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14 Best Savings Rates for June 2019

June 1, 2019
Banking, Banking Basics, Banks & Credit Unions, Savings Accounts
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The best savings interest rates are often found with the best online savings accounts. These accounts can help you grow your money faster without much effort.

Whether you’re building an emergency fund, or saving up for a new adventure, it’s smart to take advantage of high-yield savings options. They can have account interest rates over 20 times higher than the national average of 0.10%.

» Want high rates highly rated mobile apps? See our best savings accounts.

Here are some of the highest rates on savings accounts for June 2019.

BEST SAVINGS RATES
PurePoint® Financial

at PurePoint® Financial,

Member, FDIC

PurePoint Online Savings

3.0 cheatgame.info rating
Varo

at Varo,

Member, FDIC

Varo Savings

4.0 cheatgame.info rating
Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus by Goldman Sachs Online Savings

4.0 cheatgame.info rating

HSBC Direct Savings

3.5 cheatgame.info rating
Citizens Access

at Citizens Access,

Member, FDIC

Citizens Access Online Savings

3.5 cheatgame.info rating

UFB High Yield Savings

3.5 cheatgame.info rating
  • 2.45% APY
  • $10,000 minimum to earn interest; see more details

Barclays Online Savings

4.0 cheatgame.info rating

FNBO Direct Online Savings

4.0 cheatgame.info rating
Bank7

at Bank7,

Member, FDIC

Bank7 High Rate Online Savings

3.5 cheatgame.info rating

CIT Bank Savings Builder
4.0 cheatgame.info rating

 

Synchrony High Yield Savings

4.0 cheatgame.info rating

 

Ally Online Savings

4.5 cheatgame.info rating

Vio Bank High Yield Online Savings

4.0 cheatgame.info rating

cheatgame.info’s best savings interest rates

Read on for more information about these accounts and their services.

PurePoint, 2.35% APY

$10,000 minimum to open

PurePoint® Financial

at PurePoint® Financial,

Member, FDIC

Rate: One of the highest-yield savings accounts is available at PurePoint, Union Bank’s online division. If your balance falls below $10,000, though, the rate drops precipitously to 0.25% APY.
Requirements: You need $10,000 to open the account and to keep the high rate.
Fees: There are no monthly fees.
Additional note: There’s no mobile app for PurePoint, so you will have to access your account through a web browser.

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Varo Bank, 2.12% APY

No minimum to open

Varo

at Varo,

Member, FDIC


Rate: Varo Bank’s savings account earns 2.12% APY on the first penny.
Requirements: There is no minimum to open an online savings account.
Fees: The account has no monthly fee.
Additional note: You must open a Varo Bank account before you can open a Varo Savings account. If you sign up for direct deposit and make at least five debit card purchases a month, you earn 2.80% APY on up to $50,000.

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Marcus by Goldman Sachs, 2.25% APY APY

No minimum to open

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Rate: This online bank’s high-yield savings earns a place in the top ranks because of its rate.
Requirements: There’s no minimum to open or to earn the APY.
Fees: No monthly fee.
Additional note: This bank doesn’t have a mobile app or ATM access.

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HSBC, 2.30% APY

$1 minimum to open

Rate: HSBC Direct Savings, from the online division of the large international bank, earns a competitive yield.
Requirements: You need $1 to open.
Fees: There’s no monthly fee.
Additional note: The savings account comes with a set of online tools that let you set savings goals and track income over time.

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Citizens Access, 2.35% APY

$5,000 minimum to open

Citizens Access

at Citizens Access,

Member, FDIC

Rate: Citizens Bank’s online-only division has launched a savings option with a top rate. But if your balance drops below $5,000, the rate falls to 0.25% APY.
Requirements: Having $5,000 is crucial to opening the account and keeping the high rate.
Fees: None.
Additional note: There’s no mobile app, but you can deposit checks from your phone using a web browser.

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UFB Direct,  2.45%APY

No minimum to open, but $10,000 to earn interest

Rate: UFB’s stellar savings account rate outshines other banks.
Requirements: There’s a steep $10,000 minimum to earn interest.
Fees: No monthly fee.
Additional note: If you make more than six withdrawals a month, there is a $10 excess withdrawal fee.

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Barclays, 2.20% APY

No minimum to open


Rate: Barclays makes it easy to earn a savings rate competitive with online money market accounts.
Requirements: None. You can open the account with any amount.
Fees: No monthly fee.
Additional note: If you move out more money than you have available in the account, there’s a $5 nonsufficient funds fee. This is lower than fees many brick-and-mortar banks charge, which are around $34.

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FNBO Direct, 2.20% APY

$1 minimum to open


Rate: This online bank, part of the First National Bank of Omaha, makes it easy to earn a high rate.
Requirements: You need just $1 to open an Online Savings account, and there is no minimum required to earn interest.
Fees: The account has no monthly fee.
Additional note: The bank’s iOS and Android apps don’t receive top ratings.

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$5,000 minimum to open


Rate: Popular Direct offers an attractive rate for high balances.
Requirements: You need $5,000 to open an online savings account.
Fees: There is a $4 monthly fee if the balance falls below $500.
Additional note: There is an early account closing fee of $25 for any accounts closed within 180 days of opening.

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Bank7, 2.35% APY

$100 minimum to open

Bank7

at Bank7,

Member, FDIC


Rate: The online savings account has one of the best savings rates around.
Requirements: You need $100 to open an online savings account.
Fees: There is a $15 monthly fee if the daily balance falls below $100.
Additional note: There is a $3 excess transaction fee per withdrawal if you make more than six withdrawals in a month.

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CIT Bank, 2.40% APY

$100 minimum to open

Rate: CIT’s Savings Builder savings account has an impressive 2.40% APY if you make a deposit of at least $100 each month. (Total up your savings with our compound interest calculator.) You can also earn the high rate by having a balance of at least $25,000. If you’re not able to meet those requirements, the rate falls to 1.28%. CIT Bank also has a money market account that has the same $100 minimum deposit without the required monthly deposits and earns 1.85% APY.
Requirements: Minimum $100 deposit, and monthly $100 deposits to earn the highest rate on the Savings Builder account.
Fees: No monthly fee or daily minimum balance requirements.
Additional note: The online bank has a regular high-yield savings account with the same minimum deposit. It earns a lower rate but has no monthly deposit requirements and is also competitive with other high-yield savings accounts.

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Synchrony Bank, 2.25% APY

No minimum to open


Rate: This is one of the highest rates for a savings account without a minimum opening deposit.
Requirements: None. You can fund with any amount and the rate will apply.
Fees: No monthly fee.
Additional note: The account comes with ATM access and $5 reimbursements for domestic out-of-network ATM fees per month.

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Ally, 2.20% APY

No minimum to open


Rate: Ally’s competitive savings account rate compares well with other online banks.
Requirements: There’s no minimum to open.
Fees: No monthly fee.
Additional note: If you exceed six online withdrawals or transfers in a month, there’s a $10 fee. The bank has above average mobile app ratings and 24/7 customer service.

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Vio Bank, 2.52% APY

$100 minimum to open


Rate: At 2.52% APY, the rate is one of the best available.
Requirements: Earns the same rate on all balances.
Fees: There are no monthly fees.
Additional note: Vio Bank is an online division of Oklahoma-based MidFirst Bank. Its high-yield savings account is available nationwide.

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» Want to find high rates without fees? See our best online savings accounts

Summary: Best savings interest rates June 2019

BankAPY
Marcus by Goldman Sachs2.25% APY.
HSBC2.30% APY.
CIT Bank2.40% APY.
Barclays2.20% APY.
UFB2.45% APY.
Synchrony Bank2.25% APY.
Ally Bank2.20% APY.
Popular Direct2.36% APY.
Citizens Access2.35% APY.
Vio Bank2.52% APY.
FNBO Direct2.20% APY.
Bank72.35% APY.
PurePoint2.35% APY.
Varo2.12% APY.

Benefits of the best savings account rates

The best savings rates are much higher than the national average rate, which is just 0.10% APY.

Money in a high interest rate savings account grows faster over time. A deposit of $10,000 would earn about $10 after a year in an account with a 0.10% APY. But that same deposit would earn about $230 in an account with a 2.30% APY.

How to access your money

You can generally access your funds by initiating an electronic transfer from the bank’s secure website or mobile app, day or night. You could transfer the money to your checking account or to another financial institution. This is often the easiest way to access money at an online bank. Other options include withdrawing cash from ATMs and setting up a transfer by phone.

Savings accounts are subject to a federal rule called Regulation D, which limits the number of certain types of withdrawals to a maximum of six per month. These transactions, called convenience withdrawals, include online transfers, overdraft protection transfers and transfers initiated by telephone. If you have more than six in a statement cycle, your bank will probably charge an excess withdrawal fee each time. Withdrawing cash from an ATM or from a branch teller does not count toward this limit.

»Want to learn more about savings withdrawal limits? Read our primer on Regulation D.

How to choose the best savings interest rates

Look for accounts that have the highest interest rates for your account balance. Some accounts require deposit minimums to get the best yields. Others might charge monthly fees if the balance falls below a certain amount. If possible, choose an account that minimizes charges. Bank fees cancel out the benefits of high interest rates.

Are savings account interest rates fixed?

No, rates are variable. That means that they can change over time. The accounts featured in this article have the highest savings rates in our survey this month.

Why banks pay interest

You earn interest from a savings account because your bank is paying you to lend it money. Your funds are used in the bank’s loans to other customers. Credit unions have a similar process, but they call interest “dividends.” Online banks typically offer the highest savings rates. These banks don’t maintain branch networks so they can pass those cost savings on to their customers in the form of higher APY and lower fees.


Methodology

This roundup includes the financial institutions with the highest regular savings account APYs (those that are most accessible to a majority of consumers) out of the following pool: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express, Aspiration, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA Compass, Boeing Employees Credit Union, BMO Harris, Capital One 360, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Access, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E-Trade, Fidelity, Fifth Third Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, MetaBank, M&T Bank, Moven, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions Bank, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, Simple, State Employees’ Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, TIAA Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Vio Bank, Wells Fargo and Zions Bank.

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