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Best Savings Accounts for June 2025
All savings accounts are not created equal. While the national average savings rate is only 0.42%, today's top savings accounts earn up to 5% annual percentage yield. That means your money can grow much faster if you put it in the right account. There are tons of savings accounts to choose from, so to make it easier for you, we've narrowed them down to our top picks. Best savings accounts It's important to monitor savings account APYs, as they're variable and can change at any time. Here's a look at CNET's top-ranked savings accounts. Bank APY Min. deposit to open Branch access Ally Bank 3.60% $0 No EverBank 4.30% $0 No Capital One Bank 3.60% $0 Yes TAB Bank 4.26% $0 No Newtek Bank 4.35% $0 No Discover 3.60% $0 No Laurel Road 3.80% $0 No Synchrony Bank 4.00% $0 No Varo Bank 2.50% - 5.00% $0 No Bask Bank 4.20% $0 No LendingClub 4.40% $0 No BMO Alto 3.60% $0 No Marcus by Goldman Sachs 3.65% $0 No Note: APYs as of June 3, 2025. APYs may vary by region for some products. Ally Bank Best innovative savings tools Read Ally Bank Review 4.8 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 4.0/5 Minimum deposit and fees 5.0/5 Customer service 5.0/5 APY APY = Annual Percentage Yield. 3.60% Min. deposit to open $0 Branch access No Read Ally Bank Review About the bank Ally's online savings account pays a competitive APY on all balances, with no monthly fees or minimum balance requirements. We like Ally's digital tools to help you reach your savings goals. Saving buckets allow you to organize your goals as sub-accounts, and savings boosters can help you automate savings. While you can't deposit cash with Ally, a fee-free network of more than 43,000 ATMs and a $10 per month ATM fee reimbursement make it easy to access your money when you need it. Monthly fees: $0 More details No monthly fees, minimum deposit or balance requirements. Live support available 24/7. Digital tools such as roundups and savings. buckets help automate savings. About the bank More details Ally's online savings account pays a competitive APY on all balances, with no monthly fees or minimum balance requirements. We like Ally's digital tools to help you reach your savings goals. Saving buckets allow you to organize your goals as sub-accounts, and savings boosters can help you automate savings. While you can't deposit cash with Ally, a fee-free network of more than 43,000 ATMs and a $10 per month ATM fee reimbursement make it easy to access your money when you need it. Monthly fees: $0 No monthly fees, minimum deposit or balance requirements. Live support available 24/7. Digital tools such as roundups and savings. buckets help automate savings. EverBank Best overall Read EverBank Review 4.8 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 4.5/5 Minimum deposit and fees 5.0/5 Customer experience 4.5/5 APY APY = Annual Percentage Yield. 4.30% Min. deposit to open $0 Branch access No Read EverBank Review About the bank EverBank, formerly TIAA, offers a high-yield savings account with a 5.15% APY on all balances. The bank has several physical branches in Florida, but its online tools and mobile app make opening and managing an account seamless from anywhere in the US. We also like that you can access your money from a network of 100,000 fee-free ATMs and get reimbursed for up to $15 per month in non-network ATM fees. Monthly fees: $0 More details No monthly fees, minimum balance or balance requirements. Yield Pledge promise guarantees APYs remain competitive. Supports mobile check deposits via app. About the bank More details EverBank, formerly TIAA, offers a high-yield savings account with a 5.15% APY on all balances. The bank has several physical branches in Florida, but its online tools and mobile app make opening and managing an account seamless from anywhere in the US. We also like that you can access your money from a network of 100,000 fee-free ATMs and get reimbursed for up to $15 per month in non-network ATM fees. Monthly fees: $0 No monthly fees, minimum balance or balance requirements. Yield Pledge promise guarantees APYs remain competitive. Supports mobile check deposits via app. Capital One Bank Best rates for big banks with physical branches Read Capital One Bank Review 4.8 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 4.0/5 Minimum deposit and fees 5.0/5 Customer service 5.0/5 APY APY = Annual Percentage Yield. 3.60% Min. deposit to open $0 Branch access Yes Read Capital One Bank Review About the bank There are no monthly maintenance fees or minimum balance requirements for Capital One 360 Performance Savings. Because Capital One doesn't offer ATM cards or checks, you'll need to visit a physical branch to withdraw your cash or transfer money. This savings option may work best as a complement to your checking account. The Capital One mobile app makes it easy to snap pictures of checks to deposit them. Sending money to another bank account with ACH transfers is free, but the process may take one to three days. Outgoing wire transfers incur a $30 fee, and cashier's checks purchased at physical locations cost $10. Monthly fees: $0 More details No monthly fees, minimum deposit or balance requirements. Banking app supports mobile check deposits. Doesn't offer ATM or debit cards with savings account. About the bank More details There are no monthly maintenance fees or minimum balance requirements for Capital One 360 Performance Savings. Because Capital One doesn't offer ATM cards or checks, you'll need to visit a physical branch to withdraw your cash or transfer money. This savings option may work best as a complement to your checking account. The Capital One mobile app makes it easy to snap pictures of checks to deposit them. Sending money to another bank account with ACH transfers is free, but the process may take one to three days. Outgoing wire transfers incur a $30 fee, and cashier's checks purchased at physical locations cost $10. Monthly fees: $0 No monthly fees, minimum deposit or balance requirements. Banking app supports mobile check deposits. Doesn't offer ATM or debit cards with savings account. TAB Bank Best for truckers 4.5 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 5.0/5 Minimum deposit and fees 5.0/5 Customer service 4.0/5 APY APY = Annual Percentage Yield. 4.26% Min. deposit to open $0 Branch access No About the bank TAB Bank, an online-only bank, caters to transportation industry employees such as truckers. There's no minimum balance or deposit required, and you need only 1 cent in your account to start earning interest. We like that you can sign up for mobile alerts and text messages about your account activity. For example, you can receive alerts about withdrawals when your account balance falls below a certain amount. TAB also has extended customer service hours — Monday through Friday from 6 a.m. to 7 p.m. MT and Saturdays from 9 a.m. to 3 p.m. MT, excluding federal holidays. Monthly fees: $0 More details No monthly fees, minimum deposit or balance requirements. $5 monthly fee for paper statements. Full suite of deposit accounts available. Mobile check deposits via app, plus text alerts. Extended customer service hours. About the bank More details TAB Bank, an online-only bank, caters to transportation industry employees such as truckers. There's no minimum balance or deposit required, and you need only 1 cent in your account to start earning interest. We like that you can sign up for mobile alerts and text messages about your account activity. For example, you can receive alerts about withdrawals when your account balance falls below a certain amount. TAB also has extended customer service hours — Monday through Friday from 6 a.m. to 7 p.m. MT and Saturdays from 9 a.m. to 3 p.m. MT, excluding federal holidays. Monthly fees: $0 No monthly fees, minimum deposit or balance requirements. $5 monthly fee for paper statements. Full suite of deposit accounts available. Mobile check deposits via app, plus text alerts. Extended customer service hours. Newtek Bank Best for business owners 4.5 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 5.0/5 Minimum deposit and fees 5.0/5 Customer service 4.0/5 APY APY = Annual Percentage Yield. 4.35% Min. deposit to open $0 Branch access No About the bank Newtek Bank is an online-only subsidiary of Newtek One, a financial services business company. It offers an attractive APY for all balance levels, but you can make only six withdrawals per statement cycle. Like Capital One, this account doesn't come with an ATM card, so you'll need to be comfortable transferring money online. You can open as many personal banking accounts as needed and manage them all through an online banking platform or mobile app. If you don't want to manage your account online or need to make more than six withdrawals a month, it's best to consider other options. Monthly fees: $0 More details No monthly fees, minimum deposit or balance requirements. Mobile check deposits via app. No service or transaction fees. Limit of six withdrawals per statement cycle. Live customer support available 24/7. About the bank More details Newtek Bank is an online-only subsidiary of Newtek One, a financial services business company. It offers an attractive APY for all balance levels, but you can make only six withdrawals per statement cycle. Like Capital One, this account doesn't come with an ATM card, so you'll need to be comfortable transferring money online. You can open as many personal banking accounts as needed and manage them all through an online banking platform or mobile app. If you don't want to manage your account online or need to make more than six withdrawals a month, it's best to consider other options. Monthly fees: $0 No monthly fees, minimum deposit or balance requirements. Mobile check deposits via app. No service or transaction fees. Limit of six withdrawals per statement cycle. Live customer support available 24/7. Discover Large network of fee-free ATMs 4.8 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 4.0/5 Minimum deposit and fees 5.0/5 Customer service 4.0/5 APY APY = Annual Percentage Yield. 3.60% Min. deposit to open $0 Branch access No About the bank Discover Bank offers a competitive APY on its online savings account. We like that Discover eliminated most fees on its deposit accounts in June 2019 — you won't pay a fee for official bank checks, excessive withdrawals or closing the account. Discover Bank is an online-only bank that doesn't accept cash deposits or offer in-person assistance, so your account is managed entirely online. However, the mobile app, network of 60,000 fee-free ATMs and 24/7 live customer support make Discover Bank worth considering. Monthly fees: $0 More details No monthly fees, minimum deposit or balance requirements. Mobile check deposits via app. Live customer support available 24/7. No withdrawal limit. About the bank More details Discover Bank offers a competitive APY on its online savings account. We like that Discover eliminated most fees on its deposit accounts in June 2019 — you won't pay a fee for official bank checks, excessive withdrawals or closing the account. Discover Bank is an online-only bank that doesn't accept cash deposits or offer in-person assistance, so your account is managed entirely online. However, the mobile app, network of 60,000 fee-free ATMs and 24/7 live customer support make Discover Bank worth considering. Monthly fees: $0 No monthly fees, minimum deposit or balance requirements. Mobile check deposits via app. Live customer support available 24/7. No withdrawal limit. Laurel Road Best for health professionals 4.6 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 4.5/5 Minimum deposit and fees 5/5 Customer service 4.0/5 APY APY = Annual Percentage Yield. 3.80% Min. deposit to open $0 Branch access No About the bank Laurel Road, the digital arm of KeyBank, offers an online savings account with no minimum deposit or balance requirements to earn its competitive APY. Like most online banks, Laurel Road doesn't accept cash deposits, so you'll need to transfer money electronically to fund your account. Laurel Road began as a student loan originator in 2013. In 2019, it was acquired by KeyBank and now offers checking, savings and loan products primarily geared toward health care and business professionals nationwide. Its digital platform merges technology with banking services to offer a high-yield rate that applies to the entire balance. Monthly fees: $0 More details No monthly fees, minimum deposit or balance requirements. Mobile check deposits via app. Withdrawal transactions limited to seven per month. About the bank More details Laurel Road, the digital arm of KeyBank, offers an online savings account with no minimum deposit or balance requirements to earn its competitive APY. Like most online banks, Laurel Road doesn't accept cash deposits, so you'll need to transfer money electronically to fund your account. Laurel Road began as a student loan originator in 2013. In 2019, it was acquired by KeyBank and now offers checking, savings and loan products primarily geared toward health care and business professionals nationwide. Its digital platform merges technology with banking services to offer a high-yield rate that applies to the entire balance. Monthly fees: $0 No monthly fees, minimum deposit or balance requirements. Mobile check deposits via app. Withdrawal transactions limited to seven per month. Synchrony Bank Best for out-of-network ATM fee reimbursements Read Synchrony Bank Review 4.6 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 4.5/5 Minimum deposit and fees 5.0/5 Customer service 4.0/5 APY APY = Annual Percentage Yield. 4.00% Min. deposit to open $0 Branch access No Read Synchrony Bank Review Our take Synchrony's high-yield savings account has no monthly maintenance fees or minimum balance requirements and offers a higher-than-average yield. Synchrony account holders get an ATM card and can withdraw money fee-free from thousands of ATMs featuring the Visa Plus or Accel logos. Synchrony doesn't charge you to use non-network ATMs and reimburses you up to $5 per month for other banks' ATM fees. Outgoing wire transfers cost $25. Synchrony users are limited to six withdrawals per month. There are no listed fees for surpassing that limit, but the bank retains the right to close your account if you repeatedly break the maximum number of withdrawals. Monthly fees: $0 More details No monthly fees, minimum balance or balance requirements. Banking app supports mobile check deposits. Optional ATM card available for savings accounts. Rebates up to $5 per month for non-network ATM fees. Our take More details Synchrony's high-yield savings account has no monthly maintenance fees or minimum balance requirements and offers a higher-than-average yield. Synchrony account holders get an ATM card and can withdraw money fee-free from thousands of ATMs featuring the Visa Plus or Accel logos. Synchrony doesn't charge you to use non-network ATMs and reimburses you up to $5 per month for other banks' ATM fees. Outgoing wire transfers cost $25. Synchrony users are limited to six withdrawals per month. There are no listed fees for surpassing that limit, but the bank retains the right to close your account if you repeatedly break the maximum number of withdrawals. Monthly fees: $0 No monthly fees, minimum balance or balance requirements. Banking app supports mobile check deposits. Optional ATM card available for savings accounts. Rebates up to $5 per month for non-network ATM fees. Varo Bank Best for low balances 4.6 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 4.5/5 Minimum deposit and fees 5.0/5 Customer service 2.5/5 APY APY = Annual Percentage Yield. 2.50% - 5.00% Min. deposit to open $0 Branch access No About the bank The Varo Online Savings Account has a tiered APY scale, earning you 5.00% APY for balances between $0 and $5,000 — as long as you follow a few requirements. To earn that yield, you must have direct deposits totaling $1,000 each month and end the month with a positive account balance. Note that any amount over $5,000 earns only 3.00% APY. Varo Online Savings includes no monthly maintenance fees or minimum balance requirements. If your account balance remains at zero for nine months, Varo reserves the right to close your account. Monthly fees: $0 More details No monthly fees, minimum deposit or balance requirements. Banking app supports mobile check deposits. Roundup tools to automate savings. Highest APY limited to balances up to $5,000. A minimum of $1,000 in monthly direct deposits required to earn interest. About the bank More details The Varo Online Savings Account has a tiered APY scale, earning you 5.00% APY for balances between $0 and $5,000 — as long as you follow a few requirements. To earn that yield, you must have direct deposits totaling $1,000 each month and end the month with a positive account balance. Note that any amount over $5,000 earns only 3.00% APY. Varo Online Savings includes no monthly maintenance fees or minimum balance requirements. If your account balance remains at zero for nine months, Varo reserves the right to close your account. Monthly fees: $0 No monthly fees, minimum deposit or balance requirements. Banking app supports mobile check deposits. Roundup tools to automate savings. Highest APY limited to balances up to $5,000. A minimum of $1,000 in monthly direct deposits required to earn interest. Bask Bank Best for American Airlines loyalty members 4.5 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 4.5/5 Minimum deposit and fees 5.0/5 Customer service 3.0/5 APY APY = Annual Percentage Yield. 4.20% Min. deposit to open $0 Branch access No About the bank Bask Bank, an online subsidiary of Texas Capital Bank, offers two different types of savings accounts. Its Mileage Savings Account gives American Airlines mileage back for every dollar saved annually, while its Interest Savings Account provides a competitive APY that's at, or near, the top of the current bank savings account rates. The biggest limitation for Bask Bank savings is that the bank doesn't allow joint account ownership. Monthly fees: $0 More details No monthly fees, minimum deposit or balance requirements. Two savings account options available — Miles Savings and Interest Savings. Doesn't offer ATM or debit cards with savings account. About the bank More details Bask Bank, an online subsidiary of Texas Capital Bank, offers two different types of savings accounts. Its Mileage Savings Account gives American Airlines mileage back for every dollar saved annually, while its Interest Savings Account provides a competitive APY that's at, or near, the top of the current bank savings account rates. The biggest limitation for Bask Bank savings is that the bank doesn't allow joint account ownership. Monthly fees: $0 No monthly fees, minimum deposit or balance requirements. Two savings account options available — Miles Savings and Interest Savings. Doesn't offer ATM or debit cards with savings account. LendingClub Best for consistent savers Read LendingClub Review 4.2 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 4.5/5 Minimum deposit and fees 4.0/5 Customer experience 4.0/5 APY APY = Annual Percentage Yield. 4.40% Min. deposit to open $0 Branch access No Read LendingClub Review About the bank LendingClub recently launched a LevelUp Savings account that rewards consistent savers with competitive rates. You'll qualify for the highest rate if you deposit at least $250 per month. Deposits from any source — such as direct deposit or electronic transfers — count towards the minimum monthly requirement. If your monthly deposit drops below $250 after the first two months, then the standard APY will apply. Both rates apply to the entire balance. We also like that the LevelUp Savings account doesn't charge a monthly fee or have a minimum balance requirement. Learn more about this account and its features in our CNET review . Monthly fees: $0 More details No monthly fees, minimum deposit or minimum balance requirements. Banking app supports mobile check deposits. Cash deposits accepted at select ATMs. Unlimited non-network ATM fee reimbursements. About the bank More details LendingClub recently launched a LevelUp Savings account that rewards consistent savers with competitive rates. You'll qualify for the highest rate if you deposit at least $250 per month. Deposits from any source — such as direct deposit or electronic transfers — count towards the minimum monthly requirement. If your monthly deposit drops below $250 after the first two months, then the standard APY will apply. Both rates apply to the entire balance. We also like that the LevelUp Savings account doesn't charge a monthly fee or have a minimum balance requirement. Learn more about this account and its features in our CNET review . Monthly fees: $0 No monthly fees, minimum deposit or minimum balance requirements. Banking app supports mobile check deposits. Cash deposits accepted at select ATMs. Unlimited non-network ATM fee reimbursements. BMO Alto Best for use as a secondary savings account 4.4 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 4.5/5 Minimum deposit and fees 5.0/5 Customer service 4.5/5 APY APY = Annual Percentage Yield. 3.60% Min. deposit to open $0 Branch access No About the bank BMO Alto is the online-only arm of BMO Financial Group. BMO Alto offers two deposit accounts: the BMO Alto online savings account and the BMO Alto online certificate of deposit. While the savings account earns a competitive APY, it ranks lower on our best list because it doesn't provide a mobile app to manage account transactions. Account access is available only through the BMO Alto website. However, the savings account is still worth considering because there are no monthly fees, minimum deposits required to open or minimum balances to maintain. The unlimited number of transfers and withdrawals permitted is an added benefit. This account is best paired with other bank accounts because it doesn't provide a debit card or ATM access. Money in this account can be accessed or deposited only through externally linked bank accounts. Monthly fees: $0 More details No monthly fees or balance requirements. Mobile check deposits via app. Limit of six withdrawals per statement cycle. About the bank More details BMO Alto is the online-only arm of BMO Financial Group. BMO Alto offers two deposit accounts: the BMO Alto online savings account and the BMO Alto online certificate of deposit. While the savings account earns a competitive APY, it ranks lower on our best list because it doesn't provide a mobile app to manage account transactions. Account access is available only through the BMO Alto website. However, the savings account is still worth considering because there are no monthly fees, minimum deposits required to open or minimum balances to maintain. The unlimited number of transfers and withdrawals permitted is an added benefit. This account is best paired with other bank accounts because it doesn't provide a debit card or ATM access. Money in this account can be accessed or deposited only through externally linked bank accounts. Monthly fees: $0 No monthly fees or balance requirements. Mobile check deposits via app. Limit of six withdrawals per statement cycle. Marcus by Goldman Sachs Best for managing savings and investment accounts together Read Marcus by Goldman Sachs Review 4.4 /5 Score How do we score savings accounts We score savings accounts based on annual percentage yields, customer experience, minimum deposits and fees. Our savings and high-yield savings account ratings are based on extensive in-house research, which evaluates features and perks, including mobile and online access and surcharge-free ATM networks. APY 4.0/5 Minimum deposit and fees 5.0/5 Customer service 4.0/5 APY APY = Annual Percentage Yield. 3.65% Min. deposit to open $0 Branch access No Read Marcus by Goldman Sachs Review About the bank Marcus by Goldman Sachs is the online-only banking arm of the investment behemoth. If you're looking to manage all of your savings and investment accounts in one place, Marcus might be the right fit. This bank offers competitive savings rates, along with several interest-earning deposit and investment accounts. In addition to high-yield rates, there's no minimum required to open a Marcus online savings account, no monthly maintenance fee and no minimum balance requirement. You can also contact a live customer service representative 24/7. Monthly fees: $0 More details No monthly fees, minimum deposit or balance requirements. Mobile check deposits via app. Does not accept cash deposits. About the bank More details Marcus by Goldman Sachs is the online-only banking arm of the investment behemoth. If you're looking to manage all of your savings and investment accounts in one place, Marcus might be the right fit. This bank offers competitive savings rates, along with several interest-earning deposit and investment accounts. In addition to high-yield rates, there's no minimum required to open a Marcus online savings account, no monthly maintenance fee and no minimum balance requirement. You can also contact a live customer service representative 24/7. Monthly fees: $0 No monthly fees, minimum deposit or balance requirements. Mobile check deposits via app. Does not accept cash deposits. What is a savings account? A savings account is an interest-earning deposit account that's often linked to checking accounts at financial institutions but can also be opened separately. It's designed to help you save for future expenses goals. This type of account gives you the freedom to access your money when you want, whether depositing or withdrawing. That's what makes it ideal for funds you'll need on a whim, like your emergency fund. Savings accounts at federally insured financial institutions are covered in the case of loss for up to $250,000 per person, per institution, making them a safe and low-risk place to park your cash. Choosing between a HYSA and a regular savings account It may be convenient to keep your savings and checking accounts at the same local brick-and-mortar bank you use for your checking account, especially if you've been with the bank for years and your accounts are already linked. But you may be missing out on competitive interest rates that can grow your savings. A high-yield savings account offers a higher APY than traditional savings accounts and can be found at online banks and credit unions. 'Some people assume they're going to get the best rates with brick-and-mortar banks like Bank of America, J.P. Morgan and Wells Fargo,' said Shang Saavedra, CNET Money expert and CEO of Save My Cents, a personal finance education platform. These large banks offer barely any interest on your savings, she said. Online-only banks don't have physical branches to maintain, which means lower overhead costs. Those banks can pass some of these savings down to customers through higher interest rates and fewer fees on savings accounts. Brick-and-mortar banks often charge a monthly service fee and often offer a lower APY. Credit unions return their profits to members in the form of higher savings rates and lower loan rates, allowing them to offer competitive savings accounts. However, there are some cases when a traditional savings account at a physical bank may work better for you. For example, if you're a restaurant server who gets cash tips, it might make sense to have a savings account at a bank with physical branches, said Anna N'Jie-Konte, a CNET Money expert and certified financial planner. You don't have to move all of your money to a new bank. CNET Money expert and founder of Crush Your Money Goals, Bernadette Joy, suggests keeping your everyday spending in your checking account at your brick-and-mortar bank for convenience. Then, you may link the account to a high-yield savings account to regularly transfer money to your savings and earn interest. "It's a small shift that leads to greater long-term financial rewards," said Joy. If you decide to switch to an online savings account, make sure the bank or credit union is insured by the Federal Deposit Insurance Corporation or National Credit Union Administration, said N'Jie-Konte. That way, your money is protected for up to $250,000 per person, per bank in case of bank failure. Another way to make sure the bank is insured is to look for the FDIC or NCUA certification number on the bank's website, Saavedra said. How to choose a savings account When choosing a savings account, consider these factors. Annual percentage yield The higher the APY, the more you can earn. Compare rates across multiple banks to determine which accounts offer the best return on your money. If your bank doesn't offer a competitive APY , compare rates among banks you feel comfortable with. There's no harm in opening multiple savings accounts , but make sure you can meet any minimum balance or deposit requirements. Online vs. brick-and-mortar bank Think about how you prefer to manage your money. If you're regularly paid in cash, for example, you may choose a bank with a physical location. Some online-only savings accounts don't offer ATM access or cash deposits , but you can transfer money between accounts when needed. N'Jie-Konte notes that feeling comfortable with your financial institution is also important. If you feel safer with a bank you can walk into and don't mind the trade-off of lower savings rates, a big bank, local credit union or neighborhood financial institution may be the right place to keep your savings. Savings account requirements Make sure you can meet any minimum balance or deposit requirements. Also watch out for APY thresholds — some banks may offer a high rate but only for the first $5,000 of your savings, for example. Before opening an account, read the fine print to understand the account's terms and make sure you feel comfortable with any requirements to avoid any surprise fees. Account features and perks How you manage your savings account matters. Most banks offer mobile check deposits to your savings account. Online-only banks tend to have longer transfer times when moving money between accounts. So you may have to wait around three days instead of withdrawing money immediately from an ATM with a traditional savings account, Soledad said. Pros and cons of opening a savings account Savings accounts have plenty of benefits, but there are also some drawbacks to consider. Pros Growing your savings: You can reach your savings goal faster by earning interest on your account balance. You can reach your savings goal faster by earning interest on your account balance. Federal protection: Balances at federally insured banks and credit unions are protected by the FDIC or NCUA for up to $250,000 per person, per institution. Balances at federally insured banks and credit unions are protected by the FDIC or NCUA for up to $250,000 per person, per institution. Low risk: A savings account is considered a safe place to keep your money since it's insured and doesn't face market volatility. Cons Other options may pay you more: Other low-risk savings options such as a CD may pay higher interest rates. Other low-risk savings options such as a CD may pay higher interest rates. Limited access to your funds: Some banks limit how many withdrawals you can make per month. If you need to access your money frequently, you could incur a fee. Some banks limit how many withdrawals you can make per month. If you need to access your money frequently, you could incur a fee. Fees: Some banks charge monthly maintenance fees that can eat into the interest you earn. How to open a savings account After you've narrowed down which account you want to open, complete the bank's application process. While this varies from bank to bank, here's what to expect. Choose a bank: Review different banks and credit unions to find the best option for your needs. Many financial institutions let you complete the application process online, but you can also open one in person if the bank has physical branches. Review different banks and credit unions to find the best option for your needs. Many financial institutions let you complete the application process online, but you can also open one in person if the bank has physical branches. Provide your information: Provide a government-issued form of ID to verify your identity. You'll also be asked to include other personal information, such as your Social Security number or Individual Taxpayer Identification Number, physical address and contact information. Provide a government-issued form of ID to verify your identity. You'll also be asked to include other personal information, such as your Social Security number or Individual Taxpayer Identification Number, physical address and contact information. Fund your account: Follow the prompts to complete the application and make the minimum deposit if your bank requires one. It's best to follow security practices and enable security features when completing the application to protect your information. Alternatives to savings accounts There are savings accounts designed for specific types of people, but you may be looking into other options for long-term savings or money you want to sock away to be less tempted to spend. Here are two options to consider. Money market account: A money market account comes with checking account features, such as a debit card, ATM access and check-writing abilities, while also earning a competitive APY. However, you may be limited to a set number or withdrawals per month. Certificate of deposit: A certificate of deposit offers a fixed interest rate on a one-time deposit for a set period. If you withdraw your money before the term ends, you'll pay an early withdrawal penalty, which is usually a few weeks or months of interest, depending on the bank. Our methodology CNET reviewed savings accounts at more than 50 traditional and online banks, credit unions and financial institutions with nationwide services. Each account received a score between one (lowest) and five (highest). The savings accounts listed here are all insured up to $250,000 per person, per account category, per institution, by the Federal Deposit Insurance Corporation or National Credit Union Administration. CNET evaluates the best savings accounts with a set of established criteria that compares annual percentage yields, monthly fees, minimum deposits or balances, and access to physical branches. None of the banks on our list charge monthly maintenance fees. An account will rank higher for offering any of the following perks: Account bonuses Automated savings features Wealth management consulting/coaching services Cash deposits Extensive ATM networks and/or ATM rebates for out-of-network ATM use An account will rank lower if it doesn't have a professional-looking website or doesn't provide an ATM card or if it imposes restrictive residency requirements or fees for exceeding monthly transaction limits. Savings accounts researched Alliant Credit Union, Ally, Amerant, America First FCU, American Express, Apple Federal Credit Union, Bank of America, BankPurely, Barclays, Bask Bank, Bellco Credit Union, Bethpage, BMO Alto, BMO Harris, Bread Savings, Capital One, Chase, CIBC Bank, CIT Bank, Citizens, Citizens Bank, Community Wide Federal Credit Union, Connexus Credit Union, Consumers Credit Union, Discover, Dollar savings Direct, First Internet Bank of Indiana, Forbright, Laurel Road, LendingClub, Marcus by Goldman Sachs, My Banking Direct, Newtek Bank, Panacea Financial, PenFed Credit Union, PNC, Popular Bank, Quontic Bank, RBMax, Rising Bank, SoFi, Synchrony, TAB Bank, TIAA Bank, U.S. Bank, UFB Direct, Upgrade Premier, Varo, Wells Fargo The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
Yahoo
5 days ago
- Business
- Yahoo
Woman arrested at dealership after two attempts to receive fraudulent vehicle loan in Fairfax County
ALEXANDRIA, Va. (DC News Now) — A Howard County woman was sentenced in Alexandria after being convicted of bank fraud, aggravated identity theft and possession of a firearm by a felon. 36-year-old Loryn Dorsey stole the identity of two victims, identified as K.R. and Z.B, who had high credit scores in order to obtain a loan for a vehicle in November 2022. She also assumed the fake identity of 'Julia Ball' as part of the conspiracy. On Dec. 6, 2022, Dorsey used K.R.'s information to apply for a loan online in an attempt to purchase a vehicle from a car dealership in Fairfax County. DC police looking for two suspects after teen killed in Northwest shooting The dealership submitted the information to financial institutions to provide the requested credit. Ally Bank was among the banks that received and rejected the application. Later that day, Dorsey again attempted to apply for a loan to buy a car from the same dealership, this time using Z.B.'s stolen information as the co-purchaser and 'Julia Ball' as the co-owner. Through the dealership's website, Dorsey was granted conditional approval of a loan from Ally Bank based on Z.B.'s good credit rating. Dorsey asked a male co-conspirator to pretend to be Z.B. and arranged for someone to create a fake document with Z.B.'s information and the co-conspirator's photograph. The two completed paperwork to purchase a 2015 Cadillac Escalade for $48,629.20, with a $1,000 cash down payment provided by Dorsey. The remaining sum of $47,629.20 was to be financed by Ally Bank. However, their plans were foiled when the Fairfax County police officers arrived at the dealership after the paperwork was completed. When Dorsey was arrested, she was in possession of a firearm. In 2016, Dorsey was convicted of possession with the intent to distribute a controlled substance in Maryland. As a felon, Dorsey cannot legally possess a firearm or ammunition. Dorsey was sentenced to four years in prison for her charges. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
6 days ago
- Business
- Yahoo
Ally Bank Says These 5 TikTok Money Trends Actually Work
TikTok is packed with personal finance advice, but not all of it holds up. However, according to Jack Howard, head of money wellness at Ally Bank, some of the platform's most viral money trends actually work and can help build better financial habits when used with intention. Discover More: For You: Here are five TikTok money trends worth considering. Loud budgeting, a trend introduced by Gen Z, encourages people to stop spending on things that don't matter and be upfront about what they can afford. Howard said the trend helps reduce stigma around money and creates accountability by making you stick to your values. For example, if you're asked to go on an expensive trip, Howard said to consider saying, 'Sorry, I would so love to join, but that's just not in my budget right now.' 'It might feel daunting to be so forthright about something as personal as your finances,' she added. 'But this trend can help reduce financial anxiety and introduce much-needed 'conscious spending' to younger generations.' Howard said once you get used to loud budgeting, it will be easy to cut back on things that aren't important and to spend without guilt on the ones that are. Consider This: If you tend to make quick purchases, the 48-Hour Rule can help you slow down. Howard said this trend has become part of broader conversations about financial mindfulness, especially for people who struggle with impulse buying. The idea is to wait two full days before making any non-essential purchase. She said she recommends the 48-hour rule and uses it herself because it forces you to slow down and calm your emotions, rather than give in to a perceived sense of urgency. And, yes, she also pointed out that you should use this rule even when an item is on sale. The screenshot wishlist is another trend that encourages mindful spending. Instead of buying something right away, Howard said to take a screenshot of the item and come back to it later. That short pause can help you decide if the purchase is really worth it. Ally's recent Minds on Money report, cited by Howard, found that nearly a third of Gen Z buys items seen on social media immediately or the same day, and about seven in 10 make a purchase within a week. 'Resisting the dopamine rush that is experienced when adding items to your cart can be difficult,' Howard said. 'But this trend offers a helpful guardrail so you can slow down or even avoid purchasing something you may not need.' She also recommends pairing it with the 48-Hour Rule to build better spending habits over time. 'Girl math' is a trend where people use creative reasoning to justify spending, like counting returns as money earned or dividing big purchases into cost-per-use, Howard explained. She said it can help reduce buyer's remorse in the moment, but warned that the logic can backfire if you're not intentional. 'I found the #girlmath skits, memes and TikTok stories to be entertaining and even relatable at times,' she said. 'But this is one of those trends that can start to spiral out of control if you're not careful.' She explained that it's still important to pause and think about whether the item will truly bring happiness or align with your values. To stay on track, she suggested putting a spending cap on girl math purchases — maybe $20 or $50 — so there's still room for small joys like a matcha latte or sweet treat without putting your budget at risk. Howard explained that no-buy/no-spend challenges ask you to stick to essentials for a set period, such as a week or a month, and skip everything else, which could mean no new clothes, no food delivery and no unnecessary purchases. The benefit of these challenges, she said, is like a financial reset, helping people break habits and boost savings. 'I am a big fan of this challenge, because it forces you to be very intentional and practice conscious spending on a daily basis,' she said. She added that making this challenge a group effort can increase motivation and make saving feel more like a game than a chore. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on Ally Bank Says These 5 TikTok Money Trends Actually Work
Yahoo
21-05-2025
- Business
- Yahoo
Inside Ally's customer referral program
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. A customer referral program Ally Bank launched last year has become a 'foundational part' of its marketing strategy, said David Hixon, head of product and lifecycle marketing at the bank. The program accounts for about 15% of the Detroit-based lender's account volume, Hixon said. 'A referral program is really hard. It's hard to do,' Hixon said, clarifying that while the marketing part may be relatively easy, building the back end in a way that customers get paid appropriately can present a challenge. After a small test to about 250,000 customers in early 2024 proved successful – 'we didn't break anything,' Hixon said – the bank played around with offers and new customer requirements and conducted a second test before a full launch in August. Under the program, an existing deposit customer receives $50 when the referred customer opens a spending or savings account with Ally (up to five referrals). The new customer receives $100 once they take actions 'that we deem skewing that account toward a more quality account,' like setting up direct deposit in a spending account, or a recurring transfer in a savings account, Hixon said. Making Ally customers aware of the referral perk is crucial. Hixon's team has been working on more ways to get the program in the hands of customers, since having to dig through an inbox for an email with a referral code is 'a point of friction.' Last week, Ally added a card that can sit in a customer's mobile wallet and features a QR code that can be scanned by a friend, to initiate the account application process. The bank, which has digital savings buckets for its customers, is also working on a way to have payment from the referral program go directly into its own savings bucket, he said. Ally also plans to start using 'moments of delight' to trigger communication promoting the program, such as when a customer isn't charged an overdraft fee, he said. Gen Z customers, by far, have the highest referral rate, Hixon said. 'That group's just more willing to engage with influencers, and that's basically what the referral program is,' he said. The $193 billion-asset bank is also seeing higher engagement rates with Ally employees who are also customers, and people who themselves are referred, pointing to a kind of snowball effect. The next goal, Hixon said, is figuring out how to limit the number of people gaming the program to get free money. The bank wants to make sure it's bringing in quality accounts, so it's working to find a balance. 'We want as much volume to come through this program as we can get, because it's really efficient from a cost perspective, but we also have to make sure that these are people that are signed up for the long haul with us, so there's a real value exchange,' he said. As it stands, the referral program is three to four times more efficient than other marketing avenues, with a cost to acquire that's less than $100, and the money is going to customers rather than social media, paid search or printed mail, Hixon said. Ally assumed it would see a degradation in response, but hasn't, Hixon said. 'There was definitely a spike and definitely a tail-off,' but now it's reached a steady state with referrals coming in every day, he said. Although the bank has said the program will end in December – Hixon cited a legal requirement to identifying a conclusion date, because it's an incentivized program – 'I feel certain that once we get into Q4, we'll be communicating with, 'Good news, we're extending it for another calendar year,'' he said. It's relatively common to turn to a third-party vendor for this kind of program, Hixon said. That it was built in-house speaks to the bank's nature of doing things iteratively, he contended. Now that the program has proven successful, Ally's technology team is getting involved in building what some may call bells and whistles, Hixon said. Ally declined to comment on the program's budget. 'When we launched it, I had to beg, borrow, steal' for funding for it, Hixon said. Since then, the budget for it has grown, and he expects it will continue to. The lender is the largest all-digital bank in the U.S., yet serves only 1% of the market, CEO Michael Rhodes noted this month at the company's shareholder meeting. Recently, the bank has refocused its strategy on three core businesses: auto dealer financial services – its largest segment – deposits and corporate finance. Hixon said he expects the referral program will have a notable role in that strategy because Ally has historically focused on competitive interest rates and driving savings account balances, but it's now trying to push more toward everyday banking. Ally has about 3.3 million deposit customers and $146 billion of retail deposits as of the first quarter. The bank added 58,000 net new deposit customers in the quarter, a 6% increase year over year, with millennials and younger customers making up the largest segment of new clients, Ally said. 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Entrepreneur
17-05-2025
- Business
- Entrepreneur
Top Savings Account Interest Rates Available Nationwide
Top Savings Account Interest Rates Available Nationwide Interest rates for savings accounts have reached new heights, offering consumers opportunities to grow their money faster than in recent years. Financial institutions... This story originally appeared on Due Top Savings Account Interest Rates Available Nationwide Interest rates for savings accounts have reached new heights, offering consumers opportunities to grow their money faster than in recent years. Financial institutions across the country are competing for deposits by offering attractive rates that significantly outpace inflation. The current savings rate environment marks a notable shift from the near-zero rates that dominated the banking landscape for much of the past decade. With the Federal Reserve's policy changes, savers now have access to accounts yielding returns that haven't been available since before the 2008 financial crisis. Online Banks Lead the Rate Race Digital-only banks continue to offer the most competitive savings rates nationwide, with some institutions providing annual percentage yields (APYs) exceeding 5%. These online banks typically operate without physical branches, allowing them to pass overhead savings to customers through higher interest rates. Marcus by Goldman Sachs, Ally Bank, and Discover are among the online institutions offering top-tier rates without geographic restrictions. Their high-yield savings accounts typically feature no minimum balance requirements and zero monthly maintenance fees. "The online banking model has fundamentally changed how Americans save," notes a banking analyst quoted in the transcript. "Customers no longer need to live near a specific bank to access its best rates." Regional Banks and Credit Unions Enter the Competition While online banks often grab headlines for their rates, regional banks and credit unions have stepped up their offerings as well. Many local institutions now provide special savings products with competitive rates that rival their online-only counterparts. Credit unions in particular have responded to market pressures by introducing high-yield accounts for members. Since these institutions operate as not-for-profit organizations, they frequently return value to members through better interest rates and lower fees. Features Beyond Interest Rates The highest-yielding accounts share several common features that savers should consider: FDIC or NCUA insurance protection (up to $250,000 per depositor) No or low minimum balance requirements User-friendly mobile banking platforms Easy fund transfers between external accounts Minimal or no monthly maintenance fees Banking experts recommend looking beyond the headline rate when choosing a savings account. "The best account isn't always the one with the absolute highest rate," explains a financial advisor mentioned in the source material. "Consider how you'll use the account and what features matter most to your situation." Rate Comparison Strategies Financial experts suggest several approaches for finding and comparing the best savings rates: Rate-tracking websites like Bankrate and NerdWallet provide updated comparisons of the highest-yielding accounts nationwide. These platforms allow consumers to filter options based on their priorities, whether that's the absolute highest rate or specific account features. Another strategy involves setting up accounts at multiple institutions to take advantage of different promotional rates and account features. This approach, sometimes called "rate chasing," can maximize returns but requires more active management. For savers concerned about rate volatility, some institutions offer rate guarantees for specific periods, though these accounts may have more restrictions than standard savings products. The current high-rate environment presents a prime opportunity for savers to reassess where they keep their emergency funds and short-term savings. With inflation concerns still present in the economy, finding accounts that offer competitive yields has become an important financial strategy for preserving purchasing power. As interest rates continue to evolve with economic conditions, consumers who remain attentive to the market stand to benefit the most from this favorable savings landscape. The post Top Savings Account Interest Rates Available Nationwide appeared first on Due.
