What’s notable about CIT Bank is the great APYs on both its new money market account — 1.85% — and its high-yield savings account — 1.55%. There’s a minimum opening deposit of $100 for either account. That minimum is higher than what some other savings accounts require, but much less than the minimum for many money market accounts. Speaking of the money market account, the 1.85% APY applies to all balances, and it soundly beats the 0.12% national average. Likewise, the 1.55% APY for CIT Bank Premier Savings is much higher than the 0.08% savings account national average. Neither account has a monthly maintenance fee.
With an APY of 2.00%, Citizens Access’ savings account has one of the best interest rates on offer among savings accounts or money market accounts.
Though the $5,000 minimum balance to earn the APY is steeper than what is required at some other banks, the account comes with no monthly fees that you’ll have to worry about, and Citizens’ CDs are also top of the line.
Capital One’s fee-free 360 Money Market account provides a high rate of 1.85% as well as access to digital tools to help you create goals and automate savings.
To get that rate, however, you’ll need a balance of $10,000 or more. Otherwise, you’ll have to settle for a rate of 0.85% on balances up to $9,999. Still, that’s better than the national average rate on money market accounts. There’s no minimum deposit required to open an account.
This money market account was named one of the best in NerdWallet’s 2018 Bank Awards.
Barclays Online Savings’ high rate is strong incentive to park your cash with the bank. There’s also no minimum deposit or monthly fee. Be aware, though, there’s no checking option, no ATM network or branches and no mobile app for U.S. customers.
Synchrony doesn’t offer a checking account, but you do get a top savings rate with no minimum deposit. You also get a bank card and access to free ATMs. If ATM operators charge a fee, Synchrony reimburses up to $5 a month. You can also earn perks, such as discounts on car rentals and hotels. There’s no monthly fee or minimum balance required for Synchrony’s high-yield savings or money market account, but the money market rate is much lower, 1.15% APY.