As you know, a savings account is a financial account found at traditional banks, online banks, and credit unions. You place your money into a safe place and allow it to accumulate interest over a while. There is always the option to contribute more money to the account as time goes by. These days, online banks and credit unions tend to have the best savings account offers. You don’t have to step foot into a bank – start the account online and put your money in there over the internet.
Everyone needs to have a savings account as they play a huge role in financial health. Savings are significant, as you never know when you might have an emergency to handle. CDs are great options well and often come with higher APY%s to benefit the account holder. Still, they require that your money will lockdown for a specific period. With savings account offers, there is no penalty for early withdrawal.
There is also flexibility with savings accounts since they usually allow you to make a few purchases every month. However, there is typically a limit on the number of transactions you can make. Each bank has its own set of rules, so keep that in mind when you’re looking for a place to put your savings.
Also, make sure you choose a bank or credit union backed by the FDIC or NCUA. This choice guarantees that your money will be in a safe, secure place, and you won’t suffer any consequences even if the bank itself experiences financial difficulties. That said, you still should stick with a bank that is in stable economic condition and has been around for a while. Always read reviews.
Savings Account Offers With High Returns
As for APY%, we recommend that you don’t necessarily choose the bank or credit union that offers the highest amount of interest. Other factors are just as –if not more – important. Customer service, tech support, terms, and conditions, etc. are always essential.
Here are a few online financial institutions with good savings account offers right now:
- American Express High-Yield Savings Account
- HSBC Direct Savings
- Barclays Online
- First Tech – Federal Credit Union
- Pure Point Financial
- CIT Bank
While any of these would be good, one that is often recommended and comes with many positive ratings for its savings account offers is CIT Bank. With its current Savings Builder offering, the APY% can get as high as 0.55%. It’s likely to rise in the future due to the bank’s financial stability.