Best Savings Account Interest Rates in Ohio July 2024
Updated June 30, 2024 at 4:01 am
With a savings account, you can grow your savings and access the funds at any time. If you live in Ohio, there are a variety of savings account options at your disposal. Although you won’t find any 7% savings accounts being offered at this time, most of them offer higher-than-average rates that make it easier to meet (or even exceed) your savings goals.
Whether you’d like to build an emergency fund, save for a new vehicle or fund a home renovation, our list of the best savings interest rates in Ohio is sure to come in handy.
Our Methodology Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Our Picks - Bread Savings
- Citizens Bank
- SoFi
- BrioDirect
- Capital One
Vault’s Viewpoint: Overview of the Best Savings Rates in Ohio
Best for High APY
Bread Savings
Vault Verified
Why We Chose It
If you like the idea of an online banking experience, Bread Savings may be a good fit. It pays an impressive 5.15% APY, which is one of the best savings interest rates in Ohio—and much higher than what you’ll find at many brick-and-mortar banks. There are no monthly maintenance fees, and you can open an account with as little as $100. Interest compounds daily, plus there’s a highly-rated mobile app you can use for banking on the go. Read our Bread Savings review.
Pros
- Impressive APY
- Access to highly-rated mobile app
- No monthly maintenance fees
Cons
- ACH transfer and mobile check deposit only
- No branches in Ohio
- No ATM network
Best for Low Minimum Deposit
Citizens Access Savings
Vault Verified
Why We Chose It
Citizens Access, the digital banking arm of Citizens Bank, offers the Citizens Access Savings account. With only a penny, you can open the account and enjoy a competitive interest rate, regardless of your balance. There are no monthly fees or teaser rates, and the account comes with the ability to make direct deposits and set up recurring transfers. Read our Citizens Bank review.
Pros
- Only requires a penny to open
- No monthly fees
- Direct deposits and recurring transfers available
Cons
- No wire transfers
- No branch access in Ohio
- Limited withdrawal options
Best for Checking Account Features
SoFi Checking and Savings Account
Vault Verified
Why We Chose It
The SoFi Checking and Savings account combines the power of a savings account and a checking account, allowing you to utilize one account for both your everyday purchases and savings. Even better, it does it all while providing one of the best high-yield savings rates in Ohio. With the Roundup feature, every debit card purchase will automatically be rounded up to the next dollar and deposited into your savings “Vaults,” which can help you meet various financial goals. There are no fees or minimum balance requirements, and you can earn a bonus of up to $300 based on the size of your initial direct deposit. Read our SoFi review.
Pros
- Automatically comes with a checking account
- Can save for different goals with Vaults
- No fees
Cons
- No stand-alone savings option
- Must sign up for direct deposit or make $5,000 in qualified deposits every 30 days to earn highest APY
- Direct deposit amount must total $5,000 or more within 25 calendar days to receive $300 bonus
Best for Large Deposits
BrioDirect High-Yield Savings
Vault Verified
Why We Chose It
The BrioDirect High-Yield Savings is a solid choice if you have a lot of money to stash into a savings account. You can open an account in minutes online and make your initial deposit via ACH payment, check or wire transfer. However, you’ll need to deposit at least $5,000 to do it. There are no monthly maintenance fees, and you can manage your account online or via the highly-rated mobile app. Also, to take advantage of the highly competitive APY, you’ll need to keep at least $25 in your account at all times.
Pros
- Quick online application process
- No monthly maintenance fees
- Highly-rated mobile app
Cons
- $5,000 deposit required to open may be too high for some
- No physical branches
- Excessive withdrawal fee of $10 for more than 6 transfers or withdrawals per month
Best for In-Person Banking
Capital One 360 Performance Savings
Vault Verified
Why We Chose It
In addition to offering one of the best high-yield savings rates in Ohio, Capital One 360 Performance Savings also allows you to do your banking in person at several Capital One Cafes located throughout the Buckeye State. If you have a Capital One Checking account, you can fund that account by utilizing various ATMs or by using the “Add Cash in Store” feature at participating CVS and Walgreens locations. The money from your checking account can then be transferred to your Capital One 360 Performance Savings Account. Fortunately, online banking is also an option. There is no minimum balance requirement, and you can grow your account with automatic transfers. Read our Capital One Bank review.
Pros
- Automatic transfers available
- No fees
- In-person banking available at Capital One Cafes in Ohio
Cons
- No welcome bonus
- May find higher APY elsewhere
- No ATM access for savings accounts
How Much Can You Earn With a Savings Account in Ohio?
Not all savings accounts in Ohio are created equal. In fact, they all come with different APYs. Since the APY will dictate how much you earn in interest over time, it’s important to find a savings account that offers a higher-than-average APY. Otherwise, it may take you longer to hit your savings goals.
To illustrate how APYs can impact your earnings, we’ve outlined what you’d earn with different bank accounts in Ohio if you deposit $10,000 and keep your money there for one year. All of the accounts listed below easily beat the average rate for savings accounts across the nation, regardless of which one you choose.
However, you should focus on more than just APYs when you shop around for a savings account in Ohio. Other factors—such as whether there are branches for in-person banking, monthly maintenance fees, solid perks and good customer service—are also important.
| Bank Name | Savings Account | APY | Estimated Earnings |
| Bread Financial | Bread Savings | 5.15% | $515 |
| Citizens | Citizens Access Savings | 4.50% | $450 |
| SoFi | SoFi Checking and Savings | 4.60% | $460 |
| BrioDirect | BrioDirect High-Yield Savings | 5.30% | $530 |
| Capital One | Capital One 360 Performance Savings | 4.25% | $425 |
How To Open a Savings Account in Ohio
Follow these steps to open a savings account in the Buckeye State.
- Shop Around: First, do your research and find several high-yield savings accounts with banks, credit unions and online lenders that may meet your needs. Then, compare APYs, minimum deposit requirements, fees and special perks. Don’t forget to read reviews to get an idea of customer service and reputation.
- Choose How To Apply: Once you’ve found the right savings account for your particular needs and preferences, decide how you’d like to apply. Depending on the financial institution, you may be able to apply online, via phone or in-person at a local branch. An online application is usually the fastest and most convenient option.
- Complete the Application: While each savings account will come with its own application, be prepared to submit a government-issued ID—like a driver’s license or passport. You’ll also need to share basic personal details, such as your email address, phone number, date of birth and Social Security number.
- Determine if You Want a Joint Account: Typically, you can apply for a savings account on your own or jointly with someone else, such as your spouse or child. Keep in mind that if you opt for a joint account, your co-signer will need to share their personal information as well.
- Make an Initial Deposit: Some savings accounts require a minimum deposit while others are more flexible and give you the freedom to deposit as much or as little as you want. You can transfer funds from another bank account or deposit a check. If you apply in-person, you may also be able to make a deposit with cash.
- Submit the Application: After you review your application and ensure everything is accurate, it’s time to submit it. Upon approval, you may enroll in direct deposit or make automatic transfers from your checking account.
Tips for Choosing the Best Savings Account for You in Ohio
As you explore your options for a savings account in Ohio, keep these tips in mind.
Choose a Type of Savings Account
There are several types of savings accounts available to Ohio residents. A basic savings account usually has no minimum daily balance requirements and is offered at virtually every bank or financial institution. A high-interest savings account tends to offer a higher APY but may impose minimum balance requirements. Other options include jumbo savings accounts, which are typically for deposits of at least $100,000, and money market accounts, which are hybrids between savings and checking accounts.
Decide if You Want an Online-Only Account
Some savings accounts are online-only, meaning you have to open and manage them online—either from your laptop, computer or mobile device. Generally speaking, accounts at online banks offer higher APYs than accounts at brick-and-mortar banks because they have less overhead. In fact, many of the best savings interest rates in Ohio are offered by online-only accounts. If you prefer a more personalized banking experience or the flexibility to pop into a local branch, however, you may be better off with a savings account you can access both online and in-person.
Consider the Annual Percentage Yield (APY)
APY refers to the effective rate of interest you’ll earn on your savings over the course of a given year. A higher APY can make it easier and faster for you to achieve your savings goals. It’s important to note, however, that APYs on savings accounts are not set in stone and can change at any time. In most cases, online-only savings accounts have higher APYs than savings accounts at brick-and-mortar institutions.
Watch Out for Fees
Since fees can eat into your savings, it’s important to be mindful of them. The most common savings account fees you may find include account opening fees, monthly maintenance fees, wire transfer fees, excessive withdrawal fees and paper statement fees. Fortunately, many banks and financial institutions advertise no fees or minimal fees. Some of them may waive them if you maintain a certain account balance, for example.
Alternatives to a Savings Account
Here are a few alternative products that can also help you save money.
Certificates of Deposits (CDs)
Certificates of deposit (CDs) require you to “lock up” your money for a set amount of time in exchange for guaranteed returns and (typically) a fixed interest rate. If you pull money out of a CD before its term is up, you’ll likely get hit with an early withdrawal penalty.
Savings accounts, on the other hand usually have variable interest rates that fluctuate over time. Also unlike CDs, savings accounts allow you to withdraw funds at any time without penalties—although some savings accounts may cap the number of withdrawals you may make each month. While savings accounts make sense for an emergency fund and shorter-term goals, CDs are a better fit for longer-term savings goals, like a new car or down payment for a house.
Checking Accounts
Most savings accounts are strictly designed for saving. This means you can’t use them to write checks or make purchases with a debit card. Checking accounts, however, come with all these features and are a better fit for everyday spending and bill paying. Keep in mind that compared to savings accounts, checking accounts accrue minimal or no interest. While you may be able to find a checking and savings account combo, such as the one from SoFi, they’re fairly uncommon.
Series I Savings Bonds
Also known as I bonds, Series I savings bonds are backed by the U.S. Department of the Treasury. They earn interest on a monthly basis, which is compounded every six months. Since you’ll earn a fixed interest rate plus an inflation rate, Series I bonds shield against inflation. Plus, you don’t have to pay state and local income taxes on them. You can visit TreasuryDirect.gov to purchase I bonds for as little as $25. While these bonds may offer higher returns than a savings account, you’ll have to wait 12 months before you can redeem them. There are also limits on how much you can buy.
Frequently Asked Questions
How Does Ohio’s Tax Environment Affect the Returns on Savings Accounts With Exceptional Rates?
The interest you make in a savings account will be taxed. This means if you earn $500 in interest in a high-yield savings account in 2024, you’ll need to pay taxes on that interest when you file your 2024 income tax return.
What Are the Top Factors Ohio Residents Should Consider When Selecting a High-Interest Savings Account?
When you look for a high-interest savings account, focus on APYs, initial deposit requirements, minimum balance requirements and account fees. Also, consider whether you can access it online, in-person at a local Ohio branch or both.
What Are the Benefits of Choosing a Local Ohio Bank Versus a National Bank for a High-Yield Savings Account?
If you opt for a high-yield savings account at a local Ohio bank instead of a national bank, you can expect better customer service. You may also reap special perks, like a faster application process and lower fees.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
