DollarGeek Presents:

Best Savings Accounts of October 2020

DollarGeek's goal is to help you make the best financial decisions. To help us do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations or ratings.

When choosing the best savings account you need to look for various perks. Aside from a high interest rate, you want no monthly fees, great customer support and technology that makes banking easy. DollarGeek has researched and analyzed the best savings accounts so you can start growing your money and save with confidence. You’re unique and your saving account should be no different.

Browse the best saving accounts
Sort accounts by:
Showing 1-10 of 10 accounts
OVERALL RATING:
(4.7)
on Barclays' website

Min. Balance

$0

to start

Monthly Fee

$0

APY

0.60%

Minimum

$0

APY

0.60%

+ SHOW MORE DETAILS
View More Details
OVERALL RATING:
(4)
on BrioDirect's website

Min. Balance

$25

to start

Monthly Fee

$0

APY

0.60%

Minimum

$25

APY

0.60%

+ SHOW MORE DETAILS
View More Details
OVERALL RATING:
(4.4)
on HSBC Direct's website

Min. Balance

$1

to start

Monthly Fee

$0

APY

0.50%

Minimum

$1

APY

0.50%

+ SHOW MORE DETAILS
View More Details
OVERALL RATING:
(4.5)
on Vio Bank's website

Min. Balance

$100

to start

Monthly Fee

$0

APY

0.83%

Minimum

$100

APY

0.83%

+ SHOW MORE DETAILS
View More Details
OVERALL RATING:
(4)
on Salem Five Direct's website

Min. Balance

$100

to start

Monthly Fee

$0

APY

0.80%

Minimum

$100

APY

0.80%

+ SHOW MORE DETAILS
View More Details
OVERALL RATING:
(4.5)
on Bank5 Connect's website

Min. Balance

$10

to start

Monthly Fee

$0

APY

0.75%

Minimum

$10

APY

0.75%

+ SHOW MORE DETAILS
View More Details
OVERALL RATING:
(4.5)
on Synchrony Bank's website

Min. Balance

$0

to start

Monthly Fee

$0

APY

0.65%

Minimum

$0

APY

0.65%

+ SHOW MORE DETAILS
View More Details
OVERALL RATING:
(4)
on CIT Bank's website

Min. Balance

$25K

to start

Monthly Fee

$0

APY

0.55%

Minimum

$25K

APY

0.55%

+ SHOW MORE DETAILS
View More Details
OVERALL RATING:
(4.6)
on Axos Bank's website

Min. Balance

$0

to start

Monthly Fee

$0

APY

0.81%

Minimum

$0

APY

0.81%

+ SHOW MORE DETAILS
View More Details
OVERALL RATING:
(4.8)
on Marcus by Goldman Sachs's website

Min. Balance

$0

to start

Monthly Fee

$0

APY

0.60%

Minimum

$0

APY

0.60%

+ SHOW MORE DETAILS
View More Details
  • Previous
  • Next

Recap: Best Savings Accounts of October 2020

DollarGeek is here with you every step of the way when you’re selecting the best savings accounts. Find the best place to start earning the most interest on your money.

Overview: October 2020's Best Savings Accounts

Best for those who want a high APY

Minimum Deposit

$250

APY

0.81

OVERVIEW

Axos Bank is an online bank that differentiates its financial accounts with higher-than-average interest rates. You can open a high-yield savings account with a minimum deposit of $250 and earn an APY of 0.81%.

Since Axos is an online bank, it offers zero maintenance fee accounts, free ATM card, no monthly balance requirements, and a plethora of digital tools to manage your finances.

Axos Bank savings account comes with additional features, such as account alerts, app-based debit card management, biometric identification, and a virtual assistant to answer any of your concerns.

WHY WE LIKE IT

  • No account maintenance fees
  • No minimum balance requirements
  • Higher than average APY
  • ATM fee reimbursement for domestic usage

Best for those who have high balances

Minimum Deposit

$25K

APY

0.55

OVERVIEW

CIT Bank Savings account aims at providing high-interest rates to account holders through daily compounding interest and no account maintenance or opening charges. CIT Bank is an online bank, which means you can transact right from your home, deposit checks remotely, and earn higher interest rates right from day one.

Savings Builder Account from CIT Bank offers tiered APY of 0.55%. Here is how the APY works for different tiers:

Tier

Balance

APY

Upper-tier

≥ $25,000

0.55%

Upper-tier

< $25,000 but monthly deposit of $100 or more

0.55%

Base tier

< $25,000

0.31%

WHY WE LIKE IT

  • No account maintenance fees or minimum balance requirements for the base tier
  • Depositing $100 per month gives access to higher interest rates
  • Mobile banking and mobile check deposit

Best for high APY and no monthly charges

Minimum Deposit

$100

APY

0.83

OVERVIEW

Vio Bank is the digital arm of MidFirst Bank, providing it a strong foundation for offering banking services. The online bank provides some of the highest APYs on its high yield savings accounts, as revealed in our research.

You can open a Vio Bank high yield savings account with a minimum deposit of $100, no monthly charges ($10 if you opt for paper statements and $10 for excessive withdrawals), 0.83% APY on all balances, and FDIC insurance of up to $250,000.

Unlike most online banks, Vio Bank doesn’t come with a branch or ATM network, making it suitable for parking excess cash.

WHY WE LIKE IT

  • No minimum balance requirements for earning top APY
  • Low account opening requirements ($100)
  • No monthly maintenance charges

Best for competitive APY and user experience

Minimum Deposit

$0

APY

0.60

OVERVIEW

Marcus by Goldman Sachs is the online arm of the international bank, Goldman Sachs. The online bank offers some of the best APYs on its savings account, 0.85% as of now. You can open an account with $1 and start earning interest.

Marcus by Goldman Sachs doesn’t charge any maintenance fees for its savings account. However, if you want to keep over a million dollars in your savings account, then this may not be the right account for you.

Marcus by Goldman Sachs has comparatively fewer money transfer or account-linking options when compared to other online banks.

WHY WE LIKE IT

  • Competitive APY of 0.85%
  • No maintenance or minimum account balance requirements

Best for online money management tools and high APY

Minimum Deposit

$0

APY

0.60

OVERVIEW

The US arm of Barclays Bank is a digital-only offering, but the robust financial infrastructure of the London-based bank ensures that account holders receive high-quality services. Barclays online savings account earns an APY of 0.60%.

You can open Barclays online savings account with no minimum balance requirements or maintenance charges. The account comes with savvy personal finance tools for money management.

Barclays supports online check deposits, other bank transfers, and direct deposits. However, Barclays doesn’t have branches in the US, which makes it the right choice for individuals seeking online banking services only.

WHY WE LIKE IT

  • No maintenance fees or minimum account opening balance requirements
  • No balance requirements for earning the highest APY
  • Money management tools

Best for online banking services and competitive APY

Minimum Deposit

$25

APY

0.60

OVERVIEW

BrioDirect is an online bank from Sterling National Bank, offering financial accounts and other banking products to its customers. You can open a BrioDirect high yield savings account with $25 and earn an APY of 0.60%.

BrioDirect matches other online banks in terms of nil maintenance fees and online banking services. It takes only a couple of minutes to open a savings account with BrioDirect. At the same time, all accounts opened with BrioDirect are held with Sterling National Bank, an FDIC-insured institution.

BrioDirect offers additional banking products, such as high-rate CDs. You can open a CD with BrioDirect bank for $500.

WHY WE LIKE IT

  • Low minimum deposit
  • No tiered interest rates
  • Online banking services

Best for an international bank and online tools

Minimum Deposit

$1

APY

0.50

OVERVIEW

HSBC Direct Savings account is an online savings account that offers competitive APY, zero-maintenance fees, and mobile banking facilities. You can open a savings account with a minimum deposit of $1 and start earning 0.50% interest on your deposits.

HSBC Direct Savings account comes with money management tools, including goal creation, income, and expense tracking features. It offers 24/7 online and mobile banking services, along with live chat support.

HSBC offers support for mobile check deposits, online transfers, eStatements, and comes with FDIC insurance.

WHY WE LIKE IT

  • Trust of an international bank
  • No monthly maintenance charges and $1 minimum account requirements

Best for a high APY

Minimum Deposit

$100

APY

0.80

OVERVIEW

Salem Five Direct is one of the top providers of online savings account in terms of competitive APYs. The bank offers an APY of 0.80% with its eOne savings account for any balance up to $1,000,000.

You can open an eOne savings account with a minimum deposit of $100. Salem Five Direct doesn’t charge any account management fee for its online savings account. Also, there are no minimum balance requirements and your money is protected by the FDIC.

The only condition you need to meet is that you should not hold any checking or savings accounts with Salem Five Direct, except eOne checking account, to qualify for this offer. The bank offers a robust online and mobile banking experience.

WHY WE LIKE IT

  • Competitive APY when compared with peers
  • Low minimum deposit requirements
  • No minimum balance conditions for highest APY

Best for unlimited insurance beyond the FDIC limit

Minimum Deposit

$10

APY

0.75

OVERVIEW

Bank5 Connect is an online bank that provides different financial services to its consumers. The bank offers 0.75% APY with its high-interest savings account. A distinguishable feature of Bank5 Connect savings account is its 100% unlimited protection of your funds even over the FDIC limit of $250,000.

You only need $10 to open a savings account with Bank5 Connect. In order to earn interest, you will have to maintain a balance of $100 or above. There are no maintenance charges for the account, allowing you to save money on fees. Bank5 Connect offers overdraft protection for savings accounts linked with a high-interest checking account from the bank.

The only cost is that of paper statements ($1 per month) and a $10 fee per withdrawal charges, when exceeding the limit of six free withdrawals.

WHY WE LIKE IT

  • Unlimited insurance beyond the FDIC limit
  • Low opening deposit and no maintenance charges

Best for all around online bank and APY

Minimum Deposit

$0

APY

0.65

OVERVIEW

Synchrony Bank provides a high-interest savings account to its customers, with a current APY of 0.65%. Unlike most savings accounts on our list, Synchrony offers an ATM and free withdrawals through its ATM network. For out-of-network usage, you receive a refund of up to $5 per billing cycle.

You don’t need a minimum balance to open a high-interest savings account with Synchrony or to earn interest. Opening an account is an entirely online experience, requiring you to provide your personal documents digitally to activate your account. The entire process takes only a couple of minutes.

In addition to its savings account, Synchrony Bank also offers money market accounts, CDs, IRAs, Trust, or custodial, non-custodial accounts.

WHY WE LIKE IT

  • ATM network for easy withdrawals
  • High interest rate and nil maintenance charges

Learn about savings accounts

Gain some clarity with our geeky insight.

What is a savings account?

A savings account is a place where you can store cash securely while you earn interest on your money. Unlike investment accounts, they are federally insured, which means up to $250,000 of the money in your account would be covered if the bank failed and went under. A savings account gives you fast access to cash.

What should I look for in a savings account?

A savings account is a place where you can store cash securely while you earn interest on your money. Unlike investment accounts, they are federally insured, which means up to $250,000 of the money in your account would be covered if the bank failed and went under. A savings account gives you fast access to cash.

High APYs

A high APY (annual percentage yield) is one of the most crucial things you should look for when trying to find the best savings account. A higher APY means more money in your pocket. 

LOW FEES

It’s important to find a savings account that has little to no fees at all. Fees will eat into your money and you should try to avoid them as much as possible. Always look at your banks fee schedule and try to avoid monthly maintenance fees if you can. 

FDIC Insured

Nearly all banks carry FDIC insurance for their depositors. FDIC insurance will ensure your money is protected to $250,000 per person per bank, against a failed bank.

User Experience

When you’re shopping around for the best savings account, it’s important you find a bank that offers you simplicity with all the tools you need to manage your savings account. Make sure the bank you choose offers a superb online portal and mobile app so you can access your account at ease.

Does opening a savings account hurt my credit score?

Opening a savings account does not affect your credit score. Savings accounts aren’t listed on credit reports, which means they don’t impact credit scores.

Can I have more than one savings account?

Yes. You can have multiple savings accounts. Make sure you take advantage of the savings account with the higher APY (annual percentage yield). A higher APY means more money in your pocket.

How do I get money from my checking account to my savings account?

Stashing money away into your savings account is simple. You can fund your account with a free transfer from your checking account, a mobile check deposit, or you can even mail in a check. Getting money into your savings account isn’t usually an issue – you’ll have a few options.

What are the benefits of a savings account?

A savings account presents quite a few perks:

1. Automatic Transfers

To keep consistent you can schedule automatic transfers with most savings accounts. When you set up automatic transfers you will have money moved from your checking into your savings however often you’d like. For example, lets say you get paid every 15 days – you can have your savings account transfer money from your checking account every 15 days for free. It’s a good way to stash some cash.

2. Easy Access

Savings accounts present easy access to your money. Since the money stays in cash and it’s not invested in the stock market, you can easily transfer money from your savings into your checking account quickly. You will be limited to how many times you can transfer money out of your savings account every month (maximum is usually 6 transfers per month) because a law set by the Federal Reserve. 

3. It's Stable

When you invest your money your account usually goes up and down with the stock market, but with a savings account its stable and predictable because its just sitting in cash with your bank. Sleep easy knowing that your money is federally insured for up to $250,000 if the bank failed.

What does it cost to have a savings account?

It depends, but typically the best savings accounts DollarGeek has selected have zero monthly fees. Sometimes a bank will have you maintain a minimum balance every month, or charge you a monthly maintenance fee, but most online banks are free. 

Common terms you should be familiar with if you plan to open a saving account

You’ll come across these terms when opening a new savings account. Make sure to get familiar.

1. APY

APY stands for “annual percentage yield”. Many people often get APY mixed with interest rate, but these aren’t the same. APY takes into account compound interest.

2. Monthly Maintenance Fee

A monthly maintenance fee is a fee your bank will charge you to maintain your savings account. Most online banks will not charge a monthly maintenance fee for you savings account, and if they do, it most likely can be waived if you meet certain requirements. These requirements can sometimes be a higher initial deposit or reoccurring monthly deposits into the account.

3. FDIC Insured

Like most deposit accounts, savings accounts are typically backed by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance means your cash is protected up to $250,000 per person per bank, against a failed bank.

A high APY (annual percentage yield) is one of the most crucial things you should look for when trying to find the best savings account. A higher APY means more money in your pocket. 

It’s important to find a savings account that has little to no fees at all. Fees will eat into your money and you should try to avoid them as much as possible. Always look at your banks fee schedule and try to avoid monthly maintenance fees if you can. 

More top choices for the best savings accounts

DollarGeek is here with you every step of the way when you're selecting the best savings account. Find the best place to start growing your money with the best rates. Here are some other choices we recommend looking at:

Min. Deposit

$5,000

$0

$0

$0

APY

0.60
0.60
0.01
0.60

Savings account resources