3 Best Savings Accounts of 2018
It’s crucial to any household whether you are single or someone with children that you have a savings account. Fortunately, it’s easier than ever to find a great bank, sign-up for an account, and get started saving for your future. If you find that you are a little overwhelmed with your options, don’t worry, we can help!
Why You need to Choose an Online Bank
It’s no secret that online banks are becoming the go-to financial institutions for many consumers. When it comes to savings accounts, you get the convenience of being able to manage your account online, plus most of the time, you earn more interest than you would with other accounts.
This means that with online bank accounts, you have the opportunity to earn the most from your savings and build your balance faster, without even leaving the comfort of your living room. When choosing a savings account, it’s important that you get the most out of your money with the least hassle possible, right?
Best Online Savings Accounts Picks:
Choosing the best online savings accounts means selecting the accounts that pay the highest rates, have the lowest fees, low or no minimum deposit requirements, and the ability to conveniently set up the account and maintain it. Based on these essential features, we have come up with the top 3 savings accounts available. To get started on your future and your family’s future, consider one of the following online savings accounts to get the most out of your money.
Capital One 360
Capital One is very well-known for providing no-hassle financial products. The Capital One 360 Money Market account is one of the best savings account packages out there, thanks to its combination of more earnings and more convenience. With this account, you can earn one of the highest interest rates on the market for no monthly fee. You can also access your money easily (through Capital One’s top-tier mobile app) and as often as you’d like (a rarity for a savings account of any kind).
Coming in close behind the Capital One 360 account is the Barclays Savings account. This account offers rates that are currently at 1.00%. There are no monthly maintenance fees, and you don’t need a minimum deposit to get started. You also get secure access to your funds 24/7, online transfers to and from other banks, and direct deposit, which are all important features to have with a bank account. Barclays also offers tools for building your savings account through its Savings Assistant and Dream Assistant.
Ally Bank offers a savings account also with a highly competitive APY of 1.00%. There are also no fees and no minimum deposit required. It’s easy to manage this account thanks to Ally’s well-designed mobile and online platform and you can even separate accounts into different savings goals. With this account, you have customer service available 24/7 should you have any questions or concerns. You can also make deposits with Ally eCheck Deposit or ACH transfers. This is an all-around great account for saving.
Online Savings Accounts vs. National Banks
Still not sure if online banking is for you? Well, consider this. Most online banks pay 100 times more than national banks. For example, some of the top banks such as Bank of America, Chase, and Wells Fargo, only pay 0.01% interest! At those rates, it will take a great deal longer to earn interest than you would with a savings account with Capital One 360. Plus, consider the cost of monthly fees and other account fees, along with the minimum deposit required to get started with other banks. Further, many people consider online banking to be 100 times more convenient than banking with other financial institutions.
Online Savings Accounts vs. National Banks
|Bank||APY||Minimum to Earn APY|
|Capital One 360||1.00%||$10,000|
|Bank of America||0.03%||$0|
You don’t have to wait to reach someone during working hours, you don’t have to take time off from work to go into a branch, and you don’t have to deal with a bunch of paperwork just to manage your account.
As you can see, the best savings accounts are free of fees, allowing you to earn as much as 12x the national average in interest at no cost to you! Also, you just can’t beat how easy it is to get started with an online bank. When you combine the convenience of banking online with the value, you can’t go wrong choosing any of these savings accounts.