Finding the best savings account in Florida means more than just comparing APYs. Florida residents need to factor in state income tax on interest (Florida has no state income tax, so savings account interest is subject only to federal income tax.), FDIC insurance, and account minimums. Here are the top picks for Florida residents in 2026.
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🏛 Florida Residents: Florida's large retiree population makes high-yield savings accounts a key component of retirement income. With no state income tax, retirees keep more of their savings interest than in most other states.
Are savings accounts taxed in Florida?
Florida has no state income tax, so savings account interest is subject only to federal income tax. Interest earned in savings accounts is considered ordinary income and must be reported on your federal and state tax returns.
What is the best savings account in Florida right now?
As of March 2026, Marcus by Goldman Sachs (4.50% APY) and SoFi (4.60% APY with direct deposit) offer the best rates available to Florida residents. Both are FDIC insured with no monthly fees.
Can I open an online savings account if I live in Florida?
Yes. All major online savings accounts (Marcus, Ally, SoFi, Discover, American Express) are available to Florida residents. Online accounts typically offer significantly higher APYs than local banks and credit unions.