Putting money into savings may be a good strategy – even more so if you put it in a bank or credit union with a high APY%. You’re probably wondering which bank offers the best savings account. While a high APY% sounds lucrative, there are other important things to consider as well, such as customer support, security, privacy, and financial stability of the bank or credit union itself.
Some banks will require you to have a minimum amount of money when you open an account. You might also need to make a minimum deposit every single month to maintain a high APY%. Also, something consumers should AVOID is any unreasonable or excessive fees.
Since literally dozens of banks offer savings accounts online, with decent annual percentage rates (0.50% and higher), how can you choose? Which bank offers the best savings account?
Here are a few options to look into:
Ally Bank’s High-Yield Savings has an APY % of around .50% and has no minimum deposit requirement. Its high-yield savings account not only pays a relatively high APY. It also does not carry any monthly fees. In addition, it comes with convenient savings tools, including “surprise” savings transfers to help you save extra money automatically and savings buckets that allow for different savings goals.
It’s very easy to create a high-yield savings account with Vio Bank. It requires a deposit amount of just $100, and the money is FDIC-insured. The interest is compounded daily, allowing you to grow money fast. There are no monthly fees, and account holders are allowed 6 FREE withdrawals for every monthly statement cycle. The APY% is currently 0.51%.
Marcus by Goldman Sachs
Often, when searching the internet for “which bank offers the best savings account?” Marcus by Goldman Sachs is often mentioned. This account is a strictly digital option with a $0 minimum deposit requirement and a 0.50 APY%. The only potential drawback is that this bank has no digital checking account, so if you need one of those, you’ll have to put the money elsewhere.
With CIT Bank, there is a Savings Builder account with an APY % that varies from 0.42% – 0.50%. You can open an account with a deposit as low as $100. A Savings Connect / eChecking account has benefits such as free ATM use and easy remote transfers via the CIT Bank app.
So, which bank offers the best savings account? These are only a few popular options, but CIT Bank is currently one that most people seem to be happy with. There is good customer service, daily compounding interest, no maintenance fees, and many other benefits.