Where should I open my savings account?

This is a simple table to compare savings accounts from various banks. Most traditional national banks offer low interest rates on standard accounts with slightly rates on higher balances. You will want an online bank like Ally to unlock significantly higher interest rates.

NameMin. BalanceInterest RateFee
Www.bankofamerica
Bank of America Regular Savings

A standard savings account

$25

0.01%

$5 per mo

Www.bankofamerica
Bank of America Rewards Money Market Savings

A savings account with highest interest rates depending on your balance

$25

$12 per mo

Www.wellsfargo
Wells Fargo Way2Save Savings

A standard savings account with features to help you save automatically

$25

0.01%

$5 per mo

Www.wellsfargo
Wells Fargo Platinum Savings

A savings account with higher interest rate if you are a PMA Package client

$25

$12 per mo

Www.chase
Chase Savings

A standard savings account

$25

0.01%

$5 per mo

Www.chase
Chase Plus Savings

Like the standard Chase account but with higher interest rates with higher balances

$25

$20 per mo

Www.ally
Ally Online Savings

An online bank offering great interest rates on savings accounts

$0

1%

Free

Www.discover
Discover Online Savings

An online bank offering great interest rates on savings accounts

$500

0.95%

Free

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Barclays Online Savings

An online savings account offering great interest rates on savings accounts

$0

1%

Free

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Barclays Dream Account

An online savings account offering a higher interest rate but with a max limit of $1k deposits a month

$0

1.05%

Free


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