Saving money is very important for every individual. It gives them a sense of security and stability. People can easily spend money, so it is very important to place your hard-earned money in a secured bank.
There will be many factors that a person should consider when choosing the right bank to save money. Of course, every person would like their money to earn and grow interest. It is best to choose a high yield savings account rather than the traditional savings account.
Here are some tips on which banks to choose and which banks has the best interest rates and best online savings accounts. Having to choose from these banks will help you grow your money faster. This list has its advantages and some disadvantages.
Marcus by Goldman Sachs
• 2.25% annual percentage yield
• No minimum balance required when opening an account
• No service or transaction fees for transfers made to and from Marcus- branded savings account.
• Account-holders can earn interest in the same business day that they deposited their money.
• Accounts can also be funded via mailed checks, domestic wire transfers, and external bank transfers
• With customer support via live chat or phone during daytime
• On the other hand, they do not have a check deposit, mobile app, and ATM
Barclays Online Savings
• 2.05 % annual percentage yield
• No minimum balance required when opening an account
• No monthly maintenance fees
• Account-holders can make online transfers to and from external banks
• Customer support via phone
• With direct deposit service and mobile app
• 24/7 access to your funds
American Express National Bank
• 2.10 % annual percentage yield
• No minimum balance required when opening an account
• No monthly maintenance fees
• Customer support via phone is 24/7
• No checks, ATM or debit cards
• No mobile app available
Purepoint Financial
• 2.35% annual percentage yield
• No monthly maintenance fees
• Funds can be transferred via online transfer, wire transfer, mobile deposit or mailed check
• With physical branches throughout New York, Texas, Florida and Illinois
• Customer service is also available via phone during weekdays
• Minimum opening deposit of $10,000 and if your balance is below the minimum a rate falls to 0.25% APY
• No mobile app available
PNC Bank
• 2.35% annual percentage yield
• No minimum balance requirements
• No monthly fees
• Account-holders can deposit funds into their account by transferring money from an external account
• If you want to start earning interest, you must deposit at least $1 in your account
• The high yield savings account can only be available in some states.
Sychrony Bank
• 2.05% annual percentage yield
• No minimum opening deposit
• No minimum balance required
• No fees for transfers or withdrawals that exceed the typical six per statement cycle limit
• Account-holders can deposit and transfer from external banks.
• The account comes with ATM access and $5 reimbursements for domestic out of network ATM fees per month
• Account-holders can also deposit using their ATM in the Accel or Plus network that is labeled as deposit accepting ATM.
