Advertiser Disclosure

Best Savings Rates February 2019

Feb. 1, 2019
Banking, Banking Basics, Banks & Credit Unions, Savings Accounts
how-to-make-quick-money-online
At cheatgame.info, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Many or all of the products featured here are from our partners. Here’s how we make money.

The best savings rates help you grow your bank balance faster. Whether you’re growing an emergency fund, or saving up for a new adventure, it’s smart to take advantage of high-yield savings options. They can have interest rates over 20 times higher than the national average of 0.09%.

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

Here are some of the highest rates on regular savings and money market accounts for February.

Best savings rates
Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus by Goldman Sachs Online Savings

4.0 cheatgame.info rating
Citizens Access

at Citizens Access,

Member, FDIC

Citizens Access Online Savings

3.5 cheatgame.info rating
Barclays

at Barclays,

Member, FDIC

Barclays Online Savings

4.0 cheatgame.info rating
American Express National Bank

at American Express National Bank,

Member, FDIC

American Express High-Yield Savings

4.0 cheatgame.info rating
HSBC

at HSBC,

Member, FDIC

HSBC Direct Savings

3.5 cheatgame.info rating
  • HSBC Direct Savings 2.22% APY
  • $1 minimum deposit; see more details
Discover

at Discover,

Member, FDIC

Discover Online Savings

4.5 cheatgame.info rating

CIT Bank Savings Builder

4.0 cheatgame.info rating
Synchrony Bank

at Synchrony Bank,

Member, FDIC

Synchrony High Yield Savings

4.0 cheatgame.info rating

Ally Online Savings

4.5 cheatgame.info rating

Bank5 Connect High-Interest Savings

4.0 cheatgame.info rating

Marcus by Goldman Sachs, 2.25% APY

$1 minimum to earn rate

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: You need $1 for the rate to apply, and there’s no opening minimum.
Fees: No monthly fee.
Additional note: This bank doesn’t have a mobile app or ATM access.

[Back to top]

Citizens Access, 2.35% APY

$5,000 minimum to open

Citizens Access

at Citizens Access,

Member, FDIC

Rate: Citizens Bank’s new 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.

[Back to top]

Barclays, 2.20% APY

No minimum to open

Barclays

at Barclays,

Member, FDIC


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.

[Back to top]

American Express National Bank, 2.10% APY

No minimum to open

American Express National Bank

at American Express National Bank,

Member, FDIC


Rate: American Express National Bank offers an online savings account with a competitive rate.
Requirements: There’s no minimum deposit to open.
Fees: There’s no monthly fee.
Additional note: This account doesn’t come with access to ATMs, a debit card or a mobile app. The bank’s mobile app is primarily for American Express credit card holders.

[Back to top]

HSBC, 2.22% APY

$1 minimum to open

HSBC

at HSBC,

Member, FDIC

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.
[Back to top]

Discover, 2.10% APY

No minimum to open

Discover

at Discover,

Member, FDIC


Rate: Discover’s online savings account has a stellar rate right up there with accounts at other online banks.
Requirements: There’s no minimum to open.
Fees: No monthly fee.
Additional notes: Offers a fee forgiveness program, which waives one fee each year, such as an excessive withdrawal, insufficient funds or stop payment charge.

[Back to top]

CIT Bank, 2.45% APY

$100 minimum to open

Rate: CIT’s Savings Builder savings account has an impressive 2.45% APY if you make a deposit of at least $100 each month. With the minimum opening deposit of $100, that adds up to about $1,317 over the course of a year. (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 1.17%. 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.

[Back to top]

Synchrony Bank, 2.25% APY

No minimum to open

Synchrony Bank

at Synchrony Bank,

Member, FDIC


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.

[Back to top]

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.

[Back to top]

Bank5 Connect, 2.05% APY

$100 minimum to open

Rate: Bank5 Connect’s High-Interest Savings Account pays 2.05% APY on balances of $100 or more.
Requirements: Minimum $100 deposit to open.
Fees: No monthly maintenance fees.
Additional note: Bank5 Connect has a checking account with no monthly fees. It earns a very competitive 0.76% APY, also on balances of at least $100.

[Back to top]

Also worth considering

Several brick-and-mortar banks have online bank divisions with savings rates that may be higher than those of bigger, online banks. Consider the options below if you’re set on the highest rates — but note that you’ll sacrifice some convenience: There tend to be inactivity or minimum balance fees, and the mobile apps, if available, aren’t generally well-received.

Vio Bank, 2.41% APY

$100 minimum to open

Rate: At 2.41% APY, the rate is one of the best available.
Requirements: No minimum balance is required to earn interest.
Fees: There are no monthly fees.
Additional note: Vio Bank is an online division of Oklahoma-based MidFirst bank. Its High Yield Savings is available nationally, but its mobile apps receive reviews of 2.0 stars or fewer out of five.

Salem Five Direct, 2.30% APY

$100 minimum to open

Rate: Salem Five Direct, online counterpart to the over 160-year-old Salem Five bank, offers a rate that’s hard to match, 2.30%. This is competitive with both money market accounts and certificates of deposits.
Requirements: You just need $100 to open.
Fees: The eOne Savings has no monthly fee or minimum balance, but a $5 inactivity fee is charged if the balance is below $250 and no account activity takes place for a year. It’s best for online banking even if you’re close to one of the parent bank locations: A transaction at a Massachusetts branch with this online account costs $9.95.
Additional note: The bank’s mobile apps receive 2.4 stars or fewer out of five.

FNBO Direct, 2.25% APY

$1 minimum to open

Rate: This online bank, part of the family-owned First National Bank of Nebraska, 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, and some users noted recently that they couldn’t transfer money on the app.

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

Summary: Best Savings Account Rates February 2019

BankAPY
Marcus by Goldman Sachs2.25% APY with no minimum
Citizens Access2.35% APY with $5,000 minimum deposit
HSBC2.22% APY with $1 minimum deposit
CIT Bank2.45% APY with $100 minimum
Barclays2.20% APY with no minimum
American Express National Bank2.10% APY with no minimum
Synchrony Bank2.25% APY with no minimum
Discover Bank2.10% APY with no minimum
Ally Bank2.20% APY with no minimum
Bank5 Connect2.05% APY with $100 minimum
Vio Bank2.39% APY with $100 minimum
Salem Five Direct2.30% APY with $100 minimum
FNBO Direct2.25% APY with no minimum

Methodology

We took a close look at over 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions surveyed include: 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, Wells Fargo and Zions Bank.

About the author