Savings

Best Savings Account Rates on SaveBetter in August 2022

  • FDIC or NCUA insured. No fees. $1 minimum deposit.

  • 24/7 online access to funds.

Select a product and save

Compare Savings Accounts on SaveBetter

  • Patriot Bank N.A.
    Money Market Deposit Account
    APY
    2.05%
  • mph.bank
    Money Market Deposit Account
    APY
    2.02%
  • The State Exchange Bank
    High Yield Savings Account
    APY
    2.00%
  • Liberty Savings Bank, FSB
    High Yield Savings Account
    APY
    1.85%
  • Ponce Bank
    Money Market Deposit Account
    APY
    1.75%
  • SkyOne Federal Credit Union
    Money Market Deposit Account
    APY
    1.70%
  • Continental Bank
    High Yield Savings Account
    APY
    0.50%

Benefits of a Savings Account

Holding a jar of coins

Savings accounts are key to a healthy financial strategy by offering benefits like a stable, predictable return, high liquidity and the backing of federal deposit insurance (look for the FDIC stamp of approval for banks and NCUA for credit unions). A savings account is a type of account offered by a bank or credit union that enables you to put your cash to work by paying interest earnings on the deposits you hold within them. Savings accounts typically offer higher interest rates than checking accounts, which are used for paying daily expenses through payment methods like debit cards and checks. Savings accounts are used to secure cash and protect wealth without sacrificing access to funds.

High-Yield Savings Accounts vs. Traditional Savings Accounts

High-Yield Savings Accounts
Highly competitive interest rate, typically well above national average for traditional savings accounts

VS

Traditional Savings Accounts
Interest rate typically above that of a checking account, but well below that of a high-yield savings account
High-Yield Savings Accounts
Some banks may require high minimum deposits and charge fees if you dip below the minmum (SaveBetter does not)

VS

Traditional Savings Accounts
Minimum deposit is typically low
High-Yield Savings Accounts
Some banks may limit where these products are offered (SaveBetter does not)

VS

Traditional Savings Accounts
Availability of products may depend on bank size

Tips for Using High-Yield Savings Accounts

flatlay of flowers

What if you could earn more money from a savings account without doing too much more than what you’re already doing?

That’s the real benefit of a high-yield savings account (HYSA).

As the name implies, a HYSA offers just that — an opportunity to earn a higher yield, meaning more money, on your balance than that offered by a traditional savings account.

The better earning potential makes HYSAs a great option for storing your emergency funds or savings for various short-term goals, like a new car, a future vacation, or a down payment on a home.

There are plenty of HYSAs out there to choose from, but not all are created equal. Click the button below to read on about how to use a high-yield savings account to grow your money faster.

More About Savings Accounts

What Types of Savings Accounts Are Available Through Savebetter?

Available savings products include high-yield savings accounts (HYSAs) and money market deposit accounts (MMDAs), which pay interest at rates well above the national average of that of a traditional savings account. 

SaveBetter also allows customers to individually own or jointly own a savings product with another customer, such as a family member. A joint savings account can be a powerful tool for growing wealth, because you and a loved one can pool cash together to boost interest earnings. Moreover, a joint account and an individual savings account are covered by separate federal deposit insurance, even at the same bank.     

What Is a Savings Account?

A savings account is a type of deposit account offered by financial institutions like banks and credit unions. Customers can hold cash in a savings account and earn interest on their funds while retaining their liquidity, meaning they can still quickly access their reserves in the event, say, unexpected expenses suddenly arise. 

Depending on the institution, the deposits in a savings account may be federally insured, such as through the FDIC (for banks) and the NCUA (for credit unions). Deposit insurance allows a saver to recoup cash held in a financial account in the rare event that the bank or credit union fails.  

How Does a Savings Account Work?

The interest that savings accounts earn is determined by their interest rate and the amount of money they hold. The interest rate is typically advertised in terms of APY, or annual percentage yield. This value tells you how much interest the account pays on a yearly basis, factoring in how frequently interest is compounded. (The term EAR, or effective annual rate, is synonymous with APY.) Different banks and savings accounts may offer different compounding periods, but evaluating APYs allows you to compare rates in a consistent way. 

If the savings account balance changes — say you withdraw funds to cover an expense — then your prospective interest earnings are affected. Maintaining or adding to your savings account balance, conversely, ensures that your savings grow. And time is on your side: left alone, a savings account’s earnings will grow in value thanks to the power of compounding, like a snowball rolling down a mountain. 

Many banks encourage savings account holders to use this type of deposit product as a stable stash for cash rather than, say, a vehicle for day-to-day spending like a checking account. They do so through minimum balance requirements and limits on how many withdrawals or outbound transfers you can make per month. Banks don’t usually issue debit cards to make point-of-sale purchases directly from savings accounts, either.

SaveBetter does not impose the traditional restrictions on savings accounts. There is no minimum balance requirement, customers can open savings accounts with as little as $1, and there are no limits on the frequency of withdrawals.

How to Open a Savings Account

The process to open a savings account directly at a bank or credit union can vary, but usually it involves the customer providing personal information that is used to verify their identity. Some institutions allow customers to apply entirely online.  

Opening a savings account through SaveBetter is a simple process that you can complete online in just a few minutes. When you set up a SaveBetter account, you actually create a single portfolio that can hold as many savings products as you want, from as many banks as participate in our unique online savings marketplace. There’s just one application process that happens at signup. SaveBetter’s single unified account dashboard then shows you all your deposit products and their balances and performance in one place.

How to Choose a Savings Account

Interest rate

The interest rate.

Usually expressed as in terms of APY, or annual percentage yield, a savings account’s interest rate tells you how much a bank pays you to safeguard your money. The higher the APY, the more performant the savings account. Unlike fixed-term savings products like CDs, a savings account is likely to offer an interest rate that is subject to fluctuation, often based on prevailing market conditions.

Fees

Fees.

Nobody likes paying fees, so choosing a savings account with few or no fees attached ensures that the earnings you’re getting from interest aren’t chipped away by charges by the bank. Some to watch out for: fees for going below a minimum deposit balance, and fees for exceeding the limit on monthly withdrawals. Savings accounts through SaveBetter don’t charge either kind of fee.

Limit

Withdrawal limits.

It’s common to see banks put a limit of six withdrawals or outbound transfers per month on savings accounts. Exceeding that may incur charges. But it’s not an industry wide practice, so you should investigate what if any withdrawal limits are placed on a savings account you’re considering. Again, withdrawals from savings accounts through SaveBetter are not capped.

Insurance

Deposit insurance.

One of the most important benefits of a savings account is the protection it offers, through the stability of the bank itself, and the deposit insurance that is backing that institution. Savings accounts with FDIC member banks and with NCUA insured credit unions offer coverage on up to $250,000 in deposits. Not every bank or credit union is FDIC or NCUA insured, though; it’s critical that you confirm your cash would be covered before opting for a savings account.

Bank

The bank behind the account.

While it’s not a factor that likely affects the function of a savings account itself, the values and mission of the bank behind it may be of importance to you. For instance, there are banks that are dedicated to community development, that have minority ownership, and that support causes like youth education. And many customers take into consideration what a bank stands for when choosing to bank with them.

What do the best savings accounts have in common?

Here’s a shortlist: A competitive interest rate, low or no fees, deposit insurance coverage, and no withdrawal limits or minimum balance requirement.  

Find and Open Online Savings Accounts, All Through the Convenience of Savebetter

With SaveBetter’s unique online marketplace, you can compare and access a curated selection of federally insured savings accounts with competitive interest rates and flexible features, all with a single one-time registration, all in one portfolio. 

The savings accounts curated by SaveBetter are a great alternative to the standard savings account you may get through a local brick-and-mortar bank, which in addition to offering a paltry interest rate may also put limits on the frequency of withdrawals. SaveBetter exclusively selects higher-earning savings accounts from its network of partner banks.

What Is SaveBetter?

Family spending time out door

SaveBetter brings together high-yielding savings products offered by a network of U.S. financial institutions. It’s your destination to discover competitive savings products and start saving wisely. Select and fund multiple savings products from different institutions and manage them all from one account.

Safety

Safety

Funds deposited into any of the savings products available through on SaveBetter are always held by a federally insured financial institution. A very easy and safe way to diversify your deposit portfolio. We use a host of cybersecurity measures to protect your funds and sensitive information.

Choice

Choice

Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience

Convenience

One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

How SaveBetter Protects Your Money and Personal Information

Federal Deposit Insurance Corporation

FDIC logo

All participating banks are members of the FDIC. Deposits in participating banks are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.

Click to learn more about FDIC insurance

National Credit Union Administration

NCUA logo

All participating credit unions are insured by the NCUA through its Share Insurance Fund. Deposits in participating credit unions are insured by the NCUA up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured credit union, for each deposit account ownership category.

Click to learn more about NCUA insurance

Cybersecurity is a top priority at SaveBetter

SOC2 logo

We invest in a variety of technologies to protect our customer’s data, privacy and transactions. These include Multi-Factor authentication, encryption, and Cloudflare advanced internet protection and monitoring. We are a SOC 2 certified organization, which means we have met the requirements outlined by the American Institute of Certified Public Accountants (AICPA) to ensure that we have the controls in place to keep customers' data secure and private.

Click to learn more about SOC 2 certification

Open an Account in 3-5 Minutes

Select a product

Select

the right product for your savings goals.

Register for a SaveBetter account

Register

with an email address and password, then verify your identity and bank information.

Add funds

Fund

the savings products you add to your new SaveBetter account.

Why SaveBetter Is, Well, Better

With SaveBetter
One secure account guards your personal data and safely allows you to tap into yields from multiple savings products

VS

With traditional banking
Multiple signups, savings accounts, and products at different institutions each require you to provide sensitive personal information.
With SaveBetter
The platform brings together diverse and competitive federally insured savings products, including CDs with a range of terms, that increase your earnings potential.

VS

With traditional banking
There are fewer product options, possibly limiting your savings potential.
With SaveBetter
Only one account is required. You manage all your chosen savings products through the SaveBetter platform.

VS

With traditional banking
By opening new accounts at multiple institutions, you get more statements, must remember more passwords, and waste time.

High-Yield Savings Accounts and Money Market Deposit Accounts Available on SaveBetter

Financial institution
Savings product
APY
Patriot Bank
High-yield Money Market Deposit Account
2.05%
mph.bank
High-yield Money Market Deposit Account
2.02%
The State Exchange Bank
High-yield Savings Account
2.00%
Liberty Savings Bank
High-yield Savings Account
1.85%
Ponce Bank
High-yield Money Market Deposit Account
1.75%
SkyOne Federal Credit Union
High-yield Money Market Deposit Account
1.70%
Continental Bank
High-yield Savings Account
0.50%

Refer to the selection tool at the top of this page to access terms for the savings products listed.

FAQs

Call us: 844-994-EARN (3276)(Monday to Friday from 9:00 a.m. - 4:00 p.m. ET)
SaveBetter logo

The SaveBetter name and logo are trademarks of Raisin US LLC. The Raisin Solutions US name and logo are trademarks of Raisin GmbH, used with permission. The Central Bank of Kansas City name and logo are trademarks of Central Bank of Kansas City, used with permission. Continental Bank is a trademark of Continental Bank, used with permission. Ponce Bank and the Ponce De Leon image are trademarks of Ponce De Leon Federal Bank, used with permission. WEX Bank is a trademark of WEX Bank, used with permission. The State Exchange Bank is a trademark of The State Exchange Bank, used with permission. Patriot Bank is a trademark of Patriot Bank N.A., used with permission. Liberty Savings Bank is a trademark of Liberty Savings Bank, used with permission. mph.bank and mph.bank Mark are trademarks of Liberty Savings Bank, FSB, used with permission. SkyOne Federal Credit Union is a trademark of SkyOne Federal Credit Union, used with permission. Sallie Mae is a trademark of Sallie Mae Bank, used with permission.

© 2022 Raisin US LLC. All rights reserved.

APY means Annual Percentage Yield. APY is accurate as of {todayDate}. Interest rate may change after initial deposit. Minimum opening deposit is $1.00.

Each customer authorizes the Custodian Bank to hold the customer’s funds in a custodial capacity in order to facilitate the customer’s deposits to and withdrawals from deposit accounts at various Product Banks that the customer requests through SaveBetter.com. The Custodian Bank does not establish the terms of the deposit accounts, or offer the deposit accounts to customers, and provides no advice to customers about deposit accounts. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Custodian services are provided by Lewis and Clark Bank.