High-Interest Savings Accounts in Tennessee

High-interest savings accounts in Tennessee make your money work for you and are a significant stepping stone toward a secure financial future.
High-Interest Savings Accounts in Tennessee
High-Interest Savings Accounts in Tennessee
This blog provides insight into the best high-interest savings accounts in Tennessee and helps you zero in on one that works best for you.
In this article

High-interest savings accounts in Tennessee allow residents to grow their savings while keeping their funds accessible and secure. According to reports, 68% of the population prefers high-interest savings accounts in Tennessee, emphasizing their importance in achieving financial goals.

Whether saving for emergencies, a significant purchase, or long-term investments, high-interest savings accounts provide an efficient way to make your money work for you.

With numerous robust institutions, choosing the best high-interest savings accounts in Tennessee can be a challenging task. That’s where we come in, evaluating the top banks in the state for your convenience. Let’s explore.

The Best 8 High Yield Savings Accounts in Tennessee

The best savings accounts in Tennessee provide competitive interest rates, low fees, and accessibility. These accounts cater to various needs, from high-yield options to those with no minimum balance requirements. Customers can benefit from various features, making savings convenient and cost-effective.

Here are some of the best savings account options in Tennessee to choose from:

Bank NameAPY
Synchrony Bank4.75%
Citi®Accelerate Savings4.35%
American Express® National Bank, Member FDIC4.30%
US Community Credit Union4.06%
Leaders Credit Union1.50%
First Foundation Bank Online Savings Account5.0%
North American Savings Bank, F.S.B.4.18%

Table 1.0. Best Savings Accounts in Tennessee with Their APYs

1. Synchrony Bank

The Best High Yield Savings Accounts in Tennessee - synchrony

With its exceptional features, Synchrony Bank is the top choice for a savings account in Tennessee. They provide a high-yield savings account that stands out due to its fee-free nature, with no monthly fees, minimum daily balance requirements, or minimum starting balance, ensuring a cost-effective savings experience.

Accessing your money is easy with Synchrony Bank. They offer fee-free withdrawals at Plus or Accel-branded ATMs as long as you adhere to the federal limit of six transactions per month. Even when using non-branded ATMs, Synchrony Bank refunds up to $5 in ATM fees each month, adding convenience and savings to your banking experience.

Synchrony Bank’s tiered interest system rewards higher savings balances, making it an enticing choice for those looking to maximize their savings potential.


  • Easy-to-use online and mobile banking 
  • No minimum balance and zero monthly fees


  • Does not offer checking accounts.
  • Tiered interest rates may be less appealing to those with smaller savings balances.

2. Citi®Accelerate Savings

The Best High Yield Savings Accounts in Tennessee - citi

Citi®Accelerate Savings takes the spotlight as one of Tennessee’s best savings account options. Known for its reputable credit card services, Citi extends its excellence into consumer banking with this offering. Although there is a monthly service fee, it can be easily waived by maintaining an average monthly balance of $500 or linking a checking account to your savings account, making it accessible to a wide range of savers.

Citi’s strong online and mobile presence is a significant advantage for those who prefer the convenience of managing their finances digitally. 


  • Easy access to no-surcharge ATMs
  • There is potential to waive the monthly fee through an average monthly balance or linking a checking account.


  • A relatively high balance requirement 
  • Limiting flexibility

3. American Express® National Bank, Member FDIC

The Best High Yield Savings Accounts in Tennessee - American Express

American Express® National Bank, Member FDIC, secures its position as the top choice for a savings account in Tennessee due to its attractive features. Offering a high-yield savings account with no fees and minimum balance requirements is a simple and cost-effective way to grow your savings.

Customer service is a standout feature, with round-the-clock availability. However, most tasks can be efficiently managed online or through the mobile app, giving you the independence to handle your finances on your terms.

It’s worth noting that you’ll need to link the savings account to an existing account to open it. While you can transfer money between accounts, there’s no provision for an ATM card to access your cash.


  • Competitive interest rates 
  • No fees or minimum balance requirements
  • A strong mobile app 


  • Checking accounts are not offered
  • No ATM or debit cards available 

4. US Community Credit Union

The Best High Yield Savings Accounts in Tennessee - USCommunity credit union

US Community Credit Union is an excellent choice for a savings account in Tennessee, offering a range of savings options and financial products. With five local branches and access to over 5,000 nationwide co-op branches and 30,000 ATMs, it provides convenience for account holders across the state.

Their high-yield savings account requires a $1,000 minimum deposit to open. It features tiered interest rates, ensuring those with higher balances can maximize their savings. Moreover, there are no monthly fees to worry about, and dividends are credited every quarter, allowing your savings to grow uninterrupted.


  • Convenient access to several ATMs and local branches 
  • No monthly fees
  • Tiered interest rates provide the potential for higher returns as your savings balance increases.


  • While competitive, there’s a possibility of finding a higher APY at an online bank.
  • The high $1,000 opening deposit requirement 


The Best High Yield Savings Accounts in Tennessee - FSNB Banking for your world

US Community Credit Union, formerly Fort Sill National Bank, is Tennessee’s top savings account choice. With numerous branches across the state and additional branches in North Carolina, Mississippi, Arkansas, Louisiana, and Georgia, it offers extensive accessibility to account holders.

Opening a savings account with the US Community Credit Union requires only five dollars, making it highly accessible. However, to start earning tiered interest rates, you must maintain a $25 balance in the account. To avoid the $6.50 monthly service charge, your daily balance should stay at $100 or higher.

One distinctive feature is the “round-up” service, which automatically transfers excess funds from your checking account to your savings when you make a debit transaction, helping you save effortlessly.


  • Numerous local branches 
  • The “round up” service encourages saving with each debit transaction
  • Accessible account opening with a low minimum requirement.


  • While competitive, it’s possible to find a higher APY at an online bank
  • Tiered interest rates 
  • Be aware of potential fees that could impact your savings

6. Leaders Credit Union 

The Best High Yield Savings Accounts in Tennessee - Leaders credit union

Leaders Credit Union excels in providing top-notch savings accounts in Tennessee, promoting financial freedom. Their flexible accounts allow easy savings and growth. You can conveniently transfer funds between accounts and earn dividends on your deposits without the burden of maintaining a minimum balance to avoid service charges.

Automated savings through payroll deduction simplifies the saving process. Your money works harder with competitive APY that can be up to 16 times the national average. Tiered dividends increase with your balance, and you can earn up to 1.50% APY without any minimum balance requirements. 


  • Flexible savings accounts with easy fund transfers and dividend earnings
  • Competitive APY that can earn you up to 16 times the national average
  • No minimum balance requirement 


  • Information on potential fees or account limitations 

7. First Foundation Bank Online Savings Account

The Best High Yield Savings Accounts in Tennessee - First Foundation

With a competitive APY and convenient access to your savings, the First Foundation Bank Online Savings Account shines as the best savings option in Tennessee. While there is an initial deposit requirement of $1,000, this account is worth considering for those who can meet it.

Ideal for individuals maintaining a balance of $1,000 or more, this account comes with the added perk of an ATM card, granting you access to your funds from ATMs worldwide. First Foundation Bank provides online and in-person banking options with over 30 physical branch locations in multiple states, including California, Hawaii, Nevada, Texas, and Florida.


  • Impressive 5.0% APY on savings (at the time of publication)
  • Availability of branch locations in several states
  • ATM access with fee reimbursements and zero maintenance fees


  • Variable interest rate
  • A relatively high initial deposit requirement.
  • Possible wire transfer fees may apply.

8. North American Savings Bank, F.S.B.

The Best High Yield Savings Accounts in Tennessee - Fitch Ratings

North American Savings Bank, F.S.B. (NASB) is the top choice for a savings account in Tennessee, especially for those seeking liquidity, higher yields, and online account accessibility. While branch access is primarily limited to Kansas City, NASB provides an attractive online banking option.

NASB offers a range of savings accounts, with the High Rate Savings account standing out in this review. This online account requires just $1 to open and has no monthly fees. It offers an impressive, above-average interest rate and applies to balances up to $1.5 million. However, the rate decreases significantly beyond that point.


  • The High Rate Savings account offers a notably high yield.
  • NASB provides various savings accounts to suit different needs.
  • Low opening requirement of only $1, with no monthly service fee.


  • The APY for other savings account options is much lower than the High Rate Savings account APY.
High-Interest Savings Accounts in Tennessee

How We Picked: Methodology

The best savings accounts in Tennessee were selected through a thorough evaluation of accounts offered by various online, national, regional, and local banks, focusing on major cities like Memphis, Nashville, and Knoxville.

We considered vital factors such as low monthly maintenance fees, options to waive these fees, ATM network accessibility, excess withdrawal charges, online and in-app banking convenience, and interest rates.

Our selection of the best savings accounts is based on market conditions and the APYs offered by banks during our analysis.

It’s important to note that banks regularly alter their rates and terms, so it’s advisable to contact Tennessee banks directly for the most up-to-date information on the savings accounts they currently provide.

How to Choose a Savings Account in Tennessee

Choosing the best savings account in Tennessee involves considering more than just the interest rate. Here are some key factors to help you make an informed choice:

Account Options

Beyond interest rates, assess the range of financial products the bank offers. Consider checking accounts, CDs, and money market accounts to ensure they align with your savings objectives.


Be mindful of potential fees. While many banks allow fee waivers through direct deposit or maintaining minimum balances, watch for charges related to paper statements, ATM cards, or wire transfers.

Opening Deposit

Different banks have varying initial deposit requirements, ranging from none to $500 or more. Ensure you understand the opening deposit and daily balance requirements.


Decide how easily you want to access your money. Some banks provide ATM cards and surcharge-free ATMs, while others have no ATM card options. Consider if you prefer in-branch teller services or automated systems.

Account Management

Consider the bank’s digital capabilities. If you prefer self-service, prioritize banks with user-friendly online and mobile platforms. Alternatively, if you value customer service, opt for banks with call centers or in-person support, such as credit unions or traditional banks.


Overall, high-interest savings accounts in Tennessee provide an excellent way for residents to save and grow their money. With several robust financial institutions, evaluating the options and choosing one that caters to your needs is crucial. Whether you prioritize competitive interest rates, low fees, or accessibility, the best savings accounts in Tennessee offer a range of features to help you achieve your financial goals. By selecting the right account, you can make your money work for you and take significant steps towards a secure financial future.

Remember, choosing the best HYSA involves considering critical factors like interest rates, fees, minimum balance, and accessibility. Beem can help you find the best high-yield savings accounts to suit your needs.


How much do I need to deposit into a savings account in Tennessee?

The initial deposit requirements vary among banks in Tennessee, ranging from no minimum deposit to amounts of $1,000 or more. Be sure to understand the specific requirements of the savings account you choose.

What is the maximum interest rate in Tennessee?

The maximum effective formula rate of interest in Tennessee is 12.5% per annum, as announced by the Tennessee Department of Financial Institutions Commissioner.

Is My Money Safe in a HYSA in Tennessee?

Yes, your money in a high-yield savings account in Tennessee is safe and protected by the FDIC up to $250,000 per depositor per bank. This ensures your funds are secure, even if the bank faces financial issues.

How do I Open a High-Yield Savings Account in Tennessee?

You can open a high-yield savings account in Tennessee online or visit a bank’s physical branch. You will need to provide personal information and may need to meet specific deposit and identification requirements. It’s best to contact the bank or visit the website for the most up-to-date account opening procedures.

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Allan Moses

An editor and wordsmith by day, a singer and musician by night, Allan loves putting the fine in finesse with content curation. When he's not making dad jokes or having fun with puns, he's constantly looking to tell stories out of everything.


This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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