The ideal savings accounts are those that will help you grow your money and give you the freedom to do just about whatever you want with it. It shouldn’t cost very much money to maintain a savings account, either. It’s recommended that you stick with an online bank since they are able to provide better APY than what the traditional brick and mortar banks can offer. To help you with your decision, here are the top 10 savings accounts right now (in no particular order):
• Popular Direct – 2.55% APY for “Ultimate Savings”
• TAB Bank – 2.40% APY
• Citibank – 2.36% APY for “Priority Account Package”
• MySavingsDirect – 2.15% – 2.40% APY
• VIO Bank – 2.52% APY
• Citizens Access – 2.20% APY
• HSBC Direct – 2.20% APY
• Comenity Direct Bank – 2.35% APY
• CIT Bank – 1.55% – 2.35% “Savings Builder” APY
• Barclays – 2.10% APY
Of course, there is much more to the top 10 savings accounts than just the APY. Will you be required to keep a minimum amount of money in the account in order to get the APY? Will there be any penalties if you have to access any of the money and use it?
Maintenance Fees in the Top 10 Savings Accounts
Ideally, there should be no monthly maintenance fees just to hold a competitive savings account open, nor should you have to pay anything to transfer money into the account over the internet.
Keep in mind that the APY percentages mentioned above might not be for every single month. Some are just for an introductory period. In order to keep those percentages, you will likely be required to make a minimum deposit, or maintain a certain amount of money in the savings account. Only choose one of the top 10 savings accounts that is FDIC approved, as this means that the money is insured. Financial institutions have an “FDIC Member” logo right on their front page to show off their status.
Take the time to read about the transfers and withdrawals (if any) you will be allowed to make with the money in the account. Some transfers / withdrawals are subject to limitation and some are not. Across the board, online savings accounts usually have a limit of 6 withdrawals per month. If you think you will need more than that, and then be very careful with how much you put into the savings account in the first place. Only put in money you know for sure you can live without each month, and let it grow with interest.
Of the top 10 savings accounts, CIT Bank is one that gets a lot of positive reviews. There are no monthly fees on its savings accounts, and you can really rack up the interest over the coming year if you select the “Savings Builder” account.