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June 2023: Best Savings Accounts from Our Partners
A savings account is a type of bank accounts that allows you to keep your money in a safe place while it earns a small amount of interest. Money in a savings account is safe from risk of losing it, FDIC-insured, and protected from inflation. You may want to open a savings account if you tend keeping money that you don't plan to spend now. It actually helps you to save money as you are not tempted to spend more. Whether your goal is to set an emergency fund, keep money safe, or build up money for future plans, you can do it by opening a savings account.
our choice
- No Monthly Fees
- Set up Direct Deposit and get your paycheck up to 2 days earlier^ than some of your co-workers!
- Grow your savings automatically
- Signing up takes 2 minutes!
- Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
- ^Early access to direct deposit funds depends on payer.
- 4The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of May 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
- 5The average national savings account interest rate of 0.21% is determined by FDIC as of November 17, 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more.
our choice
- The Jumbo Deposit Account is an interest-bearing personal account with flexible options to ensure deposits up to $7 million can be fully FDIC insured
- No checks or debit cards are available with this account
- No maturity date, no early withdrawal penalty
- You are allowed six (6) withdrawals, of any type, per month
- Unlimited incoming domestic wires at no charge
our choice
- 4.00% APY – one of the best rates for business savings in the country
- No online banking or monthly maintenance fees
- No minimum balance requirements
- Open account online in minutes
- Human-powered support
- Available to businesses nationwide
- FDIC insured up to $250,000
our choice
- The Ultimate Mobile Bank Account.
- Get your government benefits up to 4 days early. Plus, direct deposit unlocks exclusive perks!
- Get your pay up to 2 days early with eligible direct deposit.
- No monthly fees with eligible direct deposit, otherwise $5 per month.
- No hidden fees.
- No minimum balance to open an account online.
- Fees, terms and conditions apply. Learn more at www.go2bank.com.
our choice
- 4.55% APY Money Market Deposit Account, 9.5x6 times the national average.
- No fees. $1 minimum deposit. 24/7 online access to funds.
- Lemmata gives back through charitable donations when you save.
- Deposits are FDIC insured through California Bank of Commerce.
our choice
- Earn 3.50% APY with a Quontic High Yield Savings Account
- Start earning interest from Day 1 of your first deposit with no limit on how much you can earn.
- Open an account online in just 3 minutes
- Interest is compounded daily and credited to your account every month
our choice
- Boosting your savings. Earn 4.05% APY7
- Earn over 12x the national average with a Savings Connect account6
- Minimum deposit of $100 in both Savings and eChecking accounts to open
- Flat Rate
- No account opening or maintenance fees
- Free online banking with Bill Pay, Zelle, Samsung Pay and Apple Pay
- Use any U.S. ATM to access funds. No CIT fees on ATM transactions and up to $30 per month reimbursement to offset other bank’s charges
- Daily compounding interest
our choice
- Minimum deposit of $100 to open
- Multi-tiered account.
- Monthly $100 deposit requirement or $25K min balance for highest APY
- No account opening or maintenance fees
- Daily compounding interest
- FDIC insured
Rating 4.5
APPLY NOW
our choice
- No monthly fees
- No minimum balance
- Open with as little as $50
- Interest is compounded daily
- 2 Free withdrawals or transfers per month. $3 for each thereafter.
- You can link your Online Savings to your First Citizens checking account for overdraft protection (a $12 transfer fee applies if you link your savings to your checking account and overdraft)
- Free digital banking with mobile app so you can monitor your account
- No-fee channel access: You can access your account digitally, but also at branch or ATM at no charge.
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SAVINGS ACCOUNTS
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should you OPEN A
SAVINGS ACCOUNT?
Having a savings account as a part of your finances helps to build up funds to cover as planned as unexpected expenses in the future. It will give you financial stability, plus you will earn some interest on your deposit.
1. A savings account is a bank account where you can store your money and earn interest on it. This type of bank accounts is insured by the FDIC. That means you won't lose your money if your bank fails.
2. Savings accounts are inexpensive and easy to use. You will need a small amount, around 25 dollars, to open an account. Some banks do not require any opening deposit. As for the fees, you can avoid most of them as long as you're avoiding withdrawals from your savings account. Monthly fees are often waived if a minimum balance is maintained.
3. Many savings accounts come with interest rates (APY) that will help you to accumulate a little more cash over time. The average interest rate on savings accounts is 0.09% APY. However, many banks offer savings accounts with rates well above that average - up to 2.00% APY. Online institutions tend to offer higher interest rates than brick-and-mortar banks. So, it is worth shopping around for the best deals when you are after a savings account.
Checking Account vs. Savings Account
You may already have a checking account and may think that having a savings account is unnecessary. However, you can actually benefit from having both types of accounts.
Checking accounts are convenient for everyday spending, bill payments, and direct deposits, but they are terrible places to save. First of all, you have unlimited access to your money and can spend them quickly. Secondly, money in a checking account rarely earn interest. And to top it all, checking accounts are ripe targets for thieves.
Savings accounts are good for long-term investment. They are not good for everyday transactions as there is a limit to how many transactions you can perform a month and the transactions themselves can be costly. Consider savings account as an investment in your financial stability or as an emergency fund. Plus, if you are expecting a big-ticket purchase in the future, it will be easier to save money using a savings account, than a checking account. Another good feature of savings accounts is APY. You are actually paid interest on the money you have in your savings account.
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