4 Best Savings Accounts For Your Financial Goals in 2017

Jun 07, 2017 | 1 Comments

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The arrival of the new year means that Americans are eager to set savings goals that they hope to achieve in the next 12 months.

We highlight four goal-oriented savings accounts that stand out because they carry features that foster good savings behavior -- increasing the chance that you’ll meet your goals successfully.

1. Ally Bank: Online Savings

Ally Bank is known for its competitive interest rates and low fees. It’s no surprise that Ally’s Online Savings account carries those traits. The account has no monthly fee with no monthly minimum balance requirements.

Ally Bank customers can open multiple, linked savings accounts, each with their own nicknames. By labeling each one of these savings accounts for a certain purpose, you can allocate funds toward specific goals.

2. Capital One 360: Money Market

Capital One 360 is the largest U.S. online bank and still manages to offer an attractive savings account that has no monthly fees.

Customers with 360 Savings accounts are allowed to create sub-accounts that can be designated for goals. Like Ally Bank, Capital One 360 lets customers name their accounts.

3. Barclays Bank Savings

Barclays Bank is a online bank that is less likely to be known by most people. It is the banking counterpart to the Barclaycard division that issues many popular credit cards. It offers savings accounts and certificates of deposit (CDs). The online savings account is one of its best accounts with a generous interest rate.

4. Synchrony Savings Account

One of the most important aspects of a savings account is its interest rate. A good interest rate can be the difference between losing money to inflation and growing your savings.

Online banks like Synchrony Bank often differentiate themselves from other banks through their interest rates. That’s why Synchrony Bank offers an industry-leading APY on its savings accounts.

Money management tools help too

Prospective savers who don’t want to open another account to track their 2017 financial goals can turn to personal financial management (PFM) tools.

Mint is a popular (and free) PFM tool that allows users to assign goals to financial accounts that are tracked by the service. Banks may also offer features and tools that allow customers to create goals for their accounts.

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Friday, 28 Feb 2014 5:46 PM
<p>Beware of Smarty Pig. Once you start the deposit money process, it can take half a month to get it back again. (From the moment you begin the transfer to the moment you close the goal and the $ returns back into your bank account.) Because there is no option to direct deposit, the only way to get money to the account is the transfers. The process is horribly slow and not worth the hassle IMO. I think if you wanted to take advantage of the discounts involving gift cards, have the money already saved so you can quickly close the goals. Because having a bunch of money tied up in this account is REALLY BAD if you quickly need access to it.</p>