Banking
Get the full rundown on bank accounts, including the best picks for your money and essential education on checking, savings, and CD accounts.
Dive deeper into our banks library
Start comparing banks
The Motley Fool's top banking resources
FAQs
-
A bank is an institution where anyone (approved by the bank) can deposit savings and take out loans. Banks are often seen as a convenient and secure way to store money, and some account types also earn interest. Most banks have both online and in-person services.
-
An online bank is a financial institution that takes deposits and makes loans online, without any physical branches.
-
A credit union is a nonprofit financial institution that exists to serve its members. Unlike banks, credit unions are owned and operated by their members, with a focus on providing affordable financial products and services.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10%
Rate info
4.10% annual percentage yield as of October 13, 2024
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.30%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Sept. 27, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Keep learning about banking
Recent Articles
View All Articles
Oct. 13, 2024 | By Kailey Hagen
Prediction: There's Only a Few Weeks Left to Lock in a 4.00% APY CD
CD rates have already come down quite a bit and more drops are coming. Here's what you need to know about the next move lower.
Oct. 13, 2024 | By Ben Gran
3 Signs You Have Too Much Money in Your Money Market Account
Money market funds recently reached an all-time high. But learn how keeping too much cash in your money market account can hurt your finances.
Oct. 13, 2024 | By Ashley Maready
Forget CDs. Even With Falling Rates, a Savings Account Is a Better Choice
CDs have undeniable perks -- but for most savers, a high-yield savings account is the preferable option. Here's why.
Oct. 13, 2024 | By Lyle Daly
Prediction: Here's What the Highest CD Rates Will Be in 2025
The Federal Reserve recently cut interest rates, and it's probably not done. Find out what this could mean for CD rates in 2025.
Oct. 12, 2024 | By Maurie Backman
Some CDs Are Still Paying Close to 5%. Here's Why I Wouldn't Open One
Although CD rates are falling, they're still competitive. Here's why this writer is putting her money elsewhere.
Oct. 12, 2024 | By Ashley Maready
Is Your Savings Account APY Falling? Here's Why You Shouldn't Panic
A Federal Reserve rate cut means lower rates on bank accounts. Keep reading to learn why this isn't worth worrying about too much.
Oct. 12, 2024 | By Dana George
Why a CD May Be Your Best Friend as Interest Rates Drop
Like a friend, you know what to expect with a CD. Keep reading to learn more about how a CD can make your life more comfortable.
Oct. 11, 2024 | By Dana George
Why Everyone Should Think About Buying CDs Now
Now may not be the right time for everyone to invest, but a CD remains an excellent choice for some. Find out why.
Oct. 11, 2024 | By Devon Delfino
Keeping an Extra $5,000 in a CD? Here's Where You Should Move It Instead
With American debt at an all-time high, keeping cash liquid is a good idea. Read on to learn more about moving CD funds to a HYSA.
Oct. 11, 2024 | By Danielle Antosz
Interest Rates Are Dropping -- Should You Move Money Out of Your HYSA?
The Fed's rate drop impacts HYSA interest APYs. Here's how to know if it's time to switch accounts or stay put, as well as alternatives for higher returns.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
American Express is an advertising partner of The Ascent, a Motley Fool company. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Bank of America is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has positions in and recommends Axos Financial, Bank of America, Goldman Sachs Group, JPMorgan Chase, Target, and U.S. Bancorp. The Motley Fool recommends Barclays Plc and Discover Financial Services. The Motley Fool has a disclosure policy.