Best Savings Accounts in California of May 2021

Victoria Daniel

California has a wide range of high-interest savings accounts and is home to more banks than any other state in the U.S.

When selecting the best account for you, look for one with the highest annual percentage yield (APY). Consider other factors like introductory rates, minimum balance, accessibility to your money and account information.

Consider a high-yield savings account as it maximizes the returns for every dollar saved. The annual percentage yield (APY) is higher than what is offered by a standard account. In return, it also allows you to reach your goals faster.

Also note your individual preferences and saving behavior. Knowing what you need will help you choose an account that is best suited for you. For example, if you want quick and easy access to your money, an account with ATM, online, or mobile access would be ideal.

Shop around and compare the features and types of savings accounts. We recognize that this can be time-consuming, so WalletBrain would like to make the process easier for you. We identified some of California’s best savings accounts to give you a head start in finding your top match.

Axos Bank High Yield Savings Account

axos bank logo

$0

Monthly Fee

$250

Min. To Open

0.60%

Est. APY

Overview

This savings account will provide a flat APY regardless of your balance, and you won't worry about monthly fees. A great perk with this account is you can request a free ATM card.

What we like

  • No monthly fees
  • Interest compounded daily
  • Free ATM card

What we don't

  • No physical branch
  • No sign up bonus
  • No rate tier, APY same regardless of balance

APY ranges

Range APY
$0.01+ 0.60%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$250
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Debit Card UseAllowed

CIT Bank Savings Account

cit bank logo

$0

Monthly Fee

$100

Min. To Open

0.45%

Est. APY

Overview

This savings builder account is unique where you need to deposit $100 a month to get the highest APY. If you don't deposit $100+ a month, then you need to maintain $25,000 in the account.

If you don't do either, you won't receive the higher end APY. It's best to go by depositing $100 a month because you will have accumulated a significant balance in a few years without realizing it.

What we like

  • No monthly fees
  • Deposit $100 a month to receive higher APY
  • One of the top APYs around

What we don't

  • No sign up bonuses
  • No physical branch locations
  • No ATM card

APY ranges

Range APY
$1 - $24,999.99 0.30%
$25,000+ 0.45%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$100
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Debit Card UseAllowed