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Savings Accounts

Times have changed, and the interest earned on savings accounts isn’t what it used to be. But that doesn’t mean you should forget about them altogether! Depositing your hard earned cash into a savings account that makes money remains a trusted way to watch it grow.

Advertiser Disclosure
Institution APY* Min Deposit for APY
UFB Direct
Advertiser comments
  • Boost your savings APY by up to 0.20% when you combine a Freedom Checking with a Portfolio Savings account
  • Plus, earn 2.00% APY on your checking account when bundled
  • No maintenance or service fees
  • Digital tools for seamless remote banking
  • Free transfers between direct deposit accounts
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4.83% APY As of: 10/3/2024 $0.00 Learn more
SoFi Checking and Savings
Advertiser comments
  • Earn up to 4.50% APY.
  • Earn up to $300, depending on your direct deposit amount.
  • No account fees. No overdraft fees. No minimum balance fees. No monthly fees.
  • Your money is FDIC insured.
none
4.50% APY As of: 10/3/2024 $0.00 Learn more
Advertiser comments
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 0.1% APY $1
Advertiser comments
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 0.1% APY $1
Advertiser comments
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 0.1% APY $0

* 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 bank 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.

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What’s the Difference?

Did you know there are two types of bank accounts that can earn you interest? Both traditional savings accounts and money market accounts (MMAs) pay interest, and your funds are insured by the FDIC up to the maximum amount allowed by law. Additionally, both allow you to make as many deposits as you want. However, for both accounts there is a limit of six withdrawals or transfers per statement cycle — a limit set by federal law.

Money Market Account
  • Withdrawals can typically be made with checks or debit cards.
  • Interest rates are sometimes lower with more convenient ways to access funds and make payments through the account.
  • Might be best to use for saving and making related payments like saving for a house, paying for inspections and contracting repairs.
Savings Account
  • Withdrawals must be made via electronic transfer or in person at the bank.
  • Interest rates are sometimes higher with more restrictions on how you access the funds in the account.
  • Might be best to use for emergency funds and saving for future large purchases.