Best Savings Accounts & MMA with Top APY in Aug 2018

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Emergency fund is a good thing for everybody, and we should put them in a high yield Savings Account or MMA (Money Market Account). Here’s a ranking of Savings Accounts & MMA with top APY (Annual Percentage Yield):

BankAPYHard Inquiry?RangeType
Northfield Bank2.25%Yes$1 - $100,000Savings
Customers Bank2.25%No$25,000+Savings
Community Wide2.10%?$500+Savings
Salem Five Direct2.05%Yes$1 - $1,000,000Savings
Bank5 Connect2.05%Yes$100+Savings
VirtualBank2.01%?$100+Savings
Redneck Bank2.00%No$1 - $50,000MMA
All America Bank2.00%No$1 - $50,000MMA
Utah First CU2.00%?$50+Savings
Elements2.00%No$2,500MMA
Popular Direct2.00%No$5,000+Savings
Citizens Access2.00%?$5,000+Savings
Bank Purely2.00%No$25,000+MMA
iGoBanking2.00%?$25,000+MMA
Northpointe Bank1.95%No$25,000+Savings
Sallie Mae1.90%No$1+MMA
Investors Bank1.90%No$1 - $2,000,000MMA
CIBC1.90%?$1,000+Savings
PurePoint1.90%No$10,000+Savings
Colorado Federal1.90%?$50,000+Savings
Incredible Bank1.88%Yes$25,000+Savings
Radius Bank1.86%Yes$25,000+Savings
Barclays1.85%No$1+Savings
Synchrony Bank1.85%No$1+Savings
FNBO Direct 1.85%?$1+Savings
Memory Bank1.85%No$1+MMA
CIT Bank1.85%No$100+MMA
ableBanking1.85%No$250+MMA
SFGI Direct1.81%Yes$1+Savings
Ally Bank1.80%No$1+Savings
Marcus by Goldman Sachs1.80%No$1+Savings
HSBC1.80%No$1+Savings
Dollar Savings Direct1.80%?$1+Savings
Live Oak Bank1.80%?$1+Savings
Discover1.75%No$1+Savings
American Express1.75%No$1+Savings
Sallie Mae1.75%No$1+Savings
Alliant1.75%No$100+Savings
Capital One 3601.75%No$10,000+MMA

Note: only the accounts with $0 monthly fee, available online, and FDIC insured (up to $250,000 per person) are included.

These days the interest rates are changed frequently, so the ranking will also fluctuate a lot. In my own opinion, the difference of the interest rates of the top banks are just zero point something percent, so it’s not necessary to choose a small bank just for a higher rate (some small banks even do a hard pull). In general, I recommend the following banks with a large amount of assets and good service:

Note that you can only withdraw money 6 times for free per billing cycle from a savings account or MMA. This is required by law.


Acknowledgment: DoctorofCredit, HustlerMoneyBlog.


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