Certain rates on this table are from BestCashCow.com advertisers.
Compensation may impact the order in which rates appear.
This is to inform our readers that BestCashCow has received compensation for the placement of this bank offer.
If you have your savings dollars in a big bank or a bank with low savings rates, then you are losing money. We've found FDIC insured banks that will pay you more. Take a few minutes to explore the options below and see how you can boost your savings by more than 6X the national average rate. There is competition for your money. Take advantage of it!
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.
Last change: ↓0.15% on March 12.
Rate History: 5.15% → 5.00% → 4.85% → 4.75% → 4.60%
redstate jeff | Oct 29, 2024
Agree with the prior review even though it is 10 years old. It is shady and it doesn't show up on other sites. However, they did pay me 5.30% and although it is recently lowered to 5.15% it is still the b...
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It wasn't all smooth. I needed to call, long wait times. In the end, I felt like the beta customer which isn't how you want to feel with a bank.
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Rate requires download of bank app and recording of over 12,500 average daily steps (or 10,000 if over age of 65).
Last change: ↓0.05% on August 4.
Rate History: 5.00% → 4.90% → 4.75% → 4.55% → 4.50%
JGothelf | Oct 11, 2022
Glad to have found this one and thanks to bestcashcow for not hiding the best rates like bankrate does
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Vaporware. Was approved to open an account. I logged in on several different browsers with differing rendering codes--each time got nothing but 3 circles running left to right for up to a half hour when I ...
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Parent seems to be owned by a large Chilean bank. Not saying this is good or bad, but it is complication, especially in the current environment.
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Surge Money Market. Bank reports that this rate is available for new accounts only. External transfers are limited to $5,000/day and are not free. Rate History: 4.85% → 4.70% → 4.50% → 4.40% → 4.35%
Jason T | May 30, 2023
They really do pay this amount, but the account lacks any functionality and they are constantly looking for some sort of add-on fee to enable them to claw back the interest. Any bank with a higher rate an...
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High Yield Money Market. External transfers are limited to $30,000 per week. Rate History: 4.80% → 4.65% → 4.52% → 4.37% → 4.32%
TJK | Sep 30, 2023
CFG overs very competitive Interest rates on their High Yield Savings account.
I did everything ONLINE and have not had any issues with their service.
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Cornerstone Money Market Account. Bank reports that this account is available to new customers only. Old account holders in the savings product are earning 1.10%. Rate History: 4.56% → 4.46% → 4.41% → 4.36% → 4.31%
Jim S | Dec 21, 2023
Very easy to setup 6 month 5.35% CD from cornerstone account
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Performance Savings
Last change: ↓0.10% on January 18.
Rate History: 5.15% → 5.05% → 4.75% → 4.40% → 4.30%
smithy1968 | Mar 20, 2025
A non-customer-friendly organization that just switches between two contaminated brands trying to bring back some sort of goodwill that it had before it started selling fake foreign currency CDs in 2006 an...
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I can easily imagine the pain and the trouble Karen went through. I tried and open accounts, too, but when I asked questions on the phone, the customer service person was not very knowledgeable, kind, or p...
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STAY AWAY !
They closed my accounts with no warning.
After multiple successful direct deposits and mobile checks deposits, they claimed one of the three checks I deposited a few days ago was fake. No...
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Promotional rate for 3 months up to $11,000. Requires $25,000 in new deposits within 10 days of registration. After 3 month promotional period, rate reverts to between 0.03% and 0.12%. Rate History: 4.75% → 5.00% → 4.50% → 4.35% → 4.25%
Azoic | Feb 25, 2022
I joined Citi with a Costco-VISA card. An Accelerate followed, and then a checking account.
Costco-VISA is necessary for using a credit card at Costco, otherwise cash is necessary.
Accelerate Savings w...
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Online Savings Account.
Last change: ↓0.35% on December 18, 2024.
Rate History: 5.00% → 5.30% → 5.00% → 4.60% → 4.25%
lrcbob | Jul 26, 2024
Multiple roadblocks trying to set up a savings account with Ivy Bank and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and c...
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Growth Savings
Last change: ↓0.35% on January 8.
Rate History: 5.15% → 5.30% → 5.00% → 4.60% → 4.25%
lrcbob | Jul 26, 2024
Multiple roadblocks trying to set up a savings account with Forbright and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and ...
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LevelUp Savings Account. Requires direct deposit of at least $250/month. Bank's standard online savings rate is 3.40% APY.
Last change: ↓0.20% on July 15.
Rate History: 5.00% → 4.75% → 4.50% → 4.40% → 4.20%
overdrawn | Nov 12, 2022
I was shopping for deposit rates in August, and NerdWallet, a site I had previously trusted, had it on their list. I was unaware they took deposits. They are the only bank that ever duplicated a transactio...
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Multiple roadblocks trying to set up a savings account with Jenius Bank and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, an...
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Online Savings Account.
Last change: ↓0.15% on July 21.
Rate History: 4.75% → 4.70% → 4.35% → 4.20%
American Banker | Apr 7, 2023
Good luck deploying those high yield savings into profitable investments. It’s always a bad strategy … unbridled growth using volatile deposits forcing them to go out on the risk spectrum to make a dec...
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High Yield Savings Account.
Last change: ↓0.11% on July 15.
Rate History: 5.02% → 4.52% → 4.37% → 4.26% → 4.15%
Yat 1965 | Mar 19, 2022
Problem with ties to puppy mills. I closed a cct. https://www.americanbanker.com/news/tab-bank-dragged-into-seedy-world-of-puppy-mill-loans-by-fintech-partner
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not really an onllne bank. compare this interface that gives you no information with that of any other bank (I cannot even confirm the rate). cannot switch in and out of cds or np cds. just not an online b...
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Hi,
We've noticed your website is at risk due to spammy comments and contact form submissions, making it susceptible to issues like spammy backlinks and data breaches. Don't worry—there's a simple sol...
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Direct Savings. Bank reports that this rate is available for new accounts only.
Last change: ↓0.05% on April 4.
Rate History: 4.40% → 4.30% → 4.20% → 4.10% → 4.05%
Neil | Dec 18, 2023
I submitted a CD application 18 months 5.50 APY over a week ago and my application was declined no reason was given, I have the funds in another bank for transfer, credit score over 800. I think the reason...
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Personal Savings Account.
Last change: ↓0.10% on June 24.
Rate History: 4.50% → 4.15% → 4.05%
JBaker65 | May 6, 2023
Fully functional bank account that would be great for my needs, but the quarterly interest payment thing is a real nuisance. I wish they would change it. It isn't market.
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We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki
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Jumbo Savings.
Last change: ↓0.10% on April 18.
Rate History: 4.60% → 4.50% → 4.25% → 4.15% → 4.05%
BW | Jul 17, 2021
I've been with this bank for 6 months and have not had any problems. Bill pay works good. The 24 month investing CD is another vechile I use. Rates are above average considering the national rate. I'd reco...
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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.
Last change: ↓0.24% on January 18.
Rate History: 5.01% → 4.41% → 4.50% → 4.25% → 4.01%
LarryMass | Dec 8, 2020
Everyone here in Boston raves about Salem Five but it is shithole operation filled with nasty entitled people. As for this online savings product, the fees are ridiculous, the transfer charges are obnoxiou...
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UFB High Yield Savings. Bank reports that this rate is for new customers only. Rate History: 4.83% → 4.57% → 4.31% → 4.01% → 4.01%
Miles Jacobsen | Jul 18, 2023
I got into this one back in early April for the rate. It was the first to hit 5%. I put up with all sorts of annoying thing getting the account funded (including a 5-day wait period during which they had...
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I'll steer clear of Dollar Savings Direct and My Savings Direct until they guarantee users at both online divisions their best rates. Banks have the right to segment their customers yes, but these games w...
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eMoneyMarket Special. Bank reports that rate is extended for new money only. Rate History: 5.25% → 4.75% → 4.50% → 4.25% → 4.00%
Hello VirtualBank? | Dec 22, 2018
I know VirtualBank has monitored these comments in the past and answered here. This is important because they do not respond to questions submitted through the website. I am trying to find out the pena...
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Platinum Savings. Bank reports that this rate is available for new accounts only.
Last change: ↓0.10% on July 7.
Rate History: 4.55% → 4.35% → 4.30% → 4.10% → 4.00%
RTN1949 | Jun 2, 2022
I've been a customer since CIT emerged from the financial crisis as a real competitor in this space (14 years or so). Zero complaints about anything over this time ... until today. Now they are offering a...
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Money Market Premier. Bank reports that this rate is for new customers only. Rate History: 4.85% → 4.75% → 4.50% → 4.25% → 4.00%
Mike Brown | Jul 6, 2023
This is an example of a bad bank. Their online process for purchasing a CD is horrible. You fill it out and it rejects it after all of your private information is disclosed. They there customer service is ...
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High Yield Money Market Account. Only available to residents of Arizona, Minnesota and North Dakota. Rate History: 5.15% → 4.85% → 4.50% → 4.15% → 4.00%
Jean-Marc | Nov 10, 2023
Just found out after submitting all my personal information:
"Western also allows one free outgoing wire per month."
"External transfers from Western State Bank Online Banking: After 60 days you will h...
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Account was frozen (over 400K) after they confused our account with another account / person whose name was not even very similar. We were treated like dirt after 12 years and "Guilty until Innocent". I ha...
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A non-customer-friendly organization that just switches between two contaminated brands trying to bring back some sort of goodwill that it had before it started selling fake foreign currency CDs in 2006 an...
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I've been with this bank for 6 months and have not had any problems. Bill pay works good. The 24 month investing CD is another vechile I use. Rates are above average considering the national rate. I'd reco...
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Barclays is the worst. Transfer speeds even worse than Synchrony now. Service is worse than anything. Save yourself the trouble of getting sucked into rates that are sometimes competitive and choose anythi...
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Poor service. Condescending attitude.
Savings application denied without giving reason (Equifax file had a freeze because of hacking history) and not advising customer of need to unfreeze credit file for a...
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Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.
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Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.
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Online Savings
Last change: ↓0.15% on January 4.
Rate History: 4.25% → 4.50% → 4.25% → 4.00% → 3.85%
JuanVelasco | Mar 17, 2023
STAY AWAY !
They closed my accounts with no warning.
After multiple successful direct deposits and mobile checks deposits, they claimed one of the three checks I deposited a few days ago was fake. No...
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External transfers may take up to 3 business days and may be limited to $25,000/day.
Last change: ↓0.20% on June 4.
Rate History: 4.50% → 4.30% → 4.10% → 4.00% → 3.80%
mcriss | Oct 23, 2023
Synchrony Bank recently closed 3 of my accounts with them and this decision was completely unwarranted. I had two Guitar Center cards and one Levin Furniture card. I found out about this through a push not...
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MySavings Account.
Last change: ↓0.35% on May 19.
Rate History: 4.35% → 4.10% → 3.75%
not perfect but | Apr 25, 2023
with all of these online bank, including the well known ones, delaying transfers forever in order to fund these high rates, this one still executes inbound and outbound transfers immediately.
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Online transfers limited to $1,500 per day and $10,000 per month.
Last change: ↓1.00% on December 19, 2024.
Rate History: 4.75% → 4.00% → 4.80% → 4.75% → 3.75%
AEM | Sep 18, 2023
I agree with another user, this bank is very poorly put together, and may very well be an operation in large part used to extract and sell people's personal information. I called customer service and had ...
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AVOID at all costs. We read the addendum to the final page of the LENGTHY account agreement mailed to us after completing the online portion. Guess what? It gives this sweet seeming Discover Bank access to...
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Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although...
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I guess customer service is in the US (not sure). I'd rather that someone in the Philippines answered though. These people are so poorly trained and ill informed that I do not trust them with my personal...
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360 Performance Savings Account. Rate available for new account holders only.
Last change: ↓0.10% on July 2.
Rate History: 3.90% → 3.80% → 3.70% → 3.60% → 3.50%
NS123 | Mar 15, 2023
Thank you for the reviews above. I was wondering why I was only getting 0.3% when interest rates have gone up. Why CapitalOne360 is putting loyal and long time customers at a disadvantage is beyond me. ...
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Been a customer for a couple of years now with interesting checking, been a happy customer. They give you a $10 reimbursement on atm fees per statement cycle. They pay you to leave your money there curre...
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bad bank hold your deposit over months without credit in your account, no interest, they don’t want pay you interest , they want your money with 0% interest.
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US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov...
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You probably thought - as did I - that you were looking at a site that belongs to and was the responsibility of Gateway First. After all it includes their headings, selected financial statements, many pag...
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Poor service. Condescending attitude.
Savings application denied without giving reason (Equifax file had a freeze because of hacking history) and not advising customer of need to unfreeze credit file for a...
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Finworth looks legit, but their online disclosures and incomplete and you cannot reach them by phone and they don't respond to inquiries. I am moving along and you should too.
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Update: STAY AWAY FROM THIS BANK! They have no clue how to run an online bank. This bank is not ready for prime time. Nothing but problems. Customer service is dismal at best.
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Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although...
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ACH transfers are not allowed. Called and was told that I had to set up wire transfers (and pay fees) or I could come in to the bank and get a bank check.
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Synchrony Bank recently closed 3 of my accounts with them and this decision was completely unwarranted. I had two Guitar Center cards and one Levin Furniture card. I found out about this through a push not...
Read More
I've been a customer since CIT emerged from the financial crisis as a real competitor in this space (14 years or so). Zero complaints about anything over this time ... until today. Now they are offering a...
Read More
You probably thought - as did I - that you were looking at a site that belongs to and was the responsibility of Gateway First. After all it includes their headings, selected financial statements, many pag...
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While USAA was at one point a great option for all your banking needs, the service has deteriorated so much that I'm currently in the process of changing banks after more than 2 decades. The final straw w...
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after over 100k in transactions through this bank in the course of a year not only did i suffer from fraud but this bank closed my accounts and i have been lliable for all the losses and to top it off with...
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I had been with USAA for 20 years. Had my checking, savings, auto and renters insurance and 2 credit cards with them. I work in the service industry and make a good portion of my income in cash tips. For 4...
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Very easy to do business with, low mortgage interest rates without all the fees that other Banks charge. No games or hidden costs, just good service.
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Very easy to do business with, low mortgage interest rates without all the fees that other Banks charge. No games or hidden costs, just good service.
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Vaporware. Was approved to open an account. I logged in on several different browsers with differing rendering codes--each time got nothing but 3 circles running left to right for up to a half hour when I ...
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I filled out the application 10 days ago answering all questions and sent a file with a copy of my drivers license to Western Bank. I received an email saying that a banker would call me within one busines...
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Problem with ties to puppy mills. I closed a cct. https://www.americanbanker.com/news/tab-bank-dragged-into-seedy-world-of-puppy-mill-loans-by-fintech-partner
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On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous.
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US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov...
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This is by far the worst banking experience I have ever had. They fail to understand the simple concept that you are the customer and that they are providing a service for you. They consistently slapped qu...
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This is by far the worst banking experience I have ever had. They fail to understand the simple concept that you are the customer and that they are providing a service for you. They consistently slapped qu...
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I’ve not been getting my bank card as 3 have been on order now for over 6mths so they keep ordering me new ones after 2mths each time…I live in Canada & No one in Canada is getting there bank cards at ...
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Very easy to do business with, low mortgage interest rates without all the fees that other Banks charge. No games or hidden costs, just good service.
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This is by far the worst banking experience I have ever had. They fail to understand the simple concept that you are the customer and that they are providing a service for you. They consistently slapped qu...
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All rates listed 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. The Min listed is the minimum deposit account balance required to obtain the rate listed.
BestCashCow strives to maintain the most accurate rates.
If you believe a rate is not accurate, please let us know.
MINNESOTA SAVINGS ACCOUNT ENVIRONMENT
The savings rate offered to consumers in Minnesota, as in most other places, is determined by several factors, including:
1. Market conditions: The overall economic conditions and interest rate environment, both at the national and local levels, play a significant role in determining the savings rate. If interest rates are high, financial institutions can offer higher savings rates to attract deposits. Conversely, if interest rates are low, savings rates tend to be lower as well.
2. Competition among financial institutions: Competition among banks and credit unions drives them to offer competitive savings rates to attract customers. Institutions may adjust their rates depending on the competitive landscape in Minnesota.
3. Federal Reserve Policy: The Federal Reserve, which is the central banking system of the United States, sets the monetary policy and has influence over interest rates. The decisions made by the Federal Reserve, such as changes in the federal funds rate, can impact the savings rates offered by financial institutions.
4. Regulatory environment: Regulations imposed by state and federal authorities can also impact the savings rates offered in Indiana. Any regulatory changes related to banking, lending, or interest rates may influence the rates provided to consumers.
5. Institutions' financial health and business strategy: The financial health and business strategies of individual banks and credit unions can also influence the savings rates they offer. Institutions with strong financial positions and a desire to attract deposits may offer higher rates to entice savers.
These factors can vary over time, and the savings rates offered by financial institutions may change accordingly.
FREQUENTLY ASKED QUESTIONS ABOUT LOCAL SAVINGS RATES
Why do savings rates vary so much?
Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices. Banks have different cost structures and they also have different needs for capital. This leads to different rates.
BestCashCow’s surveys show that online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations. Therefore, we strongly recommend that all depositors consider the rates at online banks as savings and money market accounts online can easy be set up to enable quick transfers to your favorite local bank.
What is the difference between a savings account and a money market account?
The differences between a savings account and a money market account are largely arcane. Some money market accounts offer more ways access deposits by issuing checks and debit cards, but prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Most savvy consumers who plan their expenses and financial needs ahead find the additional functionality offered by money markets to be of little value and will choose whichever account (savings or money market) has the higher rate.
What does annual percentage yield (APY) mean?
Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, of the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rates. Unlike with a Certificate of Deposit, your actual APY in a savings may vary if the rate changes.
How do I choose the right savings account and should I consider CDs?
Begin your search with the table here on BestCashCow.com that you have found.
In addition to checking online savings rates, you should also check local bank rates and local credit union rates.
If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs).
While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates.
Several other sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs. Access these below. You should also familiarize yourself with our Savings & CD Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.
8 POINT CHECKLIST FOR A GREAT BANKING RELATIONSHIP WITH YOUR LOCAL BANK
Find a bank with a location convenient to you. Location counts.
Choose a bank with good rates. Rates are important to get continued growth of your capital.
Choose a bank with an extensive network of fee-free ATM machines or which reimburses out-of-network ATM fees, if you still need to regularly access cash.
Avoid fees. Choose a bank which doesn’t have service fees provided you maintain a certain balance, which doesn’t charge for ACH inbound and outbound transfers, and which has low fees for things like international wire transfers and bounced checks.
Choose a healthy bank. If you click on a bank above, you’ll be taken to the bank’s financial detail. A healthy bank has happy employees and provides loyal service to its customers. No matter how healthy your bank is, stay within FDIC insurance limits.
Find something of value to offset what may be slightly lower rates than online accounts offer. Develop personal relationship with your bankers. Personal relationships can help you to get appropriate financial advice, and to navigate financial challenges and needs in the future. (Be careful with the financial advice you receive. Inappropriate financial advice is worth a lot less than no financial advice.) They can also put you in touch with others in your community who could be valuable personally and professionally to know. If you don't use your local savings account as an opportunity to build these relationships, you may find that you are better of banking online.
Choose a bank that is going to let you access your cash when you need. The great benefit of savings accounts over any other financial product (including CDs) is that you have absolute liquidity. If your bank in creating impediments to accessing your cash (paperwork, fees, etc.), then you need another bank.
Be aware that you can have more than one account. Having a great local savings account at a large or small bank near you can be great, but it doesn't need to stop you from opening one or more online savings accounts, or even developing a relationship with another local bank or credit union.
SAVINGS & CD CALCULATOR
Find out how much extra money you can earn
by moving your bank money into an account that pays more.
