10 Best Savings Accounts of 2017

From Synchrony Bank to Sallie Mae Bank, here are the best savings accounts of 2017.

Everyone wants to save money — many even make saving money a New Year’s resolution — but it’s easier said than done. To help you save more and make sure you can find the best savings rates, GOBankingRates has identified the top 10 U.S. savings accounts available. These high-interest savings accounts offer the best interest rates, lowest fees and other attractive features to help you save money.

GOBankingRates’ Best Banks study based its savings account picks on the following criteria: saving account interest rates, minimum deposit, and minimum balance requirements and monthly fees. Read on to find the account that suits you and will help you stick to your savings plan all year. Here are the best savings account rates available nationwide:

BankAccountRate (APY)Min. DespositMonthly FeeMin. Balance
SynchronySynchrony BankHigh Yield Savings1.05%$0$0$0
AloStar logoAloStar Bank of Commerce Savings Account1.05%$50$0$0
Ally bank logoAlly Bank Online Savings Account1.90%$0$0$0
Barclays Bank Delaware Online Savings Account1.85%$0$0$0
igobanking logoiGObanking.com High Interest Savings1.00%$1$0$0
fnbo direct logoFNBO Direct Online Savings Account2.00%$1$0$0
CIT Bank logoCIT Bank High Yield Savings2.15%$100$0$0
Discover BankOnline Savings Account0.95%$500$0$0
American Express National BankAmerican Express National Bank Personal Savings1.90%$0$0$0
sallie mae logoSallie Mae Bank Money Market Savings0.90%$0$0$0

Best Savings Account: Synchrony Bank High Yield Savings

Why: The Synchrony Bank account’s 1.05% APY is one of the best savings account rates, and it comes without strings.

Review: The Synchrony Bank High Yield Savings account is the best high-interest savings accounts on the list because saving interest rates matter. It offers a higher rate than most of the other accounts in GOBankingRates’ 2017 Best Banks study, and it comes with no minimum deposit, no fees and no minimum balance requirements. You just can’t beat that. The account also comes with an ATM card, so you can access your money easily.

How to open: You can open an account online. You’ll need to provide your date of birth, Social Security number, driver’s license or state ID card number, and your bank account and routing numbers to transfer funds electronically to Synchrony.

Related: Questions to Ask Before Opening a Savings Account

Banks That Rounded Out the Top 10

As you compare the other financial institutions that offer the best savings accounts of 2017, consider which features mean the most to you. When you weigh the accounts’ requirements against their features, you can find the account services that will make banking and saving easier for you.

AloStar Bank of Commerce Savings Account

Why: AloStar Bank is the only other bank that offers a 1.05% APY, which is one of the best savings account rates, but it also requires a minimum deposit of $50 to open. Despite the minimum deposit, it still ranked as one of the best bank accounts on the list.

Review: Competitive returns and secure transactions make this account a winner. There is no average monthly balance required, and you’ll earn interest with no monthly service charge. All you need is an initial deposit of at least $50. Other great features include free mobile banking, a free debit card and 24/7 online banking.

How to open: You can open an account online. To do so, you’ll need your Social Security number, U.S. government-issued ID, and a U.S. checking or savings account to fund your account.

Ally Bank Online Savings Account

Why: There are no monthly maintenance fees or minimum deposit requirements on this Ally Bank savings account, and it has a 1.90% APY, making it one of the best online savings accounts. In addition, interest is compounded daily.

Review: The Ally Bank Online Savings Account offers a competitive 1.90% APY, doesn’t charge a monthly service fee or have a minimum deposit or balance requirement. You can transfer funds to the mobile-friendly account from other Ally or non-Ally accounts by wire transfer, direct deposit, mailing a check or with Ally eCheck Deposit through the bank’s mobile app.

How to open: You can open an account online. You’ll need to provide personal information, including your date of birth, Social Security number and valid ID.

Barclays Bank Delaware Online Savings Account

Why: This online-only account from Barclays Bank features a 1.85% APY, no monthly maintenance fee or minimum deposit requirement, and tools designed to help you save.

Review: With the Barclays Bank Online Savings Account, you can make online transfers to and from other accounts, sign up for direct deposit and have 24/7 access to your money. You also can use the remote deposit feature to upload pictures of checks from a computer or mobile device.

How to open: You can open an account online by providing some personal information and transferring funds electronically from another account, mailing a check, arranging for direct deposit or using remote deposit.

iGObanking.com High Interest Savings

Why: This iGObanking.com account also offers a 1.00% APY and no fees or minimum balance. It only has a $1 minimum to open the account.

Review: The iGObanking High Interest Savings Account doesn’t charge a monthly maintenance fee or require a minimum balance. The 1.00% APY is competitive, and you can use iGObanking Flexible Deposit to deposit checks to your account with a computer or mobile device.

How to open: You can open an account online. You’ll need your Social Security number, valid ID, previous home address if you lived in your current location less than two years, and your current bank account and routing number to transfer funds electronically to your new account.

Find Out: What Is the Average Savings Account Interest Rate?

FNBO Direct Online Savings

Why: There are no monthly fees or balance requirements for the FNBO Direct savings account, but there is a $1 minimum deposit to open this account. The 2.00% APY is lower than some of the others on this list but is still respectable.

Review: The FNBO Direct Online Savings account has no fees or minimum balance, which makes this slightly lower rate more appealing. You can use Popmoney to transfer funds from the account to other people, and you can set up recurring deposits from other accounts into this online savings account.

How to open: You can open an account online with a minimum deposit of $1. You’ll need your Social Security or tax ID number, valid ID, employment information, and information about any loans or mortgages you have to confirm your identity. You’ll also need your current bank account and routing numbers to transfer funds electronically to your new account.

CIT Bank High Yield Savings

Why: This CIT Bank account offers a rate of 2.15% APY but also has a $100 minimum deposit requirement.

Review: The account doesn’t charge a monthly maintenance fee or require a minimum balance, but it does require a minimum deposit of $100. You can have 24/7 access to your account online and on your mobile device. Interest is compounded daily to maximize your savings potential.

How to open: You can open an account online. You’ll need your Social Security number, driver’s license or state-issued ID, and bank account number to transfer funds electronically.

Discover Bank Online Savings Account

Why: The Online Savings Account from Discover Bank features a competitive rate that translates to $47.73 dollars in interest per year on a $5,000 balance, but you must open an account with a minimum of $500.

Review: Although the minimum deposit is steep, the account comes with lots of perks, including no monthly maintenance or minimum balance fees, free official bank checks with expedited delivery, and free incoming wire transfers. In addition, you can deposit checks and schedule automatic transfers via the mobile app.

How to open: You can open an account online. Just provide your address, phone number, email and Social Security number. You can fund your account with a check or an online transfer from another account.

American Express National Bank Personal Savings

Why: At 1.90% APY, the interest rate on this American Express National Bank account is slightly lower than on other accounts in GOBankingRates’ top 10, but there’s no minimum deposit, minimum balance requirement or monthly maintenance fee.

Review: The American Express National Bank Personal Savings account offers many of the perks that other top savings accounts have — including 24/7 online access, no monthly maintenance fees and no minimum deposit requirement. You can link the account with your current bank accounts and set up recurring transfers to build your savings.

How to open: You can open an account online. You’ll need to provide personal information, including your date of birth, Social Security number and email address. To fund your account, you can mail a check or transfer money electronically from another account.

Sallie Mae Bank Money Market Savings

Why: Sallie Mae Bank has an interest rate of 0.90% APY that is compounded daily and paid monthly.

Review: This account does not have any monthly fees and does not have any minimum deposit or minimum balance requirements. In addition, you can write checks from your account, enjoy free transfers and easily manage your account online.

How to open: You can open an account online with just your Social Security number and bank information for an electronic transfer of money to fund the account.

Check Out Last Year’s Ranking: 10 Best Savings Accounts of 2016

Ally Bank, American Express, Barclays Bank Delaware, CIT Bank and FNBO rates accurate as of today. All other rates accurate as of Oct. 26, 2016.

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 Oct. 11 and Oct. 26, 2016. 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.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some banks mentioned in the Best Banks of 2017 survey are clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement.

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been endorsed by American Express.