Best Savings Accounts in Alaska of May 2021

Victoria Daniel

With its small population, Alaska has a few banks in operation within the state. The availability of a wide range of online banking options gives residents more options when considering a savings account.

Savings goals can include building an emergency fund, putting up a down payment for a house, or purchasing a car. With these goals in mind, a savings account can be a helpful tool to reach your goals faster.

The main objective is to find a savings account that maximizes the value for every dollar saved. A high-yield savings account does just this!

Apart from a high annual percentage yield (APY), consider the account fees and other features. It is important to note that while some banks can seem appealing because of the high APY they offer, account fees and other charges can quickly eliminate the gains from your earnings. Compare the monthly fees, the minimum account balances, withdrawal charges, and any additional fees before making your choice.

Choosing an account that is best suited for your needs can be quite challenging. We have simplified the search for you. We reviewed some of the best savings accounts in Alaska. Use our top picks to narrow down your search and find the most suitable match for you.

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