Finding a secure place to invest your money can be a difficult task, with the ever increasing numerous ways to invest, it can even be overwhelming. The easiest and most common place to start growing your money would be a savings account. Savings accounts give the investor a low risk place to hold his/her money while earning them a small amount of interest. The Top 5 best savings accounts based on interest rates are as follows:
1. Synchrony Bank Optimizer +plus:
Synchrony Bank: Bankrate.com and Money Magazine both mentioned Synchrony Bank as a top bank and included it in the 100 highest yields list. It offers a 0.95% APY on all balances with the minimum balance to earn APY is $0. It is a member of the FDIC. It has ID theft resolution services available. Synchrony Bank was originally GE Capital Retail Bank.
2. GE Capital Bank Online Savings Account:
GE Capital Bank: GE Capital Bank is an online savings account with one of the highest interest rates and APY available of 95%. The features that a customer with a GE Capital Bank savings account includes: no transaction fees, no minimum deposit, and FDIC insurance. The interest in this savings account is compounded daily and paid monthly with a withdrawal limit of 6 times per statement cycle.
3. CIT Bank Savings Account
CITBank: A CIT Bank Savings Account requires a minimum deposit of $100; with premium rates becoming available after a daily balance of $25,000 is reached. The FDIC insures all deposits. There are no maintenance fees or fees for opening an account. Interest is compounded daily for maximization of earning. Your account is manageable online with ease, allowing deposits and withdrawals.
4. Barclays Online Savings Account:
Barclays Online Savings Account: Barclays is proud to announce it is ranked as the best savings account for 2 years in a row. A Barclay’s online savings account requires no minimum balance and no monthly service fees. It is compounded daily to maximize earnings and has an impressive 0.90% APY.
5. Ally Online Savings Account:
Ally Online Savings Account: Ally Online Savings resembles the other online savings accounts with no minimum deposit, no monthly fees, and insurance that is backed by the FDIC. Ally has a unique feature that allows its customers to deposit checks into their account remotely with the Ally eCheck Deposit. The convenience of online and mobile access to your savings account allows 24/7 availability to your funds.
If you want to find a bank that you are more likely to open a checking account with check out the American Express High Yield Savings Account. With an 80% APY it is not lagging too far behind the highest APY savings accounts.
Bonus Best Savings Accounts:
American Express High Yield Savings Account:
American Express High Yield Savings Account: The American Express high yield savings account requires no minimum deposit and no fees to start or use. Customers are able to access their account 24/7 online or by phone. The money in your savings account is also insured up to $250,000 to insure safe saving.
There you have it – the best savings accounts around. Note that savings account rates are always changing, be sure to visit the bank’s website or office to get up to date information. Some banks will check your credit score before they give you their best rate. You can get your free annual credit report and make sure there is nothing that is going to stand in your way from getting the best rate available.