Banking » Savings » 7 High Yield Savings Accounts In Florida
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7 High Yield Savings Accounts In Florida

If you live in Florida and looking for a highly competitive savings account, we've gathered some of the best options.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

If you live in Florida and are searching for the perfect savings account, we've compiled a list of the best options available in Florida.

These accounts are ideal for various saving goals, whether it's a new car, children's education, or a wedding. You'll find that these accounts offer attractive interest rates, low or no fees, and convenient features to make saving easier and more rewarding. 

CIT Bank Platinum Savings

CIT-Bank-Logo
CIT-Bank-Logo

CIT Bank Platinum Savings

APY Savings

5.00%

Minimum Deposit

$5,000

Promotion

None

Fees

$0

The CIT Platinum Savings account is available to residents of Florida and offers one of the highest APYs in the market. To enjoy this attractive rate, you need to maintain a minimum balance of $5,000 or more. If your daily balance drops below that threshold, the APY will decrease to 0.25%.

This rate is highly competitive compared to other leading online savings accounts. Moreover, you won't have to worry about any monthly fees associated with this account. You can also manage it through the convenient CIT Bank app. This allows you to effortlessly check your balance, transfer funds, and conveniently deposit checks using the mobile deposit feature.

CIT Bank is a division of First-Citizens Bank & Trust Company.

Synchrony High Yield Savings

synchrony-bank-logo-vector
synchrony-bank-logo-vector

Synchrony High Yield Savings

Savings APY

4.75%

Minimum Deposit

$0

Promotion

None

Fees

$0

The Synchrony High Yield Savings account is a great choice for Florida residents who want a savings account that caters to their needs. With interest rates surpassing the national average APY by over 10 times, it stands out as one of the most attractive savings options. What's even better is that there are no minimum balance requirements.

To make banking more convenient, Synchrony offers an optional ATM card allowing account holders to access their funds without fees at ATMs with an Accel or Plus logo. Moreover, Synchrony covers up to $5 monthly for domestic ATMs, so you don't have to worry about additional charges.

You have multiple options for accessing your funds, ensuring easy and convenient transactions. Additionally, Synchrony provides a handy savings goal calculator to help you plan and stay motivated as you work towards achieving your specific savings targets.

Barclays Online Savings

barclays logo
barclays logo

Barclays Online Savings

APY Savings

4.35%

Minimum Deposit

$0

Promotion

None

Fees

$0

If you're comfortable managing your account online or using an app and don't need to deposit or withdraw cash, the Barclays Online Savings account is a reliable choice. You can access an attractive interest rate without needing an initial deposit or maintaining a minimum balance.

Residents of Florida can also benefit from the features of  Barclays Savings Assistant. For example, you can set a savings goal and experiment with different monthly savings amounts to see how long it will take you to reach your goal. 

It's important to know that unlike other savings accounts, the Barclays Online Savings Account does not come with an ATM card. If you require cash, you'll have to transfer funds to another account and withdraw the cash.

Barclays is a highly trusted bank, serving nearly 50 million customers globally. With a strong reputation, it is one of the largest and oldest banks in the world, operating in over 50 countries.

SoFi High Yield Savings Account

SoFi logo
SoFi logo

SoFi High Yield Savings Account

APY Savings

up to 4.60%

Minimum Deposit

$0

Promotion

$50 – $300 New customers should deposit $1,000 – $5,000 to get the promotion. Expired on 06/30/2024

Fees

$0

SoFi offers savings and checking accounts that are also available in Florida. The account provides a convenient hybrid solution for individuals who want savings and checking capabilities in one account. With SoFi Bank, there are no additional fees for cash withdrawals or payments, ensuring a comprehensive banking experience.

The savings account offers an attractive up to 4.60% APY, and new customers can enjoy a promotional offer by depositing a specified amount. Additionally, the savings account includes savings Vaults, which allow customers to allocate funds for different savings goals.

Customers with at least one Vault can also benefit from the Roundups feature, where SoFi rounds up debit card purchases and deposits the difference into a chosen Vault. SoFi originally focused on student loan refinancing but has expanded its services since its establishment in 2011, now offering various financial products, including banking services.

Upgrade Savings Account

UpgradeLogo
UpgradeLogo

Upgrade Savings Account

Savings APY

5.21%

Minimum Deposit

$0

Promotion

$200 $200 welcome bonus when you start using a new Rewards Checking account and make 3 purchases with Upgrade OneCard

Fees

$0

The Upgrade savings account is a great option for Florida residents because it offers a really impressive APY and doesn't charge any monthly fees. The best part is you can open and fund an Upgrade Premier Savings account independently without needing a checking account.

You've got a few options for adding money to your account. You can make deposits through regular ACH transactions or wire transfers. Another way is to arrange direct deposit with your employer. Remember that even though the Premier Savings account is highly regarded, it doesn't have certain mobile-friendly features like depositing checks through your phone or transferring money to other people.

Upgrade is a fintech company that started in 2017 and has quickly gained a solid reputation for helping folks reach their financial goals. 

Live Oak Personal Savings

live-oak-bank-logo
live-oak-bank-logo

Live Oak Personal Savings

Savings APY

4.40%

Minimum Deposit

$0

Promotion

None

Fees

$0

Live Oak offers a savings account with a competitive APY and user-friendly features. The account earns interest that compounds daily, and there's even a savings calculator to track the growth of your savings. You can add a co-owner to your account and create a joint account.

While cash deposits and cash withdrawals are unavailable, and there's limited in-person and phone support, Live Oak stands out with no monthly maintenance fees, minimum account balance requirement, and higher transfer limits.

As an online bank, Live Oak provides a great website platform and a mobile app for convenient account management, accessible to Android and iOS users.

Citi Accelerate Savings

citi logo
citi logo

Citi Accelerate Savings

Savings APY

4.45%

Minimum Deposit

$0

Promotion

$100 – $5,000 Minimum deposit of $10,000 – $1,000,000+ needed. Expired on 07/07/2023

Fees

$4.50/$10 per month Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period

The Citi Accelerate Savings account can be a good option for residents of Florida who prefer traditional banking. It is designed to be part of Citi's banking packages, which provide a comprehensive range of banking, lending, and investment services. If you're looking for an all-in-one solution, the Citi Accelerate account might suit your needs.

You have the convenience of setting up automated transfers from a linked checking account, making saving effortless. You can also benefit from overdraft protection by linking this account to a Citi checking account. You can also get a bonus, depending on your deposit.

Even if you're not fully committed to Citi, the Accelerate Savings account offers a competitive interest rate and has relatively low requirements to waive fees, making it worth considering.

Could You Find Better Savings Account In Florida?

Certainly. The savings accounts mentioned above represents just a fraction of the diverse range of accounts available in Florida and nationwide, where you have numerous options from various banks and credit unions. It's always advisable to compare rates and consider other essential features when opening a savings account.

That being said, the selected savings accounts below are undeniably among the best choices you can find. They offer competitive APYs and usually have no monthly fees, and each account provides a unique set of features to cater to different types of savers.

These options can be particularly relevant for various individuals, including young investors, families seeking convenience, or those who prefer the ease of online banking over in-person branch visits.

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New Savings Account: Things To Consider

When choosing an savings acccount, there are important things to think about beyond just interest rates and minimum deposits:

  • Can I easily access my money? Make sure the online bank offers ways to withdraw funds that work for you, like online transfers or ATM access.

  • Will they provide good customer service? Check if they have helpful customer support through phone, email, or live chat in case you need assistance.

  • What online banking features do they have? Look for things like mobile banking, bill payment, and budgeting tools to make your banking experience better and managing your money easier.

  • What do other people say? Read reviews from customers to see if they are reliable, have good customer service, and if people are happy with their service.

  • Can I connect my other accounts? If you have accounts at other banks, check if you can link them to this online bank for easy transfers and keeping track of all your finances in one place.

Best Savings Accounts In Florida: Ranking Methodology

The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in Florida. We focused on essential factors such as interest rates, minimum deposit requirements, and fees. Here's how we rated them:

  1. Rates And Terms (40%): We examined the savings rates offered by Florida-based banks and credit unions, considering any unique terms and conditions. Institutions offering competitive rates, reasonable minimum deposit requirements, and minimal fees received higher scores in this category.
  2. Savings Account Features (30%): This category assessed the range of features tailored to Florida savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of Florida-centric options earned higher scores.
  3. Customer Experience (20%): We evaluated the ease of opening an account, the responsiveness of customer service, the usability of mobile apps (tested by our team), and the bank's policies for assisting Florida customers. Savings accounts offering seamless account opening processes, efficient customer service, and user-friendly digital platforms received better ratings.
  4. Bank Reputation (10%): We considered the reputation of each Florida-based bank or credit union, taking into account ratings from JD Power, TrustPilot, and local Better Business Bureau reviews. Institutions with positive reputations and satisfied Florida customers received higher scores.

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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