It may be difficult to decide among the top savings accounts out there. But that’s not a good excuse not to open one, as a savings account is an everyday essential for good financial management. As difficult as it is, we should all try saving 10% of our income every month. A great savings account can be a fantastic tool in helping you find financial freedom.
Top Savings Accounts: Things to Consider
What makes a savings account good? There are a couple of aspects to look at. Top savings accounts offer competitive interest rates to help you grow your savings. This makes a high Annual Percentage Yield (APY) one of the most important criteria. Zero bank fees and low initial deposits are important to maximize your savings. Non-money related aspects can also impact how you save.
All of these aspects were taken into consideration when choosing the top 5 savings accounts in 2017, including aspects like how easy it is to access your money and good customer service. Online-based savings accounts tend to offer higher APY’s and are easy to apply for online.
Top Savings Accounts
According to these criteria, these are the top savings accounts in 2017.
1. Synchrony Bank High Yield Savings Account
What makes it stand out? A competitive interest rate with added perks.
Review: The Synchrony Bank savings account offers many advantages. It satisfies all the criteria with a competitive APY, no monthly fees and does not require a minimum deposit. They also offer a convenient ATM card, ATM fee reimbursements and a rewards program. Synchrony does not charge anything for exceeding six monthly transactions. But, if you do so all the time they may close your account due to misuse.
2. Salem Five Direct eOne Savings Account
What makes it stand out: An incredibly competitive APY.
Review: The eOne Savings Account offers a competitive APY with no monthly fees. But, a minimum deposit of $100 is needed to open the account. The eOne Savings Account boasts free online banking and a user-friendly banking app. It’s the best online saving account deal if you’re able to make the $100 deposit.
3. Barclay’s Online Savings Account
What makes it stand out: A competitive interest rate and online tools to encourage saving.
Review: The Barclay’s Savings Account has a competitive APY as well as no monthly fees, or a minimum deposit. You can use their online savings tool to calculate how long it’ll take you to save up for something in particular. By setting it as a goal, you can help keep you motivated to save. A small drawback is that you’ll need to transfer your money to an external checking account to access it.
4. Ally’s Online Savings Account
What makes it stand out: An easy to use website and top-tier customer service.
Review: Ally’s Savings Account offers outstanding customer support and a competitive APY. There are no monthly fees and or an initial deposit requirement. Ally’s website and mobile app are easy to use and lets you schedule transfers up to a year in advance. You can also use it to make free transfers. It’s the perfect savings account if you’re new to online banking or are looking for something fuss-free.
5. Goldman Sachs’ Online Savings Account
What makes it stand out: A good overall deal.
Review: Goldman Sachs’ Savings account is a good all-rounder that offers a competitive APY and no transaction fees. A small deposit of $1 is needed to start earning interest, and you can make deposits by check or direct deposit. To access your money, you’ll need to transfer it to an external bank account.
Whether you are saving up for something specific, or creating an emergency fund, a good savings account is key. If you’re hoping to find some financial security, consider opening a savings account today.