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Advertiser Disclosure: Many of the savings offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available.

Best Rates for Savings & Deposits in the US

June 24, 2015

Today’s Best Savings Rates

For savers, historically low interest rates have made shopping around for the best yields on deposit accounts seem not worth the time or effort. That would be wrong.

Our research shows there is a widening gulf between top rates and average rates on high-yield savings accounts and money market accounts as some banks move ahead of expectations of a Federal Reserve rate hike and others hang back, waiting and watching.

Taken together, this means a little research can pay big dividends.

Step one is making sure you have access to the latest rate information. We’ve pulled out the very best deals from our popular America’s Best Rates survey, done quarterly, but added newer and more updated information wherever available.

The upshot: Rates are changing rapidly so check back frequently for the latest.

Top savings account rates

Here are the leading banks for savings account rates, shown two ways:

  • The annual percentage yield (APY) average from the first quarter of 2015
  • The most recent APY available

Bank

Recognitions

Q1 ’15 Avg Savings Rate (APY)

1st place

GE Capital Bank

ABR platinum medal winner

1.050%

2nd place (tie)

Barclays Bank

ABR gold medal winner

1.000%

2nd place (tie)

Synchrony Bank

ABR gold medal winner

1.000%

4th place

Ally Bank

ABR silver medal winner

0.990%

5th place

CIT Bank

ABR bronze medal winner

0.950%

6th place

Discover Bank

0.900%

7th place

American Express Bank

0.889%

8th place

Sallie Mae Bank

0.800%

9th place (tie)

Capital One 360 Bank

0.750%

9th place (tie)

FNBO Direct

0.750%

Conditions generally seem to be getting more competitive among the leading banks, as several of the banks above raised their savings account rates in the first quarter of 2015, but overall, the average savings account rate in the Q1 survey slipped for the second consecutive quarter, this time falling by one-tenth of a basis point to 0.171 %.

Top money market account rates

Here are the leading banks for savings account rates, shown two ways:

  • The annual percentage yield (APY) average from the first quarter of 2015
  • The most recent APY available

 

Bank

Recognitions

Q1 ’15 Avg MMA Rate

1st place (tie)

Sallie Mae Bank

ABR platinum medal winner

0.900%

1st place (tie)

Santander Bank

ABR platinum medal winner

0.900%

3rd place (tie)

Ally Bank

ABR gold medal winner

0.850%

3rd place (tie)

Mutual of Omaha Bank

ABR gold medal winner

0.850%

3rd place (tie)

Synchrony Bank

ABR gold medal winner

0.850%

6th place

Discover Bank

ABR silver medal winner

0.750%

7th place

Nationwide Bank

ABR bronze medal winner

0.680%

8th place

EverBank

0.610%

9th place

OneWest Bank

0.500%

10th place

Zions Bank

0.450%

Money market accounts behaved differently in Q1 2015 than savings, with most of the accounts on the money market list staying unchanged.

Online advantage?

When it comes to online-only accounts vs. traditional, branch-based accounts, our survey show online wins. The average online-based savings account offered a rate of 0.581%, compared to 0.075% for traditional accounts. Among money market accounts, online choices averaged 0.553%, compared to 0.104% for traditional accounts. There are exceptions. Consumers may also notice measurable differences in returns offered based on bank size.

Next Steps

Once you find a great rate, keep your savings safe by making sure any bank you choose is insured by the FDIC, short for the Federal Deposit Insurance Corporation. This federal agency insures accounts like checking, savings, money market and certificates of deposit up to $250,000 across all of its 6,398 U.S. institutions. Collectively, they cover $12 trillion -- with a “t” -- in deposits.

Tell us: Where have you found the best rates? What’s your savings plan?

 

MoneyRates Featured Savings Rates
 Account Type
 Amount

Type: Savings

Minimum to earn APY $0

1.05%APY

Rates as of 6/30/2015
FDIC Insured

Advertiser Comments

  • Member FDIC
  • ID Theft Resolution Services
  • Synchrony Bank was formerly GE Capital Retail Bank

Type: Savings

Minimum to earn APY $0

0.90%APY

Rates as of 6/30/2015
FDIC Insured

Advertiser Comments

  • Member FDIC. No minimums and no fees.

Type: Savings

Minimum to earn APY $0

0.99%APY

Rates as of 6/30/2015
FDIC Insured

Advertiser Comments

  • No minimum deposit to open.
  • No monthly maintenance fees.
  • Member FDIC.

Type: Savings

Minimum to earn APY $0

0.75%APY

Rates as of 6/30/2015
FDIC Insured

Advertiser Comments

  • Capital One 360: No fees. No minimums. No changing banks.

Rates / APY terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts, some of which have paid for a link to their website. Bank, thrift and credit union deposits are insured by the FDIC or NCUA. Contact the bank for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.

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