Savings

Compare Best Savings Accounts Guide: The Importance of Choosing an Internet-Based Bank & What to Look For

There really is no excuse for keeping your money in a low-rate account these days. There are plenty of high-yield savings accounts to choose from online that provide customers with interest rates significantly higher than those offered by the old traditional banks. While all banks are holding back a bit and being cautious in today’s economic climate due to the pandemic and political unrest, that doesn’t mean that you shouldn’t still take the time to compare best savings accounts offers. Eventually, the economy will get back on track again.

There are literally dozens of savings options online to choose from, and you can expect good customer support through online chat features as well as technical support if you use an app or online-only bank website. Some of these banks even offer “Savings Builder” accounts to not only help you with your savings, but to help you build a lot more over time. Additionally, the option is always there to get a Certificate of Deposit account, which comes with an even higher APY%.

Did you know that the average national average APY is only around 0.06%? Most internet-based banks offer at least 0.90%, even for the lower-tier accounts that don’t contain several thousands. Speaking of which, the account tiers and minimum amounts are some things you need to look into when you compare best savings account. Obviously, make sure any bank you are considering is FDIC-insured.

No matter what you are saving up for, whether it’s a college fund, for a home, emergency fund, retirement etc. you must always ensure that your money is in a safe place with as much protection as possible.

Compare Best Savings Accounts By Fees and APY

Fees are a common thing with any kind of bank or financial account. Even with a higher-than-average APY, fees can eat into your profit. This is why you absolutely must opt for a bank that is transparent about its fees and does not charge for anything unnecessary, such as opening or maintenance fees. There is absolutely no reason whatsoever any bank – especially an internet-based one – should charge you a fee just for opening up an account with them and putting your own money into a savings account they themselves offer.

To help you compare best savings account, here are a few you might want to start comparing right now:

• Discover Online
• Marcus by Goldman Sachs Online
• American Express National Bank
• Citibank
• VIO Bank
• CIT Bank

CIT Bank is one that is really recommended right now. Just don’t confuse it with Citibank when you compare best savings accounts. They are two entirely different banks. While CIT Bank might not at first glance appear to offer the highest APY for the time being when compared with the others, it is overall an excellent choice with its no fees policy and excellent customer support.

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