For residents of New York currently searching for an outstanding savings account, we have carefully compiled a variety of the best savings accounts available in the Empire State.
Here’s the list in short:
Bank/Institution | Savings APY | Our Rating |
|---|---|---|
CIT Bank Platinum Savings | Up to 4.10% |
(4.7/5) |
Discover Online Savings Account | 3.70% |
(4.5/5) |
Bread Financial Savings | 4.40%
|
(4.5/5) |
LendingClub High-Yield Savings | 4.40% |
(4.5/5) |
Upgrade Savings Account | 4.02% |
(4.5/5) |
USAlliance Financial | 3.75% |
(4.2/5) |
My Banking Direct Savings |
4.40% |
(4.3/5) |
Whether you’re building an emergency fund in Manhattan or saving up for a weekend getaway in the Catskills, it’s important to understand how each savings account stacks up in terms of features, flexibility, and long-term value.
Now, let’s break down each product to see what it offers—and hear what our experts really think.
CIT Bank Platinum Savings
APY Savings
Minimum Deposit
Our Rating
Promotion
The CIT Platinum Savings account is a great choice for New York residents seeking a high-yield savings account.
By maintaining a minimum balance of $5,000 or more, you can take advantage of one of the market's highest APYs.
If your daily balance falls below $5,000, the APY will drop to 0.25%. Compared to other online savings accounts, this rate is highly competitive.
Additionally, there are no monthly fees associated with this account, and you can conveniently manage it through the CIT Bank app.
The app enables you to check your balance, transfer funds, and deposit checks effortlessly using the mobile deposit feature. CIT Bank operates as a division of First-Citizens Bank & Trust Company.
- Up to 4.10% APY with $5,000+
- No monthly maintenance fees
- Open an account with just $100
- FDIC insured up to $250,000
- Remote check deposit via mobile app
- 24/7 online banking access
- Multiple free deposit options (ACH, mobile check, mail)
- Free ACH withdrawals and mailed checks
How can I deposit money into my account?
You can deposit via ACH transfers, mobile check deposit, mailed checks, or wire transfers.
Can I withdraw cash from an ATM with this account?
No, the Platinum Savings account does not come with ATM access. You’ll need to transfer funds to another account.
Is my money FDIC insured?
Yes, funds are insured by the FDIC up to $250,000 per depositor.
How long does it take for deposits to clear?
Most deposits clear within 1–2 business days, depending on the method used.
Does CIT Bank have physical locations?
No, CIT is an online-only bank, so it doesn’t offer in-person service at branches.
What happens if my balance drops below $5,000?
Your APY drops significantly from 4.10% to just 0.25% if your balance falls below $5,000.
Discover Online Savings Account
APY Savings
Minimum Deposit
Our Rating
Fees
For New York residents looking to optimize their savings without needing a physical banking branch, the Discover Bank Online Savings account is a great choice.
The interest is calculated daily and credited to your account every month. A highlight of this account is that it doesn't involve any maintenance fees.
Furthermore, Discover Bank offers a handy mobile application for Android and Apple device users. This application facilitates seamless transactions, including money transfers, checking your balance, viewing recent account transactions, and checking deposits.
If you have a Discover checking account, you can arrange automatic transfers to your savings account, making it easier to increase your savings.
However, it does not provide an ATM card, and the tools offered are comparatively basic.
- High APY – Over 5x National Average
- No Minimum Balance Requirement
- No Monthly Maintenance Fees
- Minimal Miscellaneous Fees
- 24/7 U.S.-Based Customer Support
- Easy Mobile App with Check Deposit
- Automatic Savings Transfers Available
- Interest Compounded Daily, Paid Monthly
Is there an ATM card with the Discover savings account?
No, the savings account does not include an ATM card, so you'll need to use online transfers or request checks to access funds.
How can I deposit checks into my Discover account?
You can deposit checks using Discover’s mobile app or by mailing them directly to the bank. Mobile check deposit is the most convenient method.
Can I withdraw cash directly from the account?
Not directly—since there’s no ATM access, you’ll need to transfer funds to a linked account or request a mailed official bank check.
Is interest paid daily or monthly?
Interest is compounded daily but credited to your account monthly, which helps maximize your long-term earnings.
Does Discover support direct deposit into savings?
Yes, you can set up direct deposit from your employer or benefits provider directly into your Discover online savings account.
Live Oak Personal Savings
Savings APY
Minimum Deposit
Our Rating
Promotion
Live Oak Bank’s Personal Savings Account may appeal to New York residents who prefer managing their finances online without dealing with fees or balance requirements.
It offers a simple digital experience, a helpful mobile app, and a daily transfer limit of up to $250,000.
However, it doesn’t support cash deposits or ATM access, which may be limiting for those who use physical banking services.
While customer service is not available 24/7, the account still offers a straightforward option for individuals in New York looking to keep their savings separate with minimal account upkeep.
- No monthly maintenance fees
- No minimum balance requirements
- Daily interest compounding
- High $250K daily transfer limit
- Mobile check deposit via app
- User-friendly online and mobile access
- Savings calculator tool included
- Simple 3-step online account setup
Can I deposit cash into my Live Oak savings account?
No, Live Oak does not accept cash deposits. You’ll need to use an external bank account to transfer funds electronically.
How do I withdraw money from my Live Oak savings account?
You can withdraw funds using an ACH transfer to a linked external bank account, typically processed within 1–2 business days.
Does Live Oak provide an ATM card for the savings account?
No, Live Oak does not issue ATM cards for personal savings accounts.
Is there a minimum balance required to earn interest?
You only need a balance of one cent to earn interest on your savings.
Can I open a joint savings account with Live Oak?
Yes, you can add a co-owner either during the application process or later from your account dashboard.
Upgrade Savings Account
Savings APY
Minimum Deposit
Our Rating
Fees
The Upgrade savings account is another decent choice for residents of New York. It offers an impressive APY of 4.02% and does not have any monthly fees.
The best part is that you can open and fund an Upgrade Premier Savings account independently without needing a checking account.
There are multiple ways to add money to your account, including regular ACH transactions, wire transfers, or setting up direct deposit with your employer.
However, it's worth noting that while the Premier Savings account is highly regarded, it lacks some mobile-friendly features, such as depositing checks using your phone or transferring money to others.
Upgrade, a fintech company founded in 2017, has quickly established a strong reputation for helping individuals achieve their financial goals.
- 4.02% APY on balances over $1,000
- No minimum deposit to open
- No monthly maintenance fees
- Same-day transfers up to $100,000
- FDIC insurance via partner banks
- Easy online application process
- Zero interest on days balance is under $1,000
- Works with Rewards Checking for perks
How can I fund my Upgrade account?
You can fund it via direct deposit, mobile check deposit, or external bank transfer—cash deposits are not accepted.
Is Upgrade a bank?
No, Upgrade is a financial technology company. Your funds are held by FDIC-insured partner banks like Cross River Bank.
Can I access my savings with an ATM card?
No ATM card is provided for the Premier Savings account. You’ll need to transfer funds to your checking account to withdraw.
How long does it take to open an account?
The application can be completed online within minutes, and decisions are typically made quickly.
Do I earn interest if my balance falls below $1,000?
No, on days your balance is below $1,000, the APY for that day drops to 0%.
Does Upgrade offer overdraft protection?
No, Upgrade does not offer any form of overdraft protection.
Can I use Upgrade for all my banking needs?
Yes, Upgrade offers checking, savings, credit cards, and loans, allowing you to manage most of your finances in one place.
Bread Financial Savings
APY Savings
Minimum Deposit
Our Rating
Fees
For customers who live in New York and looking for an online savings account, Bread Financial offers a high-yield savings account that offers a competitive APY of 4.40% and comes with several noteworthy features.
Firstly, it requires a minimum initial deposit of $100. Additionally, no monthly maintenance charges alleviate concerns about meeting waiver criteria.
Interest is compounded daily and credited monthly to your account. Bread Financial provides a savings calculator to assist you in tracking your progress toward financial goals.
Established in 1996 and headquartered in Columbus, Ohio, Bread Financial (formerly known as Comenity Direct) is a progressive financial services company. It offers various innovative payment, lending, and saving solutions.
- 4.40% APY with daily compounding
- No monthly maintenance fees
- $100 minimum to open
- Free ACH transfers and e-statements
- Mobile check deposit via app
- Savings calculator to plan goals
- Interest credited monthly
- Third-party account required for transfers
Is Bread Financial FDIC insured?
Yes, Bread Financial accounts are FDIC insured up to the standard limits, providing deposit protection.
Are there any monthly maintenance fees?
No, Bread Financial charges no monthly maintenance fees on its High Yield Savings Account.
Can I access my money via ATM or branch?
No, Bread Financial does not offer ATM access or physical branches. All banking is done online.
How do I deposit money into my Bread account?
You can deposit funds via ACH transfer, mobile check deposit, or linking an external bank account.
Does Bread Financial offer a checking account?
No, Bread Financial does not offer a checking account, so you’ll need a third-party account for transfers.
LendingClub High-Yield Savings
APY Savings
Minimum Deposit
Our Rating
Fees
The LendingClub Savings account is a great option for New Yorkers looking to save. It boasts a highly competitive interest rate, superseding what is typically offered by many banks.
The current earning rate is 4.40% on all funds deposited.
Moreover, the account carries no monthly charges, and there is no need to maintain a certain balance following the initial deposit of $100.
Additionally, the account comes with an easily accessible card that is valid at ATMs. By using MoneyPass and SUM networks, you can conveniently withdraw cash sans any ATM charges. However, note that certain ATM providers may levy a fee.
All banking procedures, including account management, depositing checks through mobile platforms, and making bill payments, can be easily executed online or via the mobile application.
- 4.40% APY on all balances
- No monthly maintenance fees
- ATM card for free withdrawals
- No minimum balance after opening
- Mobile check deposit available
- Built-in finance toolkit for budgeting
- Custom alerts & travel notifications
- Free internal and external transfers
Does LendingClub charge any monthly fees?
No, there are no monthly maintenance fees associated with the High Yield Savings account.
Is there an ATM card with this account?
Yes, you’ll receive an ATM card that works at MoneyPass and SUM networks with no fees from LendingClub.
Are there any fees for transferring money?
Internal and external ACH transfers are free, but outgoing wire transfers may incur a fee.
What tools are available to manage finances?
LendingClub offers a finance toolkit that lets you track budgets, spending trends, and link external accounts.
Can I open a joint account?
Yes, you can apply for a joint account during the application process or add a co-owner after opening.
How can I deposit funds into my account?
You can deposit through ACH transfers, mobile check deposit, or select ATM machines.
USAlliance Financial
Savings APY
Minimum Deposit
Our Rating
Fees
USAlliance Financial is a non-profit financial institution that provides a wide range of services, such as checking and savings accounts, credit cards, loans, and online banking.
With branches in several states, including New York and New Jersey, USAlliance offers a High Dividend Savings account that provides a competitive APY of 3.75% on your savings.
There are no monthly fees associated with maintaining the account, and your funds are fully insured by the NCUA, ensuring protection up to $250,000.
- 3.75% APY on balances over $500
- No monthly maintenance fees
- Interest compounded daily
- NCUA insured up to $250,000
- Fast online account opening (5–10 mins)
- Free mobile app for account access
- Access to 30,000+ surcharge-free ATMs
Is my money insured at USAlliance Financial?
Yes, your deposits are insured up to $250,000 through the NCUA, just like FDIC insurance but for credit unions.
Are there any monthly fees with this account?
No, USAlliance Financial does not charge monthly maintenance fees for this savings account.
What’s the minimum deposit to open an account?
There is no minimum opening deposit, but you need at least $500 to start earning the high interest rate.
Can I open the account online?
Yes, you can open the account through the USAlliance Financial website in just 5 to 10 minutes.
Is there an ATM card with the savings account?
While savings accounts generally don’t come with debit cards, you can access cash through their large ATM network.
My Banking Direct Savings
APY Savings
Minimum Deposit
Our Rating
Fees
If you live in New York and want to save more money, you should check out the My Banking Direct savings account.
It offers a good interest rate so your savings can grow faster. Plus, it has some cool features, like earning interest paid to you every month, no fees for having or maintaining the account, and no charges if your balance falls below a certain amount.
My Banking Direct calculates your interest based on how much money you have in the account each day, so you'll earn interest on your savings every day.
My Banking Direct is a service provided by Flagstar Bank.
- High 4.40% APY on savings
- Minimum deposit to open: $500
- No monthly maintenance fees
- Daily balance method for interest
- Interest credited monthly
- Simple interest calculation method
- NCUA insured up to $250,000
- $1 minimum to open checking account
Can I withdraw interest if I close my savings account early?
No, if the account is closed before interest is credited, you will forfeit the accrued interest.
Is CD laddering possible with this bank?
It’s very limited, as there is only one short-term CD option, which makes laddering strategies challenging.
Is the savings account insured?
Yes, your deposits are insured up to $250,000 by the NCUA, providing federal protection.
How is interest calculated on the savings account?
Interest is calculated using a simple daily balance method and credited monthly.
Could You Find Better Savings Account In New York?
Sure! The savings account mentioned earlier is just one of many different types of accounts you can find in New York and across the country.
There are lots of options from different banks and credit unions for you to choose from.
When you're opening a savings account, it's always a good idea to compare the interest rates and think about other important things too.
Initial deposit
Monthly contribution
Period (years)
APY
-
Interest earned
-
Contributions
-
Initial deposit
Total savings
* Make sure to adjust APY and deposit
If you already have a bank that you work with, it's a good idea to ask them if they have any special offers for you.
But let me tell you, the savings accounts I'm about to mention are definitely some of the best ones out there.
They give you good interest rates and usually don't charge you any monthly fees. Each account has its own unique features that are designed for different types of savers.
These options could be really useful for different people. Like if you're a young person living in New York, or if you're a family that wants things to be convenient, or even if you just prefer doing your banking online instead of going to a physical bank.
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Opening A Savings Account: Things To Consider
In addition to interest rates and minimum deposit requirements, there are some important factors to consider when choosing a less popular online banking with high yield compared to well-known banks:
Customer Service and Support: Consider the quality of customer service provided by the online bank. Look for accessible customer support channels like phone, email, or live chat, so you can address any concerns or issues that may arise.
Online Banking Features: Assess the functionality of the online banking platform. Features such as mobile banking, bill payment, and budgeting tools can enhance your banking experience and make financial management easier.
Reviews and Reputation: Read customer reviews and check the online bank's reputation to get an idea of other users' experiences. Look for positive feedback on reliability, customer service, and overall satisfaction.
Account Accessibility: Evaluate how easily you can access your funds. Make sure the online bank offers convenient options for withdrawals, such as online transfers or ATM access, that meet your needs.
Compare Savings Account Side By Side
Best Savings Accounts In New York: Ranking Methodology
The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in New York. 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 savings rates offered by New York-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 New York savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of New York-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 New York customers. Savings accounts 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 New York-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 New York customers received higher scores.
