| Best | Savings Account | APY | Minimum Deposit Required |
| Overall | Spectra CU Brilliant Kids Savings | 10.38% on balances up to $1,000 | $5 |
| High-Yield (up to $1k balance) | Spectra CU Brilliant Kids Savings | 10.38% on balances up to $1,000 | $5 |
| High-Yield ($1k and above) | Collegiate Savings | 4.00% on any balance | $0 |
| Young Children | Chevron Federal Credit Union MySavings Youth Account | 7.00% on balances up to $1,000 | $25 |
| Students | Boeing Employees Credit Union Early Saver Youth Savings Account | 5.90% on balances up to $500 | $0 |
How to Find the Best Savings Account – 7 Tips
Unlike choosing a mortgage or even applying for a credit card, finding the best savings account or money market account (basically the same thing) is relatively easy. There aren’t many differences between offers. And you pretty much need to focus solely on finding an account with a high APY and low fees. Besides, we’ve already done the leg work for you, sifting through hundreds of offers to find the cream of the market’s crop.
But you still need a way to choose between 2025’s Best Savings Accounts and compare accounts in the future. So WalletHub’s editors put together the following tips to help you.
- Prioritize a High APY: Aside from the security of deposit insurance, seeing your money grow over time is the biggest benefit of using a savings account. So, focus your comparison efforts on finding the highest possible yield. In doing so, make sure to consider how much money you expect to keep in your account moving forward. Many accounts offer different interest rates based on your balance.
- Consider Monthly Fees & Accessibility: If two accounts have the same APY, use the fees they charge as the tie-breaker. Just make sure you aren’t sacrificing access to your funds for a lower cost.
- Don’t Overlook Credit Unions: Credit unions can afford to offer better terms than banks because they have less overhead and are owned by their customers. You can use WalletHub’s Credit Union Savings Tool to review offers from the credit unions you’re eligible to join.
- Embrace Online-Only Options: These days, most people have little need for a physical checkbook or a brick-and-mortar branch location. In fact, you may be exposing yourself to a lot of liability by continuing to write checks. And since online-only bank accounts offer the best terms on the market, giving one a try could prove quite rewarding.
- Take Advantage of Benchmark Bonuses: Many savings accounts offer higher interest rates when your account balance is above a certain amount. Others waive fees. Keep an eye out for these account features and factor them into your decision-making.
- Stick to the Plan: Navy SEALs tailor the ammunition they bring to the type of mission, terrain and enemy they’re dealing with. You can think of your savings account the same way. Your tools will be selected with your particular trade in mind, and if you use these tools for other purposes, the results will not be as intended. In other words, use your saving account for saving and not for spending.
- Ignore Labels: With your mission to find high rates and low fees in mind, remember that you don’t need to limit yourself to savings accounts. Checking accounts, prepaid cards and brokerage accounts are all worthy substitutes in the right situation.
