Savings Account Rates

This section offers the best interest rates on savings accounts and money market accounts. Savings accounts are a great option because unlike CDs, they’re 100% liquid. Savings accounts are also FDIC insured for up to $250,000 in funds. Savings accounts are interest bearing accounts, but are also easy to access in case you need to use your savings on a purchase. If you want to calculate how much you’ll save in your account check out our savings calculator for your retirement savings or 529 college savings plan calculations.

Savings account fall between checking accounts and certificates of deposit. True savings accounts don’t offer check writing abilities like checking accounts do; however, most banks get around this by setting up money market accounts that act exactly like savings accounts that have check writing capabilities. High yield savings accounts can make a significant amount of residual income for most Americans. This is why 65% of Americans have a savings account.

Here’s a chart of savings accounts available today:

Savings Account Rate Chart

Savings Account Reviews

US regulations only allow 6 withdrawals per month on savings accounts. This is why most people have a checking account in addition to their savings account. There’s no limit on deposits to a savings account. The interest on savings accounts is taxed in the US on form 1099-INT. Check out our tips on tax savings for more tax saving ideas.

There are many savings accounts that have no minimum deposit requirement and are free to use; however, there are also a fair number of accounts that require a minimum balance to be held in the account. If you fall below this minimum balance requirement you can be charged a fee. Make sure you know whether your account has any minimum requirements or not before opening one.