The Best Savings Accounts of 2023 for Newlyweds

When you first get married, you’re likely still basking in the excitement of your new beginning and the future you have planned with your spouse.

Unfortunately, this often means dealing with past bills and expenses, like the wedding itself, while planning for new expenses, such as buying the home you plan to share with your family.

In fact, between the costs of any old debt like student loans and the new debt from the wedding and honeymoon, many millennials are starting their marriages with as much as $60,000 in debt!

A high-yielding savings account can not only help you deal with the expenses that got you here as well as the ones you look forward to in the future.

Let your best wedding present be a gift to yourself and your family and get you started building your future together on the right foot.

Top 3 Online Banks for Newlyweds

Although there are many online savings accounts to choose from, if you want to get the most for your money, it’s important that you select an account that will put your money to work for you. The top three online savings accounts for newlyweds include the following banks.

1. Barclays Savings

At #1, we have Barclays, which offers one of the best savings accounts available. The Barclays Savings account offers an impressive APY, with no extra fees for the account, and no minimum deposit required to get started.

Barclays savings accounts also include 24/7 access to your account and customer service, which is convenient for newlyweds and those who need to manage their accounts on the go.

This account also comes with access to Savings Assistant and Dream Assistant, which are valuable tools that can help you pay down debt and save for your future. The convenience and the value of Barclays Savings, place this online account above all other banks.

2. Capital One 360 Money Market

Capital One offers a broad range of financial products from savings accounts to credit cards and money market accounts.

If you are saving to pay down debt, purchase a house, or help your child with education, a Capital One 360 Money Market account can help.

There are no fees and no minimum deposit required.

With this account, you can earn one of the highest interest rates on the market for no monthly fee. If your balance is $10,000 or more, you can earn great APY.

If your balance is below $10,000, you still get a great rate, which is significantly higher than the rates you’ll get with other traditional savings accounts.

Capital One 360 Money Market accounts also come with the ability to access your account anytime online or through the mobile app.

3. Ally Savings

Ally Bank also provides a highly competitive banking option.

Ally Savings accounts include great APY, with no minimum deposit requirements or extra fees for the account.

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.

You also get 24/7 customer service, eCheck Deposit, and ACH transfers, which can make this account one of the most convenient and valuable accounts on the market.

Find the Best Savings Account Rates - Compare Now

Unlock exclusive savings rates and gain access to top-tier banking benefits.

Why Should I Choose an Online Bank?

As a newlywed, you are probably bombarded with many banking opportunities, making it difficult to choose the one that is best for you and your family.

Although there are many reasons, one of the most important when choosing a bank is the interest rate.

Shouldn’t your money work for you? In fact, online banks pay more interest on savings accounts than traditional banks – up to 100 times more!

For instance, when you compare the Barclay Savings APY to Chase and Well Fargo’s APY of 0.01%, there really is no competition.

When you start out together, make sure you get the most out of your money while you save.

Besides the astonishing interest rate difference, online savings accounts also provide much more convenience.

Usually, you can set up your account, manage your account, and speak with customer service without even leaving your living room.

For busy people on tight schedules, it’s important to take advantage of the convenience that comes with banking online.

Especially when many of the features also include special tools to help you save more and reach your goals faster.

Finally, it’s no secret that online banks are just more economical. Many national bank accounts charge set up fees, monthly maintenance fees, and other expenses just to hold your money!

As you can see, none of our top three picks for the best online banks charge any extra fees. This means your money will go much further while you save and your savings account is free – as it should be.

Conclusion

After the excitement of the wedding wears off, it’s time to get down to business, handle past debt, and plan for your future together.

Your best options for a savings account and reaching your goals are with online bank accounts, which offer the highest interest rates, lowest fees, and most convenient features available.