Best Savings Accounts in Iowa of May 2022

Victoria Daniel

If you are looking to open a new savings account, Iowa has a wide range of high-yield savings accounts available for you.

Once you have set your savings goals, the next step is to find the right tools. A high-yield savings account will help you get more out of the money that you save. It offers a high annual percentage yield (APY), which in some cases, is 20 or more times higher than the average national savings account rate of 0.05%, according to FDIC.

Start by determining your needs and preferences. Knowing what you want will help you narrow down your search and focus on what you truly need. For example, if you find it hard to save, getting an account with the automatic saving feature will come in handy. In this sense, you can schedule automatic transfers from your savings account to your high-yield savings account and watch your savings grow.

Other factors to consider are the account fees, minimum requirements, safety, among other features. We reviewed some of the best savings accounts in Iowa to assist you with finding your ideal match today. 

CIT Bank Savings Builder

$0

Min. To Earn APY

0.90%

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.

What we like

  • No monthly fees
  • FDIC Insured
  • No minimum balance fees
  • Online banking

What we don't

  • Minimum opening deposit
  • No ATM access
  • Tiered APY

Axos Bank High Yield Savings Account

axos bank logo
4.8

$0

Min. To Earn APY

0.61%

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

Quontic Bank High Yield Savings Account

quontic bank logo
4.6

$0

Min. To Earn APY

0.75%

Est. APY

Overview

Quontic Bank high yield savings account provides you with the opportunity to accrue interest at a rate 15x higher than the national average. Interest compounds daily and is paid into your account every month.

What we like

  • Mobile and online banking
  • Competitive interest rate
  • No monthly service fees
  • Interest compounded daily

What we don't

  • Limited access to physical branches
  • No sign up bonus
  • $100 minimum deposit requirement

First Citizens Bank Online Savings Account

$0

Min. To Earn APY

0.03%

Est. APY

Overview

First Citizen Bank savings account is an online account that charges no monthly fees, but you need to make a minimum deposit of $50 to open this account.

What we like

  • Mobile and online banking
  • Money management tools
  • No monthly service fees
  • ATM card available
  • FDIC Insured

What we don't

  • Limited no-fee withdrawals
  • High wire transfer fee