Investor.com Annual Awards: Savings Accounts

Methodology: The winner of our award for #1 High-Yield Savings Account earned top marks on all of our scoring metrics. The annual percentage yield (APY) — which determines how quickly a customer’s account balance will grow — was our starting point to score providers. But in this era of highly competitive yields, we looked beyond APY rates to crown a winner. Three factors helped one bank clinch the award: The availability of a rate boost (for customers meeting eligibility requirements), additional FDIC insurance coverage on large balances, and convenient ATM access for customers with on-the-spot cash needs.

Methodology: This award recognizes a provider’s particularly strong combination of features important to the high net worth client, defined as those with at least $1 million in total liquid assets. The winner offers expanded FDIC insurance coverage that is well above the standard $250,000 per depositor, per ownership category, offering peace of mind (and, of course, a competitive APY) for super savers.

Methodology: One of the most useful savings account features is the ability to track progress from point A (saving) to point B (achieving). We’re pleased to see that a growing number of high-yield savings accounts have added goal-tracking tools to their offerings in recent years. The best-in-class providers in this award category allow savers to seamlessly set up and manage multiple savings goals, and provide additional savings insights (prods, calculations) along the way. Our final criterion was an account’s APY (the horsepower that speeds growth).

Methodology: Saving and spending go hand in hand, which is why so many consumers settle for the zero-point-awful APYs on savings and checking accounts simply for the convenience of housing their money at a single institution. This award recognizes the bank that makes the twofer checking-savings combo financially worthwhile, offering a compelling interest rate on the savings portion when paired with the bank’s checking account offering. The winner makes it easy for new customers to open both accounts in a single transaction and provides clear guidance on account minimums and/or monthly transaction requirements to qualify for an elevated savings rate.

Methodology: Banking bundlers — customers who like the convenience of conducting all banking business at a single institution — often have to settle for sub-par offerings in one or more services when they consolidate accounts. This award goes to the bank that provides best-in-class services across a range of bank products, serving customers' saving, spending, investing, and borrowing needs adeptly under one (digital) roof.

Methodology: This award recognizes the bank with a longstanding track record in the high-yield savings arena that has earned a reputation for a solid, easy-to-manage customer experience. We looked for an established provider offering a top-notch interest rate free of hassle-y things like junk fees, deposit requirements and limits on the number of monthly withdrawals allowed. Because stuff happens, banks with expansive customer service options rose to the top of the list of contenders, with 24/7 phone support representing the gold standard. Finally, the winner sealed the deal with its referral bonus: A generous 1% APY rate boost for three months for both the referring and referred customers, with referrers eligible for up to five consecutive rate hikes per calendar year.

Methodology: Low overhead costs and tech-forward business practices are why digital-only banks have dominated the high-yield savings account market. But based on the volume of Google queries for “Is [XYZ bank] legit,” not everyone is comfortable entrusting their money to an unfamiliar upstart (even an FDIC-insured one). This award recognizes the established bank that serves virtual and brick-and-mortar customers equally. We disqualified any bank that reserved the highest APY for online-only customers or charged a fee for in-branch service.