Banking » Savings » 7 High Yield Savings Accounts In Pennsylvania
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

7 High Yield Savings Accounts In Pennsylvania

Want a savings account that's a cut above the rest in the concrete jungle? Explore our top-notch options in Pennsylvania
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

If you reside in Pennsylvania and are in search of an ideal savings account, you'll find numerous options to choose from. To assist you in making a decision, we have gathered a list of some of the finest options available in Pennsylvania.

These accounts are well-suited for various savings goals, such as home improvements, funding your children's education, or saving up for a down payment on a new house. They offer competitive interest rates, low or no fees, and convenient features.

Ally High-Yield Savings Account

ally bank
ally bank

Ally High-Yield Savings Account

Savings APY

4.25%

Minimum Deposit

$0

Promotion

None

Fees

$0

Pennsylvania customers can benefit from the Ally High-Yield savings account, which offers several appealing features. Firstly, it provides an interest rate over 10 times the national average, making it an advantageous savings option.

Secondly, there are no monthly maintenance fees, ensuring that additional charges do not reduce your savings. Moreover, there are no minimum balance requirements so you can earn interest regardless of your account balance.

The account provides 24/7 customer support, ensuring assistance is available whenever needed. Ally also offers savings organization tools, allowing 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 rounded to the nearest dollar.

Wealthfront

Wealthfront Cash Account
Wealthfront Cash Account

Wealthfront

Savings APY

4.55%

Minimum Deposit

$0

Promotion

None

Fees

$0

If you live in Pennsylvania and find it a hassle to move money between your bank and investment platform, Wealthfront has a solution for you. It's not a regular bank, but Wealthfront offers a special account that lets you earn a high-interest rate while considering your next investment move.

This account is like a mix of a checking and savings account. It gives you a debit card and lets you use over 19,000 ATMs without fees. You can also pay bills online and get your direct deposits up to two days earlier. The best part is that the account earns you a high-interest rate, currently 4.55% on all the money you have.

And guess what? You can also invest your extra money quickly by transferring it instantly to your connected Wealthfront Investment Accounts.

Barclays Online Savings

barclays logo
barclays logo

Barclays Online Savings

APY Savings

4.35%

Minimum Deposit

$0

Promotion

None

Fees

$0

Suppose you're comfortable using the internet or a mobile app to manage your account and don't need to deposit or withdraw cash. In that case, the Barclays Online Savings account is a reliable choice. You can earn a good interest rate without putting in any money upfront or maintaining a minimum balance.

People living in Pennsylvania can also benefit from the Barclays Savings Assistant. You can set a savings goal and play around with different amounts of money to save each month to see how long it will take you to reach your goal.

It's important to know that the Barclays Online Savings Account doesn't give you an ATM card like other savings accounts. So, if you want cash, you'll have to move your money to another account and then withdraw the cash.

Barclays is a bank that is trusted by a lot of people and has a great reputation. They serve nearly 50 million customers all around the world. They are one of the biggest and oldest banks and operate in more than 50 countries.

CIT Bank Platinum Savings

CIT-Bank-Logo
CIT-Bank-Logo

CIT Bank Platinum Savings

APY Savings

4.45%

Minimum Deposit

$5,000

Promotion

None

Fees

$0

The CIT Platinum Savings account is available to residents of Pennsylvania and offers one of the highest APYs on the market. However, to enjoy this high APY, you need to maintain a minimum balance of $5,000 or more. If your daily balance falls below that amount, the APY will decrease to 0.25%. This rate is highly competitive compared to other leading online savings accounts. Additionally, there are no monthly fees associated with this account.

You can access your CIT account not only through a computer but also through the CIT Bank app. This allows you to conveniently check your balance, transfer funds, and easily deposit checks using the mobile deposit feature.

Since CIT is an online bank, you can complete the entire account opening process online. It's a simple and straightforward procedure that can be finished in just a few steps.

UFB Premier Savings Account

UFB direct savings
UFB direct savings

UFB Premier Savings Account

APY Savings

Up to 5.25%

Minimum Deposit

$0

Promotion

None

Fees

$0

The UFB Direct Savings Account is a decent choice due to its high APY of Up to 5.25%, one of the highest rates you can find. Also,  there are no annoying fees or requirements for a minimum deposit. Pennsylvania customers and other savers enjoy ATM cards with some pretty cool features.

With that ATM card, you can easily get your money from fee-free ATMs all over the country, and some of them even let you deposit cash, which is not something you often see with online accounts. You can do everything from checking your transactions to moving money around and depositing checks without going to a physical bank.

The UFB Premier Savings Account is provided by UFB Direct, a digital bank good at online accounts and helping people with mortgages. They're part of Axos Bank, a well-known digital bank that does all sorts of banking services.

Rising Bank High Yield Savings

Rising Bank review
Rising Bank review

Rising Bank High Yield Savings

APY Savings

5.00%

Minimum Deposit

$1,000

Promotion

None

Fees

$0

The Rising Bank high-yield savings account offers Pennsylvania residents a competitive savings rate of 5.00% APY, which is one of the highest rates available in the market. To earn the APY, you need to maintain a minimum balance of $1,000, which is slightly higher compared to other savings accounts.

To deposit funds into your account, you have three options: you can connect your external account, make a wire transfer, or send a check. Managing your savings is convenient and easy through Rising Bank's user-friendly online and mobile banking platforms. If you need assistance, you can rely on Rising Bank's dedicated support team for customer service.

Rising Bank is an online division of Midwest BankCentre, a well-established community bank headquartered in St. Louis with a history of over a century. Unlike traditional banks, Rising Bank operates solely online, which means there are no physical branches to visit.

Bank5 Connect

Bank5 Connect logo
Bank5 Connect logo

Bank5 Connect

APY Savings

5.10%

Minimum Deposit

$100,000

Promotion

None

Fees

$0

With Bank5 Connect's Jumbo Savings account, you can earn an impressive 5.10% interest rate on balances of $100,000 and above. This account is perfect if you have a lot of money to save, as it rewards substantial deposits and guarantees full FDIC protection. The main downside is that it requires a very high minimum deposit.

On top of the great interest rate, the Jumbo Savings account offers the same benefits as other online savings. You can easily manage your account online or through the Bank5 Connect mobile app. If you need assistance, you can contact customer support via chat, phone, or video.

The Early Deposit feature allows you to arrange direct deposit, which means you can receive a portion of your paycheck up to two days earlier, straight into your Jumbo Savings account.

Could You Find Better Savings Account In Pennsylvania?

The savings account mentioned earlier is just one example among numerous account options available in Pennsylvania and nationwide. Various banks and credit unions offer multiple choices for individuals seeking such accounts.

When opening a savings account, comparing interest rates and considering other essential factors is advisable. If you already have a banking relationship, it would be prudent to inquire whether special promotions or incentives are available.

That being said, the above top-tier savings accounts are some of the top options. These accounts offer competitive interest rates and typically do not impose monthly fees. Each account possesses unique features tailored to cater to the needs of different types of savers.

These options can prove highly advantageous for individuals, including youngers, families seeking convenience, and those who prefer online banking over traditional brick-and-mortar branches.

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 4.45% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

How To Smartly Compare A Savings Account

When you're comparing savings accounts, it's not just about the interest rates and minimum deposit requirements. If you're considering less popular online banks that offer high yields compared to well-known banks, there are a few other important things to think about:

  • Customer Service and Support: Check how good the online bank's customer service is. Make sure they have easy ways to get in touch, like phone, email, or live chat, so you can talk to them if you have any problems or questions.

  • Online Banking Features: Take a look at what the online banking platform can do. Some banks have cool features like mobile banking, bill payment, and budgeting tools that can make your banking experience better and help you manage your money.

  • Reviews and Reputation: Read reviews from other customers and see what they say about the online bank. It's good to know if other people have had good experiences with things like reliability, customer service, and overall satisfaction.

  • Account Accessibility: Think about how easy it is to get your money when you need it. Check if the online bank lets you withdraw money conveniently, like through online transfers or ATMs, so it fits with what you want.

Savings Accounts In Pennsylvania: Ranking Methodology

The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in Pennsylvania. We focused on essential factors such as interest rates, minimum deposit requirements, and fees. Here's how we rated them:

  1. Rates And Terms (40%): We examined the savings rates offered by Pennsylvania-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.
  2. Savings Account Features (30%): This category assessed the range of features tailored to Pennsylvania savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of Pennsylvania-centric options earned higher scores.
  3. 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 Pennsylvania customers. Savings accounts offering seamless account opening processes, efficient customer service, and user-friendly digital platforms received better ratings.
  4. Bank Reputation (10%): We considered the reputation of each Pennsylvania-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 Pennsylvania customers received higher scores.

Savings Accounts Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Search
Best Savings Accounts
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 4.45% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Table of Contents