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Top 10 Savings Accounts In The US


Top 10 Savings Accounts In The US 23.09.2019Leave a comment
Top 10 Savings Accounts In The US

In today’s world, most of the banks provide their customers with savings accounts allowing them to deposit money in safe conditions and earn significant amounts of interest. Banks and credit unions that offer savings accounts have FDIC and NCUSIF insurance to keep the high standards of safety for their clients.

FDIC insurance is a governmental agency whose function is to protect you against the loss of your insured deposits in case the bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

FDIC insurance
FDIC insurance

What Benefits Savings Account Includes?

Usually online and community banks, as well as other credit unions, offer free service of opening a savings account. So, if you do not plan to spend your money in the near future, it is a very clever idea to keep it in a bank.

Looking from the psychological viewpoint, if you do not keep large amounts of money in cash, you will never be able to waste it. Moreover, knowing that your money is kept in a secure place, you can rest assured that your funds won’t be stolen or damaged. Moreover, you will eliminate the risk of losing money in case your bank or credit union fails to make its payments in the future. Your payments will be controlled and compensated by the federal government.

Savings accounts offer immediate access to your cash via cards or using your card number and account code.

Whenever you need to spend money, withdraw cash from an ATM or bank’s teller, or use your debit card to transfer the necessary amounts of funds from your savings account to the checking account.

 

Having a savings account is also considered as a way of putting some funds aside for longer-term goals. Savings accounts pay monthly interest to you by adding some amount of money to your deposit.

Usually, the interest rate which the bank offers to its clients depends on the economic conditions of the credit union and its level of competition with other banks.

Most of the savings account rates are generally varying between 0.1-2.7% and do not increase with inflation; however, you can always consider that it is more than nothing.

Bank Minimum Balance APY
$1
2.10%
No minimum
2.00%
$100
2.20%
No minimum
1.90%
No minimum
1.90%
No minimum
1.90%
No minimum
2.00%
$1
2.20%
No minimum
2.21%
No minimum
1.90%

How to Open a Savings Account

Usually, to open a savings account, you will spend only a couple of minutes; however, it will serve for many years. You can do it online using a mobile device or visit a bank and get in-person guidance. However, there are some standard rules which you need to consider to choose the bank with the best conditions for you.

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So, you need to compare all the possible bank options with annual percentage yield, fees covering bank services, and minimum balance requirements. Moreover, you need to pay special attention to the following criteria:

Savings Account Disadvantages

Savings accounts make monthly interest payments to your account. It will definitely be beneficial for you to keep your funds in there and earn some money without doing anything. However, comparing the APY that savings accounts pay with those of Treasury bills, we can see that the APY of the latter is higher for the offered services. Moreover, it is not recommended to use savings for long-term holding periods.

Treasury Bills – T-Bills
Treasury Bills – T-Bills

So, as a result of our conducted research, testing, and recommendation reviews we have found out the top 10 savings accounts in the US for you.

FNBO Direct

FBNO is the First National Bank of Omaha with an old school bank structure of Nebraska. The requirements of the bank for opening and keeping a savings account are accessible to everyone. In case you have at least a $1 deposit, you can open a new online saving account in a couple of minutes.

FNBO Direct Online Savings Account
FNBO Direct Online Savings Account

The bank currently offers a relatively APY of 2.10 % APY. Moreover, as FNBO Direct is a member of the PopMoney network, and, within the network, you can make fast and free transfers from your savings account.

Compared to the other banks’ service of savings account, the bank currently provides you with relatively high-interest rates, FDIC insurance, and worry-free savings experiences.

Synchrony Financial

Synchrony Financial is a banking company headquartered in Stamford, Connecticut, USA. If you want to open a savings account at Synchrony Financial, the bank will provide you with FDIC insurance and one of the highest interest rates in the country, which is 2.00% APY.

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Synchrony Financial
Synchrony Financial

There are no required monthly fees, minimum deposit, or ongoing balance amounts for keeping a savings account. You can always use your savings to withdraw cash and make deposits (cash or check) at any ATM. Though the interest rates for savings are high at Synchrony, the bank users give very negative feedback about the customer service, the poorly functioning website and online banking system.

The only physical branch of Synchrony is located in New Jersey, that’s why most of the banking deals for organizing savings account are carried out online.

CIT Bank

CIT Bank is an excellent option for everyone who wants to get high yield savings and fast service at physical branches. CIT Bank belongs to the banking subsidiary of CIT Group, which is a financial services company.

The main headquarters of the bank is in Pasadena, California. Currently, CIT Bank’s Premier High Yield Savings account offers 2.20% APY and FDIC insurance to everyone who wants to open and keep a savings account at the bank. In contrast to the previous mentioned banks, in order to open a savings account at CIT, the client should have a $100 minimum balance.

CIT Bank
CIT Bank

Although the savings account service has no charges for the regular usage, CIT doesn’t offer a checking account. This means that the clients will still need to deal with multiple banks. Moreover, there is some negative feedback from current customers about the poor online experience on the bank’s website.

American Express Bank

The American Express Company, which is also known as AMEX, is US multinational financial services corporation headquartered in Three World Financial Center in New York City. American Express Bank offers to its customers a savings account with a current 1.90% APY.

The bank has a great FDIC insurance practice in savings account service and relatively high customer service ratings compared to other banks.

The biggest issue Amex currently faces regarding the bank accounts’ operations is the lack of fast connection between savings accounts and online banking system.

American Express Bank
American Express Bank

Due to that issue, the customers aren’t able to log in to their online accounts and make transfers. The AMEX team works very hard in order to decrease this existing problem and get positive reviews from its customers.

Moreover, the personal savings accounts for the bank are not meant for everyday spending. If you decide to open high yield savings account at AMEX, please consider that you won’t be able to take out cash for some time.

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Thus, you only will be allowed to have a maximum of six withdrawals/debits per statement cycle from your online high yield savings accounts. And also please remember that AMEX is an online bank, which means you won’t find a single branch in order to go there personally and transfer some money to your savings account.

Ally Bank

Ally Bank is a bank holding company headquartered in Detroit, Michigan and is well known for its High Yield Savings & Checking services.

If you decide to open a savings account at Ally bank, at the moment, they will offer you 1.90% APY without any monthly fees. There is also available a fast-working and flexible function of sending mobile check deposits from phone right to the savings account.

Ally Bank
Ally Bank

Overall, Ally has well-rated online and mobile banking system. However, in this case, the customers cannot deposit cash from their savings account if they don’t have a checking account.

The current users of Ally actively express their satisfaction about the bank on many online platforms for keeping their savings in a safe environment, for paying them the savings accounts’ interests on time and for organizing high yield checking in the shortest amount of time.

Capital One Bank

Capital One is an American banking company having locations in the United States, Canada, and Great Britain. Compared to the banks mentioned above, Capital One’s 360 Savings account obviously doesn’t have a very high yield. However, it is relatively higher than the current national average in the US.

The annual percentage yield is 1.90% APY at the moment for any amount of money you transfer to your savings account. In order to open a new one, you won’t have to pay any fees or have a minimum balance.

Capital One Bank
Capital One Bank

The bank mostly works online for solving problems connected to savings accounts though it is still possible to get in-person consultation at the few of their branches.

Capital One offers a high yield checking account in addition to savings. Thanks to that their clients can get a debit card and organize all of his banking deals only by using one account. The customer is also encouraged to organize fund transfers without any charges to and from any other bank savings accounts in the US.

Moreover, there is already available a new feature allowing to open up to 25 savings accounts per account holder. You can use it to set up automatic transfers to different funds including travel fund, wedding fund or any other savings goal.

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Goldman Sachs Bank

Goldman Sachs is considered one of the best banks at Wall Street and is one of the largest investment banks in the world. The primary goal of the bank is to offer safe storage of money and paying the high-interest rates.

Goldman Sachs provides you with an online savings account service with 2.00% APY. Instead, you should not pay any fees or charges to keep your savings account. Though Goldman Sachs works with other online banks as well, you still cannot deposit cash from your savings account.

Goldman Sachs Bank
Goldman Sachs Bank

However, you are very encouraged to transfer funds to or from any account at a linked bank without any payments. Moreover, Goldman Sachs offers personal loans regardless of the amount you have on your savings account. Overall, Goldman users share positive feedback about all online services.

The bank offers while noticing that it takes only a couple of minutes to organize transfers to/from their savings account.

HSBC

HSBC Bank is one of the biggest financial conglomerates in the world. It is the largest UK bank in terms of assets and market capitalization. Being one of the most robust banks on this list, HSBC offers savings account service with relatively high yields.

The bank has no monthly maintenance fees for managing savings account and provides its customers with the best working online banking service ever. Currently, the bank has one of the highest rates at 2.20% APY and FDIC insurance for any account which has at least $1.

HSBC
HSBC

There are no requirements regarding the minimum balance of the account. Moreover, if people with savings accounts combine those with their Premier checking accounts, they will get up to $750 welcome bonus.

Betterment Everyday

Betterment is an online investment company based in New York City. The bank is one of the newest players in the high yield savings account industry. However, they have managed to take some innovative steps in the market. Betterment has become one of the best robo-advisors with ingenious systems of maintaining a savings account.

They are expecting to introduce checking accounts as well. In order to open a savings account, the bank requires a $0 monthly maintenance fee. The accounts are FDIC insured for up to $1,000,000. It offers one of the fastest working online banking systems; thus, you can control your account activities anytime you wish.

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Betterment Everyday
Betterment Everyday

The current APY is one of the highest on the list, which is 2.21% without any balance requirements or fees.

Moreover, there is a promotional APY bonus available for the ones who hold a savings account. TO get the bonus you will have to join the waitlist for Betterment Everyday.

Discover Bank

Discover Bank is an American financial service company that manages Discover and Pulse payment networks. Most people believe that Discover Bank only manages its operations online; however, underneath the website structure, there is a strong banking and savings operation system.

Discover Bank
Discover Bank

So, Discover Bank offers high yield savings account with relatively high-interest rates. You can earn 1.9% APY without paying any fees or having any minimum amount of balance in case you decide to hold a savings account there.

The bank also offers big bonuses for its account holders of up to 200$ in cash and a high-speed app for mobile devices. Moreover, all of the savings account holders are encouraged to have excessive withdrawals and bank transfers.

After analyzing and discussing all the advantages and disadvantages regarding savings accounts at the top 10 banks in the US, you are free to decide who to trust with your money.

Each of the banks presented above offers specific features and interest rates to make savings accounts more attractive.  Hope this article was helpful to you and wish you the best of luck in choosing the option that fits your needs.

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Andrei Shilkov

Blog author. I am well versed in Finance and Digital Marketing. I have two bachelors degrees in Finance. Born in Russia, but later moved to the USA, to western Pennsylvania, the city of Pittsburgh. I have a Certified Public Finance Officer (CPFO) certificate. I also worked at IRS and Microsoft.

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