Best savings accounts to save money in 2024

Savings accounts are safe and simple options for those who want to save and save money.

With them, you can save money for unforeseen events in a simple and accessible way.

As it is a very popular alternative, there are several options on the market, making the choice a little more difficult.

So, keep reading and see which alternatives are best for you!

How does the savings account work?

The way savings accounts work is simple. Firstly, you must open an account with an accredited bank or financial institution.

The process is generally simple and can be done online, in person or over the phone.

You can then start depositing money into your savings account in a variety of ways, such as bank transfer, check or cash deposit.

The money is available for withdrawal at any time, through ATMs, bank branches or online services.

In this type of account, there is interest income on the amount deposited. The interest rate varies depending on the bank and type of account. Interest is generally credited to your account monthly.

Savings accounts may have limits on monthly withdrawals or transfers. It is important to check your account limits before carrying out any transaction.

+What are SMART goals and how do you set yours?

What are the advantages offered by savings accounts?

A savings account is a popular option for those who want to save money safely and earn some income.

It offers low risk, which is why many people feel safe using it to save money.

As it is protected by the government and is generally not subject to market fluctuations, it is a safe option for those who are afraid to take risks.

Its liquidity is also an advantage for those with financial control, as you can access your money at any time, making it ideal for emergencies.

Although the interest is modest, the savings account still offers some income on the balance.

As we talk about the advantages, I think it is worth mentioning some disadvantages that these savings accounts bring, so you can decide with more confidence.

One of the main disadvantages that makes this option not recommended by experts is its yield below inflation.

Another big disadvantage is that your income is annualized, meaning monthly earnings are irrelevant.

Savings income is credited monthly, but don't be fooled by low amounts. The real profitability is only known at the end of the year, when the annual interest is credited.

When you withdraw money from savings before the “anniversary” of the deposit (the date the deposit was made), you lose interest for that month and previous months.

This means that the sooner you withdraw, the less interest you will receive.

+ Master the Essential Skills for Success: see if you already have any!

Bast savings accounts to save money

1. Ally Savings Account:

Characteristics: High performance, no monthly fees, easy online and app access.

Benefits: One of the highest interest rates on the market, no minimum balance requirements, excellent customer service.

Disadvantages: It does not offer traditional banking services, such as checking accounts or checks.

Rates: No monthly fees, international transaction fees may apply.

Services: Online and app account with full features, transfers, bill payments, check deposit via app.

Open an account: Access the Ally website or call customer service.

2. BrioDirect High Yield Savings Account:

With the BrioDirect Banking savings account, you can save and save for the future.

In addition to high-yield savings accounts, it also offers CDs that pay well. It has no monthly fee and has the following characteristics.

Taxa APY: 5.35%

Benefits: High interest rate, no monthly fees.

Details: Online access, low minimum deposit.

How to open: Visit the BrioDirect1 site. 

3. Savings accounts to save money: Marcus by Goldman Sachs High-Yield Savings Account:

The yield at Marcus is a little lower compared to other options accounts savings mentioned above, the APY rate is 4.40%.

However, she has no fees and does not stipulate a deposit Minimum. Note some characteristics of this option below.

Features: High yield, no monthly fees, easy online and app access.

Advantages: Competitive interest rate, no minimum balance requirements, intuitive online interface.

Disadvantages: Does not offer traditional banking services, customer support only via phone or online chat.

Fees: No monthly fees, international transaction fees may apply.

Services: Online and app account with basic features, transfers, bill payments.

Open an account:Visit the Marcus website or call customer service.

4. Savings accounts to save money: Discover Savings Account

At Discover there is also no minimum deposit required and the APY rate is 4.25%. Although it does not have the highest yield, it is an economical option, as it does not charge fees or fees for various services.

Note its main characteristics below:

Characteristics: High yield, welcome bonus, no monthly fees, cashback on purchases.

Benefits: Competitive promotional interest rate, generous welcome bonus, cash back on Discover card purchases.

Disadvantages: Promotional interest rate expires after 12 months, minimum requirements for cashback.

Rates: No monthly fees, international transaction fees may apply.

Services: Online and app account with basic features, transfers, bill payments.

Open an account: Access the site da Discover or call customer service.

Conclusion

Choosing the best savings account for you will depend on your individual needs and goals.

Carefully analyze the characteristics, advantages, disadvantages, rates, and services of each option before deciding.

Remember that, in addition to traditional accounts, there are other innovative options on the market, such as high-yield savings accounts with bonuses, digital savings accounts with innovative features, and specific savings accounts for certain purposes, such as travel or education.

Research and compare different options to find the savings account that's right for you.