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Compare Top Savings Accounts available today.
What are FDIC secured savings accounts?
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FDIC secured savings accounts are bank accounts that are insured by the Federal Deposit Insurance Corporation (FDIC), a U.S. government agency that provides deposit insurance to protect consumers' funds. These accounts offer a secure option for individuals looking to save money, as they provide peace of mind that their deposits, up to $250,000 per depositor per institution, are protected against bank failures. This insurance ensures that even in the unlikely event of a bank closure, account holders will not lose their money. FDIC secured savings accounts are also known for their stability and reliability, often offering a modest interest rate to help grow savings over time. This safety is a significant advantage for those who prioritize the preservation of their funds over high-risk, high-reward investments.
What are the top high-yield savings account rates and the best interest rates in 2025?
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As financial institutions continuously adapt to market conditions and compete for customers, the top high-yield savings account rates and best interest rates in 2025 are expected to be influenced by a variety of economic factors. While it's challenging to predict exact rates years in advance, industry analysts suggest that advancements in digital banking and fintech innovations could drive more competitive offerings. Additionally, central banks' monetary policies, particularly those related to interest rates and inflation, will play a significant role in shaping savings account yields. Savvy consumers should keep an eye on institutions known for consistently offering competitive rates, such as online banks and credit unions, which often provide higher yields due to lower overhead costs compared to traditional banks. Staying informed through financial news sources and using comparison tools can help consumers maximize their savings in 2025.
What are the average high-yield savings account rates (APY)?
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As of the latest data available, high-yield savings account rates typically offer an Annual Percentage Yield (APY) ranging from around 3% to 5%, significantly higher than the national average for traditional savings accounts, which often linger below 1%. These rates can fluctuate based on economic conditions, Federal Reserve interest rate policies, and competition among banks and credit unions. High-yield savings accounts aim to attract depositors by offering more competitive returns on their deposited funds. However, potential account holders should also consider other factors such as minimum balance requirements, fees, and withdrawal limitations when choosing a high-yield savings account, as these can impact the overall benefits of higher interest returns.
How to open an online savings account (things to consider)
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When opening an online savings account, it's crucial to consider several factors to ensure you make the most out of your savings experience. First, research and compare interest rates offered by different banks, as even a minor difference can significantly impact your savings over time. Next, evaluate any fees associated with the account, such as monthly maintenance fees, withdrawal fees, or minimum balance fees, which can erode your savings. Additionally, check the bank's reputation for customer service and mobile banking features, as a user-friendly app and responsive customer support can greatly enhance your banking experience. Lastly, take into account the bank's FDIC insurance status to ensure that your funds are secure. By carefully considering these factors, you can find an online savings account that best suits your financial goals and needs.
Banks.com is a free online platform designed to help users with the process of choosing the services or products that meets their needs by providing helpful reviews, articles and comparison based content. We receive compensation from the various brands we review, compare and rank on the website. Banks.com is not a lender, broker or financial institute, nor a party to any engagement related to financial products or transaction. All rates, fees and offers’ terms presented herein are provided by the third party brands we engage with, which may include lenders, brokers and aggregators. We do not make any decision regarding such rates, fees, terms and eligibility or approval of a financial offer. The actual offer you will receive is subject to its provider’s sole discretion including credit score, minimum deposit, minimum balance, requested loan amount, loan term, etc. and there is no guarantee you will qualify for the rates, fees, or terms presented herein. The content herein is not, and shall not be taken as an endorsement, recommendation or solicitation to borrow or obtain any financial service. We encourage you to carefully review the actual offer’s terms you receive from the provider, including all associated fees and costs. Filing for bankruptcy shall not exempt from repayment obligations.
The offers on our page do not represent all account options available.
*APY (Annual Percentage Yield). Rates / Annual Percentage Yield 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 unions are member FDIC or NCUA. Contact the financial institution 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.
Upgrade Disclosures:
SoFi Disclosures:
CIT Bank Disclosures
This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on February 26, 2025 and can end at any time without notice.
Customers will receive a $225 or a $300 bonus provided that the program requirements are met:
New CIT Bank Customers: Offer valid for a New CIT Bank Customer, who, at account opening, does not have a valid CIT Bank User ID (a “New Customer”), or any open CIT Bank accounts provided that the following requirements are met:
Offer Requirements
CIT Bank Customers Prior to the Promotion: Offer valid for a Primary account owner of an existing or newly opened Platinum Savings account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Offer Requirements
There is a limit of one Platinum Savings promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
Custodial accounts and Trust Accounts are not eligible.
This offer is non-transferable.
IMPORTANT: All customers who qualify for the $225 or $300 bonus offer will receive the bonus in the enrolled Platinum Savings account within 60 days after the 30-day funding period.
Example and key dates for the Platinum Savings promotion
Below is an illustration of the promotion requirements and key dates. Individual results may vary based on the date of account opening.
A customer who opens a Platinum Savings account with the promotional code, “PS2025,” on February 26, 2025, funds it with a minimum of $25,000 or $50,000 by March 26, 2025, and satisfies the additional requirements specified above can expect to receive the qualifying bonus no later than May 26, 2025. Below are the key dates and deadlines in this example:
Key dates/deadlines and details
The value of the $225 or $300 bonus will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
Platinum Savings interest rates are variable and may change without notice, including after the account is opened.
Live Oak Bank Disclosures
1. Important Information about this Personal Savings Bonus Offer:
Customers must meet all of the following requirements to be eligible for the $300 bonus:
2. Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 2/3/2025. No minimum opening balance or deposit required to open. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but customers must have a balance of $0.01 to earn interest. Fees may reduce earnings.
3. National savings average rate courtesy of the FDIC’s Weekly National Rates and Rate Caps, as of 1/21/2025; average rate used is for deposits under $2,500.
4. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a Live Oak Bank customer, your Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.
Current Disclosures
Current is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Member FDIC. The Current Visa® Debit Card, which may be issued by Choice Financial Group and/or Cross River Bank, is pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
*Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.
*Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. No minimum balance required. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. To earn a Boost rate of 4.00%, the sum of your Eligible Payroll Deposits over a rolling 35-day period must be $500 or more, with at least one Eligible Payroll Deposit equaling a minimum of $200. For more information, please refer to Current Boost Terms and Conditions (https://current.com/boost_terms_of_service/).
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