Best Savings Accounts

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Whether you’ve got a lump sum of money and want it to grow, or you want to start putting a portion of your paycheck aside each month, then a savings account may be the best option for you.

There are countless savings accounts available in 2020, and each savings account comes with its own pros, cons, and features. 

Keep reading to find the best savings account at, including online only accounts. 



No matter what your finances look like, CHIME is always a great option. 

If you’re an old-school banker, you may be disappointed to know there are no CHIME branches as it’s an online-only savings account, but the excellent mobile app makes up for that. 

The app makes CHIME’s services much more accessible – you can even deposit checks through the app, which is certain to save time and travel expenses. For depositing cash, however, you’ll need to do this at a Green Dot location. 

If you’re not a big fan of technology, you can still do most of your banking at any of the 38,000+ MoneyPass or Visa Plus Alliance ATMs across the U.S for free – but unfortunately, you’ll still be charged $2.50 per transaction for a non-group ATM transaction. 

Unlike many of CHIME’s competitors, there are no monthly service fees or overdraft fees with a CHIME savings account, so you’re certain to save more with a CHIME account than an account that charges you monthly. 

Now for the bit you’ve been waiting for – the interest rates. A savings account with CHIME will give you a rate of 1.60% APY, which is very generous for a fee-free savings account. The high APY certainly puts CHIME above its competitors. 



It’s not very often that you find a bank account that gives you a high APY AND a starting bonus – but with the HSBC Direct Savings Account, you get just that. 

The APY can be as high 2.30%, which is unbeatable – and there’s currently a £125 starting bonus, which is more than enough to get starting saving. 

You get the same APR whether you have $10 or $100000 in your account, which is super inclusive for all customers – high income or low income. 

It’s a great choice if you don’t have a lump sum to deposit – in fact, you can open an account with just $1, which is perfect if you’re looking to start saving. 


You’re certain to appreciate the lack of maintenance fees, as these can pile up and drag your balance down – especially if you’re not adding to your balance on a regular basis. 

Like with most modern banks, you can do your banking on their quality mobile app – whether you want to transfer funds, deposit a check, or just check your balance. 

For your peace of mind, any money deposited into a HSBC account is protected by the FDIC – so don’t stress about HSBC going bust and losing all your savings. 



When it comes to saving, it can be difficult to know where to start – but luckily, with a CHASE savings account, you get a bonus just for starting up. That’s basically free money! 

If you deposit $10,000 or more within ten days of the account opening, you’ll receive a $150 bonus, which new savers are sure to love. Unfortunately, if you’re already a CHASE customer, you won’t be eligible for this sign up bonus. 

The balance must be kept above $10,000 for 90 days for you to receive the full $150. 

For the services that CHASE offers, you have to pay $5 per month – but this can be waived for different reasons. This can be waived if you keep $300 or more in the account every day, or if you set up a standing order of at least $25 from your CHASE checking account. 



Whether you have $500,000 or $5, ALLY is certainly a great option for you to start saving. No matter how much you have saved, you’ll receive the same APY – which is currently 1.10% APY. 

This figure has dropped this month from a whopping 2.20% APY, so once our economy recovers, it’ll most likely rocket back to that figure. 

Unlike ALLY’s competitors, there’s no monthly maintenance fee – which is always a bonus! 

The ALLY app is a super efficient way for you to do your banking – whether you’re using the Ally eCheck Deposit, or transferring funds or checking your balance. Unfortunately, you do need to mail in a paper copy for the check clearing process to be completed. 

It’s refreshing to see an account that offers free incoming wire transfers and free deposit envelopes with the postage paid – it’s certain to be money-saving in the long term. 

The only downside to an Ally Savings Account is the charges you can receive for going overdrawn and for having returned deposit items. You could get a $25 charge for going into your overdraft, and $7.50 for having returned items – but you should be fine as long as you keep a close eye on your account. After all, savings accounts are for saving, right?


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