4 Best Savings Accounts For Your Financial Goals in 2017
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.