10 Best Savings Accounts of 2018
You can find high bank interest rates among these top accounts.You can find a savings account at almost any bank; however, some charge high fees, offer low savings account interest or don’t have services you need, such as online banking. To help you make sense of which might be the best bank account for you, GOBankingRates has conducted its annual ranking to compare the best options available.
The GOBankingRates ranking identified the best bank accounts using a methodology centered on the following criteria:
- Minimum deposit required
- Monthly maintenance fee
- Minimum balance required to avoid fees
- Annual percentage yield
When looking for the best bank for a savings account, check out the key factors you should consider: the best interest rates, 24/7 customer service, or whatever other options best fit your needs. If your current bank doesn’t measure up, consider the choices on this list.
Here are the 10 best bank savings accounts selected by GOBankingRates:
- Synchrony Bank
- CIT Bank
- Nationwide Bank
- Ally Bank
- Barclays Bank Delaware
- Marcus by Goldman Sachs
- American Express National Bank
- FNBO Direct
- Incredible Bank
- Bank of Internet USA
| 10 Best Savings Accounts of 2018 | |||||
| Bank | Account | APY | Min. Deposit | Min. Balance | |
 | Synchrony Bank | High Yield Savings | 1.85% | $0 | $0 |
 | CIT Bank | High Yield Savings | 1.55% | $100 | $0 |
 | Nationwide Bank | Online Savings | 1.30% | $25 | $300 |
 | Ally Bank | Online Savings Account | 1.85% | $0 | $0 |
 | Barclays Bank Delaware | Online Savings Account | 1.85% | $0 | $0 |
 | Marcus by Goldman Sachs | Online Savings | 1.90% | $0 | $1 |
 | American Express National Bank | Personal Savings | $0 | $0 | |
 | FNBO Direct | Online Savings Account | 1.85% | $1 | $0 |
 | Incredible Bank | Savings Account | 1.21% | $2,500 | $0 |
 | Bank of Internet USA | High Yield Savings | 1.05% | $0 | $0 |
| Synchrony Bank, CIT Bank Nationwide Bank, Ally Bank, Barclays Bank Delaware, Marcus by Goldman Sachs, FNBO and American Express National Bank rates are accurate as of today. All other rates accurate as of Sept. 21, 2017. | |||||
Don’t Miss: The Best Banks of 2018
Synchrony Bank
Why: Synchrony Bank’s 1.30% APY, at the time the ranking was conducted, was one of the best savings account rates, and has since increased to 1.85% APY as of today.
Review: The Synchrony Bank High Yield Savings account is one of the best high-interest savings accounts on the list if you prioritize interest rates. The savings rate is higher than most of the other accounts in GOBankingRates’ 2018 Best Banks ranking, and it comes with only a 1-cent minimum deposit, no fees and no minimum balance requirements. The account also offers easy withdrawals via an ATM card, online or by phone.
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 About the Best Savings Account of 2018: Synchrony Bank
CIT Bank
Why: The CIT Premier High Yield Savings Account offers the top savings account interest rate on the GOBankingRates list, with a 1.35% APY at the time the ranking was conducted; that rate currently stands at 1.55% APY.
Review: Although it requires a minimum deposit of $100, the CIT savings account doesn’t require on ongoing minimum balance, nor does it charge any fees. Account interest is compounded daily, and you can access the account 24/7 via the web or a mobile device.
How to open: You can open an account online in about 15 minutes. CIT Bank requires your Social Security number, valid phone number and email address, and primary home address. To make a deposit, you’ll need to provide your bank account number.
CIT Bank: One of the Best Online Savings Accounts
Nationwide Bank
Why: A strong 1.30% APY pushes Nationwide Bank into the top 10.
Review: The Nationwide Online Savings Account does come with some drawbacks, but they are easy to overcome. The bank requires a $25 opening deposit and charges a $3 monthly service fee. You can avoid the fee with a $300 daily average balance or a monthly direct deposit of at least $25. The account allows for two free non-Nationwide ATM withdrawals per statement cycle and access to 77,000 surcharge-free ATMs.
How to open: You can open a Nationwide Bank account online, but you’ll need Adobe Reader to view account documents. The bank requires similar personal, financial, and contact information as with other banks, such as Social Security number, valid ID and bank account number.
Ally Bank
Why: Ally Bank offers one of the best savings rates with its online savings account, with a 1.85% APY.
Review: In addition to having no monthly maintenance fees, Ally’s high interest compounds daily in your account. The bank offers a remote check deposit service known as Ally eCheck Deposit and requires no minimum deposit to open. Ally Bank also charges no fee if you order an official or cashier’s check, and it offers 24/7 customer service with a live operator.
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.
Also See: 10 Best Checking Accounts of 2018
Barclays Bank Delaware
Why: The global bank consistently garners awards for its high savings rates that are 14 times the national average; its savings account rate was 1.20% APY at the time of the GOBankingRates ranking, but has since increased to 1.85% APY as of today.
Review: Online transfers, direct deposit, 24/7 access to your money and a high interest rate all serve to put Barclays Bank Delaware on the GOBankingRates short list. The account also comes with no maintenance fees or minimum balances to open. Online financial and savings tools are also provided.
How to open: The online account opening process is as with other banks, accomplished by providing personal information about yourself and your bank account, if you wish to make an opening deposit.
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.
Review: The Marcus by Goldman Sachs Online Savings Account pays a 1.90% APY. No minimum deposit is required to open the account, there are no transaction fees, and interest is compounded daily. Customers have multiple ways to access their money.
How to open: Open a Marcus by Goldman Sachs savings account online with your Social Security number, date of birth, valid U.S. physical address, email and phone number.
Related: How to Open a Checking Account
American Express National Bank — Personal Savings Account
Why: A consistently competitive interest rate puts American Express Personal Savings in the top 10 for GOBankingRates’ best savings accounts of 2018; that choice is bolstered by the lack of a minimum deposit, monthly maintenance fee or ongoing balance requirement.
Review: The American Express Personal Savings Account carries similar perks to other top savings accounts — including 24/7 online access, online fund transfers and FDIC insurance. You can also link your American Express account with 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.
FNBO Direct
Why: No monthly fees or minimum balances are required for the FNBO Direct Savings Account, but there is a $1 minimum deposit to open this account. The 1.15% APY was in the upper tier of online savings account options, at the time the ranking was conducted, and has since changed to 1.85% as of today.
Review: FNBO’s Popmoney service allows you to send or receive money instantly using your FNBO Direct accounts. The company touts superior online security and allows for easy transfer options for money going into or out of the account.
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 your routing numbers if you want to fund your account electronically.
Incredible Bank
Why: A high savings yield of 1.21% APY — that can jump even higher for deposits of $25,000 and above — make Incredible Bank’s High Yield Savings Account live up to its name.
Review: Incredible Bank offers high yields, but you do have to jump the hurdle of a $2,500 minimum deposit to open the account and earn that interest. You can enable bank-to-bank transfers starting 60 days after you open the account. No monthly service fee is attached to the account.
How to open: You can open an account online by providing information such as your physical mailing address, your Social Security number, and some form of official identification, such as your driver’s license, state ID or passport.
Bank of the Internet USA
Why: Bank of the Internet USA offers all of the zeroes you want in a savings account — $0 fees, $0 minimum account balance, and $0 opening deposit requirement, all with a competitive savings yield.
Review: Bank of the Internet USA’s Smart Savings Account comes with free online bill pay, mobile banking apps, mobile deposit, remote deposit capture via its proprietary MyDeposit, and free FinanceWorks money management software. Additionally, the account pays 1.05% APY.
How to Open: Account opening is handled online, with a Social Security number, valid form of ID, and a valid, non-P.O. box address. You must be a U.S. citizen or resident alien.
Check Out Last Year’s Ranking: 10 Best Savings Accounts of 2017
Methodology: To compile its list of the top 110 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 110 banks includes 82 brick-and-mortar banks and 28 online-only banks according to the GOBankingRates database. For brick-and-mortar financial institutions, the asset threshold was a minimum of $10 billion. 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 for the Best Banks of 2018 was compiled from and verified against the individual institutions’ websites between Sept. 12 and Sept. 21, 2017, except for Synchrony Bank, CIT Bank, Nationwide Bank, Ally Bank, Barclays Bank Delaware, Marcus by Goldman Sachs, FNBO and American Express National Bank , which is 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.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their personal circumstances.
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 2018 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.
Nationwide, Nationwide Bank, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. Member FDIC.
