Savings Account RatesReviewCompareAdviceFAQ'sCalculator

Best Savings Account Rates for 2016

Compare the best savings account interest rates

Show Advanced Options
Initial Deposit:
Monthly Deposit:
Savings Term:
The Annual percentage Yield is a how much earned interest you’ll accumulate during the year, including compound interest.
End Balance ?
Your end balance (with interest) after the selected amount of time based on the CD's APY.
Interest Earned ?
The total interest you earn during the selected amount of time based on the CD's APY.
1.05% APY
- End Balance
- Interest Earned
1.00% APY
- End Balance
- Interest Earned
0.95% APY
- End Balance
- Interest Earned

No offers could be found based on your criteria. Please adjust.

Advertiser Disclosure

Advertiser Disclosure

In order for this comparison to remain a free service, many of the companies featured provide compensation for new customers, however this does not affect the order in which they are displayed. Calculations are based solely on user inputs and data from the companies that are displayed.

Interest rates, terms and monthly payments are estimated and generated based on user entered information and information collected from providers websites. Specific information may vary based on a number of factors including the individual's specific qualifications and the providers application criteria. We attempt to keep information up to date and as accurate as possible but information (especially interest rates) may change based on a number of factors.

The information generated is meant to give users an indication of what might be available in the industry; it does not guarantee prices or bind any provider. Please see the providers specific terms and conditions for more information before applying.

Best Savings Account Rates

A key component to a healthy financial future is building your savings base; however, about 3 in 10 Americans have no money in savings. One of these easiest ways to approach this is to set up a savings account. Before you do this, it's important to comparison shop to identify the banks or credit unions where you can receive the most return on your investment. To aid you in this quest, here is a closer look at the best savings account rates available, as well as what to look for when considering providers.

Examining the Best Savings Account Interest Rates

If you want to maximize the money you save in a less risky investment vehicle, then a high-interest savings account will be one of the best ways to achieve this. You will need to make a minimum deposit to open the account. From there, you will usually have to maintain an average balance for your high-interest savings as outlined by the bank.

...about 3 in 10 Americans have no money in savings.

For instance, some might require you to keep an average daily balance of $10,000 while others might not set requirements. What makes high-interest savings accounts such a good draw is they typically offer the highest interest savings available. This means if you don't mind the occasional restriction and would like to maximize your return quickly then this is a great option to consider.

Best High-Interest Savings Account

Since you want to find the best savings account interest rates available, it's best you select a few reputable financial institutions to compare their savings account interest rate offerings. One of the best ways to achieve this is to use our comparison feature between the top providers. This allows you to compare different banks based on saving account interest rates among other factors such as customer service provided and any fees the bank charges for the account. Moreover, by searching for the best savings account interest rate using this feature you'll expedite your research, matching you with the bank that offers the most competitive savings account rates in little time.

The Best Savings Account Interest Rates

What is a savings account online? It's simply a savings account where you make deposits electronically through the use of a mobile application or by mailing in checks. What makes these type of savings accounts appealing is that some financial institutions won't charge you an account fee or if they do, it will be minimal compared to traditional banks, equating to more online savings. To set up a savings account online, you'll want to first compare different online banks to find the ones that offer the best features such as a free online savings account. Once you find the saving account you want, you'll apply securely online, make the initial deposit and you are ready to go. Overall, if you are looking for a free savings account, online is going to be one of your best options because many won't charge you to manage your account and you won't have to jump through a bunch of hoops (direct deposit, maintaining a specified daily balance) as you would with traditional banks.

How to Choose the Best High Yield Savings Account

A high yield savings account is one that pays more (through a higher interest rate) than a regular savings account like one you would open at a traditional bank. In most regards, you are going to find the best high yield savings with online financial institutions though it would be unwise to not comparison shop beforehand. To illustrate, you could compare rates with your current bank or credit union with rates online banks offer. Moreover, you can use our comparison tool on savings account providers to see which ones are the most reputable and offer the most competitive rates. At the same time, it's vital that you examine the product offerings and any fees the bank might charge you for the account. For example, do you need to maintain a specified balance? And if you don't meet that requirement, how much is the monthly fee for the account? Once you compile your research it should be easy to determine the best banks that offer this feature, which can help you grow your savings account quicker.

How to Find the Best Saving Account Rates

Overall, finding the best savings accounts will depend on your personal preferences. First, it's important for you to establish short term and long term goals. To begin, say you want to save $700 in the next six months to pay off a credit card. Using this example, you are going to want to find the best savings account rates to help you achieve your goal. However, it's also important that you watch out for fees a bank might try to charge you. Many traditional banks will allow you to have a savings account, but if you don't keep their required daily balance average, you'll incur a monthly charge, which, over time will eat away at your savings. To prevent this from occurring, you can find the provider that has the best savings account rate, while also being mindful of any fees the bank might charge you for the account.

One of the best ways to avoid the fee altogether is to break away from traditional banks and instead find the best online savings account. While having this account will eliminate your accessibility to visit branches, if you do most of your banking online then it won't matter. Moreover, you will still have access to your funds through ATMs -where many online banks waive fees assessed. This means you receive the convenience of an online account while also earning the best savings rates.

Of course, if you want the best savings interest rates, then a high-yield option is going to be best for you. Again, it's important to be mindful of each bank's qualifications for the account before committing to one.

Savings Account Rate Calculator

When you are ready to build your savings and want to compare how each bank will aid you in this regard, you can use our savings calculator, as this can help you learn how much you'll earn with each account offering.

Last Updated:

16 Great Money Saving Tips!

Cut expenses by $500+ a month. Download our FREE eBook today.

Download Now

Have you found our content useful?


Join our newsletter to receive the latest money saving advice, reviews, and offers!

YesI want to learn how to be a smart consumer!NoI'm not concerned about wasting money

100% privacy. We will never spam you.

Where should we mail you our
money saving advice, reviews & offers?

100% privacy. We will never spam you.

Adding your email to our mailing list.

Please wait just a moment

Your email has been added!

Thank you for signing up.


Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.