If you're looking to make the most of your savings while enjoying the sunny shores of the Golden State, you've come to the right place.
In this article, we'll walk you through seven savings accounts we like which can help your money grow faster. Let's dive in and discover the savings opportunities that await you in California.
CIT Bank Platinum Savings
APY Savings
Minimum Deposit
Promotion
Fees
The CIT Platinum Savings account is accessible to individuals residing in California and offers one of the highest APYs available.
However, there is a requirement to maintain a minimum balance of $5,000 or more to enjoy this high APY. If your daily balance falls below that amount, the APY will decrease to 0.25%.
This is a very competitive rate compared to other leading online savings accounts. Plus, there are no monthly fees associated with this account.
Accessing your CIT account is not limited to just a computer; you can also do so through the CIT Bank app.
This allows you to easily check your balance, transfer funds, and conveniently deposit checks using the mobile deposit feature.
Since CIT is an online bank, the entire account opening process can be completed online. It's a straightforward procedure that can be finished in just a few steps.
Capital One 360 Performance Savings
Savings APY
Minimum Deposit
Promotion
Fees
Customers in California can take advantage of the Capital One 360 Performance Savings. One of the standout features is its highly competitive APY, which offers one of the best savings rates on the market.
As of April 2025, the account boasts an APY of 3.70%, which is significantly higher than the average.
Capital One has put a lot of thought into providing a convenient and user-friendly banking experience. I was particularly impressed with the automatic savings plan offered by Capital One.
This feature allows you to set up automated transfers, ensuring that your personal online savings account grows consistently over time.
And if you rarely visit a physical bank branch, you'll love the mobile check deposit feature.
Take a photo of your check using your phone, and you can conveniently deposit it into your account. You can open the account via the app or online.
Synchrony High Yield Savings
Savings APY
Minimum Deposit
Promotion
Fees
California residents can also benefit from the features of the Synchrony High Yield Savings account, which offers a range of features that prioritize savers' needs.
To enhance convenience, Synchrony offers an optional ATM card allowing account holders to access their funds without incurring fees at ATMs displaying an Accel or Plus logo.
Moreover, Synchrony covers up to $5 monthly for domestic ATMs, easing concerns about additional charges.
Account holders have multiple options for accessing their funds, ensuring easy and convenient transactions.
Additionally, Synchrony provides a useful savings goal calculator to assist customers in planning and staying motivated as they work towards achieving specific savings targets.
Ally High-Yield Savings Account
Savings APY
Minimum Deposit
Promotion
Fees
Customers in California can also take advantage of the Ally High-Yield savings account, which offers several attractive features.
Firstly, it provides a competitive interest rate of 3.60% APY, making it a highly rewarding savings option.
Secondly, there are no monthly maintenance fees, ensuring additional charges do not diminish your savings.
Additionally, no minimum balance required allows you to earn interest regardless of your account balance.
The account comes with 24/7 customer support, ensuring you can access assistance whenever needed.
Ally also offers savings organization tools, enabling you to categorize your savings goals within a single account.
The “Round Ups” feature automatically transfers funds from your Interest Checking account to the High-Yield Savings Account when your transactions are round to the nearest dollar.
Laurel Road High Yield Savings
Savings APY
Minimum Deposit
Promotion
Fees
Laurel Road High Yield Savings, also in California, offers a competitive APY with no minimum deposit or monthly maintenance fees, making it accessible to most US consumers.
Deposits can be made through various methods, including transfers, wire transfers, direct deposit, mobile check deposit, or by sending checks via mail. The account is FDIC-insured, providing deposit protection.
Laurel Road, initially specializing in student loans, has since expanded to offer online lending and banking products like savings and checking accounts, personal loans, and mortgages.
In 2019, KeyBank acquired Laurel Road, enabling the brand to extend its banking products nationwide.
Quontic Bank High Yield Savings
Savings APY
Minimum Deposit
Promotion
Fees
Quontic Bank's savings 3.85% APY is quite high, with daily compounded interest. There are no monthly service, overdraft, or non-sufficient funds fees.
The bank offers fully mobile and online banking services, with digital customer support available through phone calls or live chat. The account is FDIC-insured up to the maximum legal limits.
Interest is calculated daily based on the account balance and paid monthly at the end of the statement cycle.
Funding the account can be transferred from an existing Quontic account or an external account via ACH.
Quontic Bank is an online bank that has been serving customers since 2009. With a nationwide presence, the bank caters to customers across all 50 states through its online platform.
Wealthfront
Savings APY
Minimum Deposit
Promotion
Fees
If you are a California resident who finds it inconvenient to transfer funds between your bank and investment platform, Wealthfront offers a solution.
While not a traditional bank, Wealthfront provides a high-yield account that allows you to earn an impressive APY while you consider your next investment move.
The account combines features of both a checking and savings account, providing a debit card and access to a network of over 19,000 fee-free ATMs.
In addition to online bill pay and the ability to receive direct deposits up to two days early, the account offers a high APY, currently 4.25% on your entire balance.
You can also invest your extra cash quickly by making near-instant transfers to your connected Wealthfront Investment Accounts.
Could You Find Better Savings Account In California?
Certainly! The savings account mentioned below represents just a fraction of the diverse range of accounts available in California and nationwide, where you have numerous options from various banks and credit unions.
It's always advisable to continue comparing rates and considering other essential features when opening a savings account.
That being said, the selected savings accounts below are undeniably among the best choices you can find.
They offer competitive APYs without any monthly fees, and each account offers a unique set of features to cater to different types of savers.
These options can be particularly relevant for various individuals, including young savers, investors, or those who prefer the convenience of online banking over in-person branch visits.
How To Find The Best Savings Account For My Needs?
When searching for the best savings account, consider asking yourself the following questions:
What are my savings goals? Determine the purpose and timeline of your savings to align with an account that suits your specific needs.
What are the account accessibility options? Evaluate whether the account offers convenient online banking features, ATM access, mobile app capabilities, or in-person branch services.
Are there any savings features or benefits? Explore perks such as automatic transfers, rewards programs, or overdraft protection that may enhance your savings experience.
What is the bank's reputation and customer service like? Research the bank's reputation, read customer reviews, and assess the quality of their customer service to ensure a positive banking experience.
Does the bank offer additional financial products or services? If you have other banking needs, such as loans or investment accounts, check if the bank provides a comprehensive suite of financial products.
Have I compared multiple options? Take the time to compare different savings accounts from various banks to make an informed decision and find the best fit for your financial goals and preferences.
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Best Savings Accounts In California: Ranking Methodology
The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in California. We focused on essential factors such as interest rates, minimum deposit requirements, and fees. Here's how we rated them:
- Rates And Terms (40%): We examined the interest rates offered by California-based banks and credit unions, considering any unique terms and conditions. Institutions offering competitive rates, reasonable minimum deposit requirements, and minimal fees received higher scores in this category.
- Savings Account Features (30%): This category assessed the range of features tailored to California savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of California-centric options earned higher scores.
- Customer Experience (20%): We evaluated the ease of opening an account, the responsiveness of customer service, the usability of mobile apps (tested by our team), and the bank's policies for assisting California customers. Institutions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms received better ratings.
- Bank Reputation (10%): We considered the reputation of each California-based bank or credit union, taking into account ratings from JD Power, TrustPilot, and local Better Business Bureau reviews. Institutions with positive reputations and satisfied California customers received higher scores.
