Banks With the Best Interest Rates

You work hard for your money, and you want your money to work hard for you. Here are some of the banks with the best interest rates for consumers.

What to Know About a Savings Account

The best savings accounts should come with great customer service, higher-than-average interest rates, technology to that is second to none, and they should have low or no fees. If you come across a bank offer that sounds too good to be true, be sure to read the fine print regarding the account they are touting. When choosing a savings account, it’s important to consider how often the account compounds interest ― daily, weekly, monthly or annually. If you’re not earning interest on your current savings account, or if you have a low-interest rate, you should look into opening a savings account elsewhere. Online banks tend to offer higher rates than brick-and-mortar ones. Anyone who has money that they intend to grow for some amount of time should have a savings account. A savings account is not worth it for someone who can’t keep the minimum balance, and thus incur an additional fee. Listed below are some of the banks with the best savings accounts.

Citizens Access Bank

Citizens Access’ online division offers impressive rates for savings and certificates of deposit. Citizens Access’ savings account offers 2.35 percent annual percentage yield (APY) and doesn’t charge any fees. The required minimum to open an account is $5,000, which is a bit steeper than some online banks. If the balance drops below that, the APY does as well. The easy-to-use website is mobile-friendly, allowing check deposits, but there is no mobile app.


Barclay’s offers very consumer-friendly banking. There are no minimums, no maintenance fees and a top-notch rate of 2.20 percent APY for its online savings account. You can transfer money to and from another bank and view Barclays accounts on its website and mobile app as well as deposit checks on the app.


Ally is an online-only bank that delivers a savings account with a competitive rate and no monthly fee or minimum deposit requirements. You earn 2.20 percent APY regardless of the account balance. Although there isn’t a way to add cash, you can deposit checks via its easy-to-use mobile app or transfer money between accounts online for free. Customer support is available by email, Twitter, live chat and 24/7 over the phone, with estimated wait time listed on the site.


HSBC’s online option surpasses many banks’ accounts with 2.22 percent APY. You need $1 to earn interest, and there’s no monthly fee, but there’s a fee generally not charged by online accounts. If you close the account within six months, you will get hit with a $25 fee (as of January 2019). HSBC offers a unique web budgeting tool to create and help customers visualize savings goals. You can also deposit checks on its mobile app.