Best savings accounts

Do you want to know which are the best savings accounts that you can open in 2023? Responsible Economy analyzes and compares the main features offered by the best savings accounts. You also have an explanatory video analyzing each account. Welcome!

Video with the best savings accounts

The first thing we do is show you a video with the best savings accounts you can open. Later you have all the information:

10 Best banks to open a savings accounts in 2023

We have made a ranking with the 10 best savings accounts that you can open in the United States. First you will have the ranking with the main characteristics of each savings account and then all the information in detail:

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

CIT Banks

CIT Bank offers one of the highest yielding savings accounts in the United States. You can open a savings account with CIT Bank with a yield of 4.05% APY. In addition, it has no monthly commissions and is a member of the FDIC, so you have the first $250,000 insured.

The downside is that you need to deposit $100 to open the savings account and there is no welcome bonus.

ProsCons
4,05% APYNo branches
No monthly feesMinimum deposit $100
CIT Bank savings account

Marcus by Goldman Sachs

Marcus by Goldman Sachs offers a very competitive savings account. Its main features are that it does not have monthly commissions, it offers returns of 3.75% APY and it is not necessary to have a minimum balance. Also note that it is a member of the FDIC so your money is insured up to $250,000 and you can get a bonus of $100.

The only negative part that we can highlight is that there are banks that offer higher yields.

ProsCons
No Minimum depositNo branches
No monthly fees
Welcome bonus $100
Pros and cons Marcus by Goldman Sachs savings account

Synchrony

Synchrony is an online bank and offers one of the best savings accounts. Synchrony offers 3.75% APY and has no monthly fees. It is also not necessary to deposit a minimum amount of money. Synchrony is also a member of the FDIC so your money is insured up to $250,000.

Here is a table with all the advantages and disadvantages:

ProsCons
No Minimum depositOnly 5 branches
No monthly fees
High yields
Pros and Cons Synchrony

Capital One

Capital One is one of the best banks to open a savings account. It offers returns of 3.4% APY. It has no monthly commissions and it is not necessary to have a minimum balance. It should also be noted that it is a member of the FDIC so your money is insured up to $250,000

On the other hand, there is no welcome bonus.

ProsCons
No Minimum deposit
No monthly fees
3,40% APY
Pros and cons Capital One savings account

SoFi

SoFi is an online bank that offers an interest rate of 2.5% APY if you don’t make a monthly direct deposit. If you make a direct deposit the interest rate is 3.75% APY. Direct deposits are payroll, Social Security, or government payments. Also, if your direct deposit is over $5,000 you get a welcome gift of $250.

We show you a table with all the advantages and disadvantages:

ProsCons
High yieldsDirect deposit required for bonuses and high returns
Welcome bonus
No fees
Pros and Cons SoFi

Barclays

Barclays offers an interest rate of 3.60%. There are no monthly fees and no minimum deposit is required. The contracting of the Barclays savings account is online because it does not have branches in the United States. Barclays is a member of the FDIC so your money is insured at $250,000.

Here are all the advantages and disadvantages:

ProsCons
High yieldsNo branches
No fees
No minimum deposit
Pros and cons Barclays

Discover

Discover is an online bank that offers an interest rate of 3.40%. There are no monthly fees and no minimum deposit is required. Discover is a member of the FDIC so your money is insured at $250,000.
Here are all the advantages and disadvantages:

ProsCons
High yieldsNo branches
No fees
No minimum deposit
Pros and Cons Discover

How much money can i earn?

The money you can earn depends on 3 factors: terms, amount of money and returns
The longer you have the money in a savings account, the greater the interest generated. The same thing happens with yields, the higher the returns, the higher the profits. Exactly the same with deposited money, the more money you deposit, the higher the multiplier will be.
Let’s give two examples. If we make a one-year deposit of $100,000 at 4% we will earn $4,000 but if we leave $1,000,000 for 2 years then we earn $8,000.

How to choose the best savings account?

We have made a list with the main keys that you must take into account before opening a savings account:

  • Yields: You have to contract those savings accounts that offer the highest yields.
  • Fees: Avoid commissions. The most common fees are the monthly maintenance and for opening the account.
  • Branches: If you do not like online banks, you should choose those banks that have branches.
  • Minimum deposit: Find out if the savings account you want requires you to open a minimum deposit.

Frequent questions

We answer all the questions you may have:

Related content

Here you have a related posts about savings accounts:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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