10 Best Savings Accounts of 2019
Is your savings account among the best? If not, try these.
Savings accounts are easy to come by, but some are far better than others. Some banks still charge high fees, offer low savings account rates or don’t have services you need, such as the ability to save online. To help you make sense of which bank might offer the best high-yield savings, GOBankingRates has conducted its annual ranking to compare savings accounts.
The methodology GOBankingRates’ Best Savings Accounts of 2019 ranking uses to compare bank accounts centers on the following criteria:
- Minimum deposit to open an account
- Monthly maintenance fee
- Minimum balance required to avoid fees
- Annual percentage yield
When looking for the best bank to open a savings account with, there are also other key factors to consider: The highest interest rate savings account available, whether the bank has great customer service 24/7, the best online savings account offerings or whatever other options you know you’ll need. Consider these choices for the best high-yield savings accounts on this list if you need to find the best bank for your money.
Here are the 10 Best Savings Accounts of 2019:
- Sallie Mae Bank
- Bank5Connect
- FNBO Direct
- Marcus by Goldman Sachs
- Ally Bank
- American Express National Bank, Member FDIC
- Barclays Bank Delaware
- Discover Bank
- iGobanking.com
- Synchrony Bank
| 10 Best Savings Accounts of 2019 | ||||||
| Bank | Account | Min. Deposit | Monthly Fee | Min. Balance | Annual Percentage Yield | |
 | Sallie Mae Bank | High-Yield Savings | $0 | $0 | $0 | 2.10% |
 | Bank5 Connect | High-Interest Savings | $10 | $0 | $0 | 2.05% |
 | FNBO Direct | Online Savings Account | $1 | $0 | $0 | 2.15% |
 | Marcus by Goldman Sachs | Online Savings | $0 | $0 | $0 | 2.25% |
 | Ally Bank | Online Savings Account | $0 | $0 | $0 | 2.20% |
 | American Express National Bank, Member FDIC | Personal Savings | $0 | $0 | $0 | 2.10% |
 | Barclays Bank Delaware | Online Savings Account | $0 | $0 | $0 | 1.85% |
 | Discover Bank | Online Savings Account | $0 | $0 | $0 | 2.00% |
 | iGobanking.com | High Interest Savings | $0 | $0 | $0 | 1.90% |
 | Synchrony Bank | High Yield Savings | $0 | $0 | $0 | 2.20% |
Learn: Pros and Cons of Online Savings Accounts
Sallie Mae Bank
Why: A newcomer to the best savings account category, Sallie Mae Bank made its way to the top by virtue of its no-fee, no-minimum high-yield savings account.
Review: The Sallie Mae High Yield Savings Account offers just about all you could ask for in an online account. There are no minimum balance requirements or monthly maintenance fees, and the high rate of 2.10% APY is about significatnly higher than the national average. Interest is compounded daily and paid monthly. Sallie Mae offers easy online account management via its intuitive website and mobile app, and help is just a phone call away at 877-346-2756 if you need it, from 8 a.m. to 8 p.m. ET Monday through Friday.
Highlights:
- High rate of 2.10% APY
- No monthly fees
- No minimum balance requirement
How to Open: Opening an account is a simple process through the Sallie Mae website. Your name, email address and telephone number are enough to start the application.
See: Which Bank Topped the Best Checking Accounts List for 2019?
Bank5 Connect
Why: A high APY of 2.05% and no maintenance fees are more than enough reason to consider Bank5 Connect.
Review: You won’t pay a fee to open the Bank5 Connect High-Interest Savings account, but you will have to meet some minimal requirements. The bank requires an opening deposit of $10, and you won’t earn interest until you put in $100. If you open a Bank5 Connect checking account, you can use this savings account for free overdraft protection transfers.
Highlights:
- No maintenance fees
- High APY
- Free cashier’s checks and incoming wire transfers
- Free online banking and eStatements
- Free mobile banking
How to Open: Accounts can be opened online in about 10 minutes. You’ll need your Social Security number, valid ID, previous address if you have moved in the past two years and a funding source.
Read More: Here’s Why You Need Multiple Savings Accounts
FNBO Direct
Why: No monthly fees or minimum balances are required for the FNBO Direct Savings Account, which touts a high rate of 2.15% APY.
Review: FNBO offers a simple, straightforward online savings account with a great rate and no fees. The account comes with online and mobile access, digital payments, person-to-person payments and direct deposit capabilities. The maximum deposit is $1 million.
Highlights:
- $1 minimum to open an account
- Superior online security
- Easy money transfer options, including PopMoney
- No monthly fee
- No ongoing minimum balance requirement
How to Open: You can open an account online at FNBO in about 10 to 15 minutes. You’ll need your Social Security or tax ID number, driver’s license number or other 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 if you want to fund your account electronically.
Marcus by Goldman Sachs
Why: A reputable name, no fees and one of the highest savings account APYs make Marcus by Goldman Sachs a top choice for online savings. Marcus is also a competitor in the list of the 10 Best CD Accounts of 2019.
Review: The Marcus by Goldman Sachs Online Savings Account pays a current rate of 2.25% APY. No minimum deposit is required to open the account, there are no transaction fees and interest is compounded daily. Online withdrawals are allowed up to $125,000. For larger amounts, just call 855-730-SAVE (7283). Account sizes are limited to $1 million.
Highlights:
- One of the most trusted names in banking
- Easy online transfers to bank accounts or other savings instruments, such as CDs
- Competitive rates
- No fees
How to Open: Open a Marcus by Goldman Sachs savings account online in minutes with your Social Security number, date of birth, valid U.S. physical address, email, phone number and employment information.
Ally Bank
Why: Ally Bank offers one of the best savings rates with its online savings account, with a 2.20% APY. Ally also makes waves in the competition for the 10 Best Online Banks of 2019.
Review: In addition to having no monthly maintenance fees, Ally’s high interest compounds daily in your account. As Ally has no physical locations, the bank offers a remote check deposit service known as Ally eCheck Deposit. The savings account is available in both taxable and IRA accounts.
Highlights:
- No monthly fees
- No minimum deposits
- 24/7 live customer service
- Fee-free official/cashier’s checks
- Online and mobile security guarantee
How to Open: You can open an account online at Ally by providing basic personal information, including your date of birth, Social Security number and a valid ID. You can also call customer service 24/7 at 877-247-ALLY (2559).
American Express National Bank
Why: A consistently competitive rate of 2.10% annual percentage yield, accurate as of Jan. 9, 2019, puts American Express® Personal Savings in the top 10 for GOBankingRates’ Best Savings Accounts of 2019; that choice is bolstered by the lack of a minimum deposit, monthly maintenance fee or ongoing balance requirement.
Review: Although some customers might know the name American Express National Bank, Member FDIC for its credit cards, the full-service financial institution also offers extremely competitive personal banking products, like its online savings account. Interest is earned daily and posted monthly.
Highlights:
- Backed by a global financial service firm known for worldwide assistance and customer support
- 24/7 online access
- Online fund transfers
- Easy linkage to accounts at other institutions
How to Open: You can open an account online, or you can call customer service anytime at 800-446-6307. You’ll need to provide personal information, including your date of birth, Social Security number, home address and phone number. To fund your account, you can mail a check or transfer money electronically from your bank account.
Barclays Bank Delaware
Why: This global bank consistently garners awards for its high savings rates. The savings account rate currently stands at a high 1.85% APY.
Review: The award-winning savings account at Barclays currently pays about 22 times the national average. You can use the website to set up individual savings goals and see how this account can help you reach them. Checks can be deposited via mail, ACH transfers, direct deposit or remote deposit.
Highlights:
- Online transfers
- Direct deposit capability
- 24/7 access to money
- High rates
- No maintenance fees
- No minimum balance requirements
How to Open: Similar to other banks, provide your name, Social Security number, date of birth, phone number and external bank for wiring information.
Related: 10 Best Banks for College Students
Discover Bank
Why: The online savings account from Discover Bank is another highlight, offering a 2.00% APY, several times higher than the national average, plus the account has no minimum and no fees.
Review: Discover Bank is known as the bank that has no annual fees on any of its credit cards, and its fee consciousness applies to its savings accounts as well. You won’t pay to set up or maintain an online savings account at Discover.
Highlights:
- No monthly fees
- No minimum balance requirement
- No charges for official checks or incoming wire transfers
- Sleek online and mobile interfaces make transferring money a snap
How to Open: Provide your address, phone number, email and Social Security number to open an account online. To fund the account, you can either send a check or transfer funds from your existing bank. You can also open an account over the phone at 800-347-7000.
iGObanking.com
Why: Internet-based iGObanking.com offers the convenience of a user-friendly interface with competitive returns on its iGOsavings account. The bank also competes as one of the 10 Best Checking Accounts of 2019.
Review: No fees and no minimums only add to the appeal of the iGOsavings account, with its high yield of 1.90% APY. The modern iGObanking.com mobile app allows you to manage your account from your smartphone or SmartWatch, and it includes a funds transfer feature and an ATM locator.
Highlights:
- Easy-to-use online interface
- Competitive savings rates
- No fees
- No minimums
How to Open: As befitting a modern online bank, you can open your account easily online at iGObanking.com. The process will take about 10 minutes, and you’ll have to be an 18-year-old citizen or resident. You’ll need the standard Social Security number, valid form of ID and funding source, along with your last address if you moved within the last two years.
Learn More: 10 Best National Banks of 2019
Synchrony Bank
Why: Synchrony Bank’s high-yield savings account offers one of the best rates available, currently 2.20% APY. Coupled with its no-fee structure, the bank remains on the list of top 10 banks for 2019.
Review: In addition to a top yield, the Synchrony Bank High Yield Savings account offers ease of use, offering withdrawals by phone, ATM or online. The bank has won numerous awards for products, rates, safety and technology. Crossover customers might be interested in the bank’s high CD rates as well.
Highlights:
- $0.01 minimum deposit
- Easy withdrawals via an ATM card, online or by phone
- No fees
- No minimum balance requirements
- 24/7 online and mobile banking
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 other ID, a valid physical address and phone number, and your bank account and routing numbers to transfer funds electronically to Synchrony.
More on Banking
- American Express® Personal Savings Account Review: High Yield and No Fees
- Here’s How the Average Savings Account Interest Rate Compares to Yours
- Citibank Checking Account Review: Customer Satisfaction and Savings
- Watch: How to Find Your Routing Number in 60 Seconds
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, except for American Express® Personal Savings, which is accurate as of Jan. 9, 2019. 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.
