4 Best Savings Accounts

Savings accounts are a simple and accessible fixed income application for everyone. Available even for minors, saving accounts are suitable for those who want to keep their money in a safe place that earns interest.

In addition, savings accounts work very simply and  it is suitable for those who are starting to save income and do not feel safe investing in larger applications. See below for more details on savings!

You will remain on the current site

Main benefits

• A Savings Account bears interest on the deposit amount;
• Enables instant payment services;
• Helps with your income tax returns;
• Keeps your money safe;
• Provides special value-added services;
• Low-risk;
• It doesn’t require a big initial investment.

Best savings accounts

Check out below the best savings accounts that may be suitable for your needs.

• Discover Bank Online Savings: It offers a $150 or $200 bonus for opening your first Discover Online Savings Account and it pays 1.80% APY.
• LendingClub High-Yield Savings: It does not offer a bonus for opening your account, but it is possible to earn a 2.07% APY on any balance, furthermore it requires a minimum deposit of $100 to open.
• CIT Bank Savings Connect: This saving account pays 2.10% APY and it requires a minimum deposit of $100 to open.
• Bask Bank Saving account: It requires no minimum balance and charges no monthly maintenance fee, and it pays 2.53% APY.
• Pros

• Protection;
• Savings accounts accrue interest;
• Low startup requirement.
• Cons

• Rates can change;
• Inflation;
• No tax savings.

Do the savings account interest rates change over time?

Yes, fees are variable and may change over time. If you are looking for a fixed-rate account, you need to open a certificate of deposit.

What is the typical interest rate on a savings account?

Usually, some savings accounts offer 0.50% APYs. However, it is possible to find savings accounts where you can earn more than 1.00% APY.

Is it worth keeping money in a savings account?

It depends on your needs. Savings accounts may not pay that much but they are helpful for your finances. Your money is more accessible when you keep it in a savings account. In addition, savings accounts are completely safe in the sense that you’ll never lose money.