The Best Savings Account APYs In Arizona

Lately, we’ve been going state by state, looking for the savings accounts with the best APYs. Recently, we covered the best savings account rates in New Mexico, Alabama, and Colorado. Using data from the FDIC, we have been identifying the best savings account rates in each state, and this time around we’re looking at Arizona. By examining both regular savings and high-yield products, we hope to guide residents of Arizona towards making informed decisions that enhance their savings potential.

5 Best Savings Accounts Rates in Arizona

Arizona is largely dominated by out-of-state banks, both big national ones and ones particular to the Western United States. The biggest in-state bank, in terms of customer deposits, is Western Alliance Bank. In order to get a list of banks in Arizona, we utilized the FDIC to generate a list of banks in every state, ranked by the amount in deposits they have. From there, we analyzed all the banks that were local or regional to Arizona. With these banks, we then evaluated which ones had the best savings account rates.

Western Alliance Bank

Headquartered in Phoenix, Arizona, Western Alliance Bank is one of the most respected financial institutions in the U.S. and the largest bank based in Arizona. The bank has nearly $30.4 billion in customer deposits in Arizona, plus another $20.9 billion in deposits outside of Arizona.

If you’re looking for the savings account in Arizona with the highest APY, then check out Western Alliance bank’s High-Yield Savings account. You’ll need a minimum of $500 to open this account. It also takes a minimum balance of $250 to avoid the $3 monthly fee. But for all this, you can earn an excellent 5.31% APY, the highest savings account rate offered by an Arizona bank.

Goldwater Bank

Goldwater Bank is located solely in Arizona, being home to more than $308 million in customer deposits. This bank is much smaller than Western Alliance Bank, but Goldwater Bank has it where it counts. Namely, Goldwater Bank offers its High Yield Savings account. It only costs $100 to open this account and a minimum of $0.01 to earn interest. And the interest you’ll earn is awesome: 4.15% APY.

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Gainey Business Bank

Though the word “business” might be in the name Gainey Business Bank, but they do offer personal financial accounts and services. Headquartered in Scottsdale, Gainey Business Bank, or GBB, has a whole suite of business and personal bank accounts. However, its basic Savings account is quite solid. With no minimum balance requirement and no monthly fee, the GBB Personal Savings account is extremely affordable and you still earn an above-average APY of 1%.

Republic Bank of Arizona

With over $240 million in customer deposits, Republic Bank of Arizona is a top-rated bank in Arizona, ranked by Arizona Business as the No. 2 best bank in the state. The bank’s Republic Basic Savings account is, as the name suggests, their standard savings account. But its interest rate is better than most savings accounts offered by big banks. It will cost you only $100 to open this account, and it costs a minimum of $100 to earn interest. There’s a $5 monthly maintenance fee, which can be waived by keeping $500 or more in your account. For this, you get one of the best savings accounts in Arizona and earn 0.51% APY on all balances.

Gateway Bank

Headquartered in Mesa, Gateway Bank has been around for over 15 years. It offers a large variety of accounts and services to both personal and business customers. The bank holds over $158.6 million in customer accounts and does not operate any branches outside Arizona. The highlight at Gateway Bank is its Traditional Savings account. It’s very affordable, requiring only $100 to open, but coming with no minimum balance requirements or monthly fees. And despite being just their standard savings account, Gateway Bank offers a better-than-average 0.50% APY on balances of any size with the Traditional Savings account.