Best savings accounts for renters of 2021

• All above plus
• Automatic savings feature including round up transactions 
• Remote check deposits from mobile app and real-time notifications 
• 2.7% APY available for up to $10,000 if you meet certain requirements
• 4.4 stars average app rating

Terms and conditions

Varo has a tiered rate: 2.80% APY for balances up to $10,000 when certain conditions are met, and 0.40% APY when conditions aren’t met, or for balances above $10,000. To compare, the national average for savings accounts is just 0.05% APY.

The conditions: To earn the 2.80% APY on up to $10,000, you must receive at least $1,000 in total qualifying direct deposits and make at least five purchases with the Varo debit card between the first day of the month and the last business day of the month. Your balance can’t drop below zero at any point during the month, and it can’t rise above $10,000. See below for more information from Varo. There’s no monthly fee or minimum balance requirement for the Varo savings account. It also offers two automatic savings programs that are linked to Varo’s bank account. The first one, Save Your Pay, lets you opt for a percentage of your direct deposit to go directly to your savings account. The other, Save Your Change, rounds up banking transactions to the nearest dollar and transfers those cents to savings.

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• Axos High Yield Savings – All above plus
• $250 opening deposit requirement
• Free incoming wires 
• Mobile app – real time alerts, biometric authentication and virtual assistants
• 3.6 stars average app rating

Terms and conditions

Bank products and services are offered by Axos Bank®. All deposit accounts through Axos Bank brands are FDIC insured through Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. For more information read our FDIC Notice.Axos Bank NMLS# 524995 The Annual Percentage Yield (APY) is accurate as of 2/17/2021. This is a tiered, variable rate account. The interest rate and corresponding APY for savings and money market accounts are variable and are set at our discretion. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.

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• All above plus
• No monthly fees or overdraft fees
• Auto savings feature with Chime card.  Purchases rounded up to nearest dollar with the difference added to your savings account
• Must have Chime spending account to open Chime savings account
• 4.5 stars average app rating

Terms and conditions

Early Payday: Early access to direct deposit funds depends on timing of payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.

No Hidden Fees: Out-of-Network cash withdrawal fees apply. Third-party and cash deposit fees may apply.

Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC

SpotMe: Chime SpotMe is an optional, no fee service that requires $500 in qualifying direct deposits to the Chime Spending Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. SpotMe won’t cover non-debit card purchases, including ATM withdrawals, ACH transfers, Pay Friends transfers, or Chime Checkbook transactions.  See terms and conditions

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• All above plus
• $5 to open an account
• Free membership with competitive dividend rate
• Other savings account options with higher min balance/deposits
• 3.9 stars average app rating

Terms and conditions

We offer over 30,000 surcharge-free ATMs nationwide and we refund fees charged by other bank ATMs when you meet your minimum Rewards Checking requirements.  The top rate of our Rewards Checking account is 80X the national average based on FDIC’s published National Rate for balances <$100,000 for savings accounts. **Minimum $5.00 opening deposit required.

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• All above plus
• Requires $100 to open account  
• Remote check deposits and transfers with mobile app
• 0.45% available with monthly deposit of $100 or more
• Limit 6 transactions per cycle
• 4.6 stars average app rating

Terms and conditions

Savings Builder is a tiered interest rate account. Tier levels are subject to change without notice. Interest rates and Annual Percentage Yields (APYs) are variable and may change without notice. Minimum to open account is $100. Fees could reduce earnings on the account. APY assumes the account is opened on the 15th day of the month and no qualifying deposits of $100 are made following account opening. Actual APY may be greater or less depending on the date the account is opened. Interest Rate is 0.449% during the Introductory Period and 0.250% thereafter. APY assumes additional qualifying deposits are made each Evaluation Period.

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