11 Best Saving Account in 2020 (High Interest)

Last Updated: 29 Jan 2020

Savings account ensures that during unforeseen circumstances, you are not left out to dry.

Be it a medical emergency or you want to buy a new car or go on a vacation, saving money can help you realize all of your needs.

All the accounts covered here are covered by FDIC and are insured up to a maximum of $250,000.

So in case, the bank goes out of business, your money is still safe. In this article, I have reviewed 11 best saving accounts of 2020. 

Best High-Interest Saving Account 2020

#1. Citibank Savings Account

Citi bank offers competitive APY higher than the savings rate offered by some of the biggest banks.

In addition to its online savings account, citi offers everything related to banking in one spot.

It has close to 700 branches throughout the U.S.

Currently, as an introductory offer, Citi is offering an APY rate of 2.90% for 4 months which is the highest yet.

After the period is over, the APY rate drops to 1.60% which is still decently provided the extra benefits you get with Citibank.


  • Free Online Bill Payment
  • Account Alerts – Free alerts to your registered mobile number or email.
  • Text Banking – you can get account alerts and balances on your mobile phone through text commands.
  • Online Bank Statements
  • Supports virtual credit card numbers to shop online.
  • Online Transfer Services available to Citi or non-Citi account
  • Financial Tools useful for money management, and expense analysis.
  • Auto Save – Schedule recurring transfers from checking to savings.
  • Instead of savings only or checking only accounts, In Citi bank, you open a package which contains both types of accounts.
  • Overdraft protection.
  • No minimum balance to open and maintenance also.
  • Interest is paid monthly.
  • Nearly nonexistent fees on transactions.
  • Phone banking and internet banking for convenience.
  • The ATM fee for non-Citibank ATM withdrawals is $2.50.
  • monthly service charge fee of $4.50. Can be waived off if balance is over $500.

#2. Vio Bank

Vio is a new entry in the online savings account market. Vio bank is the online division of MidFirst Bank.

Since Vio is an online-only account all transactions and banking are done on phone or online.

It operates various states including Colorado, California, Arizona, Texas.

At present Vio, the bank is offering 2.46% APY rates which is one of the highest at present.


  • No minimum balance for account opening and maintenance.
  • FDIC insured up to the law limit.
  • Lower fees
  • Industry-leading interest rate
  • Vio bank offers an APY among the top yields available.
  • The APY is available on all balances – no minimum balance to qualify.
  • Interest is compounded on a daily basis.
  • No mobile apps yet.
  • An excessive transaction fee is steep (after 6 transactions) $ 10, Account closing fee is $25, Paper statement $7.
  • Online only account.

Check out barclays dream savings account reviews

Best Online Savings Account 2020

#3. CIT Bank

CIT Bank is one of the highest interest offerings in the market. CIT bank also offers a variety of accounts and excellent customer service.

The bank is also FDIC insured therefore you can be sure of the security of your deposit.


  • CIT bank offers savings account, money market account as well as CD’s (certificate of deposit) so users have the freedom to choose.
  • Other types of accounts include mortgages, custodial accounts, and small business accounts.
  • Minimum amount to open account – $100.
  • Remote deposits to account are available
  • Mobile friendly website along with Android and iOS application for ease of use.

Interest rates offered

Tier Balance requirement APY
Base Tier <$25,000 1.28%
Upper Tier <$25,000 with $100 or more monthly deposit 2.40%
Upper Tier >$25,000 2.40%
  • CIT offers highly competitive yields. The APY is highest among those that are nationally available.
  • CIT Bank offers fixed and variable rate CD accounts, including a no-penalty CD.
  • No monthly fees for savings accounts.
  • You can make deposits via the mobile app
  • Checking accounts are not available.
  • You can’t access the Savings Builder and the Money Market account from an ATM.
  • The app is available for iOS and Android are not highly rated and may be difficult to use.
  • The bank doesn’t have any physical branch locations.

#4. Marcus by Goldman Sachs

Marcus by Goldman Sachs is an online savings bank that offers a competitive 2.25% Annual Percentage Yield.

Marcus bank is useful for those who do not have enough savings to qualify for high rates in other banks.

Features Offered by Marcus Online

  • Marcus offers 2.25% APY on all balance tiers.
  • No minimum deposit to open account or minimum balance requirement.
  • There are no maintenance fees for a savings account.
  • You can fund your account by transferring money from another account, mailing checks for deposit, or wiring funds.
  • Highly competitive APY of 2.25% without having to maintain a minimum balance for eligibility.
  • Link other accounts for seamless and free fund transfer between accounts.
  • Customer service with no frustrating automated phone systems during business hours.
  • Unlike other banks, there are no savings tool to plan your savings
  • No ATM card
  • No mobile app and no physical branches.
  • You need to have an external bank to transfer funds, so delays might occur in the availability of money

#5. Ally Bank

Ally Bank is an online bank that grew out of the banking division of General Motors Acceptance Corporation (GMAC).

Ally bank is popular among those who seek high-interest rates with ease of getting funds when needed.

Ally also provides services like loans and credit cards.

Ally offers 2.20% APY on all balances in their savings account.


  • Along with high yielding savings account, ally also offers various other account types such as money market account, interest checking account, CD account, loan options and other investment options to choose from.
  • Funding the account can be done through free electronic transfer from external banks. You can also mail a deposit check.
  • Funding can be done via free electronic transfers from external accounts, mobile check deposit, wire transfer, or mailed check.
  • Ally offers access to its 43,000 free ATM to withdraw money from its checking or money market account. As per regulation D, after the 6th transaction within a month, you will be charged $10 for each.
  • Ally offers various options for savings and banking services compared to other online banks
  • No monthly maintenance fee or minimum balance fee.
  • Well designed informative website and 24/7 customer care.
  • Easy to use online interface
  • No physical branches meaning no in-person transactions.
  • Reimbursement of out of network ATM fees is limited to $10 per month.
  • No cash deposits.

#6. Citizen Access

Citizens access is an online-only bank that offers impressive rates for both savings and CD accounts.

The bank offers 2.35% APY however, required minimum to open is $5000 which is very high compared to the competition.

Unlike other banks that tend to have the same APY for all balance range, in Citizens APY will drop by 0.25% as balance drops below $5000.


  • Best feature of Citizens access is its high-interest rate.
  • Both savings and CD accounts have no monthly charge.
  • Citizen access compounds interest daily and pays out monthly.
  • Highly competitive savings and CD rates.
  • No monthly fees.
  • Easy to use, a mobile-friendly website allows checking deposits in the go.
  • Electronic transfers to other accounts are allowed for withdrawal purposes.
  • Very steep $5000 minimum balance requirement compared to other banks.
  • No mobile app
  • No physical branches
  • No ATM access which makes the withdrawal process longer.

#7. HSBC Direct Savings

HSBC direct is an online-only direct Directnt in which Everything has to be done online only.

If you already own an HSBC account then account opening process is even easier.

You can connect your existing account with a savings account and transfer funds online with ease.

HSBC Direct offers APY of 2.22% right up there with the most competitive rates in the market.


  • Low fees and minimum balances.
  • Interest compounding is done daily
  • No monthly maintenance fees.
  • High APY.
  • The handy Mobile app that can be used to deposit checks.
  • Set custom savings goal, track income with tools.offered by HSBC online interface.
  • No monthly maintenance fee.
  • Fast ATM deposits*. If you have an HSBC account with a debit/ATM card (i.e., one of their checking accounts), you can deposit cash and checks via an ATM.
  • Excellent rates for a savings account.
  • 24/7 live chat with customer care.
  • Money management tools help in goal-oriented savings.
  • The HSBC Direct Savings account is an online-only account. Everything is done over the phone which can be a dealbreaker for people who prefer ATM withdrawals and in-person transactions.
  • Closing account fees is $25 and a balance verification letter for things like mortgage loans cost $20 which are unreasonable.
  • $15 fees for wire transfers.
  • The account doesn’t come with any type of ATM or debit card.

#8. Discover Bank

Discover Bank is another bank offering online savings account with high APYs without having to maintain huge balances.

Discover savings bank with an APY of 2.1% is the best place to save money for emergency situations.


  • Interest is compounded daily and applied monthly
  • No monthly fee
  • No minimum balance required
  • Six qualified withdrawals per month as it is online only.
  • Excellent customer service
  • High APY. Its 2.10% is on par with the current market rates for a savings account.
  • No monthly fee. You won’t pay a monthly account fee with Discover.
  • Compounding of interest done daily.
  • No minimum opening deposit amount.
  • Daily compounded interest.
  • Auto Redemption – if you have a discover online checking account, using this program you can automatically deposit cashback bonus to your savings account monthly.
  • You could pay $30 for an outgoing wire transfer.
  • High $30 fee for insufficient funds or $15 to stop a payment.
  • No physical branches except for one in Greenwood, Delaware.

#9. American express – personal savings

American Express is best known for its famous credit cards.

Its online only savings account is also a competitor in high APY savings account rates.

American Express is a pretty straight forward savings bank. It doesn’t even come with a checking account.

The bank offers 2.10% APY on all balance values which makes it a worthy place to save your money away from frequent withdrawals.


  • Zero minimum balance to open and to maintain.
  • Daily compounded interest on the balance.
  • Minimum balance to earn interest is $1.
  • 6 monthly free transactions.
  • Option to convert savings into a CD account.
  • 2.10% APY. which is a decent rate to grow your savings in the long term.
  • No monthly fees – so that your interest gains continue to grow.
  • No minimum balance requirement.
  • Deposits of up to $250,000 are FDIC insured ensuring safety.
  • No ATM card.
  • Variable interest rate. APY rates can be changed anytime.
  • No mobile app
  • Not a participant in fast network transfer making online transaction slower.

Best Saving Account due to their benefits

#10. Synchrony High yield savings

Synchrony bank is an online savings bank that offers competitive APY on their savings account.

They also offer credit cards and various accounts like high-interest CD accounts, money market account with no minimum balance.

Synchrony offers 2.25% APY on all balances in their savings account.

Also, there is a $5 reimbursement on ATM fees due to the usage of ATM outside their network.


  • No minimum amount required to open an account
  • Only $1 in balance to qualify for the interest rate.
  • Direct transfers to a savings account
  • Stable credit ratings.
  • Synchrony bank perks program to benefit long-time customers.
  • No monthly fees.
  • No minimum balance for interest eligibility.
  • Convenience – You can fund the account via direct deposit, electronic fund transfer, ATM deposit and also physical check through the mail.
  • Withdrawals can be online to an external account or through physical check.
  • You will get a debit card that allows you to withdraw money with no ATM fees.
  • No physical bank branches except for two – Draper, Utah and Bridgewater, New Jersey
  • No checking account
  • Average customer service.

#11. Capital one 360

Capital one is the all-rounder bank on this list.

If you are looking for a feature packed online bank, then Capital One 360 is a great choice.

With this bank, you get access to savings, checking, CD’s, investment accounts and mortgages.

On top of that Capital One offers auto loans and credit cards.

Capital One also has many services and tools that help you save your hard earned money.

Capital One 360 offers 1.0% APY which is less for an online bank. But what it lacks on interest, it makes up with an array of banking services that are simply not available in the online banking market.


  • No maintenance fees.
  • No minimum balances for qualifying to higher rates.
  • Easy account management with my savings goal feature.
  • 24/7 customer support any day of the week
  • Multiple accounts – you can have up to 25 different savings account.
  • Easy check deposit option using checkmate feature – just upload the photo of the check.
  • 1 % APY, although not high, still better than brick and mortar bank rates.
  • Transfer funds with no fee.
  • Set up an automatic savings plan.
  • No minimum balances to open or account.
  • No monthly account fees.
  • Deposit cash at a Capital One ATM.
  • Top rated mobile app.
  • Capital One does offer some in-person branches, but there are limited locations across US.
  • Low-interest rates compared to the competition.


If I missed any good savings account to list in my list of best savings account, then let me know in the comments.

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