The Best Savings Accounts in Delaware for 2023

Learn about the best savings accounts in Delaware and how to research, compare, and find the best savings account rates in the state.
Written by Erin Gobler
Financial Expert
Managing Editor
Wilmington, Delaware downtown area

Savings accounts at FDIC-insured institutions have long been a place where you can safely store your money for a future financial goal or as a rainy day fund. Today, there are more options than ever that allow you to keep your money in a savings account while earning a high rate of interest.

If you live in Delaware, you have plenty of options for where to open your savings account. In this guide, we’ll help you find the best savings account for you based on your needs.

The Best Savings Accounts in Delaware

  • American Express® National Bank, Member FDIC
  • Bread Savings™
  • CIT Bank
  • Barclays
  • Marcus by Goldman Sachs
  • All4You Federal Credit Union
  • Louviers Federal Credit Union

Online Savings Accounts Available in Delaware

Online savings accounts have become increasingly popular, and it’s easy to see why. They provide a safe place to store your money while offering a higher rate of interest than many brick-and-mortar banks.

American Express® National Bank, Member FDIC

American Express offers several deposit accounts, including its high-yield savings account with an interest rate that’s considerably higher than your average traditional bank. There are no minimum deposits or monthly fees. You can also make up to nine withdrawals per month, which is higher than many savings accounts allow. You can link your account to up to three external accounts, meaning you’ll have easier access to your money.

American Express Savings Pros & Cons

Read the American Express National Bank Savings Review

Bread Savings™

Bread Savings — formerly known as Comenity Bank — offers one of the highest savings interest rates on the market. You’ll need a minimum deposit of $100 to open your account, but you won’t be subject to maintenance fees or fees on most transfers. Bread strictly offers savings accounts and certificates of deposit, meaning you can’t connect your account to an internal checking account or have ATM or debit card access, but it’s easy to make transfers to external accounts.

Bread Savings Pros & Cons

Read the Bread Savings Review

CIT Bank

CIT Bank — now a division of First Citizens Bank — offers its Savings Connect savings account that has one of the highest savings account rates you can find. There’s a $100 minimum deposit required to open the account, but you won’t pay any account opening or maintenance fees. CIT Bank savings accounts also come with a convenient digital banking app.

Read the CIT Savings Connect Review


Barclays offers an online savings account that’s more than five times the national average. The account doesn’t require a minimum deposit to open, nor does it charge monthly maintenance fees. Barclays makes it easy to set up direct deposits on your account or make online transfers to and from other banks. Barclays also offers an online savings assistant to help you save for your financial goals.

Barclays Pros & Cons

Read the Barclays Savings Review

Marcus by Goldman Sachs

Marcus by Goldman Sachs boasts an interest rate that’s higher than the national average. There’s no minimum deposit to set up the account, nor will you be subject to monthly fees. Marcus offers same-day transfers to and from other banks, which is hard to find with other online savings accounts.

Marcus by Goldman Sachs Pros & Cons

Read the Marcus by Goldman Sachs Savings Review

A Look at Local Delaware Banks

Online banks have become a popular choice for many consumers, but others may prefer a local financial institution, especially for the opportunity to bank in person and develop a real relationship with their local bank. Here are a couple of local banks that are available to Delaware residents.

All4You Federal Credit Union

All4You Federal Credit Union is a Delaware-based credit union that’s open to anyone who lives, works, worships, or attends school in New Castle, Wilmington, Newark, or their surrounding areas. The credit union offers its share builder account, which has an APY that’s higher than most local banks (and even some online banks). Your APY is based on the amount in your account and whether you make regular deposits into the account.

All4You Federal Credit Union Pros & Cons

Louviers Federal Credit Union

Louviers Federal Credit Union, headquartered in Newark, is the fifth-largest credit union in Delaware. It serves more than 18,000 residents around the state at four different branches. It offers several different accounts, including a Preferred Savings Account, which offers an above-average savings interest rate in exchange for a high minimum balance of $2,500. This account offers other benefits, like overdraft protection for your checking account and monthly dividends.

Louviers Federal Credit Union Pros & Cons

How We Picked: Our Methodology

We found the best savings accounts in Delaware by analyzing savings accounts offered by online banks, local and regional banks and credit unions, and national banks. We looked at current rates offered on savings accounts at over 25 banks along with fees, requirements to open an account, availability of ATMs, access to customer service, and convenience of online and in-app banking.

Our choices for the best savings accounts in Delaware reflect bank offers and market conditions at the time of our analysis. Financial institutions change their rates and other features regularly, so it’s a good idea to check the latest rates directly with any banks you’re considering using.

How to Choose a Savings Account in Delaware

With so many banks to choose from, it can be overwhelming trying to choose the best option for you. Below are a few factors to consider when choosing a savings account in Delaware.


No matter what the money in your savings account is for, you’ll want easy access to it when you need it. Some banks make it easy to transfer your money to an external account, sometimes as quickly as the same day. Others offer easy access in the form of local branches. You’ll have to decide what type of access you’re most comfortable with.

Interest rate

The interest rate on a savings account is one of the most important factors to consider when choosing a savings account. The APYs available on savings accounts can range from nearly zero to considerably higher rates. Online accounts often offer rates that are many times higher than the average brick-and-mortar bank.

Opening deposit

Depending on your bank or credit union, you may need a minimum deposit to open a savings account. The banks on our list have minimum deposits that range from $0 to $2,500. When you’re shopping for a savings account, be sure to choose one with a minimum deposit amount you’re comfortable with.


It’s easier than ever to find fee-free savings accounts. As a result, you should be wary of any financial institution that charges fees on its savings accounts. That being said, you may decide that paying a fee is worth it if the bank offers other benefits that outweigh it.

Other accounts available

Do you want other accounts to connect to your savings account? Many online banks strictly offer savings accounts, meaning you may not be able to open a checking account or another account with the same bank. However, local banks and credit unions usually have a full suite of products and account types, meaning you can do all of your banking in one place.

Where Can You Open a Savings Account in Delaware?

When you’re shopping for a savings account, you’ll notice you have several different options for where to open an account. Below we’ll break down the three primary options so you can decide which is right for you.

Online banks

Online banks don’t have local branches. Instead, you can access them online. The benefit is these banks often have lower overhead costs and pass those savings along to their customers in the form of lower fees and better interest rates on savings accounts and loans.


Traditional banks are what many people think of when it comes to opening a savings account. They’re for-profit entities that typically have branches. Many are national banks with branches around the country, while others are local banks that only serve customers in a specific state or region.

Credit unions

A credit union is a non-profit alternative to a bank. Rather than being owned by shareholders, credit unions are owned by their members. As a result, you’ll often have access to lower fees and better interest rates, along with personalized service.

Savings Accounts vs. CDs

A savings account is a deposit account where you can house and earn interest on your money but easily withdraw it when you need it. A certificate of deposit (CD) is similar in that you can open an account at a bank and earn interest on your savings.

CDs often offer higher interest rates than savings accounts but may require you to keep your money locked up for a minimum period ranging from just a few months to several years. If you withdraw your money earlier, you could be subject to an early withdrawal penalty.

While savings accounts are appropriate for any financial goal — especially short-term ones — CDs should only be used for medium-term goals, so you won’t need the money until the lock-up period ends.


What is the best savings account in Delaware?

There’s not necessarily one savings account in Delaware that’s best for everyone. Instead, the account that’s best for you depends on your needs when it comes to interest rate, flexibility, accessibility, and more.

Do you get taxed on savings accounts?

The interest you earn in your savings account is considered taxable income. Your bank will provide you with a tax form at the end of the year, and you’ll have to claim that interest on your income taxes.

Are savings accounts in Delaware federally insured?

Yes, savings accounts are generally insured by either the FDIC or the NCUA, depending on the type of financial institution you use. The FDIC insures the money in bank deposit accounts, while the NCUA insures the money in credit union deposit accounts.

About Author
Erin Gobler
Erin Gobler is a personal finance coach and a writer with over 10 years of experience. She writes about investing, credit cards, and more. In addition to writing for MoneyRates, her work has been published on major financial websites including Bankrate, Fox Business, Credit Karma, The Simple Dollar, and more.