Lately, we’ve been going state by state to find the savings accounts with the best APYs. Most recently, we looked at the best savings rates in New Mexico, Alabama, and Colorado. Using data from the FDIC, we’ve identified the best savings rates in each state, and this time we’re looking at Arizona. By examining both regular savings products and high-yield products, we hope to help Arizonans make informed decisions that will increase their savings potential.

The 5 Best Savings Account Interest Rates in Arizona

Arizona is largely dominated by out-of-state banks, both large national ones and those specifically based in the western U.S. The largest bank in the state, measured by customer deposits, is Western Alliance Bank. To get a list of banks in Arizona, we used the FDIC to create a list of banks in each state, sorted by the amount of deposits they take. From there, we analyzed all of the local or regional banks in Arizona. Using those banks, we then evaluated which ones had the best savings account rates.

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

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

Goldwater Bank is based entirely in Arizona and manages over $308 million in customer deposits. This bank is much smaller than Western Alliance Bank, but Goldwater Bank packs a punch. Namely, it offers its High Yield Savings account. Opening this account costs just $100 and a minimum of $0.01 to earn interest. And the interest you earn is fantastic: 4.15% APY.

Although the word “business” appears in Gainey Business Bank’s name, it actually offers personal financial accounts and services. Headquartered in Scottsdale, Gainey Business Bank, or GBB, has a full range of business and personal accounts. However, its basic savings account is pretty solid. With no minimum balance required and no monthly fee, the GBB personal savings account is extremely affordable, and you’ll still earn an above-average 1% annual interest rate.

With over $240 million in customer deposits, Republic Bank of Arizona is one of the top-rated banks in Arizona and was ranked the second-best bank in the state by Arizona Business. The bank’s Republic Basic Savings account is, as the name suggests, its standard savings account. But its interest rate is better than most savings accounts offered by major banks. Opening this account will cost you just $100, and it costs at least $100 to earn interest. There is a $5 monthly maintenance fee, which can be waived if you keep $500 or more in your account. In return, you get one of the best savings accounts in Arizona and earn 0.51% APY on all balances.

Headquartered in Mesa, Gateway Bank has been around for over 15 years, offering a wide range of accounts and services to both personal and business customers. The bank manages over $158.6 million in customer accounts and does not operate any branches outside of Arizona. The highlight of Gateway Bank is its traditional savings account. It is very affordable, requiring only $100 to open, but has no minimum balance requirements or monthly fees. And although it is just their standard savings account, Gateway Bank offers an above-average 0.50% APR on balances of any size with the traditional savings account.