The average U.S. savings account has a 0.09 percent interest rate as of December 2018, according to the FDIC. But the best savings accounts allow you to grow your funds at a much higher savings account rate, which can really pay off — quite literally — in the long term.
GOBankingRates’ annual Best Banks study found the Best Savings Account of 2019 by comparing bank accounts that allow you to grow your money quickly without having to worry about maintaining high balances or paying service fees. The Best Savings Accounts of 2019 were chosen based on the following criteria:
- Minimum opening deposit
- Monthly service fee
- Minimum balance required
Based on these factors, Sallie Mae Bank was revealed to be the best bank for a savings account with its High-Yield Savings Account product, according to GOBankingRates’ annual Best Banks study.
Sallie Mae Bank High-Yield Savings Account: High Interest Rate and No Monthly Fees
There is no minimum balance requirement and no monthly fees with the Sallie Mae Bank High-Yield Savings Account, plus you’ll earn interest at a rate of 0.80% APY, which is significantly higher than the national average. Interest with this account is compounded daily and paid monthly.
Other features of the High-Yield Savings Account include free transfers and six free withdrawals per month, FDIC insurance and easy online account management, all of which help make it the best high-yield savings account.
Another Way to Save: The Best CD Accounts of 2019
How Sallie Mae Bank Stacks Up to the Other Best Savings Accounts
To find the best online savings account, GOBankingRates compared savings accounts at 100 of the biggest banks in the U.S. by asset size, according to the FDIC. Sallie Mae Bank proved to be a step above the rest.
Among all 10 Best Savings Account of 2019 finalists, Sallie Mae Bank’s High-Yield Savings Account had the lowest minimum deposit ($0), the lowest monthly service fee ($0) and the lowest minimum balance ($0), all combined with a generous APY.
Related: The Best National Banks of the Year
Multiple Options for Making Deposits and Withdrawals
Sallie Mae Bank is an online-only institution, but there are several options for making deposits and withdrawals from the High-Yield Savings Account that make it easy for you to transfer funds. There are four ways to make a deposit into an account:
- Remote deposit via an iPhone or Android device
- Direct deposit
- ACH transaction
- Mailing a check
Withdrawals can easily be made online by transferring funds from your savings account to a linked account. Note that as with any savings account, you are limited to six withdrawals in a month.
Click to see the Best Online Banks of 2019.
Why Save Online With Sallie Mae Bank?
Sallie Mae Bank’s High-Yield Savings Account allows you to accrue interest on your savings at a high rate, with the benefit of not having to pay a monthly fee or worry about meeting a minimum deposit or balance requirement — plus you have access to the bank’s great customer service. You can easily make deposits and withdrawals online or via the free Sallie Mae Bank mobile app.
Sallie Mae Bank also offers a number of other banking products so you can handle multiple aspects of your finances in one place. The High-Yield Savings Account is their highest interest rate savings account, but their other savings account options include the free SmartyPig account, a Money Market Account and Certificates of Deposit. Sallie Mae Bank also offers personal loans.
More on Banking
- The Best Checking Accounts of 2019
- The Best CD Account of the Year
- The Best Checking Account of 2019
- Watch: Best Banks With No Fees
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Methodology: To compile its list of the top 100 banks, GOBankingRates surveyed the FDIC’s list of banks sorted by asset size, excluding non-active institutions, investment banks and any institutions that require customers to use investment services to access commercial bank accounts. This list of 100 banks includes 72 brick-and-mortar banks and 28 online-only banks according to the GOBankingRates database. No asset threshold was consulted for online-only banks.
Criteria for ranking: To determine its Best Savings Accounts category ranking, GOBankingRates scored each bank’s basic, personal savings account from most to least favorable on the following factors: (1) minimum deposit to open the savings account, (2) monthly maintenance fee, (3) minimum balance to avoid a fee and (4) annual percentage yield. APY was weighted more heavily than other ranking factors, and accounts were then ranked by overall score.
Data was compiled from and verified against the individual institutions’ websites between Sept. 21 and Oct. 22, 2018. To determine the Best Banks of 2019, GOBankingRates considered the banks’ rates at the time the research was conducted, however, rates that appear in the articles are accurate as of today. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions. APY was based on the minimum deposit required to open the account. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Please verify terms and conditions before opening an account.