bestbanks.com Open in urlscan Pro
2606:4700:3035::ac43:8ac8  Public Scan

Form analysis
0 forms found in the DOM

Text Content

5 BEST SAVINGS ACCOUNTS COMPANIES IN 2023

Updated: December 24, 2023

BESTBANKS VALUES YOUR TRUST!

BestBanks.com is a free online resource that provides valuable content and
comparison features to visitors. To keep our resources 100% free for consumers,
BestBanks.com attempts to partner with some of the companies listed on this
page, and may receive marketing compensation in exchange for clicks, purchases,
and calls from our site. Such compensation can impact the location and order in
which such companies appear on this page. All such location, order and company
ratings are subject to change based on editorial decisions. Prices are accurate
and items in stock as of time of publication.

OUR SAVINGS ACCOUNTS PARTNERS:

American First Credit Union, CIT Bank, Customers Bank, Discover, Ponce Bank,
SoFi

Advertiser Disclosure

Savings accounts offer a reliable option for growing your money, backed by FDIC
insurance that protects your funds up to $250,000 per account holder. We've
curated our top picks by considering online reviews, account offerings,
financial stability, and more.

Savings Accounts
CDs


No. Fees. Period.

1

Our #1 Pick

4.9

Excellent

Discover
High Yield Online Savings Account
Excellent Rates
APY4.35%
Min. Balance to Earn APY$100
 * No monthly fee or deposit minimums
 * No fees for insufficient funds
 * Options for overdraft protection

85% of our visitors chose this
View Offers

2

4.8

Excellent

SoFi
High Yield Online Savings Account
APY4.6%
Min. Balance to Earn APY$5000
 * Option to turn on "Roundups" so that all of your debit card purchases are
   automatically rounded up to the next dollar and deposited into your savings
   Vault
 * Get up to $2M of additional FDIC Insurance through the SoFi Insured
 * Free access to 55,000+ ATMs

View Offers

3

4.7

Excellent

CIT Bank
Platinum Savings Account
APY5.05%
Min. Balance to Earn APY$100
 * One of the nation's top rates - 10x the national average
 * Your interest compounds daily to maximize your earning potential
 * No monthly service fees
 * Named #1 in delivering in the most humanized experience in banking
 * FDIC insured

View Offers

5.28% Annual Percentage Yield with $1 Minimum to Start

4

4.6

Excellent

Ponce Bank
High Yield MMDA Savings Accounts
APY5.28%
Min. Balance to Earn APY$1
 * FDIC insured high-yield online savings account with no fees
 * Founded in 1960 with a mission to support local, underserved communities
 * CDFI certified (invests more than 80% of assets in low and moderate income
   communities)

View Offers

5

4.5

Good

Customers Bank
High Yield Savings Account
APY5.3%
Min. Balance to Earn APY$1
 * Selected by Forbes 2022 America's Best Banks
 * Powered by Raisin
 * Competitive Rates and a variety of account options available

View Offers

6

4.3

Good

American First Credit Union
Money Market Deposit Account
APY5.29%
Min. Balance to Earn APY$1
 * Federally insured by NCUA
 * Supports children's health and wellness programs through its Caring First
   initiative
 * American First is a credit union, meaning it is a not-for-profit institution
   that operates in support of its members

View Offers
Our #1 Savings Accounts Choice for 2023

No. Fees. Period.

1

Our #1 Pick

4.9

Excellent

Discover
High Yield Online Savings Account
Excellent Rates
APY4.35%
Min. Balance to Earn APY$100
 * No monthly fee or deposit minimums
 * No fees for insufficient funds
 * Options for overdraft protection

85% of our visitors chose this
View Offers

In the realm of personal finance, savings accounts often play a pivotal role in
helping individuals protect their financial future. This article addresses some
frequently asked questions about savings accounts, shedding light on the
essentials to know.


WHAT IS A SAVINGS ACCOUNT?

A savings account is a financial tool offered by banks and credit unions that
allows individuals to deposit and store their money while earning a modest
interest rate. It provides a safe place to keep funds separate from a checking
account, making it an ideal choice for saving money for emergencies, future
expenses, or financial goals.


ARE SAVINGS ACCOUNTS SAFE?

Savings accounts are generally considered safe, thanks to the Federal Deposit
Insurance Corporation (FDIC) in the United States. The FDIC insures deposits in
most banks and savings associations up to $250,000 per account holder. This
insurance ensures that even if your bank faces financial difficulties, your
deposited funds are protected.


WHAT ARE THE BENEFITS OF A SAVINGS ACCOUNT?

Interest Earnings: One of the primary benefits of a savings account is the
opportunity to earn interest on your deposited funds. While interest rates are
typically lower compared to other investment options, your money grows steadily
over time.

Liquidity: Savings accounts offer high liquidity, meaning you can access your
money easily and quickly. This makes them suitable for emergency funds or
short-term savings goals.

Security: With FDIC insurance, savings accounts provide a trusted place to store
your money, minimizing the risk of loss due to bank failure.


ARE THERE ANY DRAWBACKS TO SAVINGS ACCOUNTS?

Low Interest Rates: Savings accounts generally offer lower interest rates
compared to other investment options like stocks or bonds. While your money is
safe, it may not grow as quickly.

Limited Transactions: Most savings accounts limit the number of withdrawals or
transfers you can make each month. Exceeding this limit may result in fees or
account restrictions.

Inflation Impact: In some cases, the interest earned on a savings account may
not keep pace with inflation, potentially reducing the real value of your
savings over time.


HOW DO I CHOOSE THE RIGHT SAVINGS ACCOUNT?

When selecting a savings account, consider the following factors:

Interest Rate: Look for an account with a competitive interest rate to maximize
your earnings.

Fees: Check for monthly maintenance fees or transaction fees and choose an
account with minimal or no fees.

FDIC Insurance: Verify that your chosen bank is FDIC-insured for added security.


HOW MUCH SHOULD I SAVE IN MY SAVINGS ACCOUNT?

The amount you should save in your account depends on your financial goals and
circumstances. It's advisable to start with an emergency fund that covers at
least three to six months' worth of living expenses. Beyond that, save for
specific goals like a vacation, home down payment, or retirement.


CAN I HAVE MULTIPLE SAVINGS ACCOUNTS?

Yes, you can have multiple savings accounts to organize your finances better.
Many people maintain separate accounts for different purposes, such as an
emergency fund, a vacation fund, and a general savings fund. This allows you to
track your progress toward specific goals more effectively.


FINAL THOUGHTS

Savings accounts are valuable tools for helping achieve financial stability and
meeting financial goals. They offer safety, liquidity, and the potential for
modest earnings. While they may not provide high returns, their stability and
accessibility make them an essential component of any well-rounded financial
strategy. When choosing a savings account, consider your objectives, interest
rates, fees, and FDIC insurance to make the most of your savings.

Copyright 2023 BestBanks.com

All Rights Reserved