Annual Awards: Savings Accounts

January 23, 2024

2024 Annual Awards Badge

Since 2018, has served Americans as a trusted resource for researching, comparing and vetting financial advisors and products. As a Certified B Corp™, we adhere to the high verified standards of social and environmental performance and public transparency. Consumer advocacy comes first in every review and guide we produce.

An important part of’s mission is shining a spotlight on industry standouts through our Annual Awards.

Based on meticulous year-round data collection and ongoing product analysis by our on-staff subject matter experts, the Annual Awards recognize banks that help push the industry forward while delivering excellent value to U.S. consumers (further detail below). Read more about how we test.

Leading our high-yield savings account awards selection team is industry veteran and Senior Writer Dayana Yochim. She has been a financial journalist for more than 25 years, covering banking and investing products and services. Read more about Dayana.

Our congratulations to this year’s winners of the Annual Awards for savings accounts. 2024 Awards - Savings Account Winners

emoji_events #1 High-Yield Savings Account

Winner: UFB High-Yield Savings Account

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.


emoji_events #1 Account for Massive Cash Cushions

Winner: Betterment Cash Reserve

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.


emoji_events #1 High-Interest Account for Goal Setters

Winner: Milli Bank

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).


Setting specific savings goals (“car down payment,” “vacation,” “meniscus repair knee surgery”) with a set dollar amount you aim to save by a certain date increases the likelihood you’ll achieve them. Milli’s “Jars” (in the app) let savers track and manage up to five separate savings goals. Set a target savings amount, end date, and upload a photo for each to create your own vision board. Milli maths out how much you need to stash each month to fill up your jars. —'s Best High-Yield Savings Accounts

emoji_events #1 Savings-Checking Combo

Winner: SoFi Checking and Savings

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.


emoji_events #1 Account for All-in-One Banking

Winner: Ally Online Savings

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.


emoji_events #1 No-Hassle High-Rate Savings Account

Winner: Marcus by Goldman Sachs

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.


"Marcus is considered one of the OGs in the high-yield savings account realm, and it shows (in a good way). It’s earned a reputation for providing solid customer service and speedy money transfers minus the $15-$30 outgoing wire transfer fee many other banks charge." — Dayana Yochim, Senior Writer,

emoji_events #1 Big-Bank High-Yield Savings Account

Winner: Capital One 360 Performance Savings

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.


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