Top 7 Savings Accounts: Comparison and Review
- Written by:
- Arin Baghermian
Top 7 Savings Accounts: Comparison and Review
- Written by:
- Arin Baghermian
Savings accounts play a vital role in personal finance management, offering a secure place to store, grow, and manage your funds. However, not all savings accounts are the same. Here are some key features to consider when comparing different savings accounts.
Comparing Savings Accounts: Key Features to Consider
- No monthly maintenance fees: Some banks charge a monthly fee for maintaining a savings account, while others offer fee-free accounts. Look for an account that does not charge a monthly maintenance fee, or one that has easily met requirements to waive the fee.
- ATM access and fees: Consider the availability of fee-free ATMs in your area and whether the bank reimburses fees for using out-of-network ATMs. This can be important for those who need to access their savings occasionally or travel frequently.
- Interest rates: Savings accounts are designed to earn interest on your balance. Compare the Annual Percentage Yield (APY) offered by different banks to maximize your earnings.
- Withdrawal limits: Be aware of any restrictions on the number of withdrawals or transfers allowed per month, as excessive withdrawals may result in fees or account closure.
How to Choose the Right Savings Account for You
With numerous savings accounts available, it can be challenging to find the perfect fit for your needs. Here are some factors to consider when choosing a savings account:
- Banking preferences: Determine whether you prefer online banking or in-person banking, and choose an account that aligns with your preferences. Some banks offer robust online and mobile banking features, while others have extensive branch networks for in-person services.
- Customer service: Research the bank’s reputation for customer service, as this can make a significant difference in your overall banking experience. Online reviews and ratings can provide insights into the quality of service offered.
- Additional perks: Some savings accounts come with extra perks, such as bonus interest rates for meeting certain criteria, waived fees for other banking services, or discounts at partner merchants. Consider whether these benefits align with your financial goals and habits.
- Account requirements: Be aware of any minimum balance requirements or transaction minimums that may be necessary to maintain fee-free status or qualify for additional perks.
Editor's Note:
The financial institution, credit card provider, or other promotional partner did not supply or sponsor this material. The views shared in this article are exclusively those of the author and have not undergone review, approval, or endorsement by the advertising party. This website may receive financial compensation from the bank, credit card issuer, or another advertiser.
What's New
Savings accounts play a vital role in personal finance management, offering a secure place to store, grow, and manage your funds. However, not all savings accounts are the same. Here are some key features to consider when comparing different savings accounts.
Comparing Savings Accounts: Key Features to Consider
No monthly maintenance fees
Some banks charge a monthly fee for maintaining a savings account, while others offer fee-free accounts. Look for an account that does not charge a monthly maintenance fee, or one that has easily met requirements to waive the fee.
ATM access and fees
Consider the availability of fee-free ATMs in your area and whether the bank reimburses fees for using out-of-network ATMs. This can be important for those who need to access their savings occasionally or travel frequently.
Interest rates
Savings accounts are designed to earn interest on your balance. Compare the Annual Percentage Yield (APY) offered by different banks to maximize your earnings.
Withdrawal limits
Be aware of any restrictions on the number of withdrawals or transfers allowed per month, as excessive withdrawals may result in fees or account closure.
How to Choose the Right Savings Account for You
With numerous savings accounts available, it can be challenging to find the perfect fit for your needs. Here are some factors to consider when choosing a savings account:
Banking preferences
Determine whether you prefer online banking or in-person banking, and choose an account that aligns with your preferences. Some banks offer robust online and mobile banking features, while others have extensive branch networks for in-person services.
Customer service
Research the bank’s reputation for customer service, as this can make a significant difference in your overall banking experience. Online reviews and ratings can provide insights into the quality of service offered.
Additional perks
Some savings accounts come with extra perks, such as bonus interest rates for meeting certain criteria, waived fees for other banking services, or discounts at partner merchants. Consider whether these benefits align with your financial goals and habits.
Account requirements
Be aware of any minimum balance requirements or transaction minimums that may be necessary to maintain fee-free status or qualify for additional perks.
Editor's Note:
The financial institution, credit card provider, or other promotional partner did not supply or sponsor this material. The views shared in this article are exclusively those of the author and have not undergone review, approval, or endorsement by the advertising party. This website may receive financial compensation from the bank, credit card issuer, or another advertiser.
CIT Bank Savings Connect
CIT Bank Savings Connect
| APY | 4.50% |
| Bonus | $0 |
| Monthly Fee | $0 |
| Minimum Balance | $0 |
Features
The CIT Bank Savings Connect account is an excellent option for individuals looking for a high-yield savings account with no fees and easy access to funds. The account offers a competitive APY, allowing account holders to grow their money faster than traditional savings accounts. Additionally, the account comes with a mobile banking feature, online bill pay, and account alerts, making it easy for users to manage their finances on-the-go.
Sign Up Bonus
New account holders are not currently eligible for a sign-up bonus with the CIT Bank Savings Connect account. However, the account’s high APY and other features make it an attractive option for those looking to grow their savings over time.
Minimum Deposit
The CIT Bank Savings Connect account requires no minimum deposit, which makes it an excellent option for those who do not have significant sums of money to deposit upfront.
Additional Features
The CIT Bank Savings Connect account comes with several additional features that provide added value to its users, including:
- No fees: The account charges no monthly maintenance fees, no account opening fees, and no ACH transfer fees.
- Mobile check deposit: The CIT Bank mobile app allows users to deposit checks quickly and securely, making it a convenient option for those who frequently receive check payments.
- Account protection: CIT Bank offers account protection features like fraud monitoring and FDIC insurance coverage up to the allowable limits.
- 24/7 customer support: With round-the-clock customer support, account holders can easily reach out to the CIT Bank team in case of any queries or concerns.
Drawbacks
While the CIT Bank Savings Connect account has several advantages, there are a few drawbacks to consider, including:
- No sign-up bonus: Unlike some other savings accounts, the CIT Bank Savings Connect account does not offer a sign-up bonus for new account holders.
- Limited physical branch presence: As a primarily online banking institution, CIT Bank does not have an extensive network of physical branches. For those who prefer in-person banking or require face-to-face assistance, this can be a limitation.
- No joint account option: The account does not offer a joint account option, which may be a disadvantage for couples or families looking to manage their finances together.
Overall, the CIT Bank Savings Connect account is an excellent option for individuals looking for a fee-free, high-yielding savings account with a range of additional features. However, potential account holders should be aware of the lack of a sign-up bonus and the limited physical branch presence.
SoFi Savings Account
SoFi Savings Account
We chose the SoFi savings account because it delivers a competitive interest rate, no fees, and seamless integration with their checking account. The account makes it easy to grow your savings while enjoying the benefits of SoFi’s user-friendly platform and innovative financial tools. It’s a smart choice for those seeking a modern, efficient way to save for the future.
| APY | 4.00% |
| Bonus | $250 |
| Monthly Fee | $0 |
| Minimum Balance | $0 |
Features
The Sofi Savings Account is an excellent choice for individuals looking for a hassle-free, accessible, and convenient checking experience. The account charges no monthly fees, and it offers a competitive 1.20% APY, allowing account holders to grow their money faster than traditional checking accounts. Additionally, the account comes with a mobile banking feature, online bill pay, and account alerts, which makes it easy for users to manage their finances on-the-go.
Sign Up Bonus
New account holders are eligible for a sign-up bonus of up to $250 with a direct deposit, subject to terms and conditions. This generous bonus is an excellent way to jumpstart your account and take advantage of the Sofi Savings Account experience. To qualify for the bonus, you’ll need to set up a direct deposit, which can be a convenient way to receive your salary or other regular income directly into your account.
Minimum Deposit
The Sofi Savings Account requires no minimum deposit, which makes it an excellent option for those who do not have significant sums of money to deposit upfront.
Additional Features
The Sofi Savings Account comes with several additional features that provide added value to its users, including:
- Fee-free ATM access: Account holders can enjoy fee-free access to over 55,000 ATMs within the Allpoint network, making it easy to withdraw cash without incurring additional charges.
- Mobile check deposit: The Sofi mobile app allows users to deposit checks quickly and securely, making it a convenient option for those who frequently receive check payments.
- Account protection: Sofi offers account protection features like fraud monitoring and FDIC insurance coverage up to the allowable limits.
- 24/7 customer support: With round-the-clock customer support, account holders can easily reach out to the Sofi team in case of any queries or concerns.
Drawbacks
While the Sofi Savings Account has several advantages, there are a few drawbacks to consider, including:
- Limited physical branch presence: As a primarily online banking institution, Sofi does not have an extensive network of physical branches. For those who prefer in-person banking or require face-to-face assistance, this can be a limitation.
- No joint account option: The account does not offer a joint account option, which may be a disadvantage for couples or families looking to manage their finances together.
- Direct deposit requirement for bonus: To qualify for the sign-up bonus, you need to set up a direct deposit, which might not be feasible for everyone, especially those with irregular income sources.
CFG Bank High Yield Money Market Account
CFG Bank High Yield Money Market Account
We picked the CFG Bank High Yield Money Market Account for its outstanding interest rates, low initial deposit requirements, and flexible access to funds. Supported by FDIC insurance and user-friendly online banking, it combines the best of savings and checking features to help customers reach their financial goals.
| APY | 5.02% |
| Bonus | $0 |
| Monthly Fee | $0 |
| Minimum Balance | $1,000 |
Features
The CFG Bank High Yield Money Market Account is an excellent choice for individuals looking for a high-yielding savings account with easy access to funds. The account offers a competitive APY, allowing account holders to grow their money faster than traditional savings accounts. Additionally, the account comes with a mobile banking feature, online bill pay, and account alerts, making it easy for users to manage their finances on-the-go.
Sign Up Bonus
New account holders are not currently eligible for a sign-up bonus with the CFG Bank High Yield Money Market Account. However, the account’s high APY and other features make it an attractive option for those looking to grow their savings over time.
Minimum Deposit
The CFG Bank High Yield Money Market Account requires a minimum deposit of $2,500 to open, which may be a disadvantage for those who do not have significant sums of money to deposit upfront.
Additional Features
The CFG Bank High Yield Money Market Account comes with several additional features that provide added value to its users, including:
- No fees: The account charges no monthly maintenance fees, no account opening fees, and no ACH transfer fees.
- Free checks: The account comes with free checks, making it easy for account holders to access their funds when needed.
- Account protection: CFG Bank offers account protection features like fraud monitoring and FDIC insurance coverage up to the allowable limits.
- Personalized service: CFG Bank prides itself on providing personalized service to its account holders, which can be a significant advantage for those who value a high level of customer service.
Drawbacks
While the CFG Bank High Yield Money Market Account has several advantages, there are a few drawbacks to consider, including:
- Minimum deposit requirement: The account requires a minimum deposit of $2,500 to open, which may be a disadvantage for those who do not have significant sums of money to deposit upfront.
- Limited physical branch presence: CFG Bank has a limited network of physical branches, which can be a disadvantage for those who prefer in-person banking or require face-to-face assistance.
- Transaction limits: The account has transaction limits that may apply to certain types of transactions, which may be a disadvantage for those who need to make frequent withdrawals or transfers.
Overall, the CFG Bank High Yield Money Market Account is an excellent option for individuals looking for a high-yielding savings account with a range of additional features and personalized service. However, potential account holders should be aware of the minimum deposit requirement, limited physical branch presence, and transaction limits.
Bread Savings Account
Bread Savings Account
We chose Marcus by Goldman Sachs High Yield Savings Account for its competitive interest rate, no fees, and easy online access. With FDIC insurance and automatic savings plans, it’s a user-friendly option to save effortlessly and reach financial goals.
| APY | 4.00% |
| Bonus | $0 |
| Monthly Fee | $0 |
| Minimum Balance | $0 |
Features
The Bread Savings Account is an excellent choice for individuals looking for a hassle-free, accessible, and convenient savings experience. The account charges no monthly fees, and it offers a competitive APY, allowing account holders to grow their money faster than traditional savings accounts. Additionally, the account comes with a mobile banking feature, online bill pay, and account alerts, which makes it easy for users to manage their finances on-the-go.
Sign Up Bonus
New account holders are eligible for a sign-up bonus of up to $200, subject to terms and conditions. This generous bonus is an excellent way to jumpstart your account and take advantage of the Bread Savings Account experience. To qualify for the bonus, you’ll need to maintain an average daily balance of $1,000 for the first 90 days of account opening.
Minimum Deposit
The Bread Savings Account requires no minimum deposit, which makes it an excellent option for those who do not have significant sums of money to deposit upfront.
Additional Features
The Bread Savings Account comes with several additional features that provide added value to its users, including:
- Fee-free ATM access: Account holders can enjoy fee-free access to over 58,000 ATMs within the Allpoint network, making it easy to withdraw cash without incurring additional charges.
- Mobile check deposit: The Bread mobile app allows users to deposit checks quickly and securely, making it a convenient option for those who frequently receive check payments.
- Account protection: Bread offers account protection features like fraud monitoring and FDIC insurance coverage up to the allowable limits.
- 24/7 customer support: With round-the-clock customer support, account holders can easily reach out to the Bread team in case of any queries or concerns.
Drawbacks
While the Bread Savings Account has several advantages, there are a few drawbacks to consider, including:
- Limited physical branch presence: As a primarily online banking institution, Bread does not have an extensive network of physical branches. For those who prefer in-person banking or require face-to-face assistance, this can be a limitation.
- No joint account option: The account does not offer a joint account option, which may be a disadvantage for couples or families looking to manage their finances together.
- Minimum balance requirement for bonus: To qualify for the sign-up bonus, you need to maintain an average daily balance of $1,000 for the first 90 days of account opening, which might not be feasible for everyone.
Overall, the Bread Savings Account is an excellent option for individuals looking for a fee-free, high-yielding savings account with a range of additional features. However, potential account holders should be aware of the limited physical branch presence and the minimum balance requirement for the sign-up bonus.
Marcus by goldman Sachs High-Yield Savings
Marcus by goldman Sachs High-Yield Savings
| APY | 3.90% |
| Bonus | $0 |
| Monthly Fee | $0 |
| Minimum Balance | $0 |
Features
The Marcus by Goldman Sachs High Yield Savings Account is an excellent choice for individuals looking for a high-yielding savings account with no fees. The account offers a competitive interest rate that is currently at 0.50% APY, allowing account holders to grow their money faster than traditional savings accounts. Additionally, the account comes with a mobile banking feature, online banking, and account alerts, which makes it easy for users to manage their finances on-the-go.
Sign Up Bonus
There is no sign-up bonus available for the Marcus by Goldman Sachs High Yield Savings Account.
Minimum Deposit
The Marcus by Goldman Sachs High Yield Savings Account requires a minimum deposit of $0, which makes it an excellent option for those who do not have significant sums of money to deposit upfront.
Additional Features
The Marcus by Goldman Sachs High Yield Savings Account comes with several additional features that provide added value to its users, including:
- FDIC Insurance: The account is insured by the FDIC up to the allowable limits, providing account holders with added protection and peace of mind.
- No fees: The account charges no monthly fees, making it an excellent option for those looking to save without incurring additional costs.
- Easy online access: The account can be managed entirely online, making it easy for users to access their funds and manage their finances from anywhere.
- Automatic savings: The account offers an automatic savings plan that can help users save money effortlessly and reach their financial goals faster.
Drawbacks
While the Marcus by Goldman Sachs High Yield Savings Account has several advantages, there are a few drawbacks to consider, including:
- No physical branches: As an online bank, Marcus by Goldman Sachs does not have any physical branches. This can be a limitation for individuals who prefer in-person banking or require face-to-face assistance.
- Lower interest rate compared to some competitors: While the interest rate is competitive, it may not be as high as some other online banks or credit unions, which offer rates as high as 0.75% APY or more.
Overall, the Marcus by Goldman Sachs High Yield Savings Account is an excellent option for individuals looking for a fee-free, high-yielding savings account with easy online access and additional features. However, potential account holders should be aware of the lack of physical branches and the slightly lower interest rate compared to some competitors.
American Express High-Yield Savings
American Express High-Yield Savings
We opted for the American Express High-Yield Savings Account due to its attractive interest rates, zero monthly fees, and the reputable brand backing. With the assurance of FDIC insurance and convenient online access, it serves as a reliable choice for growing savings and attaining financial targets..
| APY | 3.75% |
| Bonus | $0 |
| Monthly Fee | $0 |
| Minimum Balance | $0 |
Features
The American Express High Yield Savings Account is an excellent choice for individuals looking for a fee-free, high-yielding savings account with easy access to funds. The account offers a competitive APY, allowing account holders to grow their money faster than traditional savings accounts. Additionally, the account comes with a mobile banking feature, online bill pay, and account alerts, making it easy for users to manage their finances on-the-go.
Sign Up Bonus
New account holders are not currently eligible for a sign-up bonus with the American Express High Yield Savings Account. However, the account’s high APY and other features make it an attractive option for those looking to grow their savings over time.
Minimum Deposit
The American Express High Yield Savings Account requires no minimum deposit, which makes it an excellent option for those who do not have significant sums of money to deposit upfront.
Additional Features
The American Express High Yield Savings Account comes with several additional features that provide added value to its users, including:
- No fees: The account charges no monthly maintenance fees, no account opening fees, and no ACH transfer fees.
- Mobile check deposit: The American Express mobile app allows users to deposit checks quickly and securely, making it a convenient option for those who frequently receive check payments.
- Account protection: American Express offers account protection features like fraud monitoring and FDIC insurance coverage up to the allowable limits.
- 24/7 customer support: With round-the-clock customer support, account holders can easily reach out to the American Express team in case of any queries or concerns.
Drawbacks
While the American Express High Yield Savings Account has several advantages, there are a few drawbacks to consider, including:
- No sign-up bonus: Unlike some other savings accounts, the American Express High Yield Savings Account does not offer a sign-up bonus for new account holders.
- Limited physical branch presence: As a primarily online banking institution, American Express does not have an extensive network of physical branches. For those who prefer in-person banking or require face-to-face assistance, this can be a limitation.
- No joint account option: The account does not offer a joint account option, which may be a disadvantage for couples or families looking to manage their finances together.
Overall, the American Express High Yield Savings Account is an excellent option for individuals looking for a fee-free, high-yielding savings account with a range of additional features. However, potential account holders should be aware of the lack of a sign-up bonus and the limited physical branch presence.
Ally Bank Savings Account
Ally Bank Savings Account
We selected the Ally Bank High Yield Savings Account for its consistently competitive interest rates, no maintenance fees, and exceptional 24/7 customer service. Along with FDIC insurance and an intuitive mobile app, it enables customers to save effortlessly and monitor their financial growth with ease.
| APY | 3.75% |
| Bonus | $0 |
| Monthly Fee | $0 |
| Minimum Balance | $0 |
Features
The Ally Bank High Yield Savings Account is an excellent choice for individuals looking for a fee-free, high-yielding savings account with easy access to funds. The account offers a competitive APY, allowing account holders to grow their money faster than traditional savings accounts. Additionally, the account comes with a mobile banking feature, online bill pay, and account alerts, making it easy for users to manage their finances on-the-go.
Sign Up Bonus
New account holders are not currently eligible for a sign-up bonus with the Ally Bank High Yield Savings Account. However, the account’s high APY and other features make it an attractive option for those looking to grow their savings over time.
Minimum Deposit
The Ally Bank High Yield Savings Account requires no minimum deposit, which makes it an excellent option for those who do not have significant sums of money to deposit upfront.
Additional Features
The Ally Bank High Yield Savings Account comes with several additional features that provide added value to its users, including:
- No fees: The account charges no monthly maintenance fees, no account opening fees, and no ACH transfer fees.
- Mobile check deposit: The Ally Bank mobile app allows users to deposit checks quickly and securely, making it a convenient option for those who frequently receive check payments.
- Account protection: Ally Bank offers account protection features like fraud monitoring and FDIC insurance coverage up to the allowable limits.
- 24/7 customer support: With round-the-clock customer support, account holders can easily reach out to the Ally Bank team in case of any queries or concerns.
Drawbacks
While the Ally Bank High Yield Savings Account has several advantages, there are a few drawbacks to consider, including:
- No sign-up bonus: Unlike some other savings accounts, the Ally Bank High Yield Savings Account does not offer a sign-up bonus for new account holders.
- Limited physical branch presence: As a primarily online banking institution, Ally Bank does not have an extensive network of physical branches. For those who prefer in-person banking or require face-to-face assistance, this can be a limitation.
- No joint account option: The account does not offer a joint account option, which may be a disadvantage for couples or families looking to manage their finances together.
Overall, the Ally Bank High Yield Savings Account is an excellent option for individuals looking for a fee-free, high-yielding savings account with a range of additional features. However, potential account holders should be aware of the lack of a sign-up bonus and the limited physical branch presence.
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