If you’re someone who is looking for a safe, yet potentially profitable way to put your money, then the best solution is a high-yield savings account from a reliable, strong financial institution. You don’t necessarily have to choose a traditional bank, either. There are some good online banks to choose from these days, although not all of them are equal. Here are the top ten savings accounts to look into (no specific order):
Capital One
This one is great for fast transfers. Even though Capital One is mostly known for its credit cards, it’s still a good choice for a savings account. There are a variety of options, including Kids’ Savings Accounts (1.00% APY) and 360 Performance Savings (1.90 APY).
SoFi Money
Even though this is a newer institution, it’s still offers a good cash management account that pays up to 2% APY, and doesn’t charge much in terms of fees – if any at all (no ATM fees, overdraft fees, monthly pays, etc…). The APY varies from 1.80% – 2.0% and is subject to change.
HSBC
While its APY is lower than the other banks on this list of top ten savings accounts, HSBC has the advantage of longevity. Its roots go back to 1865. It’s also one of the largest and most robust banks that offers various online savings accounts.
American Express
Like Capital One, American Express is most-often thought of as a lender of credit cards, but the financial giant now also offers savings accounts online, with an average of 1.90% APY. The account has no monthly fees or minimum balance to worry about.
Barclays Bank
This organization definitely deserves to be among the top ten savings accounts due to its excellent support and services for online customers, as well as its no minimum balance requirement to start an account. Not only does Barclays boast some fairly high APY for its savings accounts, it also offers CD options that have some of the highest rates right now.
Citi
Some of the benefits of signing up for a savings account with Citi is that is requires no minimum opening deposi, offers the convenience of mobile check deposit, and the ability to easily transfer money between your Citi accounts and non-Citi accounts.
State Farm
There is a pretty impressive introductory APY with State Farm savings accounts (2%), and you don’t need to meet a minimum deposit requirement. There are no ATM fees as long as you use a State Farm ATM. In certain accounts, interest is compounded daily.
Popular Direct
If you have at least $5,000 to start with, then you can expect an APY of 2.40% if you create a savings account with Popular Direct. This offer is for those who create a new “Ultimate Savings” account and went into effect Sept. 9 2019. Like the others mentioned on this top ten savings accounts list, you get a peace of mind when Popular Direct thanks to FDIC-insured deposits.
WebBank
There are no monthly fees to worry about with WebBank and it requires a minimum balance of just $1,000. The interest compounds daily, and you can easily manage your account online. The APY averages around 2.20% for savings accounts.
CIT Bank
If this WAS a ranked list of top ten savings accounts, CIT Bank would definitely be #1. You can easily skip a branch and just deposit a minimum of $100 into an online “Savings Builder” account, which is FDIC-insured and has an APY % of around 2.20.