Share

Our top picks of timely offers from our partners

More details
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Learn More
Terms Apply
Great for those with fair or average credit plus, no fees
Chase Sapphire Preferred®
Learn More
Terms Apply
60,000 bonus points – worth up to $750 in travel through Chase Ultimate Rewards®
Identity Guard
Learn More
Terms Apply
Individual and Family plans with up to $1 million identity theft insurance
American Express® Gold Card
Learn More
Terms Apply
60,000 point welcome offer - most points ever offered for this card
Blue Cash Preferred® Card
Learn More
Terms Apply
$250 welcome offer and save big on groceries at U.S. supermarkets
CNBC Select may receive an affiliate commission when you click on the links for products from our partners. Click here to read our full advertiser disclosure.
Reviews

Annual Roundup: The best savings products we reviewed this year

CNBC Select ranks the top brick-and-mortar, high-yield savings, CDs and money market accounts.

Share
Getty Images

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC will update as changes are made public.

It's no secret that interest rates on savings accounts have dropped substantially this year. The economic uncertainty surrounding the coronavirus pandemic caused the Federal Reserve, and in turn banks, to lower their rates to make it cheaper to borrow money and spur investing.

Yet, experts and personal finance gurus will agree that one big takeaway from this year is the importance of having some sort of savings — no matter how much you earn in interest. A savings account can come in handy when you have to cover an unexpected expense (like medical bills) or you find yourself in a financial bind (like losing your job). Not only can can a savings account be used as your emergency fund, but it's also a tool that can help you save for both your short- and long-term goals, such as buying a new car or funding a first-time mortgage.

Opening a savings account is a smart first step to take in your financial journey. And, if you already have one, consider the other savings products out there that offer higher interest rates than the traditional savings, as well as other benefits or perks.

Below is a roundup of the best savings accounts we reviewed this year across these five categories:

  1. Traditional, or brick-and-mortar, savings accounts
  2. High-yield savings accounts
  3. High-yield savings accounts from a big bank
  4. CDs
  5. Money market accounts

1. Traditional, or brick-and-mortar, savings accounts

Best at Bank of America

Bank of America Advantage Savings

Information about the Bank of America Advantage Savings has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Bank of America is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.01%, with option to increase if a Preferred Rewards member

  • Minimum balance

    $100 to open

  • Monthly fee

    $8 per month, with options to waive. New account holders get the first six months with no monthly fees

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    $10 when you make over 6 withdrawals in a month

  • Overdraft fees

    Overdraft protection when you link your savings account to your checking account

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a Bank of America checking account

Terms apply.

Best at Wells Fargo

Way2Save® Savings

Information about the Way2Save® Savings has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Wells Fargo is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.01%

  • Minimum balance

    $25 to open

  • Monthly fee

    $5 per month, with options to waive

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    Each withdrawal over the 6 per month limit will be assessed

  • Overdraft fees

    Overdraft protection when you link your savings account to your checking account

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a Wells Fargo checking account

Terms apply.

Best at Chase Bank

Chase Premier Savings℠

Information about the Chase Premier Savings℠ has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Chase Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.01%, with option to increase up to 0.05%

  • Minimum balance

    $0

  • Monthly fee

    $25 per month, with options to waive

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    $5 when you make over 6 withdrawals in a month

  • Overdraft fees

    N/A

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a Chase checking account

Terms apply.

Best at U.S. Bank

Standard Savings Account

Information about the U.S. Bank Standard Savings has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. U.S. Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.01%

  • Minimum balance

    $25 to open

  • Monthly fee

    $4 per month, with options to waive

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    N/A

  • Overdraft fees

    Overdraft protection when you link your savings account to your checking account

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a U.S. Bank checking account

Terms apply.

Best at PNC Bank

Virtual Wallet®

Information about the PNC Bank Virtual Wallet® has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. PNC Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    N/A

  • Minimum balance

    Varies depending on Virtual Wallet account

  • Monthly fee

    Ranges from $7 to $25 depending on Virtual Wallet account, with options to waive

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    N/A

  • Overdraft fees

    Overdraft protection offered by your Reserve and Growth accounts

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a PNC Bank checking account

Terms apply.

Read our full review and methodology for the above top five brick-and-mortar savings accounts

2. High-yield savings accounts

Best overall

Marcus by Goldman Sachs High Yield Online Savings

Information about the Marcus by Goldman Sachs High Yield Online Savings has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Goldman Sachs Bank USA is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    None to open; $1 to earn interest

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    None

  • Overdraft fees

    N/A

  • Offer checking account?

    No

  • Offer ATM card?

    No

Terms apply.

Best for checking/savings combo

Ally Bank Online Savings Account

On Ally Bank's secure site
  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    None

  • Monthly fee

    No monthly maintenance fee

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    $10 per transaction

  • Overdraft fees

    $25

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have an Ally checking account

Terms apply.

Best for easy access to your cash

Synchrony Bank High Yield Savings

Information about the Synchrony Bank High Yield Savings has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Synchrony Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.60%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    None, but may result in account closure

  • Overdraft fees

    N/A

  • Offer checking account?

    No

  • Offer ATM card?

    Yes

Terms apply.

Best for earning a high APY

Vio Bank High Yield Online Savings Account

Information about the Vio Bank High Yield Online Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Vio Bank is a division of MidFirst Bank, Member FDIC.
  • Annual Percentage Yield (APY)

    0.66%

  • Minimum balance

    $100 to open

  • Monthly fee

    None, if you opt for paperless statements (otherwise, $5 per month)

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    $10 per transaction

  • Overdraft fees

    N/A

  • Offer checking account?

    No

  • Offer ATM card?

    No

Terms apply.

Best if you want extra help saving

Varo Savings Account

Information about the Varo Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Bank Account Services are provided by Varo Bank, N.A., Member FDIC.
  • Annual Percentage Yield (APY)

    0.40% (with option to earn up to 2.80% if meet requirements)

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    None

  • Overdraft fees

    None up to $50; anything greater, Varo would decline the transaction

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a Varo checking account

Terms apply.

Read our full review and methodology for the above top five high-yield savings accounts

3. High-yield savings accounts from a big bank

Best overall

American Express® High Yield Savings Account

Information about the American Express® Personal Savings High Yield Savings Account (HYSA) has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. American Express is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.60%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 9 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    N/A

  • Overdraft fees

    N/A

  • Offer checking account?

    No

  • Offer ATM card?

    No

Terms apply.

Best for checking/savings combo

Discover Online Savings Account

Information about the Discover Online Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Discover is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    Discover may refuse to pay each transaction in excess of the limitations. If you exceed these limits on more than an occasional basis, it may result in the closure of your account.

  • Overdraft fees

    None

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a Discover checking account

Terms apply.

Best for mobile access

Sallie Mae High-Yield Savings Account

Information about the Sallie Mae High-Yield Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Sallie Mae is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    Any transfers over limit will be assessed a $10 excessive transaction fee per transfer. Repeatedly exceeding this limit may result in account closure.

  • Overdraft fees

    N/A

  • Offer checking account?

    No

  • Offer ATM card?

    No

Terms apply.

Best for physical branch access

Capital One 360 Performance Savings™

Information about the Capital One 360 Performance Savings™ has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Capital One is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.40%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    You may incur a fee or your account may close

  • Overdraft fees

    $35, but overdraft coverage is available to avoid this fee

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if have a Capital One checking account

Terms apply.

Best for help saving

Barclays Online Savings

Information about the Barclays Online Savings has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Barclays is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.45%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    You may incur a fee and your account may close if you violate the limit more than three times in a year

  • Overdraft fees

    N/A

  • Offer checking account?

    No

  • Offer ATM card?

    No

Terms apply.

Read our full review and methodology for the above top five high-yield savings accounts offered by big banks

4. CDs

Best three-month CD

BrioDirect High-Rate CD

Information about the BrioDirect High-Rate CD has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Sterling National Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.50% fixed APY

  • Minimum balance

    $500 to open and start earning interest

  • Monthly fee

    None

  • Early withdrawal penalty fee

    For 3-month CD: 90 days interest, whether or not earned

Terms apply.

Best six-month CD

iGObanking High-Yield iGOcd®

Information about the iGObanking High-Yield iGOcd® has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Flushing Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.60% fixed APY

  • Minimum balance

    $1,000 to open and start earning interest

  • Monthly fee

    None

  • Early withdrawal penalty fee

    For 6-month CD: Equal to three months of simple interest on the amount you withdraw

Terms apply.

Best one-year CD

CFG Community Bank CD

Information about the CFG Community Bank CD has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Capital Funding Group is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.67% fixed APY

  • Minimum balance

    $500 to open and start earning interest

  • Monthly fee

    None

  • Early withdrawal penalty fee

    For 1-year CD: Subject to a penalty fee; Withdrawing within six days of account opening will cost you a 7-day interest penalty

Terms apply.

Best three-year CD

First National Bank of America CD

Information about the First National Bank of America CD has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. First National Bank of America is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.75% fixed APY

  • Minimum balance

    $1,000 to open and start earning interest

  • Monthly fee

    None

  • Early withdrawal penalty fee

    For 3-year CD (or any CD between 24-47 months): Equal to 360 days of interest

Terms apply.

Best five-year CD

Ally Bank High Yield CD

Information about the Ally Bank High Yield CD has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Ally Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.85% fixed APY

  • Minimum balance

    None

  • Monthly fee

    None

  • Early withdrawal penalty fee

    For 5-year CD (or any CD that is 49 months or longer): Equal to 150 days of interest

Terms apply.

Read our full review and methodology for the above top five CD accounts

5. Money market accounts

Best overall money market account

Ally Bank Money Market Account

Information about the Ally Bank Money Market Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Ally Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    $10 for each transaction that exceeds the limit*

  • Overdraft fees

    $25

  • Offer checks?

    Yes

  • Offer debit card?

    Yes

Terms apply.

Runner-up

Synchrony Bank Money Market Account

Information about the Synchrony Bank Money Market Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Synchrony Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    None, but may result in account closure

  • Overdraft fees

    N/A

  • Offer checks?

    Yes

  • Offer debit card?

    No, but ATM card

Terms apply.

Best for free checks when you open an account

Sallie Mae Money Market Account

Information about the Sallie Mae Money Market Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. Sallie Mae is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.55%

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    $10 for each transfer that exceeds the limit*

  • Overdraft fees

    N/A

  • Offer checks?

    Yes

  • Offer debit card?

    No

Terms apply.

Best for ATM access

NBKC Bank Personal Money Market

Information about the NBKC Bank Personal Money Market has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication. NBKC Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    0.40%

  • Minimum balance

    None to open; $0.01 to earn interest

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    N/A

  • Overdraft fees

    None

  • Offer checks?

    Yes

  • Offer debit card?

    No, but ATM card

Terms apply.

Best for larger deposits and a higher APY

Axos Bank High Yield Money Market Account

On Axos Bank's secure site
  • Annual Percentage Yield (APY)

    0.60%

  • Minimum balance

    $1,000 to open

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    $10 per item

  • Overdraft fees

    $25

  • Offer checks?

    Yes

  • Offer debit card?

    Yes

Terms apply. Axos Bank is a Member FDIC.

Read our full review and methodology for the above top five money market accounts

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.