If the best savings accounts don’t fit your financial goals, consider these alternatives:
- Money market accounts. Want the accessibility of a checking account with the earning power of a savings account? A top money market account might be right for you. But be prepared for higher opening deposits.
- Digital bank accounts. Many digital banks, like Chime and Varo, offer two-in-one accounts designed for spending and saving. Some even have budgeting tools to help you better manage your money.
- CDs. If you’re confident you won’t need your money for a while, lock it away in a CD with a high rate.
- Investment accounts. If you’re interested in higher rates of return and are willing to accept more risk, you could consider investing in brokerage, government or retirement investment accounts.
- Cash management accounts. A cash management account allows you to save and spend money, as well as manage manage investments and access various wealth management tools.
- Crypto savings accounts. These are similar to traditional savings accounts but house your cryptocurrency rather than FIAT money. investment accounts.
How to make the most out of your savings account
Follow these steps to use your savings account to its fullest potential:
- Maintain a minimum balance. Some accounts may require you to hold a monthly minimum balance to earn a higher rate or to avoid a fee. Make sure you maintain that balance to see your savings grow.
- Monitor account activity. Take advantage of your online or mobile app to monitor your activity and stay on top of any unexpected charges or fees.
- Savings features.Take advantage of savings roundups or set up recurring transfers to your savings account.
- Get a strong rate. Decide whether your rate is enough or if it’s worth shopping around for other savings accounts with higher interest rates. You’ll also want to ensure the account compounds daily, if possible.
- Consider investing. After your savings account has grown, you may want to consider other types of investments. Money market accounts and CDs can provide better returns than standard savings accounts, whereas mutual funds, stocks and other investments can offer even greater potential.
Compare savings accounts from our partners
Use this table to compare savings accounts by APY, monthly fee and minimum deposits. Then select up to four accounts and click Compare to see how their features stack up.
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What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Read the full Finder Score breakdown
Bottom line
The best savings accounts feature low opening deposits and high APYs to help you grow your nest egg. As always, compare your options until you find a savings account that has everything you need.
