Best Savings Accounts In USA

Looking for a way to invest the money you’ve worked so hard for? Or perhaps you’re on the lookout for a savings account for your kids so that you can safeguard their future. 

The best savings accounts are those that have either low or zero fees, up-to-date technology and competitive savings account rates. Finding the best one is tough but we’ve done the research, compared and contrasted, and crunched the numbers. In this bumper guide, we take a look at a variety of different types of savings accounts and pick the best ones.

Why Do You Need a Savings Account?

A savings account is a place to stash your money so it can earn interest. This interest – and your hard-earned cash – can then be used to pay for something in the future, such as a down payment on a house. 

A savings account can be set up for any money you don’t need right now, and they’re federally insured. This means if the bank failed, you’ll still get your cash. 

Benefits of a Savings Account

1. You Get To Earn Interest

When your money is sitting in your checking account, it isn’t accruing much interest. A savings bank account, on the other hand, not only earns you interest but it also pays you interest. This sum is calculated by multiplying the amount of cash in your account by an interest rate.

Take note that interest rates often vary. 

2. A Top Savings Account Stops You Spending

When all our money is right there in our checking account, it’s tempting to spend it. However, when it’s safely tucked away in a separate savings account, the temptation becomes less so. Instead, we get to see the money build up, which serves to motivate us to keep on saving. 

3. It’s a Risk-Free Way To Raise Money 

While a savings account won’t generate as much income as, say, trading, it’s entirely risk-free. There’s no way you can lose this money, and it’s there for you in a few years time when you need it. And when you choose one of the best banks for savings, you’re onto a real winner. 

Best Savings Accounts to Get in America, By Category

The online savings accounts that offer the best interest rates for savings are the best savings accounts overall. Indeed, they can offer interest rates as high as 2% APY. How come? Unlike a traditional bank that has a brick and mortar branch, an online savings account doesn’t have a branch to maintain. 

The best online savings accounts for interest also grant you access to ATMs up and down the country for free, as well as lots of cool and helpful digital tools. 

Best Online Savings Account- Citizens Access Online Savings Account

The Citizens Access Online Savings Account is the online variant of Citizens Bank. While there isn’t a mobile app or a checking account available, there are a lot of positives. With the Citizens Access Online Savings Account, you get access to an interest rate of 2.20% (provided there is always at least $5K in your account), there are zero monthly fees involved, and its 5-year APY is 2.45%. That’s impressive.

As long as you can meet the $5,000 minimum needed to open a Citizens Access Online Savings Account and sustain it month-on-month, this is the best online savings account for interest we’ve come across. 

Second Best Online Bank For Savings Account- CIBC Bank USA CIBC Agility Online Savings Account

Following hot on the heels of the Citizens Access online savings account is the CIBC Bank USA CIBC Agility online savings account. We like this for its 2.20% APY, its lack of monthly maintenance fees and the fact that you only need $1,000 to open an account. It also has a mobile app and some useful digital savings tools. 

On the other hand, a small ATM network is a strike against it. 

Savings Accounts For Students

They say that being a student is the best time of your life. You’re still in school but you’re making new friends, learning new things, and a whole new world of opportunity – social, professional and educational – opens up before you.

However, one of the toughest aspects of being a student is learning how to budget. A good student savings account should be one that helps you develop better financial habits, and it should offer a very good interest rate for savings. Here are our top picks:

Best Savings Account For Students – PNC Virtual Wallet For Students 

For students who are on the lookout for a savings account that helps them save and budget better, the PNC Virtual Wallet For Students stands out. It comes with monetary-focused goal-setting tools and features that help you take care of your money. If this is the first time you’ve personally had to manage your own money, these tools and features will help make your life a lot easier. 

It actually comes with a pair of savings account, as well as a third account that’s for your daily spending. While three separate accounts in one might seem like a lot, it’s really the simple online features here that most students will be focused on. For example, you get a budget calendar that ensures you know what needs to be spent and when. 

You can also use PNC Virtual Wallet For Students to automate your savings so that you automatically set aside X amount whenever you’ve got a bill coming up, or a paycheck coming in. 

Best Savings Account For Out-of-State Students – Bank of America Regular Savings 

If you’re moving states to study, Bank of America’s Regular Savings account is well worth a closer look. Its fees and rates are decidedly average but this is still a very accessible pick for those who are studying away from home. 

Let’s not forget that Bank of America is one of the U.S.’s top 3 banks, which means that you’ll have access to it wherever you are. Moreover, each debit card purchase you make is rounded up to the nearest $. Then, any remaining change is sent to your savings account. This makes it a great way to save up while you’re at college.

Best Savings Account For High School Students – Capital One 360 

Capital One’s 360 savings account gives high school students the chance to build a proper financial foundation from a young age. It has a very attractive interest rate of 1.00% APY, and there are no opening minimums or monthly fees. 

One of its best features is MONEY, a checking account for fees that grants you a debit card, as well as access to almost 40,000 ATMs up and down the country. 

Parents also have complete access to the account, which allows them to teach their teenager how to develop strong banking habits. 

The student themselves, meanwhile, can sign into their online account, where they can set up automatic transfers and check their balance. 

Savings Accounts For Kids 

One of the biggest worries parents have is how they’re going to afford to put their kids through college. This is where a savings account comes in handy. A savings account for kids gives you a safe place to store money for their college fund. 

It also means you get the chance to ease them into the life of a responsible person, demonstrating how to look after money. 

Best Savings Account For Kids – Capital One Kids Savings 

The Capital One Kids Savings account is our top savings account for kids pick because it mixes educational features with a high interest rate – two things you should be looking out for from savings accounts for your children. 

Your child can practice money management, while a superb interest rate of 1.00% APY is one of the best around. Moreover, upon signup your child is given access to an online account they can use to check their balance, track their expenses and make deposits. 

At least one parent is also required to hold the account jointly, and together they can work with their child to hone their money management skills and save for a brighter future. 

It’s also worth mentioning that Capital One is one of the best banks for a savings account in general. 

Best Savings Account For Teaching Kids To Save – PNC S is For Savings

What we like about PNC S is for Savings is that it gives your child all the tools they need to help them learn how to manage money. The interest rate is 0.01% APY but it comes with a number of activity-focused features that the parent and child can complete together.

Using a neat drag-and-drop feature, kids can create customised goals (such as saving for a college fund) and divide their savings between each goal. 

We also like how customised the whole thing is, with Sesame Street characters featured throughout.

And while that interest rate is low, you can always pair it up with a more lucrative interest-making option. 

Best Savings Account for a Toddler – Citizens Bank College Saver

Why wait until your child is five or six or seven-years-old before you open a savings account for them? Instead, you could get to it as soon as the stork has delivered you a newborn. 

The benefit of opening a savings account for a toddler is the compound interest has more years to build up. Even if you’re putting, say, $5 away each week, that $5 will work wonders in the years to come. 

And when it comes to the best savings account for a toddler, the Citizens Bank College Saver allows you to save consistently right up until your kids 18th birthday. It’s the standout choice because of its huge long-term bonus (the biggest for a child’s savings account). And if you deposit something each month until your kid reaches the grand age of eighteen, a $1,000 bonus will be dropped in their account. 

There is a minimum monthly deposit of $25 if you manage to open the account before your child is 6. If you wait any longer than that, the minimum monthly deposit rises to $50. 


Setting up a savings account for yourself or your child is a smart idea. It allows you to put aside money that you don’t need right now, and which will come in handy in the years to come. Whatever your goals are – starting a college fund, saving for a new home – make sure to use the advice in this article to pick your next savings account, but also make sure to research each one thoroughly – including its savings account rates – before making any final decision.

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