Highest Yielding Savings Account Rates for Modesto, CA
Includes Online Banks, Local Banks and Credit Unions / Updated December 6, 2022
3.60% Learn More on the
First Foundation Bank website
3.00% Learn More on the
Discover Bank website
Summary of Online Savings Rates
|Bank Institution||Interest Rate (APY)||Minimum Balance
|Brilliant Bank, a division of Equity Bank||4.01%||$2,000||Money Market Account|
|CFG Bank||4.00%||$1,000||High Yield Money Market|
|UFB Direct, a division of Axos Bank||3.91%||$5,000||High Rate Money Market|
|My Savings Direct, a division of Emigrant Bank||3.90%||$1||Online Savings Account|
|Merchants Bank of Indiana||3.82%||$50||Online Money Market|
|Transportation Alliance Bank, Inc. d/b/a TAB Bank||3.64%||$1||High Yield Savings|
RATES&INFO SAVINGS ACCOUNT QUESTIONS AND ANSWERS
What is a savings account?
A savings account is an interest-bearing bank account that allows you to preserve your cash. Your cash is secure as long as you remain within FDIC limits (or NCUA limits for federal credit unions).
What is a money market account?
A money market account is virtually identical to a savings account, except not bound by certain transaction restrictions (the most significant of which is a limit of 6 outbound transactions to outside bank accounts per month). Rates&Info does not distinguish between savings accounts and money market accounts. We list the best rates above for both products above.
Is my money safe in a savings or money market account?
As long as your total deposit accounts (savings, checking, CDs, etc.) with each bank do not exceed $250,000 for each ownership category, your deposits are insured in full by the Federal Deposit Insurance Corporation (FDIC) which is backed by the full faith and credit of the U.S. Learn more here. The National Credit Union Administration (NCUA) provides similar insurance for deposits with its member credit unions.
How do I find the best high interest savings account?
The table above lists the best online bank accounts with high interest rates. It also lists the highest yielding money market accounts and the best high yield savings account rates at banks and credit unions near you. By listing all of these rates on one table, Rates&Info enables you to determine the best bank for your savings account based on not just the best high yield savings rates that are available to you but also the convenience of a local branch.
What is the best online bank for savings?
The five most recognized online banks for savings in the US are currently Ally Bank, Barclays Bank Delaware, CIT Bank, Goldman Sachs Bank and Synchrony Bank. All of these have low account opening requirements and low or no minimum account maintenance requirements. The rates at these banks can vary. This table shows you which of these banks, and others, have the highest online savings account rates. Customer service levels, website and mobile app functionality, and transfer speeds also vary widely. User reviews on other websites may help you to determine which of these is the best for your needs.
What is the best easy access savings account? What is the best bank for savings accounts? What is the best regular savings account for me?
Many people still prefer to keep their money at local credit unions and local banks because they prefer personal (not telephonic or internet-based) interaction with their banks, want to build a relationship with a local banker for other transactional matters, and often need cash or cashier’s checks instantly. The table above demonstrates all of the rates in one table so that you can compare rates at these institutions with online rates. If online rates are more competitive than those rates at banks and credit unions near you, you should consider opening a savings account at a bank with a branch near you and tying it to an online savings account where you can keep cash above those minimum levels required by your local bank or credit union.
How do I open an online savings account?
Opening an online savings account or money market account is simple. Online banks first verify your identity through a driver’s license or other ID and a credit pull from Experian or Equifax (usually soft). You will then need to fund the account through mailing a check or entering an ABA and account number from an account that you may have at another bank (a funding account). Confirming ownership of the funding account requires entering your username and password for that account or confirming the amounts of one or two small test deposits after they have arrived.
What is the best fixed-rate savings account?
Savings rates can be lowered or raised at any time by the bank or credit union at their discretion. That is the nature of the product. If you have cash that you are extremely unlikely to require access to and seek a higher rate of return, you should consider a certificate of deposit (CD). You can compare CD rates at online banks, local banks and credit unions here.
What is the best child savings account?
A child savings account is a great way to teach children about the importance of saving money. This is a hard lesson to teach when rates are so low (and remain below real inflation rates)! Although some online banks (Ally and Capital One 360) offer these accounts, local banks are usually better set up for child savings accounts. Depending on the state in which you reside, a guardian (usually a parent) is required to open the account and to oversee the account until the age of 18 or 21. Because of the documentation required, you should consider opening a child savings account at a bank with which you or your spouse already have a banking relationship.
The graph above shows how the average rates for online savings accounts have trended over the last several years.
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