Interest rates on savings accounts have been on the rise in recent months, as banks compete for your money. As of June 2023, the best savings account rates are offered by online banks and credit unions.

Here are some of the top savings accounts with the highest interest rates:

 

    • Freo Save offers an interest rate of up to 7%. There is no minimum balance requirement to earn the top rate, and there are no monthly fees.Opens in a new windowfreosave.comFreo Save savings account

    • Ujjivan Small Finance Bank offers an interest rate of up to 7%. There is no minimum balance requirement to earn the top rate, and there are no monthly fees.Opens in a new windowUjjivan Small Finance BankUjjivan Small Finance Bank savings account

    • RBL offers an interest rate of up to 7%. There is no minimum balance requirement to earn the top rate, and there are no monthly fees.Opens in a new windowTwitterRBL savings account

    • Digibank by DBS offers an interest rate of up to 7%. There is no minimum balance requirement to earn the top rate, and there are no monthly fees.Opens in a new windowDBS BankDigibank by DBS savings account

    • Ally Bank offers an interest rate of 4.00% APY. There is no minimum balance requirement, and there are no monthly fees.Opens in a new windowAllyAlly Bank savings account

    • Barclays offers an interest rate of 4.15% APY. There is no minimum balance requirement, and there are no monthly fees.Opens in a new windowBarclaysBarclays savings account

    • Bask Bank offers an interest rate of 4.85% APY. There is no minimum balance requirement, and there are no monthly fees.Opens in a new windowGoogle PlayBask Bank savings account

    • CIT Bank offers an interest rate of 4.95% APY. There is a $100 minimum balance requirement to earn the top rate, and there are no monthly fees.Opens in a new windowDollarSproutCIT Bank savings account

When choosing a savings account, it’s important to compare interest rates, fees, and features. You should also consider how often you need to access your money, and whether you want an account with a mobile app or online banking.

With so many great savings accounts available, you’re sure to find one that’s right for you. So start comparing rates today and start earning more on your savings!

Here are some factors to consider when choosing a savings account:

 

    • Interest rate: This is the most important factor to consider, as it will determine how much interest you earn on your savings.

    • Minimum balance requirement: Some savings accounts have a minimum balance requirement, which means you must keep a certain amount of money in the account at all times. If you don’t, you may be charged a fee.

    • Monthly fees: Some savings accounts have monthly fees, so be sure to factor these into your decision.

    • Features: Some savings accounts offer features like ATM access, mobile app, or online banking. Consider which features are important to you and choose an account that offers them.

    • Accessibility: If you need to access your money frequently, you’ll want to choose an account that’s easy to access. Some savings accounts have limited ATM access or online banking hours.

How to find the best savings account for you:

 

    1. Compare interest rates from different banks and credit unions.

    1. Consider the minimum balance requirement and monthly fees.

    1. Choose an account with features that are important to you.

    1. Make sure the account is easy to access.

    1. Open the account and start saving!