6 Best Savings Accounts for March 2024

Benzinga readers often choose Sofi and CIT Bank when looking for banks with the best savings account rates.

Savings accounts are a fundamental tool for financial stability and growth. They offer a safe and secure way to save money while earning interest on your balance. By opening a dedicated savings account, you keep your savings separate from the money you use to pay your bills. To help you make an informed decision, we have compiled a list of the top banks with best savings account rates this year, so you can start maximizing your savings potential today.

Quick Look: Banks with the Best Savings Account Rates

• Best for High Yield Savings: Quontic Bank
• Best High-Yield Cash Account: Cove Capital Liquid Income
• Best for Variety of Banking Services: SoFi
• Best for Automating your Savings: Chime
• Best for Multiple Savings Options: CIT Bank
• Best for Easy Access to Your Funds: Synchrony Bank

Best Savings Accounts for March 2024

Choosing the right savings account can help you reach your financial goals faster. Below are some trusted banks with the best savings account rates this month.

1. Best for High Yield Savings: Quontic Bank

Quontic Bank is a modern, fully-digital bank with a variety of services and account options. Whether you are looking to save for a rainy day, a future milestone, or just want to start building your nest egg, Quontic Bank has a savings account that can meet your needs. The bank offers a high APY (Annual Percentage Yield) of 4.50% and no monthly maintenance fees with a minimum opening deposit of $100. You can easily access your funds online or through the mobile app, making it convenient to manage your savings wherever you are.

2. Best High-Yield Cash Account: Cove Capital Liquid Income

Cove Capital Liquid Income asks you to make a $100,000 minimum deposit so that you can access an APY well over the national average that’s backed by real estate. This HYCA or high-yield cash account is more liquid than a traditional savings account. CCLI offers a high APY at 4.47, which applies to the first $1 million in deposits.

Try these accounts if you’re quite risk averse or want to maintain greater access to your funds.

3. Best for Variety of Banking Services: SoFi

SoFi stands out from traditional financial institutions by providing a user-friendly online platform and a focus on customer experience. They offer competitive interest rates, financial planning tools, educational resources, and member benefits to help users improve their financial literacy and reach their goals. They also provide various features such as goal setting, automatic savings programs and round-up options to help you save and grow your money efficiently. SoFi offers up to 4.60% APY on member's savings and Vaults balances.

4. Best for Automatic Savings: Chime

Chime is a financial technology company that offers online banking services through Stride Bank or The Bancorp Bank. If you struggle to save money, you can enroll in Chime’s automatic savings programs. Round up purchases you make through Chime’s debit card and have this difference deposited directly into your savings account. Or, automatically transfer 10% of your direct deposit into savings. Chime offers 2.00% APY on their savings accounts.

5. Best for Multiple Savings Account Options: CIT Bank

CIT Bank offers flexibility with multiple savings account options. Depending on the type of account you open and the deposit amount, you could earn a higher APY if you carry a minimum balance or deposit $100 per month. You can 1.00% APY on their Savings Builder accounts or 4.65% APY on their Savings Connect accounts.

6. Best for Easy Access to Funds: Synchrony Bank

With Synchrony Bank, you can open a high-yield savings account online with no minimum deposit required. The bank offers 4.75% APY on their HYS accounts. Unlike other banks, you can access your savings and make purchases with an optional ATM card.   

Savings Account Overview: What It Is and How It Works

A savings account holds deposits that you don't plan to spend soon. Depending on the financial institution, you can open a savings account online or at a local bank branch or credit union. Savings accounts pay interest on your balance monthly. Your balance grows over time as you make deposits and earn interest and decreases if you withdraw funds. 

Banks offer a variety of savings accounts to meet different financial needs. 

• Traditional savings accounts: Most local banks and credit unions offer traditional savings accounts. Traditional accounts pay interest, but the rates are typically less than other savings account options.
• Online savings accounts: An online savings account works similarly to a traditional savings account, except that you manage your account online.
• High-yield savings accounts: A high-yield savings account pays a higher APY than a traditional one.
• Money market accounts: Combines the benefits of checking and savings into one account. You can write checks and make purchases while still earning your balance interest.
• Health savings accounts (HSAs): An HSA is a tax-advantaged account where you can save money for qualified medical expenses. Contributions made are deductible for tax purposes. Distributions are tax-free if the money is spent on qualified medical expenses.
• Joint savings accounts: Two or more people own and manage the funds in a joint savings account. 

Pros and Cons of Savings Accounts

Opening a savings account has plenty of benefits, including:

• Easy way to earn money on your balance without doing anything
• Less risky than investing in stocks or mutual funds, which can lose value if the market experiences a downturn
• Safe way to set money aside for future financial goals, such as a down payment on a home or your child’s education
• Most savings accounts are FDIC-insured, which protects up to $250,000 of your deposits

Despite the benefits, savings accounts also have drawbacks.

• You could be penalized if you make too many monthly withdrawals from your savings account.
• The interest rates for high-yield accounts are variable and subject to change. You could earn more in the stock market or with a fixed-rate savings account.
• Some savings accounts require a minimum balance. You could be charged a fee or earn a lower APY if you fall below the minimum. 
• You may incur monthly maintenance fees. 

How to Choose the Best Savings Account

Savings accounts offer different features. Keep your financial goals in mind when shopping around for a savings account. It’s a good idea to compare different banks' interest rates and fees when picking the best savings account for you.

Consider what other banking requirements are necessary. Some savings accounts require that you keep a minimum balance or make monthly deposits. If you can satisfy these requirements, you could land a higher APY. If not, you might be charged a fee. 

How to Open a Savings Account

You can open a savings account online or at your local bank or credit union. You must provide personal information such as your name, address, birth date and Social Security number. You’ll need to provide proof of your identity, such as a driver’s license or passport.

You’ll need to deposit money into the savings account once it has been opened. If you open your savings account at a local bank or credit union branch, you can fund your new account with cash, check or by transferring money from another bank account. When transferring funds to open an online savings account, you typically link to another bank account. 

Grow your Earnings with the Best Savings Account

Opening a savings account can help you reach your financial goals. You can develop the discipline of setting money aside for the future, plus watch your balance grow as you earn interest monthly. Savings accounts are a useful tool to set a solid foundation for your finances.

Frequently Asked Questions