Are you earning the most from your savings and money market deposit accounts? Deposit accounts are the pillars of a strong financial foundation, providing you with financial stability as you work to achieve your financial goals. Many banks and credit unions offer a variety of savings and money market accounts, and this article aims to help you find the highest interest rate for this type of deposit account.
Of course, a high interest rate is not the only factor to consider when selecting an account. This article will help you choose the best deposit account for your specific needs.
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Finding the best savings account rate is a simple matter at first glance: Just look in the right place for what you want. Looking at individual bank site or visiting physical branches is time consuming, so skip the individual search and look online for sites that aggregate the best deposit account rates.
Remember that the best interest rate is not the only factor to consider; you should also consider the fees and make sure that you maximize your earnings and convenience with your savings.
In case, it is not obvious, this page does not include all available savings account offers from all banks.
The following table lists banks and credit unions that offers the highest yield savings account and money market rates as of today. To get more information, you can follow the link to the bank website, or use the 
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icons.
| Rate Search Results | Click here for column definitions | ||||||
Institutions | Account | Date | APY | Minimum Deposit | Avoid Fees | Monthly Service Fee | Check Writing |
Morristown, NJ  | Savings | 09/30/16 | 1.05 | $0 | 0.00 | 0.00 | NO |
Glen Allen, VA | Money Market | 09/30/16 | 1.00 | $10,000 | 0.00 | 0.00 | NO |
Wilmington, DE | Savings | 09/30/16 | 1.00 | $0 | 0.00 | 0.00 | NO |
Morristown, NJ | Money Market | 09/30/16 | 0.85 | $0 | 0.00 | 0.00 | YES |
| EverBank Jacksonville, FL | Money Market | 09/30/16 | 1.11 | $1,500 | 0.00 | 0.00 | YES |
| Dime Community Bank New York, NY | Money Market | 09/30/16 | 1.10 | $1,000 | 0.00 | 0.00 | NO |
| AloStar Bank of Commerce Birmingham, AL | Savings | 09/30/16 | 1.05 | $50 | 0.00 | 0.00 | NO |
| Goldman Sachs Bank USA New York, NY | Savings | 09/30/16 | 1.05 | $0 | 0.00 | 0.00 | NO |
| UFB Direct San Diego, CA | Savings | 09/30/16 | 1.00 | $25,000 | 0.00 | 0.00 | NO |
| Ally Bank Midvale, UT | Savings | 09/30/16 | 1.00 | $0 | 0.00 | 0.00 | NO |
| Radius Bank Boston, MA | Savings | 09/30/16 | 1.00 | $10 | 0.00 | 0.00 | NO |
| ableBanking, a division of Northeast Bank Lewiston, ME | Money Market | 09/30/16 | 1.00 | $250 | 0.00 | 0.00 | NO |
| Pacific National Bank Miami, FL | Money Market | 09/30/16 | 1.00 | $100 | 100.00 | 25.00 | YES |
| California First National Bank Irvine, CA | Money Market | 09/30/16 | 1.00 | $5,000 | 5000.00 | 20.00 | YES |
| FNBO Direct Omaha, NE | Savings | 09/30/16 | 0.95 | $1 | 0.00 | 0.00 | NO |
| Discover Bank Riverwoods, IL | Savings | 09/30/16 | 0.95 | $500 | 0.00 | 0.00 | NO |
| CIT Bank Salt Lake City, UT NR | Savings | 09/30/16 | 0.95 | $100 | 0.00 | 0.00 | NO |
| Sallie Mae Murray, UT | Money Market | 09/30/16 | 0.90 | $0 | 0.00 | 0.00 | YES |
| Pacific National Bank Miami, FL | Savings | 09/30/16 | 0.90 | $100 | 100.00 | 5.00 | NO |
| Ally Bank Midvale, UT | Money Market | 09/30/16 | 0.85 | $0 | 0.00 | 0.00 | YES |
| Colorado Federal Savings Bank Greenwood Village, CO | Savings | 09/30/16 | 0.85 | $2,500 | 0.00 | 0.00 | NO |
| My Savings Direct New York City, NY | Savings | 09/30/16 | 0.85 | $1 | 0.00 | 0.00 | NO |
| EH National Bank Beverly Hills, CA | Savings | 09/30/16 | 0.81 | $1,000 | 0.00 | 0.00 | NO |
| First Internet Bank of Indiana Indianapolis, IN | Money Market | 09/30/16 | 0.80 | $100 | 4000.00 | 5.00 | NO |
| Discover Bank Riverwoods, IL | Money Market | 09/30/16 | 0.80 | $2,500 | 2500.00 | 10.00 | YES |
| EH National Bank Beverly Hills, CA | Money Market | 09/30/16 | 0.80 | $1,000 | 10000.00 | 20.00 | YES |
| Capital One 360 Glen Allen, VA | Savings | 09/30/16 | 0.75 | $0 | 0.00 | 0.00 | NO |
| VirtualBank Miami, FL | Money Market | 09/30/16 | 0.65 | $100 | 100.00 | 5.00 | NO |
| First Internet Bank of Indiana Indianapolis, IN | Savings | 09/30/16 | 0.60 | $100 | 1000.00 | 2.00 | NO |
| AloStar Bank of Commerce Birmingham, AL | Money Market | 09/30/16 | 0.50 | $1,000 | 1000.00 | 10.00 | YES |
| giantbank.com Ft. Lauderdale, FL | Money Market | 09/30/16 | 0.45 | $1,000 | 0.00 | 0.00 | YES |
| Mutual of Omaha Bank Manhattan Beach, CA | Money Market | 09/30/16 | 0.35 | $1,000 | 1000.00 | 10.00 | YES |
| State Farm Bank Bloomington, IL | Money Market | 09/30/16 | 0.30 | $1,000 | 500.00 | 10.00 | YES |
| Goldwater Bank Scottsdale, AZ | Money Market | 09/30/16 | 0.26 | $1,000 | 0.00 | 0.00 | YES |
| NewDominion Bank Charlotte, NC | Money Market | 09/30/16 | 0.15 | $500 | 2500.00 | 0.00 | YES |
| Third Federal Savings and Loan Cleveland, OH | Savings | 09/30/16 | 0.15 | $25,000 | 0.00 | 0.00 | NO |
| 5 Star Bank Colorado Springs, CO | Money Market | 09/30/16 | 0.10 | $1,000 | 0.00 | 0.00 | YES |
| State Farm Bank Bloomington, IL | Savings | 09/30/16 | 0.10 | $100 | 0.00 | 0.00 | YES |
| Applied Bank Wilmington, DE | Savings | 09/30/16 | 0.10 | $100 | 100.00 | 10.00 | YES |
| Citizens Trust Bank Atlanta, GA | Money Market | 09/30/16 | 0.05 | $100 | 0.00 | 0.00 | YES |
| Citizens Trust Bank Atlanta, GA | Savings | 09/30/16 | 0.05 | $1,000 | 0.00 | 0.00 | NO |
| Astoria Bank Long Island, NY | Money Market | 09/30/16 | 0.05 | $2,500 | 2500.00 | 8.00 | YES |
| Astoria Bank Long Island, NY | Savings | 09/30/16 | 0.05 | $500 | 500.00 | 5.00 | NO |
| USAA San Antonio, TX | Money Market | 09/30/16 | 0.05 | $10,000 | 0.00 | 0.00 | YES |
| USAA San Antonio, TX | Savings | 09/30/16 | 0.05 | $25 | 0.00 | 0.00 | YES |
| BBVA Compass Birmingham, AL | Money Market | 09/30/16 | 0.05 | $25 | 10000.00 | 15.00 | YES |
| Applied Bank Wilmington, DE | Money Market | 09/30/16 | 0.02 | $500 | 500.00 | 10.00 | YES |
| iGObanking.com Lake Success, NY | Money Market | 09/29/16 | 1.10 | $25,000 | 0.00 | 0.00 | NO |
| iGObanking.com Lake Success, NY | Savings | 09/29/16 | 1.00 | $1 | 0.00 | 0.00 | NO |
| Popular Direct NY, NY | Savings | 09/27/16 | 1.26 | $5,000 | 500.00 | 4.00 | NO | Many lenders and institutions have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please email us. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration. Bankrate.com rates banks, thrifts and credit unions through proprietary Safe & Sound star rating system. Rates are subject to change without notice and may vary from branch to branch. |
In addition to high yield savings accounts and money market accounts, here are some alternatives that may work for you:
| Option | Description |
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Certificates of Deposit: Another option to high interest savings is certificate of deposits. There are CDs with term as short as 3 months and as long as 10 years. Generally, longer term CDs pay more than savings, but require long-term commitment. |
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High Yield Checking Accounts: Generally, there are more restrictions around high yield checking to be eligible for the best rate. However, it may be worthwhile if you can meet the requirements. |
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Lending Club is a SEC-registered social lending site where you can invest in 3-year and 5-year loans with as little as $25 per loan. The interest rate you earn depends on the quality of the loan (based on borrower’s credit rating, loan amount, loan length, etc.) Currently, Lending Club claims 93% of lenders earn between 6 to 18% APY. To learn more about peer lending, please read LendingClub: My Real Money Peer-to-Peer Lending Portfolio.
IMPORTANT: Please note that there are special risks associated with social lending.
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Discount Brokers: Many discount brokers offer a money market account that acts as the default account for fund deposited into your brokerage account. It usually pays some interest (not as high as an online savings account), but a brokerage account also gives you access to other investment opportunities, e.g., income investing in dividend paying stocks. |
If you know a bank that offers a higher rate than the ones above, we’d love your insight in the comments.
What is the best way to choose a savings account?
When selecting a savings account, determine the features that are most important to you. For example, you may order the features as follows: high interest rates, good customer service, low fees, and good reputation.
Are online savings accounts better than a traditional one?
Online savings accounts are more popular each day. Typically, you have to complete most of your transactions online or using the ATM, since there may not be brick and mortar locations in the “real” world. In exchange, you enjoy a higher interest rate than normal and pay lower fees.
How does FDIC insurance protect savings accounts?
When selecting a bank, make sure that it is FDIC insured. The federal government offers this insurance to participating banks and it protects your money (up to $250,000 per depositor at each banking institution) against loss in the event that the bank goes out of business.
What does FDIC deposit insurance cover?
FDIC insurance covers all deposit accounts, including savings accounts, money market accounts, certificates of deposit (CDs), and checking accounts.
Please review information associated with each offer before you sign up. Rates and conditions change constantly and I have reported what I believe to be the most accurate information at the time the article was updated.
Good Morning,
You need to update your information on non-CD accounts.
Cit Bank offers .99% Interest and 1.00APY. You need to stress that the APY is a rounding factor and that people should look at the interest rate primarily to make a decision. The APY is an enticement in advertising but the interest rate is more important. People forget this fact.
Please date your information as it would be most helpful. Example. The APY is 1.00% as of October 24, 2014.
Thank you.
j
Thank you for really helpful
Thank you for really helpful and valuable article, unfortunately many of average consumers really know little of the alternative financial options offered by various services and banks.I will definitely look deeper into the lending club options.
Thanks for sharing your list. We should learn as much as we can about the various financial industries before deciding which one to choose. It will help us a lot for our financial security and future.