There's never been a better time to start saving money. As savings account rates increased by 194% compared to last year, the more pertinent question becomes finding the right place to stash cash. And current offers vary widely. For example, branch-based savings accounts have an average APY of 0.75%, roughly 3 times below the average rate of an online-only account.
To help people get the most for their money, WalletHub compared nearly 480 savings and money market accounts – including 33 student accounts and 64 business accounts – from 233 banks and credit unions, both online-only and branch-based. You can find our favorites below, followed by 7 tips for finding the best savings account for your needs.
If you're also interested in exploring the best savings accounts from credit unions that allow only eligible members to apply for, you can check them out further down. Â
People are also reading…
[YYYY]'s Best Savings Accounts – Editors' Picks
| Best | Savings Account | APY |
| High-Yield Overall | Pibank Savings | 4.60%Â on any balance |
| High-Yield (up to $5,000 balance) | Varo High-Yield Savings Account | 5.00%Â on balances up to $5,000 |
| $100,000+ Balances | Pibank Savings | 4.60%Â on any balance |
| High Net Worth | Pibank Savings | 4.60%Â on any balance |
| Checking/Savings Combo | Axos ONE® Savings | 4.21% (if you meet direct deposit and minimum balance requirements) |
| Branch Access | Capital One 360 Performance Savings | 3.20%Â on any balance |
| Students | First Central Savings Bank Young Savers Account | 4.00% on balances up to $25,000 |
| Business | Primis Business Savings | 4.00%Â on any balance |
| Credit Union (up to $1,000 balance) | Orsa Credit Union High Yield Savings | 10.00% on balances up to $1,000 |
[bk-trust version="v2"]
WalletHub's best savings accounts picks are completely independent and not provided, commissioned, or endorsed by any financial institution. In addition, our editors follow a strict editorial policy. Some offers may come from WalletHub's advertising partners.
