The Best Savings Accounts in Nevada for 2024
A savings account can be an excellent tool to help you save for your financial goals or simply build a rainy day fund in case you need it in the future.
Today, it’s easier than ever to find savings accounts with high interest rates to help you boost your savings.
When it comes to choosing the best account for your savings, Nevada residents have no shortage to choose from, including both national and local banks.
The Best Savings Accounts in Nevada
- Quontic Bank
- SoFi
- Synchrony Bank
- Citi
- LendingClub
- Greater Nevada Credit Union
- Elko 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 Nevada
Online savings accounts have become increasingly popular for their high interest rates, robust digital tools, and accessibility.
There are many top online savings accounts to choose from, and we’ll dive further into some of the most popular below.
Quontic Bank
Quontic Bank is a digital bank that offers a variety of services, including its high-yield savings account. This account has one of the highest interest rates.
You’ll need $100 to open the account, but you won’t be subject to any monthly fees.
Other Quontic Bank products include checking accounts, money market accounts, IRAs, and mortgages.
Pros
- High savings APY
- No monthly fees
- No minimum balance requirement
Cons
- $100 minimum deposit required
- No physical branches for in-person banking
SoFi Bank
SoFi started off as a popular online lender for student loans but has since grown into a financial institution that offers a variety of products and services.
SoFi offers an online bank account with one of the highest interest rates on the market. This account is unique because it’s a checking and savings account in one rather than two separate accounts.
There are no minimum balance requirements and no monthly fees, and you can access more than 55,000 fee-free ATMs.
Additionally, you can get your paycheck two days early when you set up direct deposit and can earn a bonus of up to $300 when you sign up and set up direct deposit.
Pros
- High savings APY
- No monthly fees
- No minimum deposit or balance requirements
Cons
- No physical branches
- Combination checking and savings may not be right for everyone
Synchrony Bank
Synchrony Bank offers an online high-yield savings account with no minimum deposits, no minimum balance requirements, and no monthly fees.
Customers have the option of getting an ATM card for their savings account so they can easily access their cash.
The company also offers other financial products like money market accounts, CDs, IRAs, and credit cards.
Pros
- High savings APY
- No minimum deposit or balance requirements
- No monthly fees
Cons
- No physical branches
- No checking account option
Citi
Citi started as a traditional in-person bank but has adapted to the era of online banking and offers some of the most attractive online banking products, including its high-yield savings account.
The Citi savings account has no minimum balance requirements. Citi charges a fee for its savings account, but you can have it waived if you have a connected checking account with direct deposit set up or a combined average monthly balance of $1,500 in all linked accounts, or if you maintain an average balance of more than $500 in your savings account.
Citi is also a full-service bank, meaning it offers other deposit accounts, credit cards, loans, and investing products and services.
Pros
- Access to physical branches
- No minimum deposit or balance requirements
- Free ATM card
Cons
- Monthly service fees may apply
- APY is lower than some competitors
LendingClub Savings
LendingClub is an online lender of personal and auto loans, but more recently, it has begun offering banking products, including high-yield savings accounts.
LendingClub currently offers a competitive savings account rate. You’ll need $100 to open an account but then won’t be subject to minimum balance requirements moving forward.
There are no monthly service fees, and you can request a free ATM card for your account.
Pros
- High savings APY
- No monthly fees
- No minimum balance requirement
- Free ATM card
Cons
- $100 minimum deposit required
- No physical branches
A Look at Local Nevada Banks
Online banks offer some of the most attractive and popular savings accounts on the market, but they aren’t right for everyone.
For customers who prefer to work with a local business, there are plenty of Nevada banks and credit unions to choose from. Below we’ll talk about two of the most popular.
Greater Nevada Credit Union
Greater Nevada Credit Union is the largest credit union in the state. It was founded in 1949 and has its headquarters in Carson City. Membership is available to anyone who lives or works in the state, as well as immediate family members of existing members.
Greater Nevada Credit Union offers several savings accounts for its members to choose from, each of which offers the same interest rate.
These accounts require a minimum deposit of only $5, as well as a $5 membership fee when you open your account. After that, the account is free.
The interest rate on the savings account isn’t as high as some online banks but is competitive compared to other local financial institutions.
Pros
- No monthly fees
- $5 minimum deposit requirement
- Available to all Nevada residents and workers
Cons
- $5 membership fee to open an account
- Just a few branches
Elko Federal Credit Union
Elko Federal Credit Union (EFCU) was founded in 1960 in Elko, Nevada, and is the 9th largest credit union in the state. It has two locations, and membership is available to anyone who lives, works, worships, goes to school, or regularly conducts business in Elko, Eureka, Churchill, Lander, Humboldt, White Pine, or Pershing, Nevada; or Owyhee or Twin Falls, Idaho.
EFCU offers a personal savings account that requires a minimum deposit of $25 and a one-time membership fee of $5.
You must maintain a balance of $100 to earn dividends on your account. The interest rate on the savings account isn’t as high as some online banks but is competitive compared to other local financial institutions.
Pros
- Higher savings APY than most local institutions
- Use your savings as collateral for a loan
Cons
- $25 minimum deposit required
- Membership fee to open an account
How We Picked: Methodology
MoneyRates found the best savings accounts in Nevada by analyzing savings accounts at online banks, local credit unions, national banks, regional banks, and local banks in the state. We looked at the most recent interest rates being offered on savings accounts at over 25 banks, along with accessibility, requirements for opening and maintaining an account, fees, ATM access, flexibility, availability, and ease of use of mobile banking.
The best savings accounts in Nevada reflect market conditions and bank APYs at the time of our analysis. Banks can and do change their rates and terms on a regular basis, so you should check with banks directly to see what rates and terms they are currently offering.
How Interest Is Earned in Nevada Savings Accounts
Financial institutions in Nevada, such as brick-and-mortar banks, online banks, and credit unions, offer savings accounts that accrue interest. Interest is compounded on savings accounts either daily, monthly, or quarterly. For most savings accounts, the interest is compounded daily and added to your account balance monthly.
There are two types of interest: simple and compound. Simple interest compounds solely on the amount of money that you deposit into your savings account, while compound interest compounds upon the amount that you have deposited, plus any previous interest.
How Do You Know How Much Money You Earned in Interest?
When you earn money on interest, no matter what state you are in, you will receive a form 1099-INT. If you have more than one banking account that earns interest or any other interest-bearing account, you will receive a form 1099-INT from each bank.
On the form, it will show how much you earned in interest for the previous year. You will add that amount on the part of your tax return that asks how much interest you earned.
A compound interest calculator can help you figure out how much future interest you’ll earn on your savings account.
How Much Are Taxes on Savings Account Interest in Nevada?
Since you live in Nevada, you won’t have to pay any state tax on the interest you earn on your checking account. You will, however, have to pay federal tax on that amount. You are taxed on interest you earn at the same rate you are taxed for your income at the federal level.
How to Choose a Savings Account in Nevada
With so many savings accounts to choose from in Nevada, it can be challenging to choose the best. Below are a few things to consider when choosing a savings account to ensure you choose the one that meets your needs.
Interest Rate
The interest rate is one of the most important factors to consider when choosing a savings account, especially if your goal with opening the account is to earn a bit of extra money from your savings.
Interest rates on savings accounts vary drastically. Traditional banks tend to have very low interest rates that never increase, while some online banks offer rates more than 20 times the national average.
Fees
Banks charge a variety of fees on their deposit accounts, including monthly fees, overdraft fees, ATM fees, and more.
While fees aren’t always a dealbreaker, they’re easy enough to avoid, thanks to the many banks that don’t charge any fees at all.
Before signing up for a savings account, pay attention to the fees that may apply and whether you’re likely to be stuck with them.
Opening Deposit
As you can see from your list above, many banks require a minimum opening deposit when you set up your checking account.
These minimum deposits are usually quite low, ranging from just $5 for some local credit unions to $100 for many online banks.
While a minimum deposit isn’t necessarily a reason to avoid a certain bank, it’s worth considering whether the fee makes sense for you.
Other Accounts Available
Many people like to have all of their banking products in one place. It just makes things easier to log into an account and see your checking account, savings account, credit card, and more all in one place.
However, other people prefer to have their savings account at a separate bank so they’re less tempted to spend it. Decide which makes the most sense for you and find a bank that offers that.
Access
One of the biggest differences between online banks and local financial institutions is their accessibility.
While online banks have plenty of digital tools, there aren’t usually any physical branches.
They may have fee-free ATMs you can find around the country, but that’s it. On the other hand, local banks and credit unions are far more accessible since you can drive to your local branch and speak to someone in person.
Account Management
There are many ways you can manage your account, whether you have an account with an online bank or a local credit union.
Online banks tend to have many robust digital tools, including their website, mobile app, and other features.
Plenty of local institutions also have solid digital tools, but not all of them. If you’re going to be managing your account from your phone or computer, make sure the bank or credit union you choose can accommodate you.
Where Can You Open a Savings Account in Nevada?
When you’re in the market for a savings account in Nevada, you’ll have three primary options: traditional banks, online banks, and credit unions.
Banks
Traditional banks are probably what most of us picture when we think of opening a savings account.
These banks can be either local or national, but either way, they usually have branches you can visit.
They also tend to have a large lineup of financial products, including deposit accounts, credit cards, loans, and more.
Banks are FDIC-insured, meaning your money is protected up to $250,000 per person, per account category.
Online Banks
Online banks have become increasingly popular over the past several years.
Rather than having physical branches, they exist entirely online.
They can offer all the same products as traditional banks, but many offer fewer products and services.
Because online banks have less overhead, they are able to offer better rates on deposit accounts like savings accounts and CDs, as well as better rates on loans.
They also tend to charge fewer fees. Just like traditional banks, the money in online banks is FDIC-insured.
Credit Unions
Unlike banks, which are for-profit companies, credit unions are nonprofit organizations that are owned by their members.
Credit union membership is often contingent on living in a certain location, being a part of a certain affinity group, or working for a certain company.
Because they don’t need to make a profit, credit unions often have more favorable rates and fees.
Credit unions aren’t FDIC-insured. Instead, the money in them is protected by a similar organization called the National Credit Union Administration, which offers the same amount of insurance for individuals as the FDIC.
Nevada Savings Accounts vs. Money Market Accounts
A money market account is a deposit account that’s similar to a savings account but also has the features of a checking account.
Like a savings account, money market accounts pay interest on the money in the account. The rates in the two accounts are often comparable, but it depends on where you open the account. Also, like a savings account, you’re limited to six withdrawals per month.
But a money market account also has the features of a checking account. When you open your account, you’ll get a debit card and checks to spend the money from your account.
FAQs
There’s no one best savings account in Nevada. Instead, the best savings account for you depends on whether you want an online or local financial institution and the features you want in an account.
The amount you can earn from a savings account usually depends on the current market interest rates. As market interest rates rise, so do the interest rates on savings accounts.
Historically, money market accounts paid higher interest rates, and that’s still the case with many traditional banks. But it’s becoming more common for high-yield savings accounts to offer better rates. You may earn even higher rates in a certificate of deposit (CD) but usually have to lock your money up for a particular amount of time.
