Best Savings Accounts for October 2024 — Up To 5.30%

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Whether you’re saving for a particular goal or building up an emergency fund, putting your money in a savings account can keep your funds accessible and secure, while also growing through accrued interest. But with so many options available, it can be hard to know which bank is the best place to put your money.

To help you analyze what’s available, GOBankingRates looked at all savings accounts from its 2024 Best Banks data that had an APY of over 4.00%. Here’s how the banks stacked up.

1. BMO Alto Online Savings

BMO Alto is an online-only division of BMO Financial Group, offering a savings account and certificates of deposit with high rates. Currently, the BMO Alto Online Savings Account pays an APY of , one of the highest APYs available for savings accounts.

You can open an account without making an initial deposit, and the bank gives you a generous 90-day period to fund the account. The downside is that you have to do all your banking through the BMO Alto website. There is no mobile app to download, and you can’t visit a branch in-person to handle transactions. It also lacks an ATM or debit card, and Zelle is not available.

Best for: No minimum deposit

Pros:

• No monthly service fees
• No minimum balances
• Higher-than-average interest rates

Cons:

• Debit and ATM card not available

Why we like it: BMO Alto’s Online Savings account allows for unlimited transfers and withdrawals. That means there’s no risk of having your account converted to a checking account, or even closed, because of excessive convenience withdrawals.

2. EverBank Performance Savings

EverBank offers individual and business bank accounts, including a high-yield savings account called Performance Savings. It pays APY at the moment.

The account has no minimum balance requirement, and you can open an account today and transfer funds later. EverBank also has an interest-earning checking account and money market account, making it a good option if you prefer doing all your banking at the same place.

As an added bonus, you can visit a financial center in person if you’re in Florida. EverBank recently launched a new desktop and mobile service. The services are designed to improve and streamline the online banking experience for its customers. New features include push notifications from the mobile app, account nicknames and integration with external financial tools. 

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Best for: High APY for all balances

Pros:

• No maintenance fees
• Access to physical branches
• Customer-centric online and mobile app design

Cons:

• Debit card not available
• Yield Pledge rate guarantee not offered for savings account

Why we like it: EverBank’s upgraded online banking and expansion into mobile banking prove its dedication to improving customers’ experience.

3. Bread Financial High Yield Savings

Bread Financial is an online-only financial services company that offers a high-yield savings account and certificates of deposit with above-average rates. Currently, it pays APY on its high-yield savings.

The account is mostly fee-free, including free ACH and incoming wire transfers — a feature not always available with these types of accounts. You can manage the account through the top-rated app, noted for its easy-to-use interface and visual appeal. It also has credit cards, certificates of deposit and invitation-only loans for customers. The $100 minimum opening deposit is high, especially since you can find plenty of similar accounts with no minimum deposit requirement.

Best for: Mobile app

Pros:

• High APY
• Highly-rated mobile app
• No service fees

Cons:

• $100 minimum deposit
• Debit card not available

Why we like it: Bread Financial’s Resource Library contains all the forms customers might need but that most banks don’t put online, including:

• Change of address
• Joint owner
• Direct deposit
• Transaction dispute
• Wire request
• Power of attorney affidavit

4. Bask Bank Bask Interest Savings

The Bask Interest Savings from Texas-based Bask Bank is a no-frills account that pays an impressive APY. This fee-free account makes it easy to set aside money that you don’t have immediate access to because there’s no debit or ATM card to use.

Transfers in and out of the account take up to three business days to complete, and you can set up recurring transfers to make savings automatic. Transfer limits are generous, up to $300,000 per month, but the bank does not let you send payments directly from the savings account.

Bask Bank is a solid choice if you need an account that you can’t easily access so you can avoid touching your savings unless you really need it.

Best for: High rates

Pros:

• No monthly service fees
• No minimum balances
• Higher-than-average interest rates

Cons:

• Debit card not available
• Can’t make payments directly from the savings account

Why we like it: Bask Bank Interest Savings is an easy, uncomplicated way to earn one of the highest rates available on the money you intend to let sit and grow.

5. Marcus by Goldman Sachs Online Savings Account

Marcus by Goldman Sachs, Member FDIC, keeps saving simple, with a high-yield savings account and certificates of deposit. This online-only bank currently pays annual percentage yield on the Marcus Online Savings Account.

Like many of the accounts on this list, it has no fees or minimum balance requirements. What sets Marcus apart, though, is speed. You can transfer up to $100,000 on the same day, in most cases. You can schedule transfers online, through the mobile app or over the phone — and your money starts earning interest the same day you schedule the transfer.

On the downside, the mobile app does not accept check deposits, which means you have to mail them to the bank, or deposit them into a linked account at another bank and transfer them to Marcus.

Best for: Transfer speed

Pros:

• Same-day transfers available
• Interest accrues at transfer time
• Have up to 60 days to fund the account after opening

Cons:

• Debit card not available
• No mobile check deposit

Why we like it: Marcus by Goldman Sachs provides excellent customer service with a 24/7 Contact Center.

6. Salem 5 Direct eOne Savings

Salem 5 Direct’s eOne Savings gives you what you expect from an online bank. There are no monthly maintenance fees or minimum balance requirements to meet — but you will need at least $10 to open the account. On top of that, you get a substantial APY. The bank also offers certificates of deposit and a checking account, and you can open a checking and savings account at the same time in a single application. The caveat? If you’re a current Salem 5 Direct customer, you won’t be able to open an eOne Savings account unless you already have an eOne Checking account.

Best for: Mobile check deposit

Pros:

• No monthly service fees
• No minimum balances
• Higher-than-average interest rates

Cons:

• Only available to new customers and those with an eOne Checking account
• Website lacks detailed account information

Why we like it: While the eOne Savings account does have a minimum opening deposit, Salem 5 Direct keeps it low, so just about anyone with internet access can open an account.

7. Western Alliance Bank High-Yield Savings

Western Alliance Bank’s High-Yield Savings Premier account is a winner for its competitive interest rate, which is currently APY. No monthly fees are a nice bonus, but you will have to make a $500 minimum deposit to get started. Interest compounds daily and gets paid out monthly.

This account impresses with its high APY and no fees, but making withdrawals is tricky. A debit card is not available for this account, restricting ATM withdrawal.

Best for: Access to branches

Pros:

• No monthly service fees
• Higher-than-average interest rates
• Many physical branches

Cons:

• Debit card not available
• $500 minimum deposit requirement

Why we like it: Western Alliance Bank provides customers with all the benefits of a big brick-and-mortar bank plus the high APYs you typically only find with online banks.

8. LendingClub Bank High-Yield Savings

LendingClub does more than provide personal loans. It also has a high-yield savings account that pays an APY of up to . This fee-free online account also comes with an ATM card, a perk you don’t find often with online savings accounts.

LendingClub is part of the MoneyPass ATM network, which gives customers access to their money at one of more than 37,000 ATMs across the country.

You can open the account with $0 and you don’t need to maintain a minimum balance.

Best for: ATM card

Pros:

• Comes with ATM card for withdrawals
• No minimum balances
• Higher-than-average interest rates

Cons:

• No physical branches
• Have to deposit set amount each month to get the highest APY

Why we like it: There are no minimum balance requirements with this account.

9. Synchrony Bank Online High-Yield Savings

Synchrony Bank may be better known for its store-branded credit cards, but it also offers a high-yield savings account that currently pays APY. It comes with standard features like no minimum balance requirements and no monthly maintenance fees to help maximize your savings.

You can transfer money between the Synchrony account and linked external accounts and can request an ATM card to use at machines on the Plus and Accel affiliated networks. Synchrony also reimburses up to $5 per month for ATM charges you pay at other ATMs.

Best for: No fees

Pros:

• ATM card
• ATM fee reimbursement up to $5
• Higher-than-average interest rates

Cons:

• No checking account
• No cash deposits

Why we like it: Availability of an ATM card and ATM fee reimbursement give Synchrony’s High Yield Savings account an edge in terms of accessibility.

10. UFB Portfolio Savings

UFB Portfolio Savings currently pays APY. This fee-free account has no monthly maintenance fees, balance requirements or minimum deposit requirements. The bank includes a complimentary ATM card and offers digital tools for seamless remote banking. You can also make free transfers between direct deposit accounts.

In addition to these standard features, UFB enhances the customer experience through its customer service department, which is open 7 days a week to assist customers in need.

Best for: Customer service access

Pros:

• Access to a live customer service representative 7 days a week
• Complimentary debit card provided
• Higher-than-average interest rates

Cons:

• Higher APY available at other banks

Why we like it: The UFB website has an extensive FAQ section and financial education library to help customers make the most of their accounts and their money.

Will Interest Rates Change This Year?

Savers have benefitted from rising interest rates over the past few years, but the tide is now shifting. The Federal Reserve has recently cut rates, as expected, with analysts predicting further reductions into next year. This makes securing a high APY even more valuable while it’s still available. However, keep in mind that the rate you lock in today won’t last forever. That’s why it’s important to consider other account features beyond just the APY.

High-Yield Savings Accounts vs. CDs

The high-yield savings accounts on this list have higher APYs than most of the CDs you will find. However, CDs let you lock in an interest rate for an extended amount of time, with terms ranging from three months to five years. CDs let you secure a rate, but you also have to lock up your money for an extended amount of time. Withdrawing funds from a CD before the maturity date can result in a penalty fee. Consumers with high-yield savings accounts can access their money whenever they desire.

Research Methodology

To determine rankings GOBankingRates first looked at all savings accounts from its 2024 Best Banks data that had an APY of over 4.00%. Then, once these products/banks were isolated, GOBankingRates looked at the following to determine ranking: (1) total asset size of the institution as sourced from the FDIC June 2023 data; (2) minimum deposit to open an account; (3) monthly savings fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (4) minimum needed to earn APY; (5) savings APY; and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (3), and (4) weighed 1.5 times, factor (5) weighed 3 times; and factor (6) weighed 2 times. All products and offerings had to be available as of Nov. 8, 2023, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 10, 2024.

Banks Monitored by GOBankingRates

SoFi, Capital One, NBKC, Bank of America, Chime, Charles Schwab Bank, Axos Bank, Current, First National Bank of Pennsylvania, Citibank, New York Community Bank, First Internet Bank, TIAA, Ally Bank, Truist Bank, Wells Fargo, JPMorgan Chase Bank, Quontic Bank, LendingClub Bank, One Finance, First-Citizens Bank, BMO Bank, FirstBank, Bank 5 Connect, BankUnited, The Huntington National Bank, iGOBanking.com, Arvest Bank, First Interstate Bank, Manufacturers and Traders Trust Company, TD Bank, Zions Bancorporation, USAA Federal Savings Bank, Citizens Bank, Fifth Third Bank, PNC Bank, Pinnacle Bank, KeyBank, IncredibleBank, Simmons Bank, Santander Bank, Southstate Bank, Bank of Hawaii, First National Bank of Omaha, Bank of the West, First Hawaiian Bank, Texas Capital Bank, Salem 5 Direct, Umpqua Bank, Synovus Bank, Fulton Bank, Flagstar Bank, Associated Bank, UMB Bank, Valley National Bank, United Community Bank, Washington Federal Bank, Centennial Bank, Prosperity Bank, Ameris Bank, United Bank, Pacific Premier Bank, BOKF, City National Bank of Florida, Midfirst Bank, Frost Bank, TAB Bank, Eastern Bank, FNBO Direct, Cadence Bank, Webster Bank, Old National Bank, Regions Bank, Wilmington Savings Fund Society, MUFG, Union Bank, Bank OZK, First Horizon Bank, CIBC Bank USA, Glacier Bank, Comerica Bank, East West Bank, First Republic Bank, Columbia State Bank, City National Bank, State Farm Bank, Goldman Sachs Bank USA, Marcus by Goldman Sachs, The Bank of New York Mellon, State Street Bank and Trust Company, Citizens Access, Silicon Valley Bank, U.S. Bank National Association, Morgan Stanley Private Bank, Morgan Stanley Bank, Capital One Bank USA, Charles Schwab Premier Bank, TD Bank USA, BNY Mellon, Bank of America California, HSBC Bank USA, The Northern Trust Company, American Express National Bank, UBS Bank USA, Signature Bank, Discover Bank, VirtualBank, Western Alliance Bank, Bank of China, Raymond James Bank, Deutsche Bank Trust Company Americas, BankDirect Capital, Comenity Bank, EmigrantDirect, My Savings Direct, Amboy Direct, Bask Bank, Synchrony Bank, Pacific Western Bank, Barclays Bank Delaware, Commerce Bank, Salle Mae Bank, Stifel Bank and Trust, Cathay Bank, Customers Bank, Green Dot, VioBank, Hancock Whitney Bank

Gabrielle Olya, Caitlyn Moorhead, Marc Guberti, Dawn Alcott, John Csiszar, Nicole Spector, Will Healy and Daria Uhlig contributed to the reporting for this article.

*Capital One interest rates accurate as of Oct. 10, 2024. See website for all current rates.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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