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 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 4.60%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 Citizens Access® Savings
On Citizens' 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 |
4.50%
Min. to earn: $0.01
|
N/A
|
Open Account for Citizens Access® Savings
On Citizens' Secure Website. |
Open Account for UFB Secure Savings Account
On UFB'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 |
5.25%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
|
N/A
|
Open Account for UFB Secure Savings Account
On UFB's Secure Website. |
Keep learning about banking
Recent Articles
View All Articles
July 24, 2024 | By Maurie Backman
July Might Be Your Last Opportunity to Snag a 5% CD. Here's Why
Want 5% out of a CD? You'd better move quickly. Read on to see why.
July 24, 2024 | By Christy Bieber
CDs Haven't Done This Since the 1980s, and Investors Can Benefit Right Now
Investors have an unprecedented opportunity to buy short-term CDs at yields that are higher than long-term CDs. Find out why this helps you.
July 24, 2024 | By Matt Frankel, CFP®
Limited-Time Offer: This 9-Month CD Pays 5.10%
Discover is offering a CD with one of the best rates we've found. But you need to act quickly. Find out the details.
July 24, 2024 | By Christy Bieber
Almost 95% of Americans Risk Missing a Once-in-a-Generation Investment Opportunity
Most Americans don't own CDs -- and they could be missing out on the highest rates we've seen in years. Learn more about CD benefits here.
July 24, 2024 | By Maurie Backman
Here's How Much Money You Can Make With $5K in a High-Yield Savings Account
Got $5,000 at your disposal? You may be surprised -- in a good way -- at how much interest that can earn you.
July 24, 2024 | By Maurie Backman
I'm Looking to Open My Next CD Before July 31 for This Specific Reason
It's a great time to open a CD in general. But read on to see why this writer wants to act quickly.
July 24, 2024 | By Maurie Backman
JPMorgan CEO Jamie Dimon's Recent Warning Has Some Hidden Good News for Savers
Dimon has some cautionary words for investors, but the news isn't all bleak. Read on to learn more.
July 23, 2024 | By Maurie Backman
Here's How Your High-Yield Savings Account Could Cost You $142,000
Love the idea of keeping money in savings? Read on to see why it might backfire on you.
July 23, 2024 | By Maurie Backman
3 Huge Mistakes You Might Make When Opening a CD This July
Rushing to open a CD before the end of the month? Read on for some major pitfalls to avoid.
July 23, 2024 | By Maurie Backman
Will CDs Be Worth It Once They Stop Paying 5%?
Today's CD rates won't last forever. Read on to see if CDs are worth it when you're looking at earning much less.
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.