5 Things to Know Before You Open a Savings Account

Everyone knows interest rates matter. But what less obvious factor could make or break your savings goals? Learn more below.

Interest rates are high right now, so it's a great time to be saving. A high-yield savings account is a great option if you're looking to grow your funds while keeping them accessible.

Member FDIC

CIT Bank Platinum Savings - 3.75% APY

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• 3.75% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Disclosures

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance.

*APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

For complete list of account details and fees, see our Personal Account disclosures.

But, before you jump in, let's talk about some important things to know. This way, you can avoid common pitfalls and make the most of your money.

#1: The best rates might be hiding in small places

It might be easy to stick with your current bank for a new savings account - familiarity breeds comfort, right? But traditional banks often don't have the best rates. In fact, the average national rate for savings accounts is only 0.39% APY.

Now consider this: many smaller banks and credit unions are currently offering rates over 5% APY. That's a massive difference that will help your money grow a lot faster.

These smaller institutions are just as secure as the big banks, thanks to FDIC insurance (or NCUA for credit unions).

To give you a head start, here are the current best savings rates available:

Here's a quick calculator to see the difference in earnings between traditional and high-yield savings accounts.

#2: Read the fine print

Got your eye on an account with a sky-high APY? Double check the details.

That enticing rate could be a short-time promotional offer, or applicable only for specific balance tiers. Some accounts might even have deposit requirements to secure the higher rate.

Knowing these details is important. It helps you gauge the true long-term value of the account.

#3: Explore beyond regular savings accounts

There may even be better options than a regular savings account.

For example, if you can set aside money for a longer period, a Certificate of Deposit might be a better fit. The benefit of CDs is that they lock-in your APY. So even if the market dips, your rate won't.

CDs can be as short as just 1 month. Or if you're saving for far off goals, you can find long-term CDs and lock-in your rates for up to 10 years.

#4: You might not be able to get your money out at any time

Many savings accounts cap you at 6 withdrawals per month. After all, the goal is to save money, not spend.

Some banks remove this limitation. If quick access to your funds is important to you, you might want to look for that kind of option.

But if you're focused on growing your savings, a less accessible account might help curb the temptation to dip into your savings often.

#5: Some savings accounts might have fees

Some savings account (particularly at larger banks) may have a monthly fee if you don't maintain a certain balance. Fees can easily eat into any interest earned.

Besides monthly fees, there may also be other fees like overdraft fees and excess withdrawal fees.

Fortunately, most online banks don't impose monthly service fees. This lets you keep more of your money where it belongs—in your account, working for you and collecting interest.

Anything else to know?

One more tip: check the opening deposit requirement. Some banks ask for a large upfront sum, which might not be practical if you're just starting to save.

There are plenty of savings accounts with no, or very little, opening deposit. So just go for one of those instead.

And remember, you can open as many savings accounts as you need. Consider having separate accounts for different savings goals, like for an emergency fund, upcoming vacation, or home remodel. This not only organizes your finances, but also keeps you focused on your saving targets.

Bottom Line

It's time to put your money to work! If you're still using a low-interest savings account, that's literally letting free money slip through your fingers. So why wait? Start comparing your options today and grow your savings effortlessly.

Member FDIC

CIT Bank Platinum Savings - 3.75% APY

• 3.75% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Find Out More

Disclosures

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance.

*APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

For complete list of account details and fees, see our Personal Account disclosures.

Member FDIC

UFB Portfolio Savings - Earn up to 3.26% APY

• Earn up to 3.26% APY.*
• No monthly maintenance fees.
• No minimum deposit required to open an account.
• Access your funds 24/7 with easy-to-use digital banking tools.
• Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.

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High-Yield Savings Premier - 3.80% APY

• No account fees
• Option to open individual or joint account
• FDIC insured up to $250,000 per depositor
• Only $500 minimum opening deposit

The annual percentage yield (APY) is accurate as of January 8, 2026 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC

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High Yield Savings Account - 3.86% APY

• $1 minimum deposit
• No fees
• 24/7 online access to funds
• FDIC insured

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Member FDIC

Axos ONE - Earn up to 4.21% APY

• Earn up to 4.21% APY* on savings, and 0.51% APY* on checking when you meet requirements.
• Get your money up to 2 days early.
• No monthly maintenance, minimum balance, account opening, or overdraft fees.

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Member FDIC

High Yield Savings - 3.50% APY

• 3.50% APY
• $100 minimum opening deposit
• No monthly service fees

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High-Yield Savings Account - 3.90% APY

• $1 minimum deposit
• No fees
• 24/7 online access to funds
• FDIC insured

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Member FDIC

Personal Savings - Earn 3.80% APY

• Earn 3.80% APY
• No minimum balance requirement
• No monthly service fee

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High-Yield Savings Account - Up to $1,500 Bonus

New customers only. Earn up to a $1,500 bonus.

1. Select a savings offer and sign up: Choose and fund at least one high-yield savings account or CD on the Raisin platform to get started. Be sure to enter bonus code HEADSTART during sign-up to be eligible for a cash bonus.
2. Deposit funds: The more you save, the more you can earn. Make a qualifying deposit(s) within 14 days of opening your account to set your bonus tier.
3. Maintain your deposit(s): Maintain your deposit(s) for 90 days from your first deposit date to earn your bonus.

Deposit	Cash Bonus
$10,000 - $24,999	$70
$25,000 - $49,999	$175
$50,000 - $99,999	$350
$100,000 - $199,999	$750
$200,000 or more	$1,500

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Expires 2/28/2026

Current Savings - Up to 4.00% bonus

• 4.00% bonus on up to $6,000 balance if you receive and maintain a qualifying direct deposit of $200 or more in a rolling 35 day period. (Otherwise, 0.25%)
• Simply add money to your Savings Pods and enable the Boost feature.
• Earn bonus on up to 3 Savings Pods, up to $2,000 balance each.
• Bonuses accumulate daily.

Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC.

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