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Best Savings Accounts of August 2024: Up to 5.35%

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SoFi Checking and Savings

SoFi Checking and Savings

4.5/5

Best for Savings Accounts

4.60%

With $0 min. balance for APY

$300

Earn up to $300 with direct deposit. Terms apply.

at SoFi Bank, N.A., Member FDIC

Marcus by Goldman Sachs Online Savings Account

Marcus by Goldman Sachs Online Savings Account

4.5/5

Best for Savings Accounts

4.40%

With $0 min. balance for APY

N/A

Bread Savings™️ High-Yield Savings Account

Bread Savings™️ High-Yield Savings Account

4.5/5

Best for Savings Accounts

5.15%

With $100 min. balance for APY

N/A

at Bread Savings, Member FDIC

CIT Bank Platinum Savings

CIT Bank Platinum Savings

4.5/5

Best for Savings Accounts

5.00%

With $5,000 min. balance for APY

N/A

at CIT Bank, Member FDIC

E*TRADE Premium Savings

E*TRADE Premium Savings

4.5/5

Best for Savings Accounts

4.50%

With $0 min. balance for APY

N/A

at Morgan Stanley Private Bank, National Association, Member FDIC

UFB Portfolio Savings

UFB Portfolio Savings

4.5/5

Best for Savings Accounts

5.15%

With $0 min. balance for APY

N/A

at UFB Portfolio, Member FDIC

SoFi Checking and Savings

SoFi Checking and Savings

5.0

APY

4.60%

With $0 min. balance for APY

Bonus

$300

Earn up to $300 with direct deposit. Terms apply.

on Chase's website

on Chase's website

APY

4.60%

With $0 min. balance for APY

Bonus

$300

Earn up to $300 with direct deposit. Terms apply.

Why We Like It?

The savings portion of Checking and Savings offers 4.60% APY (variable and subject to change) for customers with direct deposit or a deposit of at least $5,000 every 30 days into the account. Without direct deposit or the other monthly deposit, that goes down to 1.20% APY.

Some banks have excellent savings options, but don't offer checking accounts. This means customers will have to look at additional institutions to meet their full banking needs. But if you prefer to keep your checking and savings at the same bank, SoFi has you covered.

In addition, money kept in the checking portion of the account earns 0.50% APY, regardless of whether you set up direct deposit. There's no minimum deposit requirement to open an account and no monthly maintenance fees.

Marcus by Goldman Sachs Online Savings Account

Marcus by Goldman Sachs Online Savings Account

4.5

APY

4.40%

With $0 min. balance for APY

Bonus

N/A

APY

4.40%

With $0 min. balance for APY

Bonus

N/A

Why We Like It?

The Wall Street firm's online bank has a strong savings option with a rate of 4.40% annual percentage yield, and there is no minimum balance requirement to start earning interest. The bank's online CDs also have top yields.

The account is best for people who want to park their money in an online-only account and don't need to visit bank branches. You can still access your money in multiple ways, including via desktop and mobile app. Note that Marcus does not offer a checking account or an ATM card, so you'll need to transfer funds from an external account.

Bread Savings™️ High-Yield Savings Account

Bread Savings™️ High-Yield Savings Account

4.5

APY

5.15%

With $100 min. balance for APY

Bonus

N/A

at Bread Savings, Member FDIC

at Bread Savings, Member FDIC

APY

5.15%

With $100 min. balance for APY

Bonus

N/A

Why We Like It?

The Bread Savingstm High-Yield Savings Account has no monthly maintenance fees and a solid APY. The account requires a minimum opening deposit of $100. Keep in mind that Bread Savings doesn't offer checking accounts, so you'll have to open one elsewhere.

CIT Bank Platinum Savings

CIT Bank Platinum Savings

4.5

APY

5.00%

With $5,000 min. balance for APY

Bonus

N/A

at CIT Bank, Member FDIC

at CIT Bank, Member FDIC

APY

5.00%

With $5,000 min. balance for APY

Bonus

N/A

Why We Like It?

CIT Bank's Platinum Savings account pays a 5.00% APY on balances of $5,000 or more. If your balance is below $5,000, the APY is 0.25%. The minimum amount to open an account is $100, and there are no monthly service fees.

As hinted above, this account is best for those who carry balances of $5,000 or more. If you plan to deposit a smaller amount, CIT Bank does have three other savings options. But those accounts don't have rates as high as the Platinum Savings rate, so you may be better served finding a comparable high-yield account at a different bank.

E*TRADE Premium Savings

E*TRADE Premium Savings

4.5

APY

4.50%

With $0 min. balance for APY

Bonus

N/A

APY

4.50%

With $0 min. balance for APY

Bonus

N/A

Why We Like It?

This financial institution, part of the Morgan Stanley Private Bank brand, offers a high-yield savings account with an attractive rate and no monthly fee. E*TRADE also offers a mobile app that lets customers access their balance, make transfers and manage their E*TRADE securities accounts, too.

E*TRADE Premium Savings

E*TRADE Premium Savings

4.5

APY

5.15%

With $0 min. balance for APY

Bonus

N/A

at UFB Portfolio, Member FDIC

at UFB Portfolio, Member FDIC

APY

5.15%

With $0 min. balance for APY

Bonus

N/A

Why We Like It?

UFB Direct's savings account offers an attractive APY. The account has no monthly maintenance fees and there is no minimum amount requirement.

Editor's note: Over the past year, NerdWallet readers have described delays in getting issues resolved through customer support. These complaints don't factor into UFB Direct's star ratings. Please read the the full review for details.