4.25%
Discover Bank Online Savings Account The Discover Bank Online Savings Account offers a competitive APY, no fees or minimum deposit and a user-friendly mobile banking experience. 4.30%
First Citizens Bank Online Savings Account The online savings account from First Citizens bank features no minimum balance, no monthly service charge and a $50 minimum opening deposit. 0.03%
HSBC Premier Relationship Savings This savings account is available to customers who already have an HSBC Premier checking account. 4.30%
Huntington Relationship Savings Account The Relationship Savings Account offers a higher APY to customers who also have a checking account, platinum checking account or private client account with Huntington. 0.01% to 0.06%
M&T Relationship Savings Account M&T’s Relationship Savings Account has a $500 minimum balance and offers overdraft protection and direct deposit with a linked M&T checking account. 0.01%
Navy Federal Credit Union Share Savings Account This credit union for active duty military, veterans and their families offers a savings account with a $5 minimum deposit. 0.25%
Pentagon Federal Credit Union Premium Online Savings PenFed was founded as a credit union for workers in the national defense sector and their families, but today anyone can join. The savings account requires a $5 minimum deposit. 3.00%
U.S. Bank Standard Savings Account The Standard Savings Account from U.S. Bank has a $25 minimum deposit and a $300 minimum daily balance. 0.01%

Types of Savings Accounts

Savings accounts can be categorized by the amount of interest they earn and how accessible your money is within the account. The three main types of savings accounts are traditional savings accounts, high-yield savings accounts and money market accounts.

Traditional Savings Accounts

Traditional savings accounts typically have the lowest earning potential, but they also provide the most liquidity for your savings.

You can add to or withdraw from your savings at any time, so this type of savings account might benefit someone who needs to move money into and out of their savings account frequently.

Traditional savings accounts tend to have the lowest interest rates of any type of account, sometimes as little as 0.01%. Most banks and credit unions with physical branches offer at least one traditional savings account product.

High-Yield Savings Accounts

high-yield savings account works in much the same way as a traditional savings account but earns a higher interest rate. You’ll often find high-yield savings accounts at online banks. Because these banks have no overhead costs from physical locations, they can afford to offer more competitive rates.

High-yield savings accounts offer above-average APYs, and many have no fees or minimum balance requirements. A high-yield savings account can be a safe place to put cash savings and earn more than you would with a regular savings account.

The downside of an online high-yield savings account is that depositing and withdrawing your money may not be as easy as it is at a brick-and-mortar bank. You might have to wait a few business days to transfer money electronically, and cash deposits and withdrawals might not be supported by an online bank.

Money Market Accounts

money market account combines features of a checking account and a savings account. You can deposit savings in the account, but you’ll also be able to write checks or even use a debit card to withdraw funds from the account.

With a money market account, your savings earn interest, often at a rate comparable to a high-yield savings account. Some money market accounts have interest rate tiers, so the more money you have in the account, the higher your APY will be.

The ability to write checks or use a debit card means money market accounts have more liquidity than a high-yield savings account. However, some money market accounts have a minimum deposit required to open the account.

Read More: Best Checking Accounts of 2023

How To Choose the Best Savings Account for Your Goals

Choosing the right savings account for you depends on your personal finance goals. You must consider what your priorities are and look for a savings account that aligns with your needs.

One of the first questions to ask yourself when choosing a savings account is how accessible you want your savings to be. If liquidity is important to you, you might choose a traditional savings account at a brick-and-mortar bank over an online high-yield savings account.

On the other hand, if growing your savings is your goal, you’ll want to shop around to find the account with the highest APY. Just be sure to check if the accounts have minimum balance requirements or monthly maintenance fees that could reduce how much your savings grow.

How To Open a Savings Account

At most banks and credit unions, you can open a savings account in person, online or over the phone. Online-only banks will require you to open the account through the bank’s website.

If you’ve decided to open a savings account at a credit union, the first step is to check your eligibility. Credit unions usually have membership requirements you must meet before you can join and open your account.

When you go to open the account, you’ll need to have some documentation with you. Be sure to bring identification documents such as a driver’s license or Social Security number.

Once you open the account, you can deposit funds immediately. Some banks have a minimum opening deposit to fund the account, so make sure you have enough money to deposit if this is the case for your savings account. Depending on your bank, you might have a window of up to 30 days to fund your account after you open it.

Best Savings Account Frequently Asked Questions

What is a savings account, and why is it important to have one?

Savings accounts are designed to grow your money with more interest and fewer withdrawals. Putting money into a savings account can help you save for emergencies or big purchases and reduce the impact of inflation on your cash.

How can I compare savings accounts from different banks?

When comparing savings accounts, look at features like the interest rate, minimum deposit, fees associated with the account and whether the account can be accessed with mobile banking.

Is my money safe in a savings account?

The money in a savings account is insured up to $250,000 per depositor per bank by the federal government.

How much money should I keep in my savings account?

You should not keep more than $250,000 in accounts at a single bank, because that is the limit for federal deposit insurance.

Please seek the advice of a qualified professional before making financial decisions.
Last Modified: August 16, 2023

5 Cited Research Articles

Annuity.org writers adhere to strict sourcing guidelines and use only credible sources of information, including authoritative financial publications, academic organizations, peer-reviewed journals, highly regarded nonprofit organizations, government reports, court records and interviews with qualified experts. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines.

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  2. Statista. (2023, January 2). Leading Banks in the United States in 2022, by Number of Branches. Retrieved from https://www.statista.com/statistics/935643/banks-with-the-most-branches-usa/
  3. Huffman, M. (2022, September 28). What To Look for In a Savings Account. Retrieved from https://www.alliantcreditunion.org/money-mentor/what-to-look-for-in-a-savings-account
  4. Maxwell, T. (2022, August 30). What Type of Savings Account Should You Open? Retrieved from https://www.cbsnews.com/news/savings-account-types/
  5. Russo, K. (2022, April 1). Types of Savings Accounts. Retrieved from https://www.americanexpress.com/en-us/credit-cards/credit-intel/types-of-savings-accounts/