Best Savings Accounts And Savings Rates (Nationwide), September 2022

Contents

1 **THE BEST SAVINGS ACCOUNTS**
2 **THE BEST MONEY MARKET ACCOUNTS**

See which banks have the best Savings Account and Money Market Account rates here.

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FEATURED SAVINGS ACCOUNTS

Axos Bank UFB Rewards Savings

2.61%APY (Annual Percentage Yield)

Available Nationwide

Minimum to Earn APY
- No minimum deposit required to open an account.
Monthly Fee
- $0
Read Our Review

CIT Bank Savings Connect, Member FDIC

2.40%APY (Annual Percentage Yield)

Available Nationwide

Minimum to Earn APY
- Minimum opening deposit is $100
Monthly Fee
- $0
Read Our Review

Quontic Bank High Yield Savings

2.05%APY (Annual Percentage Yield)

Available Nationwide

Minimum to Earn APY
- Minimum opening deposit is $100
Monthly Fee
- $0
Read Our Review

First things first, let’s go over what a Money Market account is (MMA for short). Most people have a pretty good idea of what a traditional Savings Account is.

The two are VERY similar, and most banks will offer both types of accounts. The table below will summarize the key similarities and differences.

Similarities	Differences
Both are simple and straightforward to open.	Money Market accounts typically have more Checking-like features, such as electronic funds transfers, checks, debit cards and ATM withdrawals.
Both will be insured (Member FDIC), keeping your deposits safe.	Savings accounts generally only allow access to funds via electronic funds transfers, telephone withdrawals, or in-person withdrawals at a branch.
Both accounts will be limited on certain types of withdrawals per billing cycle (6 is the limit for these certain types by law).	Money Market accounts often require higher minimum balances to earn the rate.

Aside from the interest rates, the other main deciding factor will be how you’ll need access to your funds (you’ll have more options with Money Market Accounts). A lot of people consider MMAs more a hybrid Checking/Savings account, with its limited Checking capabilities. Keep in mind, many banks limit you on the amount of check writing per month. Both a Savings and Money Market account are limited by the Federal Reserve on the total number of transactions a month.

Most consumers will choose a Money Market account for the flexibility of an emergency fund, and a Savings account for longer-term earnings. If all you’re looking for is an account to hold your savings and earn interest, simply choose the account with the best rates (assuming you can meet any minimum balance requirement).

Where To Get The Best Interest Rates?

We’ve searched through all the best rates from credit unions, local/national traditional banks, and online banks. Credit unions and traditional banks operate via brick-and-mortar locations and accumulate more overhead costs. They simply can not compete with the rates provided by online banks.

Online banking is trending up and more consumers are taking advantage of the benefits. Most people just haven’t learned about the higher rates, or are just more comfortable with big local banks. In terms of deposit security concerns, remember that your deposits are insured (Member FDIC) from all the banks listed on this page.

Most of these online banks have been around for years or decades, and many are actually just the online division of a bigger, established banking group. Once you start looking at the rates provided by internet-only banks, you’ll find they’re better with all accounts – Checking, CDs, IRAs, etc.

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THE BEST SAVINGS ACCOUNTS

Here are the best Savings account offers currently available. We list the accounts with the best high yield rates and the best features.

Axos Bank UFB Rewards Savings: Up To 2.61% APY

Earn up to 2.61% APY*.
No monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month.
No minimum deposit required to open an account.
Access your funds 24/7 with easy-to-use digital banking tools.
The UFB Money Market offers the security of a savings account with check-writing privileges.

Learn More at Axos

Read our review on this and other offers from Axos Bank.

CIT Bank Savings Connect: 2.40% APY (Nationwide)

Availability: Online, nationwide
Minimum to open account: $100
Monthly fee: $0

Learn More at CIT Bank

Read our review on this and other offers from CIT Bank.

Quontic Bank High Yield Savings: 2.05% APY (Nationwide)

Availability: Online, nationwide
Minimum opening deposit: $100
Monthly fee: $0

Learn More at Quontic Bank

Read our review on this and other offers from Quontic Bank.

SoFi Checking and Savings: 2.00% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $1
Monthly maintenance fee: None

Learn More at SoFi

Read our review on this and other offers from SoFi.

Barclays Online Savings: 2.00% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: For interest to post to your account you must maintain a minimum balance that would earn you at least $0.01.
Monthly fee: $0

Learn More at Barclays Bank

Read our review on this and other offers from Barclays Bank.

Betterment Cash Reserve: 2.00%* APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $1
Monthly fee: $0

Cash Reserve is only available to clients of Betterment LLC (see Betterment promo), which is not a bank, and cash transfers to program banks are conducted through the clients’ brokerage accounts at Betterment Securities.

Learn More at Betterment

Read our review on this and other offers from Betterment.

American Express^® High Yield Savings Account, Member FDIC: 1.90% APY (Annual Percentage Yield) – as of 9/15/2022

Available: Online, nationwide
Minimum deposit to open / Minimum balance: $0
Minimum to earn the stated APY: $1
Fees: $0
Account Maximum: None

Learn More at American Express National Bank

Read our review on this and other offers from American Express National Bank.

Capital One 360 Performance Savings Offer: 1.90% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $1
Monthly fee: $0

Read our review on this and other offers from Capital One 360.

Marcus By Goldman Sachs Savings Offer: 1.70% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $1
Monthly fee: $0

Read our review on this and other offers from Marcus by Goldman Sachs.

CIT Bank Savings Builder Offer: 1.00% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $25,000 balance, OR $100 balance & a $100 minimum single deposit each month
Monthly fee: $0

Learn More at CIT

Read our review on this and other offers from CIT Bank.

THE BEST MONEY MARKET ACCOUNTS

Here are the best Money market account offers currently available. We list the accounts with the best high yield rates and the best features.

Axos Bank UFB Rewards Money Market: Up To 2.61% APY

Earn up to 2.61% APY*.
No monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month.
No minimum deposit required to open an account.
Access your funds 24/7 with easy-to-use digital banking tools.
The UFB Money Market offers the security of a savings account with check-writing privileges.

Learn More at Axos

Read our review on this and other offers from Axos Bank.

Ponce Bank Money Market Deposit Account: 2.50% APY (Nationwide

Availability: Online, nationwide via SaveBetter.com
Minimum opening deposit: $1
Monthly fee: $0

Learn More at Ponce Bank via SaveBetter.com

Read our review on this and other offers from SaveBetter.com

Patriot Bank High-Yield Money Market Deposit Account: 2.25% APY (Nationwide)

Availability: Online, nationwide via SaveBetter.com
Minimum opening deposit: $1
Monthly fee: $0

Learn More at Patriot Bank via SaveBetter.com

Read our review on this and other offers from SaveBetter.com

Quontic Bank Money Market Account: 2.00% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $1
Monthly fee: $0

Learn More at Quontic Bank

Read our review on this and other offers from Quontic Bank.

CIT Bank Money Market Rate Offer: 1.55% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $100
Monthly fee: $0

Learn More at CIT Bank

Read our review on this and other offers from CIT Bank.

Axos Bank High Yield Money Market: 0.25% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $1
Monthly fee: $0

Learn More at Axos Bank

Read our review on this and other offers from Axos Bank.

Nationwide By Axos Bank Money Market Plus: 0.25% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $1
Monthly fee: Maintenance fees waived when you maintain a $1,000 daily minimum balance

Learn More at Nationwide By Axos Bank

Read our review on this and other offers from Nationwide By Axos Bank.

Vio Bank Cornerstone Money Market: 2.30% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $1
Monthly fee: $0

Learn More at Vio Bank

Read our review on this and other offers from Vio Bank

Sallie Mae Online Money Market: 2.25% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $1
Monthly fee: $0

Learn More at Sallie Mae

Read our review on this and other offers from Sallie Mae

Ally Bank Money Market Account: 2.00% APY (Nationwide)

Availability: Online, nationwide
Minimum to earn APY: $1
Monthly fee: $0

Learn More at Ally Bank

Read our review on this and other offers from Ally Bank.

Disclosures:

Betterment Cash Reserve (“Cash Reserve”) is offered by Betterment LLC. Clients of Betterment LLC participate in Cash Reserve through their brokerage account held at Betterment Securities. Neither Betterment LLC nor any of its affiliates is a bank. Through Cash Reserve, clients’ funds are deposited into one or more banks (“Program Banks“) where the funds earn a variable interest rate and are eligible for FDIC insurance. Cash Reserve provides Betterment clients with the opportunity to earn interest on cash intended to purchase securities through Betterment LLC and Betterment Securities. Cash Reserve should not be viewed as a long-term investment option.

Funds held in your brokerage accounts are not FDIC‐insured but are protected by SIPC. Funds in transit to or from Program Banks are generally not FDIC‐insured but are protected by SIPC, except when those funds are held in a sweep account following a deposit or prior to a withdrawal, at which time funds are eligible for FDIC insurance but are not protected by SIPC. See Betterment Client Agreements for further details. Funds deposited into Cash Reserve are eligible for up to $1,000,000.00 (or $2,000,000.00 for joint accounts) of FDIC insurance once the funds reach one or more Program Banks (up to $250,000 for each insurable capacity—e.g., individual or joint—at up to four Program Banks). Even if there are more than four Program Banks, clients will not necessarily have deposits allocated in a manner that will provide FDIC insurance above $1,000,000.00 (or $2,000,000.00 for joint accounts). The FDIC calculates the insurance limits based on all accounts held in the same insurable capacity at a bank, not just cash in Cash Reserve. If clients elect to exclude one or more Program Banks from receiving deposits the amount of FDIC insurance available through Cash Reserve may be lower. Clients are responsible for monitoring their total assets at each Program Bank, including existing deposits held at Program Banks outside of Cash Reserve, to ensure FDIC insurance limits are not exceeded, which could result in some funds being uninsured. For more information on FDIC insurance please visit www.FDIC.gov. Deposits held in Program Banks are not protected by SIPC. For more information see the full terms and conditions and Betterment LLC’s Form ADV Part II.

*The annual percentage yield (“APY”) on the deposit balances in Betterment Cash Reserve (“Cash Reserve”) is 2.00% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the “Program Banks”) and is current as of September 12, 2022. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.

For Cash Reserve (“CR”), Betterment LLC only receives compensation from our program banks; Betterment LLC and Betterment Securities do not charge fees on your CR balance.

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