Correction: Apparently, they profit by paying less interest on previously opened accounts, where the lower rate stays the same, unless YOU request the account be converted to the NEWLY advertised account N...
More Reviews
Online Savings Account. Account is indicated as not currently available to new customers, but bank accepts new customers who sign up to be notified after 1-2 weeks.
5% + on a savings rate is attractive, but the phone reps are trained to tell people as a first response to come to a branch to address any inquiries. (Thankfully, I don't live in Florida but I also means ...
More Reviews
LevelUp Savings Account. Requires direct deposit of at least $250/month. Customers not qualifying receive a lower rate.
No Minimum balance required.
No Transfer limits.
Free ATM card and no ATM fees.
May be quick to lower rates.
Name is concerning for a bank, but bank was previously Radius Bank.
JeromeK |
September 18, 2022 |
Let's see. A bank with a name like "LendingClub" that is focused on predatory straight cash lending in an economy that has gone from flush with cash to a deep recession (depression?) and that has a website...
More Reviews
That signature card that they email you and require that you upload a jpeg of your signature. pay close attention to it. It has your account number on it. If you submit the jpeg signature before you wri...
More Reviews
The rates are good but it was a hassle getting my account set up. The app does not work. I purchased a 5 year CD and I hope I don't have any issues when it's time to cash it out. I wouldn't recommend Bread...
More Reviews
This is just a wonderful bank to do business with. I have some concerns about all of these smaller California banks so my husband and I just stay below FDIC insurance amounts ($500,000 as a couple). It is ...
More Reviews
Brilliant Bank entered the online banking market in August 2022.
ACH transfers are limited to $5,000/day and charged at $2.55 per transfer.
Initial reviews are not glowing.
Bank reports that this rate is available for new accounts online. Customers who opened money market accounts prior to use of the "Magnetic" name are earning a lower rate.
Lowered the rate yesterday,d damnit |
June 29, 2023 |
I had a Luminary account at 5.25% that I opened a week ago. When I login in, it had changed to a Magnetic account at 4.65%. I will close my account before the weekend and never do business with this ba...
More Reviews
Customers appreciate friendly service of a small, mid-Western family owned bank.
Rate is extended for new customers only and customers who are not paying regular attention may be earning a much lower rate.
Web experience is generally considered to be average.
Transfers inbound and outbound are severely restricted.
Laura K |
July 14, 2021 |
My husband and I opened an account here. We were happy to get the slightly higher rate for a bit, but they were quick to lower it. And, then the fees started. More Reviews
Online banking portal is reported to have been down frequently since February 2023 product launch.
Tracy1969 |
April 29, 2023 |
Primis's online savings account is a half-baked product that isn't ready for market. They brought this live and expect their customers to be these beta testers. I'd choose something else. More Reviews
Everbank is the same name that was issuing foreign currency CDs and saying there was no risk and then violating their own T&C to not pay out. It is back. Terrible bank, no matter what the name. More Reviews
Citi Bank located on 15410 Whittier Blvd, Whittier, CA 90603 has violated CA BUSINESS AND PROFESSIONAL CODE 17200, Chapter 1 of Part 3 of Division 7. My husband and I, each with separate business accounts...
More Reviews
This account is great. Had first opened an online savings account and then I locked into the 18-month No Penalty CD. While interest is still lost if you get out before a quarterly payment date, it provides...
More Reviews
I got into this one and a couple of other small Utah banks last years when I saw that they were a little higher than national rates (something like 0.70% versus 0.50%). Whatever I made with this adjustme...
More Reviews
I tried to open account and was rejected. Called and was treated worse than I could have imagined any bank ever treating anyone. These guys can go to hell. More Reviews
Thank you to this site for showing this CD rate. I could not find it on the three leading sites (Bankrate, BestCashCow or Nerdwallet). Heck, I couldn't even find it easily on CIBC's own website, but that...
More Reviews
This should be a red flag on their CD accounts! "APYs on term deposits assumes reinvestment of principal and interest at maturity, fees may reduce earnings on accounts." More Reviews
And how is this an online bank if they are inundating me with invitations to a customer appreciation free movie showing in some remote location in Utah? More Reviews
Easy ACH transfers to other accounts without limits.
No fees or minimums.
Emigrant Bank, My Savings Direct's parent, has a history of offering competitive rates in one subsidiary, and then switching its focus to a different subsidiary.
Nuisance but good |
June 13, 2023 |
These Emigrant subsidiaries - Dollar Savings Direct and My Banking Direct - are a real nuisance when one offers a better rate that the other will not match. Transfers are next day though. So I can trans...
More Reviews
Something changed with CIT. They are offering a higher rate, but funding it by substantially increasing the hold times on transfers out and in. Marcus is terrible with the rates, but I can still get my m...
More Reviews
Great rate, easily application process. It is the only rate as of today that beats a 13-month Treas so makes sense for anyone like me in Florida or another 0 state tax. More Reviews
Opened account at the branch and discovered that I was only getting 0.20% and three months passed before I figured it out. Be careful with this one. More Reviews
Bank5 Connect is a Massachusetts-based bank and member of the Massachusetts Depositors Insurance Fund (DIF), providing up to $1 million per depositor in insurance in the event of a bank failure.
Your balance in the account may not drop below $25,000 or you will not earn the advertised rate.
Bank reports that this rate is for new customers only. Bank also charges ACH transfer fees and routinely lowers rates for existing customers below those advertised.
Bank reports that this rate is for new customers opening a "High Yield Savings" account only.
Customers who opened accounts earlier called "Priority", "Preferred" or something else are earning a lower rate.
Bank has a long history of alternating between competitive and non-competitive savings rates, and has been known to drop rates for existing customers and offer higher rates to attract new customers.
Correction: Apparently, they profit by paying less interest on previously opened accounts, where the lower rate stays the same, unless YOU request the account be converted to the NEWLY advertised account N...
More Reviews
Easy ACH transfers to other accounts without limits.
No fees or minimums.
Emigrant Bank, DSD's parent, has a history of offering competitive rates in one subsidiary for a few months and then making that rate less competitive and focusing on a different subsidiary.
These Emigrant subsidiaries - Dollar Savings Direct and My Banking Direct - are a real nuisance when one offers a better rate that the other will not match. Transfers are next day though. So I can trans...
More Reviews
Safer than money market funds options offered by other online banks.
Principally designed for ETrade customers.
All rates listed above are Annual Percentage Yield (APY). The APY rate in a savings account or money market account is a variable rate that is subject to change at any point.
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.
Correction: Apparently, they profit by paying less interest on previously opened accounts, where the lower rate stays the same, unless YOU request the account be converted to the NEWLY advertised account N... More Reviews