There are a few things a person must see before opening a savings account. The main feature being the interest rates (APY) followed by the fees the bank charges. It is also important to differentiate between a savings account and checking account depending upon your requirements. Minimum balance requirements of the bank must satisfy the income or savings you generate. Below are ten banks which offer the best savings accounts.
- PurePoint Financial – 1.40% APY with minimum balance requirement of $10,000
- Synchrony – 1.50% APY with FDIC-insured accounts have no minimum monthly balance requirements or service fee. Standard rates regardless of your bank balance.
- Barclays – 1.50% APY, no minimum balance to open or monthly minimum balance. If you are looking to save more money, Barclays offers you a 2.5% bonus of interest earned and another 2.5% interest if you don’t make any withdrawals for 6 months with a minimum deposit of $1000.
- CIT Bank – Online Bank with 1.55% APY, a minimum deposit of $100 required to open the accounts, and interest compounds daily.
- Goldman Sachs Bank – Online Bank with 1.50% APY, no minimum deposit with interest compounded daily. No transaction fees.
- Discover Bank – Online Bank with 1.20% APY, no minimum deposit and monthly fees, no minimum monthly balance, Interest compounded daily with a monthly payment of interest.
- Live Oak Bank – 1.60% APY, No activity fee for less than $10 for 24 months, no minimum deposit and monthly fees, no minimum monthly balance.
- Digital Federal Credit Union – For small Balance Savers, 5.12% APY up to $1000, Move to other banks if your balance is above $1000
- Dollar Saving Direct – 1.60% APY, no minimum deposit and monthly fees, no minimum monthly balance, Rate may go down in the future and there is an uncertainty on the rates.
- Salem Five Direct – 1.50% APY, $100 to open, Minimum six transactions per month as per regulations and $10 per transaction after that.
The APY rates may change at any time due to the market conditions. As you know that the above rates may fluctuate and to be aware of the changing rates, it is advisable to conduct extensive research on the best savings accounts of 2017 and 2018 to make an informed decision.