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If you’re re-evaluating where you’re keeping your savings, here are three national banks with competitive savings rates.
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Regional banks are in turmoil as depositors withdraw their money from their bank accounts.
Remember that up to $250,000 per depositor is safe at financial institutions that are FDIC- or NCUA-insured — whether they’re local, regional, or national.
These three national brands offer competitive savings rates and are good options if you’re considering switching banks.
Three regional banks — First Republic Bank, Signature Bank, and Silicon Valley Bank — have collapsed in the last two months. Other mid-sized and small financial institutions are also facing challenges with people taking out money from their bank accounts due to concerns of more bank failures.
If you’re worried about keeping your money in any bank account, know that up to $250,000 is safe in any bank that is federally insured by the Federal Deposit Insurance Corporation and any credit union insured by the National Credit Union Administration. When a financial institution fails, the FDIC or NCUA will protect your insured deposits and make sure your money is available generally within two business days of the institution closing.
Savings rates have also been steadily rising throughout 2022 and 2023. You might be re-evaluating where you’re keeping your savings right now because of everything happening in the banking industry. If you think it might be time to switch banks, consider these three national brands featured in our best online banks guide that are FDIC insured and offer competitive savings rates.
Ally
Ally Bank offers a variety of bank accounts, including a high-yield savings account, interest-earning checking account, money market account, and several types of CDs.
Ally could be a good choice if you don’t have much money to get started, because every account has a minimum opening deposit of $0. The Ally High Yield Savings Account also includes a savings buckets feature that helps you save for individual goals.
You also might find Ally worthwhile for specialty CDs. It has a no-penalty CD, which is a CD that doesn’t charge early withdrawal penalties. You could also get a Raise Your Rate CD, which lets you request a rate increase once during your term if the bank’s rates go up.
The Better Business Bureau gives Ally an A rating. BBB ratings range from A+ to F so Ally’s grade shows that its customer relationships and transparency are generally positive.
Here are the current rates for Ally bank accounts:
Ally High Yield Savings Account: 3.75% APYAlly Interest Checking Account: 0.10% APY to 0.25% APYAlly High Yield CDs: 2.00% to 4.80% APYAlly Raise Your Rate CD: 3.75% APYAlly No Penalty CD: 4.25% APYAlly Money Market Account: 4.00% APY
Capital One
Capital One 360 is the online operation of Capital One. You might like Capital One if you prioritize an online bank with a savings account, checking account, and CDs. All of its accounts have a $0 minimum opening deposit.
Capital One is also featured in our guides for best kids savings accounts and best teen checking accounts.
Capital One 360 has an A- rating from the BBB, which shows its customer relationships and transparency are relatively strong overall.
Here are the current rates for Capital One bank accounts:
Capital One 360 Performance Savings: 3.75% APYCapital One Checking: 0.10% APYCapital One 360 CDs: 3.30% APY to 4.30% APY
Discover Bank
Discover Bank is a solid option for a high-yield savings account, money market account, or CDs. The Discover Online Savings Account is competitive with the high-yield savings accounts at Ally and Capital One — it has no minimum opening deposit, zero monthly service fees, and a similar APY.
For the CDs and money market accounts, you’ll need at least $2,500 to get started. With the Discover Money Market Account, the rate may vary depending on your account balance. You’ll earn 3.65% APY if your balance is under $100,000. If your balance is $100,000 or higher, the rate goes up to 3.70% APY.
The main downside to Discover is that it currently isn’t accepting new applications for the Discover Cashback Checking account. You can sign up to receive an email notification for when new accounts are available, though.
Here are the current rates for Discover bank accounts:
Discover Online Savings Account: 3.75% APYDiscover CDs: 2.00% to 4.75% APYDiscover Money Market Account: 3.65% to 3.70% APY
Discover Bank received an A+ rating from the BBB, so its customer service and transparency is broadly positive.
Ally, Capital One, and Discover are all federally insured and pay high interest rates. All three of these online national banks are good options if you’re considering switching institutions.