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 |
|---|---|---|---|
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%
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!
|
|
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 |
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
|
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 |
4.25%
Rate info
4.25% annual percentage yield as of July 5, 2024
Min. to earn: $1
|
N/A
|
Keep learning about banking
Recent Articles
View All Articles
July 5, 2024 | By Steven Porrello
3 Smart Tips for Maximizing Your CD Returns Before Rates Start to Drop
CDs continue to pay out at high rates in July 2024. Find out how to maximize your CD returns while rates are still up.
July 5, 2024 | By Kailey Hagen
These 5 Banks Will Pay You $50 or More for Referring Your Friends
Bank account bonuses aren't just for new customers. Here's a way existing customers can earn $50 to $100 for referring their friends.
July 5, 2024 | By Maurie Backman
Should You Open a 12-Month CD in July 2024?
You might get the best interest out there with a 12-month CD. Read on to see why you should -- or shouldn't -- open one this month.
July 5, 2024 | By Ben Gran
New Survey Shows: Most Middle-Class Americans Are Struggling to Save Money. How Do You Compare?
65% of middle-class Americans expect that their financial problems will never improve. See how to regain hope for your financial future.
July 4, 2024 | By Kailey Hagen
Why I Wouldn't Open a 5-Year CD -- Even With Rates at 4%
Rates on 5-year CDs are pretty high right now, but they have some big drawbacks. Here's why I'm not interested in them.
July 4, 2024 | By Maurie Backman
Here's the Single Best Strategy for Making Money With CDs in July 2024
With rates sitting at 5%, July is a good time to open a CD. But here's one key strategy it pays to employ.
July 4, 2024 | By Dana George
4 Signs You Shouldn't Open a CD, Even With Rates at 5%
Some CDs may offer high interest rates, but that doesn't mean they're right for everyone. Find out how to know if opening a CD is for you.
July 4, 2024 | By Dana George
Can Making Small Deposits in Your Bank Account Really Get You in Trouble?
Under the Bank Secrecy Act, banks must report large and suspiciously small deposits. Here's how to know if the way you bank can get you in trouble.
July 3, 2024 | By Maurie Backman
4 Steps to Finding the Best Checking Account for You
It's important to find the right checking account. Read on to see how.
July 3, 2024 | By Steven Porrello
Is $25,000 Too Much to Keep in a Savings Account?
A savings account might be the best home for your $25,000, even if it means missing out on market gains. Learn when $25,000 is too much for a savings account.
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.
Bank of America is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. 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. Discover Financial Services 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.