Best Savings Account Rates

James S January 6, 2020
Best Savings Account Rates

Maintaining a savings account is an important way for consumers to stay financially healthy. Whether used for emergencies, short-term purchases, or as part of a larger retirement plan, a savings account helps consumers avoid debt while gaining valuable interest on their money. Financial institutions, such as brick-and-mortar or online banks and credit unions, offer a wide range of interest rates for savings accounts. Many times, obtaining these interest rates means that consumers must meet certain requirements to make the most of their money. Since banks provide varying interest rates with these kinds of requirements, it is essential for consumers to do their research to find which savings accounts might be right for them. Here is a list of the best savings account rates now available.

Best Savings Account Rates

Maintaining a savings account is an important way for consumers to stay financially healthy…

Whether used for emergencies, short-term purchases, or as part of a larger retirement plan, a savings account helps consumers avoid debt while gaining valuable interest on their money. Financial institutions, such as brick-and-mortar or online banks and credit unions, offer a wide range of interest rates for savings accounts. Many times, obtaining these interest rates means that consumers must meet certain requirements to make the most of their money. Since banks provide varying interest rates with these kinds of requirements, it is essential for consumers to do their research to find which savings accounts might be right for them. Here is a list of the best savings account rates now available.

Ally Bank has a wide range of savings accounts with varying interest rates depending on what consumers are looking for. A short-term savings account provides a .99% annual interest rate, requiring no minimum deposit and charging no maintenance fees. An online bank that has been gaining in popularity over the years, Ally offers mobile banking with a personal touch; customers are able to reach an actual person at any time of the day or night. In addition, customers can conveniently deposit checks and transfer money using their mobile phones or while sitting at their computers.

Dollar Bank Federal Savings Bank now offers consumers a 1.60% annual percentage rate through their Everything Savings account. To get this interest rate, customers must link this savings account with an Everything Checking account and maintain a balance that is less than $20,000. There is no minimum balance required. In addition, customers must make six qualifying monthly payments; this means that the account must be used to pay bills or make purchases via a debit card.

Offering a 12-month guaranteed savings and a 1.10% interest rate, Flagstar Bank's SimplySavings account provides customers with many benefits. Maintaining a savings accounts allows consumers to receive a .25 percent reduction on home and personal loans, and customers can receive a special Certificate of Deposit interest rate with only a $5,000 minimum balance. Customers can only withdraw from this savings account up to six times a month, but they are not required to link this account to a checking account.

For those who want more than one choice, CIT Bank offers two interest rates for their high yield savings accounts. For the .95% annual percentage rate, there is no minimum balance required. For those who want the 1.00% APY, a daily $25,000 minimum balance must be maintained. Either account requires a minimum balance of $100, but there are no maintenance fees and online banking is free. Plus, CIT Bank offers daily compounding interest so that customers can maximize their earning potential.

GE Capital Bank offers online savings account with a 1.05% annual percentage rate. There is no minimum balance required, and there are no monthly fees. Interest is paid each month, and there are no ATM fees for those who want to make deposits and withdrawals, even is the ATMs used are out of the network.

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