Best Savings Accounts for Smart Savers
A savings account is a type of bank account that helps you store money safely while earning interest. It’s ideal for setting aside funds for future expenses, emergencies, or financial goals. The bank pays you interest, usually calculated as an annual percentage yield (APY), based on your account balance. Unlike checking accounts, savings accounts may limit the number of monthly withdrawals or transfers. Most are insured by government agencies, making them a low-risk way to grow your savings.
- Best Savings Accounts for Smart Savers
The List of Savings Accounts with the Highest Rate
bunq
| # | Bank | Account Info | Eligibility | Highlights | Rating | Visit |
|---|---|---|---|---|---|---|
| 1 |
bunq (Netherlands)
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93
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Go To Site |
Pros
- High APY with daily interest
- No minimum deposit required
- Easy and fast online onboarding
- Supports sustainable initiatives
Cons
- Only available in EUR
- Limited access for US/non-EU residents
- App-centric banking may not suit all users
About bunq Easy Savings (Netherlands)
bunq, a Dutch neobank, has become a key player in Europe’s fintech space with its user-centric and eco-conscious banking model. The Easy Savings account offers up to 2.51% APY with no minimum deposit and no monthly fees, making it an attractive choice for digital-first savers. Interest is paid daily and compounded weekly, and users can open accounts online in minutes via the bunq app. The platform emphasizes environmental impact, allowing users to plant trees with their savings activity. It supports instant SEPA transfers and provides strong security features, including biometric login and real-time notifications. While the account is currently limited to EUR and unavailable to US/non-EU citizens, it remains a popular choice among European digital nomads, freelancers, and sustainability-minded individuals. Overall, bunq combines a high-yield savings option with a modern, green philosophy.
Trade Republic
| # | Bank | Account Info | Eligibility | Highlights | Rating | Visit |
|---|---|---|---|---|---|---|
| 2 |
Trade Republic (Germany)
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90
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Go To Site |
Pros
- No account fees
- Integrated investing and savings
- User-friendly mobile app
- Free savings plans with flexible deposits
Cons
- Only available to EU residents
- No multi-currency support
- Limited physical branch support
About Trade Republic (Germany)
Trade Republic is a fast-growing German fintech platform combining investment and savings products in one mobile-first app. Founded in 2015, it focuses on simplicity, low costs, and ease of access, allowing users to save and invest simultaneously. Trade Republic offers commission-free savings plans with competitive interest rates, making it attractive for beginners and experienced investors alike. The platform is strictly regulated in Germany and has rapidly expanded across the European Union. Its user-friendly interface and integrated brokerage account make managing finances streamlined and efficient. Though it lacks multi-currency accounts, Trade Republic’s no-fee structure and investment options have earned it a solid reputation among EU residents. It’s an ideal choice for users seeking combined savings and investment solutions with no hidden fees.
Monzo Savings
| # | Bank | Account Info | Eligibility | Highlights | Rating | Visit |
|---|---|---|---|---|---|---|
| 3 |
Monzo Savings (UK)
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88
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Go To Site |
Pros
- No fees or minimum balance
- User-friendly app with instant notifications
- Flexible savings pots
- Good interest rates for UK savers
Cons
- Only available for UK residents
- No multi-currency options
- No physical branches
About Monzo Savings (UK)
Monzo is a popular UK challenger bank known for its mobile-first approach and easy-to-use app. Its savings account offers competitive interest rates with no fees or minimum balance requirements, ideal for everyday savers. Monzo’s app includes features like instant spending notifications, flexible savings pots, and budgeting tools, empowering users to manage their finances efficiently. While Monzo Savings is limited to UK residents and supports only GBP, its strong digital platform and customer-centric design have gained it a large loyal customer base. The bank focuses on transparency and convenience, making it a top choice for tech-savvy savers looking for a straightforward online savings solution.
Lightyear
| # | Bank | Account Info | Eligibility | Highlights | Rating | Visit |
|---|---|---|---|---|---|---|
| 4 |
Lightyear (UK)
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85
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Go To Site |
Pros
- Cashback and reward features
- Supports GBP and EUR
- Good for budgeting and spending insights
Cons
- Monthly fees on premium plans
- Only UK residents eligible
- Limited physical presence
About Lightyear (UK)
Lightyear is a UK-based fintech offering modern banking solutions with a focus on cashback, rewards, and multi-currency accounts. Founded recently, Lightyear targets digital-savvy users who want more than just a savings account. The platform offers GBP and EUR support, competitive interest rates, and smart budgeting tools integrated into its app. While the free tier has no monthly fees, premium features require a subscription. Its focus on innovation and user experience has made Lightyear popular among younger UK customers. The service is fully digital with no physical branches, making it convenient for remote banking. Despite some monthly fees on advanced plans, Lightyear remains a compelling choice for flexible, rewards-driven banking.
Starling Bank (UK)
| # | Bank | Account Info | Eligibility | Highlights | Rating | Visit |
|---|---|---|---|---|---|---|
| 5 |
Starling Bank (UK)
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93
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Go To Site |
Pros
- Competitive variable interest rates on savings
- No monthly fees for personal accounts
- Easy-to-use mobile app with budgeting tools
- FSCS protected deposits up to £85,000
Cons
- Available only to UK residents
- No multi-currency savings accounts
- Limited physical branch access
- Variable interest rates may change
About Starling Bank (UK)
Starling Bank is a leading UK-based digital challenger bank known for its innovative mobile banking experience and competitive savings features. Offering variable interest rates up to 5.0% on its savings goals, Starling allows customers to easily save money through its intuitive app with no monthly account fees. The bank is fully regulated and protects deposits up to £85,000 through the Financial Services Compensation Scheme (FSCS). While its services are limited to UK residents and it does not support multi-currency savings, Starling’s real-time notifications, instant payments, and budgeting tools provide excellent control and convenience for everyday banking. Its digital-first approach and strong customer service have made it a favorite among UK savers seeking a flexible, fee-free savings option with security and ease of use.
Trading 212
| # | Bank | Account Info | Eligibility | Highlights | Rating | Visit |
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| 6 |
Trading 212 (UK/BG)
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88
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Go To Site |
Pros
- No commission trading platform
- Cash account offers competitive interest
- Integrated investing and saving tools
- Easy mobile and web apps
Cons
- Limited availability outside EU/UK
- Interest rates are variable
- No physical branches
- Investment risk with stocks
About Trading 212
Trading 212 is a popular fintech platform combining commission-free stock trading with a cash management account that offers savings interest. Headquartered in the UK and Bulgaria, it serves European clients with a seamless mobile and desktop experience. The platform is ideal for savers and investors looking for an integrated solution to manage money and grow wealth. Trading 212’s cash management account offers interest on deposits while allowing easy access and transfers. While it does not offer physical branches and the investment products carry risk, its low fees and innovative app make it a leading choice for digital-first savers and traders across Europe.
Scalable Capital
| # | Bank | Account Info | Eligibility | Highlights | Rating | Visit |
|---|---|---|---|---|---|---|
| 7 |
Scalable Capital (Germany)
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85
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Go To Site |
Pros
- Automated investment and savings solutions
- Transparent, competitive fees
- User-friendly mobile and desktop apps
- Strong German regulation and security
Cons
- Monthly fees may apply for premium plans
- Investment risk involved
- Only available to EU residents
- No physical branches
About Scalable Capital
Scalable Capital is a German fintech offering robo-advisory investment services combined with savings account features. It targets EU residents who want automated portfolio management with the convenience of digital banking. The platform provides transparent pricing and flexible plans, with some plans charging a small monthly fee. Regulated by Germany’s BaFin, Scalable Capital prioritizes security and compliance. While it does not offer physical branches, it excels in providing easy-to-use web and mobile apps that help users invest and save effortlessly. It’s ideal for tech-savvy savers interested in combining investing with banking.
Vivid Money
| # | Bank | Account Info | Eligibility | Highlights | Rating | Visit |
|---|---|---|---|---|---|---|
| 8 |
Vivid Money (Germany)
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86
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Go To Site |
Pros
- Multi-currency accounts (EUR, USD, GBP)
- Cashback and rewards on spending
- Commission-free trading for stocks
- User-friendly, modern mobile app
Cons
- Premium plan costs €9.90/month
- Limited availability outside EU/UK
- No traditional branch access
- Some features require premium subscription
About Vivid Money
Vivid Money is a German fintech challenger bank offering multi-currency accounts combined with commission-free stock trading and cashback rewards. The platform targets EU and UK residents who want an all-in-one app for banking, investing, and spending. Vivid Money offers a free account and a premium subscription with additional perks such as higher cashback and withdrawal limits. The modern mobile app includes budgeting tools, real-time notifications, and flexible currency management. While physical branches are not available, Vivid Money’s competitive features and transparent pricing make it a popular choice for digital-savvy users seeking global money management.
Mintos
| # | Bank | Account Info | Eligibility | Highlights | Rating | Visit |
|---|---|---|---|---|---|---|
| 9 |
Mintos (Latvia)
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81
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Go To Site |
Pros
- Access to high-yield P2P loans
- Diversification across many loan originators
- Automated investing tools
- Liquidity via secondary market
Cons
- Investment risk (non-guaranteed returns)
- Some geographic restrictions
- Platform dependent on loan originators’ performance
- Not a traditional bank
About Mintos
Mintos is a Latvia-based peer-to-peer lending marketplace that connects investors with loan originators from multiple countries. It allows global investors to diversify their portfolios with high-yield loans and automate their investments. The platform offers a secondary market for liquidity, making it easier to buy and sell loan parts. While Mintos provides attractive returns, it carries investment risks, as loans are not guaranteed. It is not a traditional bank but a fintech platform focusing on P2P lending with an easy-to-use app and web interface. Mintos is ideal for investors looking for diversified alternative income streams.
Monese
| # | Bank | Account Info | Eligibility | Highlights | Rating | Visit |
|---|---|---|---|---|---|---|
| 10 |
Monese (UK)
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79
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Go To Site |
Pros
- Easy account setup without credit checks
- Multi-currency support (GBP, EUR)
- Prepaid Mastercard included
- User-friendly mobile app
Cons
- Monthly fees vary by plan
- Lower interest rates compared to other savings accounts
- Limited physical branch support
- Some features behind paywall
About Monese
Monese is a UK-based fintech offering simple and fast online account opening with multi-currency support, primarily GBP and EUR. It targets expats, freelancers, and digital nomads who need banking without a credit check and fast onboarding. Accounts come with a prepaid Mastercard and a clean mobile app interface for easy management of finances on the go. While Monese offers basic interest on some accounts, its strength lies in accessibility and ease of use rather than high yields. Monthly fees depend on the plan chosen, and there is no physical branch network, which may be a limitation for some users.
How We Chose the Best Savings Accounts
We evaluated savings accounts based on several key factors to help you find the best options available. Interest rates (APY) were a top priority, as they directly affect how much your money can grow. We also looked at account fees, including maintenance and withdrawal charges, to identify low-cost options. Accessibility, such as online and mobile banking features, was another important consideration. Finally, we ensured all featured banks offer strong security and government-backed deposit insurance.
Interest Rates (APY)
Interest rates, expressed as APY (Annual Percentage Yield), determine how much your savings will grow over time. Higher APYs mean better returns, especially for long-term savers. We prioritized accounts offering competitive rates without requiring large minimum balances.
Account Fees and Accessibility
We looked for savings accounts with low or no monthly maintenance fees, as these can eat into your earnings. Accessibility was also important – accounts with easy online and mobile access, ATM availability, and simple transfer options ranked higher. The best accounts offer a balance of affordability and convenience.
Safety and Insurance
Safety is essential when choosing a savings account, which is why we only considered accounts backed by government deposit insurance, like FDIC or NCUA in the U.S. This coverage protects your money up to a certain limit, even if the bank fails. We also reviewed each bank’s reputation and security features, such as encryption and fraud protection.
Digital Banking Experience
We prioritized savings accounts with seamless digital experiences, including intuitive apps and user-friendly online platforms. Features like mobile check deposit, real-time alerts, and 24/7 access added to overall convenience.
How to Open a Savings Account Online
Opening a savings account online is usually quick and straightforward. You’ll need to provide personal information like your ID, Social Security number, and contact details. Most banks allow you to fund the account instantly with a transfer from an existing bank.
Step-by-Step Process
| Step | Description |
|---|---|
| 1. Choose a Bank | Research and select a savings account that fits your needs based on interest rates, fees, and features. |
| 2. Visit the Bank’s Website | Go to the official website or app of the bank where you want to open the account. |
| 3. Complete the Application | Fill out the online application form with your personal information, including ID and contact details. |
| 4. Verify Your Identity | Upload required documents or use electronic verification methods as requested by the bank. |
| 5. Fund Your Account | Deposit money via bank transfer, debit card, or other accepted funding methods to activate the account. |
| 6. Set Up Online Access | Create login credentials and set up any additional security features like two-factor authentication. |
Documents You’ll Need
Valid ID (Passport or Driver’s License)
Used to verify your identity and comply with banking regulations.
Social Security Number (or Tax ID)
Required for tax reporting and identity verification.
Proof of Address (Utility Bill or Lease Agreement)
Confirms your residential address for correspondence and verification.
Contact Information (Phone Number and Email)
Needed to set up your online account and send notifications.
Initial Deposit Method (Bank Account or Debit Card)
Used to fund your new savings account at the time of opening.
Tips to Speed Up Approval
To speed up approval, make sure all your personal information and documents are accurate and clearly uploaded. Respond promptly to any verification requests from the bank. Also, choosing banks with streamlined online processes can help you open an account faster.
FAQ
While savings accounts keep your money safe from loss, inflation can slowly erode your purchasing power over time. This means the interest you earn might not always keep up with rising prices. However, having a savings account is still better than keeping cash idle, and choosing high-yield accounts can help combat inflation’s effects.
You generally cannot lose the principal in a savings account because your deposits are insured by government agencies up to a certain limit. However, if the interest rate is very low, inflation might reduce the real value of your savings over time. So, while your balance stays safe, its buying power can shrink if interest doesn’t keep pace with inflation.
The interest rate is the base percentage a bank pays on your savings, usually quoted annually. APY (Annual Percentage Yield) includes compounding – meaning the interest you earn also earns interest. So APY gives a more accurate picture of how much your money will grow in a year compared to just the simple interest rate.