Also, avoid accounts with high withdrawal penalties or overdraft fees that could cut into the interest you’ve earned.

Mobile-friendly check deposits and 24/7 online account access mean saying goodbye to in-branch banking once and for all. But the company doesn’t have a live chat option or a mobile banking app. The best high-yield savings accounts have high interest rates, low fees and no minimum balance requirements. Discover’s high-yield savings account has no fees or minimums, so you can open one today without a deposit. With checking accounts and CDs available, it can easily be a one-stop shop for your banking needs.

See our Bank5 Connect review for more information. Bask Bank offers the only savings account that earns American Airlines AAdvantage® miles, not interest. American Express National Bank. Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best savings accounts of 2020. With no fees, no minimum opening deposit or balance requirements, and no minimum balance to earn APY, it’s difficult to argue with Credit Karma Savings’ premise – even if there’s no full-service bank to back it up. googletag.pubads().setTargeting('subcat', []).setTargeting('category', ['savings']); googletag.enableServices();

Maybe it’s time to shop around.

We leveraged J.D. Minimum deposit required to open an Aspiration Save Account is $10.00. Other savings options include multiple CDs with above-average yields and a flexible money market account with very good yields. There’s just one catch: You need to maintain a balance of at least $10,000 to earn UFB Direct’s advertised 0.40% APY. Special features are also something to consider. High-yield savings accounts are just like regular savings accounts, except they earn a much higher interest rate.

Another factor to consider is whether you like to do your banking online or in person. Synchrony: High Yield Savings. Ally is a great online bank with advanced budgeting tools that can help you save more money, without you even trying. You won’t be able to get an ATM card either, which can make it harder to access your money, especially considering American Express has no physical branches. For instance, Wells Fargo and Bank of America savings accounts yield less than 0.10% APY, regardless of what’s going on with prevailing rates. This is a unique feature that not many banks offer, so it’s a definite plus. CIT Bank also requires a deposit of $100, so if you don’t have any money saved, this account may not be the best option for you. Central Bank of Kansas City has invested in financially distressed and underbanked communities for more than 70 years and has been a designated Community Development Financial Institution (CDFI) for more than 30. High-yield savings accounts are a great place to store short-term savings you want to earn extra interest on but don’t want to risk losing in the stock market. For instance, if we compare the savings account offered by Chase, it scores a 3.8 out of 5. Because Marcus is an online bank, it doesn’t have any physical branches. googletag.defineSlot('/1035677/MoneyCrashers_', [[630, 195], [1, 1], [300, 195], [630, 139], [300, 139]], 'div-gpt-ad-1587489244020-0').addService(googletag.pubads()); It has a competitive interest rate of .80%, no monthly maintenance fees and no minimum deposit.

The American Express® High Yield Savings account is a low-key option from American Express National Bank (member FDIC), overseen by the same parent company that brings us the Platinum Card from American Express and other excellent premium credit cards. Although Discover doesn’t offer the highest interest rate, its savings account is still a solid option. So if you want to be able to withdraw your money at local ATMs, this may be a good option. In the past 15 years alone, the bank has supported projects totaling more than $200 million in investments serving low-to-moderate income populations and lent more than $200 million to manufacturing and industrial employers supporting the creation and retention of some 20,000 jobs. Betterment is better known as a technology-driven investing platform. googletag.defineSlot('/1035677/MoneyCrashers_', [[300, 139], [300, 360], [630, 139], [630, 475], [630, 250], [1, 1], [300, 250], [300, 475], [630, 360]], 'div-gpt-ad-1590780665633-0').addService(googletag.pubads()); The average savings account only earns 0.06% interest, while many high-yield savings accounts offer interest rates above 1%. We may have financial relationships with some of the companies mentioned on this website. But it’s also the only bank that provides ATM cards to its customers. You can also set up recurring transfers to automate your savings and open multiple accounts to set aside money for different financial goals. If you’re a frequent flyer based near an airport served by American Airlines or its partners, banking with Bask Bank is an easy call. As the largest Latinx-owned minority depository institution east of the Mississippi and a designated Community Development Financial Institution (CDFI). TIAA made its name selling insurance to government and nonprofit employees. Deposit products are offered in the U.S. by HSBC Bank USA, N.A. The Citi Accelerate Savings account has a competitive ... 2. To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. If you go over the limit, your account could be converted to a checking account or you may have to pay a fee. Direct Banking Satisfaction Study to rate each brand for customer satisfaction. Although it’s decidedly not an everyday bank, American Express National Bank is a great place to park your money for a few months to a few years. A high-yield savings account is a relatively safe place to hold your hard-earned savings and enjoy a competitive yield in the meantime. The content on is for informational and educational purposes only and should not be construed as professional financial advice. The main downside of this account is that it offers a slightly lower interest rate than other high-yield savings accounts available. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors.

14 Walgreens Shopping Tips & Tricks to Save Money (Online & In-Store), 10 Tips for the Sandwich Generation to Survive & Reduce Caregiver Stress, What Is a Health Savings Account (HSA) – Rules, Limits & How to Open, 20 Best Christmas Gift Ideas for Your Boyfriend (on Every Budget), 13 Best Paycheck Advance Apps to Help You Make It to Payday, 23 Best New Bank Account Promotions & Offers – November 2020, 25 Unique Gift Ideas for Someone Who Already Has Everything, 36 Best Ways to Make Money from Home (Legitimate), Depositors Insurance Fund (DIF) insurance, 16 Best Banks With the Highest-Interest CD Rates in 2020, GE Capital Bank Review - Online Banking for Savings & CD Accounts, TIAA Bank Review - Full Service Online Banking and Mortgages, CIT Bank Review - High-Yield Savings Accounts & CDs, American Express National Bank Review - Savings Account & CDs, 13 Places to Buy Cheap Discount Sports Tickets Online & Off, 7 Outdoor Activities for the Fall Season – Fun Budget-Friendly Ideas, 15 Tips for Working From Home – Increase Productivity & Avoid Distractions. © 2020 Money Crashers, LLC. Although this savings account has lots of useful features, there are a few downsides you should know about. If being able to visit a physical bank is important to you, prioritize companies like Capital One with branches throughout the country. Two Automatic Savings features make it easy to sock money away for a rainy day: Round Up automatically rounds up debit card purchases to the nearest dollar, and Save When I Get Paid puts away 10% of your paycheck as soon as it hits your Chime Spending Account. Should you need such advice, consult a licensed financial or tax advisor. We considered e-chat, email, phone, mobile app support and social media as channels of support for this metric.

Plus, your entire deposit is insured up to Salem Five Direct’s account size limits, courtesy of supplemental Depositors Insurance Fund (DIF) insurance. Contact us at with comments or questions.
The average savings account only earns 0.06% interest, while many high-yield savings accounts offer interest rates above 1%.

Among other things, we may receive free products, services, and/or monetary compensation in exchange for featured placement of sponsored products or services. View our full advertiser disclosure to learn more. googletag.pubads().setTargeting('company-product', ['Ally Savings']).setTargeting('subcat', []).setTargeting('category', []); googletag.enableServices(); Fortunately, some of the banks listed below also offer industry-leading free checking accounts. * The Annual Percentage Yield (“APY”) associated with the Aspiration Spend & Save Account is available only to customers enrolled in Aspiration Plus. This compensation may impact how, where and in what order products appear. Articles may reference products from our partners, so here’s more information on how we make money. Want an account with a high interest rate and don’t mind missing out on some features like live chat support? For this reason, savings accounts generally aren’t suitable for day-to-day use. See our UFB Direct review for more information. Massachusetts-based Salem Five Direct offers a savings account with a market-leading yield. But its online-only bank – heir to Florida-based TIAA Bank, a popular provider with a high-yield pedigree – is available to anyone who lives in the U.S. Its Basic Savings account provides a serviceable yield with no strings attached. If the requirements are not met each month, the APY will be 0.25% on Save Account balances up to and including $10,000.00. We welcome your feedback on this article and would love to hear about your experience with the savings accounts we recommend. Earn 0.40% APY on all balances, with no minimums or ongoing balance requirements, or boost your yield to 0.70% APY with a monthly recurring $1,000 direct deposit (or more) into a linked My Checking account with Nationwide Bank. window.googletag = window.googletag || {cmd: []};

The savings account providers that have the most channels of customer support score higher than providers that don’t. 12 Best Cash-Back Credit Cards – Reviews & Comparison, 7 Best Low APR Interest Credit Cards – Reviews & Comparison, 18 Best Travel Rewards Credit Cards – Reviews & Comparison, 14 Best Hotel Rewards Credit Cards – Reviews & Comparison, 11 Best Gas Credit Cards – Reviews & Comparison, 12 Best Credit Cards for College Students – Reviews & Comparison, 22 Best Small Business Credit Cards – Reviews & Comparison, 10 Best Secured Credit Cards to Rebuild Credit – Reviews & Comparison.

The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar. See our Salem Five Direct review for more information. Member FDIC. Don’t miss a “no-hassle switch kit” that’s sure to smooth your move from your old bank. With virtually no fees and unlimited ATM fee reimbursements, its SoFi Money cash management product is a worthy addition for frugal consumers who prize on-demand cash access. FNBO Direct is an online-only bank owned by First National Bank of Nebraska, which has physical locations throughout the central U.S. Its savings account has an enticing yield, and you can pair it with checking accounts, multiple CDs, and an exclusive rewards credit card. The savings offers that appear on this site are from companies from which receives compensation. And if you have trouble using or understanding any of these tools, you can get help from Ally’s customer service at any time of day or night over the phone, via email or through an online chat function. CIT Bank focuses on high-yield deposit accounts, including its excellent Savings Builder Account. The Simple Dollar is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website.

It was among the first robo-advisors on the market and remains a go-to for investors who don’t want to pay more for performance than strictly necessary.


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