Recommended savings

Do you want to open an account just for saving? We evaluated different bank accounts to help you make a decision.

We have selected the following firms based on:

  • Interest rate: we gave preference to firms that pay a higher interest rate on your savings relative to the competition.
  • Minimum balance required: we prefer accounts that don’t require a minimum balance.
  • Fees charged: nobody likes fees. Especially fees that surprises us. We took into account what fees the institutions charge for their accounts and how high they are.
  • Customer recommendations: we looked at how satisfied are the current customers of those institutions.

Choose region:

Barclays is a British universal bank that support consumers and small businesses through retail banking services, and larger businesses and institutions through corporate and investment banking services.

  • Headquarters

    New York, New York

  • Annual Percentage Yield (APY)

    0.40%

  • Minimum balance

    $ -

  • Website

    barclaysus.com

Pros

  • No monthly fee
  • No minimum balance required
  • Competitive rates, ability to set saving goals using 'buckets'

Cons

  • Customer support sometimes is deficient
  • Transaction fees can be high

Provides a savings account with a competitive annual percentage yield, as well as some certificates of deposit that are worth considering.

  • Headquarters

    Sandy, Utah

  • Annual Percentage Yield (APY)

    0.40%

  • Minimum balance

    $ 1.00

  • Website

    americanexpress.com

Pros

  • No maintenance fee
  • Easy use
  • No minimum balance

Cons

  • Long processing time for deposists and withdrawls
  • No physical locations

Bank that offers FDIC-insured banking products that help you buy, build and expand your business, along with high-yield savings and CD products.

  • Headquarters

    Wilmington, North Carolina

  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    $ -

  • Website

    liveoakbank.com

Pros

  • No monthly fees
  • No minimum balance
  • Competitive interest rates
  • Fee easy use app

Cons

  • No ATM card available
  • Transaction fees can be high
  • No physical locations

Company that provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and an electronic trading platform.

  • Headquarters

    Sandy, Utah

  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    $ -

  • Website

    ally.com

Pros

  • Consistently competitive interest rates
  • Great savings tools and features
  • No monthly fees

Cons

  • No branches
  • No ATM access
  • No way to deposit cash directly

Financial holding company that engages in the provision of financial products and services through the following segments: Credit Card, Consumer Banking and Commercial Banking.

  • Headquarters

    McLean, Virginia

  • Annual Percentage Yield (APY)

    0.40%

  • Minimum balance

    $ -

  • Website

    capitalone.com

Pros

  • Subaccounts allowed
  • No monthly fees
  • No excess withdrawl fees
  • Easy use app

Cons

  • No ATM withdrawls allowed

Financial services company that offers checking and savings accounts, personal loans, home equity loans, student loans and credit cards.

  • Headquarters

    New Castle, Delaware

  • Annual Percentage Yield (APY)

    0.40%

  • Minimum balance

    $ -

  • Website

    discover.com

Pros

  • No minimum balance
  • No overdrafts

Cons

  • No branch locations
  • No ATM card
  • No relationship rewards

Loan company that allows users to buy goods or services offered by online merchants and pay them off in fixed monthly payments. They don't charge any fees.

  • Headquarters

    San Francisco, California

  • Annual Percentage Yield (APY)

    0.65%

  • Minimum balance

    $ -

  • Website

    affirm.com

Pros

  • Competitive rates among online saving accounts
  • No minimum deposit or fees
  • Clean and easy to navigate app

Cons

  • Installment payments could distract from saving goals

Premier consumer financial services company delivering customized financing programs across industries including retail, health, auto, travel and home, along with consumer banking products.

  • Headquarters

    Stamford, Connecticut

  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    $ -

  • Website

    mysynchrony.com

Pros

  • Competitive interest rates
  • Optional ATM card
  • Good mobile app
  • ATM fee reimbursement

Cons

  • No physical branches
  • Minimum balance may be required to earn competitive APY

Sallie Mae is a saving, planning, and paying for college company, offering private education loans, free college planning tools, and online banking.

  • Headquarters

    Newark, Delaware

  • Annual Percentage Yield (APY)

    0.35%

  • Minimum balance

    $ -

  • Website

    salliemae.com

Pros

  • No monthly fee
  • Competitive rates
  • Good mobile app
  • Mobile deposit allowed

Cons

  • No branches
  • No ATM access

Online-only bank offering high-yield savings accounts, high-yield and penalty-free certificates of deposit (CDs), and no-fee personal loans.

  • Headquarters

    New York, New York

  • Annual Percentage Yield (APY)

    0.50%

  • Minimum balance

    $ -

  • Website

    marcus.com

Pros

  • Competitive interest rates
  • No monthly or transaction fees
  • Help you track and optimize you finances

Cons

  • No branches
  • No ATM access
  • No mobile check deposits

An independent company consolidated as a commercial bank focused in Private Banking and in Company and Insurance Banking.

  • Headquarters

    Madrid

  • APR

    5.00%

  • Minimum balance

    € -

  • Maximum remuneration

    € 5,000.00

  • Website

    bankinter.com

Pros

  • High-yield account
  • No permanence

Cons

  • High commissions
  • 5% APR in the first year and for a maximum of 5,000€, then 2%

The first online bank in Spain, focused on consumer banking. Their main operation channels are online and by telephone.

  • Headquarters

    Madrid

  • APR

    2.58%

  • Minimum balance

    € 900.00

  • Maximum remuneration

    € 5,000.00

  • Website

    openbank.es

Pros

  • Good interest rate

Cons

  • Requirements to have high returns
  • No physical offices
  • Limited remunerated amount

A neobank focusing on investments that offers several funds and financial products from a wide array of investment fund managers.

  • Headquarters

    Madrid

  • APR

    1.60%

  • Minimum balance

    1.49%

  • Maximum remuneration

    20%

  • Website

    evobanco.com

Pros

  • Low commissions
  • You can open it online

Cons

  • Website could be better
  • A relatively new bank

A french branch of mobile banking beloging to Orange and the french insurance company Groupama, based on intuitive digital experience.

  • Headquarters

    Madrid

  • APR

    1.00%

  • Minimum balance

    € -

  • Maximum remuneration

    € 20,000.00

  • Website

    orangebank.es

Pros

  • Competitive returns
  • Free national transfers

Cons

  • No direct debiting
  • Only for existing Orange customers

The resulting financial institution of the merger between Caja Rural de Almería and Caja Rural de Málaga.

  • Headquarters

    Almería

  • APR

    1.00%

  • Minimum balance

    € 1,000.00

  • Maximum remuneration

    € 9,000.00

  • Website

    cajamar.es

Pros

  • No commissions
  • Free debit card
  • You can pay with your phone

Cons

  • There is permanence
  • Customer services can be mediocre sometimes

A 100% digital savings bank made to satisfy the needs of customers looking for easy-to-contract products, with bigger returns on their money.

  • Headquarters

    Madrid

  • APR

    0.65%

  • Minimum balance

    € -

  • Maximum remuneration

    € 100,000.00

  • Website

    renaultbank.es

Pros

  • No commissions
  • No permanence

Cons

  • No cards
  • No transfers
  • No cash withdrawal

An Spanish online bank that belongs to Grupo Pichincha, a multinational bank with its origins in Ecuador more than 113 years ago.

  • Headquarters

    Madrid

  • APR

    0.50%/p>

  • Minimum balance

    € -

  • Maximum remuneration

    € 100,000.00

  • Website

    pibank.es/

Pros

  • You can deposit any amount
  • Fast contracting process

Cons

  • Penalties in case of cancellations

An insurance company that offers different insurance products and savings solutions for medium and long term to more than half a million customers in Spain.

  • Headquarters

    Madrid

  • APR

    0.30%

  • Minimum balance

    € -

  • Maximum remuneration

    € 1,000,000.00

  • Website

    nnespana.es

Pros

  • Free savings account
  • Free account transfer
  • High compensation limit

Cons

  • Limited transfers
  • No bank cards

A Spanish bank, specialized in corporate banking that offers investment and financing services depending on the customers' needs.

  • Headquarters

    Madrid

  • APR

    0.30%

  • Minimum balance

    € 3,000.00

  • Maximum remuneration

    € 30,000.00

  • Website

    ing.es

Pros

  • No commissions
  • No need to set up direct debits from other accounts

Cons

  • Operating account with some commissions
  • It requires a minimum balance

An application focusing on customers that want to save and invest in different securities. They also include a deposit simulator and it lets you access different trading platforms.

  • Headquarters

    Madrid

  • APR

    0.10%

  • Minimum balance

    € -

  • Maximum remuneration

    € -

  • Website

    bancobig.es

Pros

  • Accounts in other currency
  • No commissions
  • Fixed term deposits

Cons

  • Low yields in comparison with other banks

Disclaimer: while we did our best to assess a number of Spanish and American financial firms and to narrow it down to the ones presented on this list, we encourage you to do your own research before deciding where to open a savings account. The fact that we present these companies here should not be construed neither as our endorsement or guarantee of their quality and safety nor as a recommendation specific to you. We do not receive any compensation, in any form, from these companies, or any other, for the purposes of doing this assessment.

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