January 2025's Best Savings Accounts

The UFB Portfolio Savings account has a strong APY at 4.01%, which is the highest rate on our list. The account also comes with additional perks. You don’t have to worry about fees digging into your hard-earned money. In fact, the bank offers no monthly maintenance fees when you open a high-yield savings account.

Another perk that comes with the UFB Portfolio Savings account is a complimentary ATM Card. The bank also provides a 24/7 customer service hotline, as well as an online chat function and text messaging. You can also reach UFB Preferred Savings over their mobile app and deposit checks no matter where you are. The bank’s locations are in fewer than 10 states, though it has a large free ATM network that’s about 91,000 machines strong.

The Valley Direct Savings Account boasts a 3.75% APY, which places it near the top of the market. However, if you're a first-time account holder with Valley, you could take advantage of its Valley Direct Savings Promo account, which is currently offering an increased 4.55% APY. Both versions of the account have a $1 minimum necessary to open and a $0.01 minimum balance to qualify for the APYs.

For context, an account with the standard 3.75% APY with a starting balance of $25,000 could earn $937.50 in interest over the course of a year with no additional contributions. However, the rate on these accounts is variable and, therefore, subject to change, meaning the APY you receive and the interest you earn could differ from this example. Additionally, the accounts have no monthly maintenance fees.

Both versions of the Valley Direct Savings Account are online-only offerings. This means that you cannot manage your account in-person, even if you visit a Valley Bank branch location. However, if you're looking to open multiple accounts with Valley, just remember that it's regional and has locations in New York, New Jersey, Alabama, and Florida.

Synchrony Bank has one of the better savings accounts available today. Its central feature is a 4.10% APY, which is one of the higher rates on the market. There are no minimum deposit requirements with this account, making it a viable option for just about anyone. Beyond that, there are no monthly fees that will eat into your interest earnings.

Synchrony offers a rare set of features for a savings account, as it provides account holders with an ATM card and fee-free ATM access to thousands of machines throughout the U.S. and abroad. It does so through two ATM networks, Plus and Accel, giving it a more robust selection than some other online banks.

Synchrony's mobile app is also fairly highly rated, which is a benefit for any online bank. Through the app, customers can set up Touch ID and Face ID login, deposit checks remotely, live chat with a customer service representative, check their balances and more. The app is available to both Apple and Android mobile users.

Bread Financial has one of the highest APYs on the market at 4.50%. With this high-yield savings account, you don’t have to worry about many fees. Bread Financial offers no monthly fees while maintaining an account. However, the bank does require $100 to become an account holder. 

Bread Financial offers other perks, like free ACH transfers and incoming wire transfers, as well as unlimited deposits via its mobile app. But do be aware that it costs $25 per outgoing wire transfer and $15 per check request.

Outside of online banking, Bread Financial offers the ability for on-the-go customers to track their savings online and while using the mobile app. And while Bread Financial has easy access for online users, the bank has no physical locations, including no ATMs available.

The Discover Online Savings Account is a great option for anyone who's looking for an online bank that's easy to use and understand. Savings account holders will earn a 3.75% APY on all balances, with no restrictions. This is certainly lower than you might find at other banks, online and not, but Discover has a number of attributes that make it an attractive option. 

There's no minimum to open an account and there are no monthly service charges or minimum account balance requirements, as you might find at other banks. On top of that, this account compounds interest on a daily basis. One thing to note and remember about Discover is the fact that it's an online bank with no physical presence. This may make some people uncomfortable, but if you're looking to ease your way into online banking, Discover could be a great fit. The bank is known for its phenomenal customer service and easy-to-use interface. Discover also offers other financial products, so you can open a checking account or a new credit card all within the same platform.

EverBank's Performance(SM) Savings Account is an especially attractive option for first-time EverBank savings account holders. In fact, these account holders can earn a 4.40% introductory APY for the first year on balances up to $250,000. 

There is no minimum balance needed to open this account, and there are no monthly maintenance fees to pay. And, because it is now a Yield Pledge® account, the bank guarantees a yield that is in the top 5% of Competitive Accounts. In addition to savings, EverBank offers checking and money market accounts, as well as certificates of deposit (CDs).

Overall, EverBank is an online bank that serves customers nationwide. However, it also has a limited number of full-service branches where you can conduct in-person business. The bank also has a highly-rated mobile app.

TAB Bank’s High-Yield Savings Account offers a 4.37% APY, which is one of the better rates currently available on the market. Another point in this account’s favor: You only need to maintain a $0.01 balance to gain access to this rate. That’s in contrast to some accounts which require you to maintain a high minimum balance to get a top APY. There are also no monthly fees associated with this account, so every bit of interest you earn will stay in your hands.

Customers of TAB Bank manage their account balances through either its website or mobile apps. TAB has done a masterful job of creating its Apple and Android mobile offerings, as Apple and Android users have rated them at 4.7 stars and 3.9 stars out of 5, respectively. Features available via these platforms include full balance and transaction histories, inter-account and outside account money transfers, mobile check deposit and online bill pay. 

Unlike some other online banks, TAB has a full range of banking products available for its customers. So if you’re interested in more than just a savings account, you can choose from a selection of checking accounts, certificates of deposit (CDs), money market accounts and other savings accounts here. For the most part, each of these TAB accounts has strong interest rates in comparison to the rest of the market and does not come with monthly fees or tough-to-meet minimums.

Marcus by Goldman Sachs has become one of the top banks in the U.S. when it comes to savings rates, and its Online Savings Account doesn’t disappoint. The offering comes with a 3.90% APY, giving it one of the better rates right now. There's also no minimum balance necessary to get this APY, as the 3.90% rate will apply to any size balance. The Marcus Online Savings Account has no monthly maintenance fees whatsoever.

Although the savings benefits of Marcus are clear, the bank does not have any checking accounts available. So if you’d like the ability to make frequent withdrawals, you’ll have to open a checking account at a different bank.

Marcus also has a number of strong certificate of deposit (CD) offerings ranging from six months to six years.

Capital One Bank’s 360 Performance Savings Account sports a great 3.80% APY (as of 12/6/24), which ranks among the highest rates in the market. With this account, interest compounds monthly, which can help in the long run.

The 360 Performance Savings Account comes with a lot of perks. First, you don’t need to make a minimum deposit to open the account. That means once you enroll, you can begin saving at a great rate. In addition, the account comes with no monthly fees, which means more money stays in your wallet. 

If you are on the go and need to make a quick trip to an ATM, Capital One has over locations available nationwide. If you want to review your 360 Performance Savings Account’s history and balance, you have flexible options as you can check out Capital One's Apple and Android mobile apps, respectively, and through your computer. These are helpful options to choose from considering Capital One only has branches in eight states, plus Washington, D.C.

American Express is well-known as a credit card company. But it has some significant banking offerings as well. In fact, its High Yield Savings Account account boasts an annual percentage yield (APY) of 3.80% as of 12/17/2024, with $0 minimum to open the account and a minimum of $0 required to receive the APY. 

American Express National Bank, Member FDIC, has $0 in monthly fees for this account, which means everything you save will remain in your balance. The mobile and web banking platforms at American Express are the only ways you can manage your account, as it’s a branchless, online bank. 

Through these mediums, you can check the balances and transaction histories of both your American Express bank and credit card accounts. You can also link up to three outside bank accounts, allowing you to seamlessly send money between them. 

American Express National Bank is a savings-only financial institution. That means you can only open savings accounts and certificates of deposit (CDs), so there are no checking account offerings. If you want a checking account under the same roof as your savings account, Amex might not be a good choice.

First Foundation Bank provides 31 locations across California, Florida, Texas, Nevada and Hawaii. First Foundation also offers an attractive 4.50% APY, which can save you plenty of money over time. Note that opening a savings account with First Foundation Bank requires at least a $1,000 deposit.

If you decided to open a First Foundation savings account with $5,000 to go along with its 4.50% APY, and you let your money grow over five years, you would gain $1,230.91 in your savings account. The account comes with different benefits such as no monthly maintenance fees or transaction fees related to transfers. But be aware that your external bank or another third party could charge a transfer fee.

First Foundation Bank is especially user-friendly for mobile customers. Their mobile app allows users to easily access their banking information through their iPhone and Android devices. But despite this level of digital access, First Foundation Bank branches are available in less than 10 states.

At Ally Bank, you get a savings account with a strong interest rate and a platform that makes it easy to control your money. Ally Bank currently offers a 3.80% APY that compounds daily. But what really sets Ally apart from some of the other banks we reviewed is its customer experience. With Ally, you do not need a minimum deposit or minimum balance to open an account. You also do not have to worry about monthly maintenance or hidden fees. Further, depositing, withdrawing and sending money is simple at Ally. The bank's mobile app is easy to use and comes with 24/7 chat support if you have any issues. 

You can open up a free spending account at Ally when you open your savings account and transfer money between the two. From your spending account, you can withdraw money by using an ATM or a debit card. You can make free withdrawals at any of the 55,000+ Allpoint® ATMs throughout the country. 

The main downside to Ally Bank is that it is a fully online bank, so you cannot drive to your nearest Ally Bank location because they do not exist. The bank also does not accept cash deposits, so if you find yourself frequently depositing cash or visiting a brick-and-mortar bank location, banks with branches may be better for you.