Personal Savings: The Best Bank Account Options in 2021

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For many people, the new year offers an opportunity to start fresh. After a difficult 2020 during which economies all over the world struggled, many consumers are looking to turn things around in 2021 – and get themselves back on track financially, if at all possible.

That fresh start can begin with a new bank account. Rather than sticking with a traditional account that earns very little in interest, consider switching to a high-yield account with a more robust interest rate.

Here are some of the most intriguing options in this category for the year ahead, and what you need to know about each account.

The American Express Savings Account is one of the most flexible high-yield savings accounts on the market.

Most other savings accounts limit withdrawals or transfers to six times per statement cycle, but American Express customers can do that up to nine times a month. Customers who often reach the six-withdrawal limit at their bank should consider switching to American Express.

The account also has one of the highest interest rates available at 0.60% APY. Transfers between the American Express Savings Account and an account at another bank take as little as 24 hours to go through.

​Things to Know:​

The High Yield Savings account from Axos Bank is one of the few to provide customers with an ATM card, which they can use to withdraw cash from their savings account.

The account earns 0.61% APY. While there is a $250 minimum requirement to open an account, there is no minimum balance requirement after that.

The bank provides a $20 bonus if you refer someone who opens an account. The account has no monthly maintenance fees.

​Things to Know:​

​Read More:​ Axos Bank Review: Personal Savings

The startup Varo is turning heads with its high-yield savings account. Customers will automatically earn 0.81% APY, already one of the highest rates in the country. They can increase that rate per statement cycle if they use their Varo debit card at least five times and receive at least $1,000 in direct deposits.

Varo also offers a savings program that rounds up every transaction to the nearest dollar and transfers the difference to the savings account.

​What to know:​

Wealthfront is mostly known as a robo advisor geared toward investors, but their high-yield checking account is quickly making waves. The account has 0.35% APY with no maintenance fees and no overdraft or ATM fees.

Customers who set up direct deposit with Wealthfront can have their paycheck deposited in the account up to two days early.

​What to know:​

Chime has one of the highest interest rates for all online savings accounts at 1.00% APY. However, the bank requires that you open a Chime checking account to become eligible for the savings account.

Another notable restriction is that you cannot deposit money directly into the savings account like you can at other banks. Instead, you can either transfer money from the checking account to the savings account or set up the Save When You Get Paid program, which automatically moves 10% of your paycheck into the savings account on payday.

​What to know:​

Opening one of these high-yield accounts can result in earning hundreds more in interest – along with other perks. Do your research and find the one that works best for your finances.

​Read More:​ 5 Useful Apps for Paying off Student Loans

CIT Bank is another online-only, digital bank formed in 2011 with roots dating back to1908 in St. Louis. Interest rates for Savings Builder savings accounts are fairly low, ranging from 0.29% to 0.45% APY. There's a minimum of $100 required to open an account, as well as different interest tiers: Base Tier and two Upper Tiers, which have different account balance and monthly deposit requirements (see below table).

All newly-opened Savings Builder accounts start off at the Upper Tier interest rate of 0.449% during the Introductory Period. After the Introductory Period ends, accounts will be evaluated to determine at which interest rate they will be paid for the following Evaluation Period.

The CIT Bank website provides a helpful calculator tool to help potential customers determine how much interest they can earn with a Savings Builder account.

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​Read More:​ 5 Automatic Savings Apps to Help You in 2020