The Best Savings Accounts in Montana for 2024

Compare interest rates, fees, pros and cons, and availability on the best savings accounts in Montana and find the best place to keep your money.
Written by Anna Baluch
Financial Expert
Managing Editor
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Helena, Montana overview during the day with the statehouse in the distance

Montana is home to 463 banks in 107 different cities. There are also 46 credit unions with headquarters in the Treasure State, offering banking services from more than 100 branches.

It’s clear that residents have no shortage of options for storing their money. Take a closer look at the best savings accounts in Montana.

The Best Savings Accounts in Montana

  • American Express®National Bank, Member FDIC
  • Bread Savings™
  • Barclays Online Savings
  • CIT Savings Connect
  • Ally
  • Lincoln County Credit Union
  • Daniels-Sheridan Federal Credit Union

Find Banks With the Best Savings Account Rates Fast

Explore savings accounts at online and traditional banks and find the best rate and terms for you. Compare savings account rates, fees, security, and more.

Online Savings Accounts Available in Montana

Many online savings accounts serve residents in Montana. Not only are they usually FDIC insured, but these accounts are also known for competitive rates and lower fees than you might find at brick-and-mortar banks.

If you appreciate the ease and convenience of online banks, you may want to look into these online savings accounts in Montana.

American Express® National Bank, Member FDIC

While American Express is known for its credit cards and charge cards, the bank also offers online savings accounts to Montana savers.

If you open a savings account at American Express, you can reap the benefits of a competitive rate and no monthly maintenance fees or minimum balance requirements.

You may also link up to three accounts for external transfers and enjoy 24/7 customer service.

In addition to savings accounts, you can open CD accounts and Individual Retirement Accounts (IRAs) to take your savings goals to the next level.


  • Highly competitive interest rates for savings accounts
  • No monthly fees or minimum balance requirements
  • 24/7 customer service
  • Can easily link to other bank accounts for transfers and deposits


  • No checking account option
  • No ATM or debit cards are available with savings

Read our full review on American Express National Bank

Bread Savings™

Formerly Comenity Direct, Bread Savings™ is an online bank that offers a high-yield savings account and certificates of deposit (CD) to Montana residents.

With Bread Savings™, you can open a savings account with as little as $100 and don’t have to worry about any monthly fees or hidden fees. Plus, you may manage your account via an intuitive mobile app and get a hold of customer service representatives on weekdays, weekends, and most holidays.

Bread Savings™ CDs come with multiple terms and require a minimum deposit of $1,500.


  • No monthly maintenance fees
  • Free domestic wire transfers
  • CDs with flexible terms
  • Easy access to customer support


  • No debit cards or ATM network
  • Funds may not be available within the first 30 days of opening your account
  • No checking or money market account offered
  • Can only make deposits via the mobile app or bank transfer

Read our full Bread Savings™ review

Barclays Online Savings

Headquartered in London, Barclays Bank offers several online products to Montana residents, including savings accounts, CDs, and credit cards.

You can open a savings account in minutes with any sum of money and won’t have to pay any monthly maintenance fees.

Barclays is also unique due to its savings assistant feature, which can allow you to set and meet your savings goals.

It features a convenient calculator that will tell you how long it will take to meet each goal. In addition, there’s a mobile app you can use to manage your savings account on the go.


  • Competitive rates
  • No monthly maintenance or minimum balance fees
  • Mobile app with mobile deposit
  • CDs available
  • Savings assistant feature


  • No ATM access for savings accounts
  • Checking accounts are not offered

Read our full Barclays Online Savings Account review

CIT Savings Connect

A division of First Citizens Bank and Trust Company, CIT Savings Connect offers online banking to Montana residents.

With a CIT Savings Connect account, you can earn interest at a rate of over 10 times the national average.

You’ll also get reimbursed for any ATM fees of up to $30 per statement cycle and won’t be charged any monthly service fees.

To open a CIT Savings Connect account, you will need a minimum deposit of $100. Once you do, you can manage your savings via the handy mobile app, which will allow you to deposit checks and transfer money using Bill Pay or Zelle.


  • Higher rates than the national average
  • Low opening balance of $100
  • Easy access to eChecking via Zelle, Bill Pay, and CIT debit card
  • ATM fee reimbursement of up to $30 per statement cycle


  • No free ATM network
  • No branch access

Read our full CIT Savings Connect review

Ally Savings

Founded in 2004, Ally is an FDIC-insured, online-only bank that offers money market accounts, CDs, and high-yield online savings accounts to Montana savers.

With an Ally Savings account, you can enjoy perks like no minimum balance requirement, no monthly maintenance fee, and a robust mobile app with a mobile check deposit.

If you have multiple savings goals you’d like to meet, you can also take advantage of the savings buckets.

Also important to note: Ally’s 24/7 customer service and useful online tools.


  • Competitive interest rate
  • No monthly maintenance or minimum balance fees
  • 24/7 customer service via phone, live chat, or email
  • Robust mobile app


  • No branch access
  • No cash deposits
  • Withdrawal fee of $10 per transaction after you make six withdrawals in one month

Read our full Ally savings review

A Look at Local Montana Banks

If you prefer to access your savings account at a local branch in Montana, a local credit union or community bank should be on your radar. Here are a few local banking options to consider.

Lincoln County Credit Union

Headquartered in Libby, Lincoln County Credit Union is the 12th largest credit union in Montana.

To join and take advantage of its products, you must work or live in Lincoln County.

The credit union offers money market accounts with high rates, unlimited deposits, and no minimum balance requirements.

You can also choose from Traditional and Roth IRAs and share certificates which are a lot like CDs at banks.

No matter which savings account you choose, rest assured your money will be federally insured for up to $250,000.00 by the National Credit Union Administration (NCUA).


  • A variety of savings accounts
  • No monthly maintenance fees
  • NCUA insured


  • Lower interest rates than online banks
  • Membership is only for those who work or live in Lincoln County

Daniels-Sheridan Federal Credit Union

Based in Scobey, Daniels-Sheridan Federal Credit Union is the 21st largest credit union in Montana.

Its products are available to members who live or work in Daniels, Sheridan, and North Valley counties and their immediate family members.

As a member, you can open a savings account, like the primary savings (share) account, Kasasa Saver®, health savings account, money market account, or IRA.

If you opt for a standard or jumbo money market account, you’ll be able to make six withdrawals per month with a minimum limit of $50.

Every savings account at Daniels-Sheridan Federal Credit Union is federally insured by the National Credit Union Association (NCUA) for at least $250,000.


  • Several branches throughout the state
  • No monthly maintenance fees
  • NCUA insured
  • Several accounts available


  • Lower interest rates than online banks
  • Membership required

How We Picked: Methodology

We found the best savings accounts in Montana by analyzing savings accounts offered by online banks, local and regional banks, credit unions, and national banks. We looked at current APYs offered on savings accounts at over 20 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 top choices for savings accounts in Montana reflect bank offers and market conditions at the time of our analysis. Banks change their rates and other features regularly, so it’s always a good idea to check the latest rates directly with any banks you’re considering using.

How to Choose a Savings Account in Montana

Savings accounts in Montana vary greatly. That’s why it’s important to shop around and explore all the options available to you. When you do so, be sure to compare these features.

Interest Rate

When it comes to savings accounts, a competitive rate is key as it can help you grow your savings. Since they have less overhead, online banks usually offer higher rates than traditional banks.

Don’t forget to consider how rates are applied. You may find that they’re tiered, or the same rate is applied across all balances.


Fees can get in the way of your savings goals.

Online banks typically offer fewer fees than banks with brick-and-mortar locations. Some even promote no fees at all. If you find a savings account that meets your needs but it comes with more fees than you’d like, reach out to the financial institution to see if you can get them waived.

Opening Deposit

Some savings accounts in Montana only require $0 or $1 to open, while others impose an initial minimum deposit of at least $100.

If you’re new to saving or short on cash, you’ll be better off with an account with a low opening deposit requirement.


Even though you may not need the funds in your savings account every day, easy access to them can give you peace of mind.

If you’re exploring a traditional bank or credit union, make sure there are branches near your home or work.

In the event you decide to go with an online bank, find out if ATM access and debit cards are available.

Where Can You Open a Savings Account in Montana?

There are three types of financial institutions that offer savings accounts in Montana, including:

Online Banks

There are a variety of banks with savings accounts for Montana residents.

Since they have fewer overhead expenses than banks with physical branch locations, they often offer the highest rates and lowest fees.

If you’re comfortable with online banking, a reputable online bank can be a solid pick, especially if you have other products, like checking accounts and loans through it.

Brick-and-Mortar Banks

There are several types of for-profit banks, like small community banks and national banks, with locations across the state.

While rates and fees might be higher at banks, you can reap the benefits of more personal service, a wide range of savings products, and FDIC-insured accounts.

Credit Unions

Credit unions are non-profits owned by members.

To open a savings account at a credit union, you must become a member.

While you may enjoy competitive rates and lower rates than you would at banks, you might miss out on perks like mobile and digital banking.

Montana Savings Accounts vs. Money Market Accounts

Savings accounts are a great place to park money that you don’t plan to use right away. But there are other places to keep your savings, including money market accounts.

While money market accounts are similar to savings accounts, there are some notable differences between the two products.

Check Writing

Unlike savings accounts, some money market accounts allow you to write checks or use a linked debit card to make online and in-person purchases.

If you’d like easy access to your funds, this is an important perk.

Interest Rates

Sometimes, money market accounts come with higher interest rates than savings accounts.

Depending on the account, the rates may be tiered or applied across all balances.

Limited Monthly Withdrawals

Typically, savings accounts only allow you to make six withdrawals per month before charging you a fee.

Money market accounts, on the other hand, don’t usually have any limits on withdrawals.

Minimum Deposits

You may need more funds to open a money market account than a savings account.

For this reason, a money market account might make more sense if you’re an experienced saver or are planning to deposit a large sum of money anyway.

Montana Savings Accounts vs. Money Market Accounts

Frequently Asked Questions (FAQs)

What is the largest bank in Montana?

First Security Bank, a division of Glacier Bank, is the largest bank in the state in terms of the number of locations and deposit market share.
While a large bank may offer more savings products, you can expect more personal service at a smaller community bank or credit union.

Where is the best savings account in Montana?

Since everyone has unique banking needs, there isn’t one financial institution that has the best savings account in Montana.
If your priority is to earn the most interest and pay the lowest fees or no fees at all, however, you may want to consider an online bank, such as American Express National Bank, Bread Savings™, CIT Savings Connect, Ally, or Barclays Online Savings.

Are saving accounts safe?

As long as you choose a bank insured by the Federal Deposit Insurance Corporation (FDIC) or a credit union insured by the National Credit Union Administration (NCUA), balances up to $250,000 will be protected in the event the financial institution fails.

Should I join a credit union to open a savings account?

For personalized customer service, lower fees, and a community focus, credit unions in Montana are worth considering. Just make sure you shop around and find one with the membership criteria you meet.

About Author
Anna Baluch
Anna Baluch is a personal finance writer and expert who writes about financial topics ranging from personal and student loans to mortgages, debt relief, auto financing, and budgeting. As a contributor to MoneyRates, Anna’s insights are backed by her hands-on experience, exemplified by her achievement of paying off her mortgage in just 16 months, a journey she shared on the “Burn Your Mortgage” podcast in 2019. Her knowledge and expertise have appeared on personal finance platforms such as LendingTree, Business Insider, Credit Karma, Experian, American Express, Rocket Mortgage, U.S. News & World Report, and Policygenius. Anna is dedicated to guiding consumers toward making informed financial choices.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.