Geeky Insights:

Best Savings Accounts - June 2020

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When choosing the best savings account you need to look for various perks. Aside from a high interest rate, you want no monthly fees, great customer support and technology that makes banking easy. DollarGeek has researched and analyzed the best savings accounts so you can start growing your money and save with confidence. You're unique and your saving account should be no different.

Browse the best saving accounts
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Showing 1-11 of 11 accounts
Compare Account
DollarGeek Rating:
on Marcus' website
Compare Account

Min. Balance

$0

to start

Monthly Fee

$0

APY

1.30%

Minimum

$0

APY

1.30%

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Compare Account
DollarGeek Rating:
on Barclays' website
Compare Account

Min. Balance

$0

to start

Monthly Fee

$0

APY

1.15%

Minimum

$0

APY

1.15%

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Compare Account
DollarGeek Rating:
on Capital One's website
Compare Account

Min. Balance

$0

to start

Monthly Fee

$0

APY

1.30%

Minimum

$0

APY

1.30%

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Compare Account
DollarGeek Rating:
on BrioDirect's website
Compare Account

Min. Balance

$25

to start

Monthly Fee

$0

APY

1.25%

Minimum

$25

APY

1.25%

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Compare Account
DollarGeek Rating:
on HSBC Direct's website
Compare Account

Min. Balance

$1

to start

Monthly Fee

$0

APY

1.30%

Minimum

$1

APY

1.30%

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Compare Account
DollarGeek Rating:
on Vio Bank's website
Compare Account

Min. Balance

$100

to start

Monthly Fee

$0

APY

1.50%

Minimum

$100

APY

1.50%

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Compare Account
DollarGeek Rating:
on UFB Direct's website
Compare Account

Min. Balance

$0

to start

Monthly Fee

$0

APY

1.51%

Minimum

$0

APY

1.51%

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Compare Account
DollarGeek Rating:
on Salem Five Direct's website
Compare Account

Min. Balance

$100

to start

Monthly Fee

$0

APY

1.00%

Minimum

$100

APY

1.00%

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Compare Account
DollarGeek Rating:
on Bank5 Connect's website
Compare Account

Min. Balance

$10

to start

Monthly Fee

$0

APY

1.10%

Minimum

$10

APY

1.10%

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Compare Account
DollarGeek Rating:
on Synchrony Bank's website
Compare Account

Min. Balance

$0

to start

Monthly Fee

$0

APY

1.30%

Minimum

$0

APY

1.30%

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Compare Account
DollarGeek Rating:
on CIT Bank's website
Compare Account

Min. Balance

$25K

to start

Monthly Fee

$0

APY

1.25%

Minimum

$25K

APY

1.25%

View Details
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DollarGeek's Picks: Best Savings Accounts - June 2020

DollarGeek is here with you every step of the way when you're selecting the best online brokers. Find the best place to start growing your money.

Learn About Savings Accounts

Gain some clarity with our geeky insight.

What is a savings account?

A savings account is a place where you can store cash securely while you earn interest on your money. Unlike investment accounts, they are federally insured, which means up to $250,000 of the money in your account would be covered if the bank failed and went under. A savings account gives you fast access to cash.

Does opening a savings account hurt my credit score?

Opening a savings account does not affect your credit score. Savings accounts aren’t listed on credit reports, which means they don’t impact credit scores.

Can I have more than one savings account?

Yes. You can have multiple savings accounts. Make sure you take advantage of the savings account with the higher APY (annual percentage yield). A higher APY means more money in your pocket.

How do I get money from my checking account to my savings account?

Stashing money away into your savings account is simple. You can fund your account with a free transfer from your checking account, a mobile check deposit, or you can even mail in a check. Getting money into your savings account isn't usually an issue - you have a few options.

What are the benefits of a savings account?

A savings account presents quite a few perks:

1. Automatic Transfers

To keep consistent you can schedule automatic transfers with most savings accounts. When you set up automatic transfers you will have money moved from your checking into your savings however often you'd like. For example, lets say you get paid every 15 days - you can have your savings account transfer money from your checking account every 15 days for free. It's a good way to stash some cash.

2. Easy Access

Savings accounts present easy access to your money. Since the money stays in cash and it's not invested in the stock market, you can easily transfer money from your savings into your checking account quickly. You will be limited to how many times you can transfer money out of your savings account every month (maximum is usually 6 transfers per month) because a law set by the Federal Reserve. 

3. Stable

When you invest your money your account usually goes up and down with the stock market, but with a savings account its stable and predictable because its just sitting in cash with your bank. Sleep easy knowing that your money is federally insured for up to $250,000 if the bank failed.

What does it cost to have a savings account?

It depends, but typically the best savings accounts DollarGeek has selected have zero monthly fees. Sometimes a bank will have you maintain a minimum balance every month or they’ll charge you, but DollarGeek strives to show you the best savings accounts with no monthly fees.

More top choices for the best savings accounts

DollarGeek is here with you every step of the way when you're selecting the best savings account. Find the best place to start growing your money with the best rates. Here are some other choices we recommend looking at:

• Citizens Access

• E*Trade

• PNC Bank

• Discover

• Ally Bank

$5,000 minimum deposit

$0 minimum deposit

$0 minimum deposit

$0 minimum deposit

$0 minimum deposit

1.30%
0.05%
1.25%
1.15%
1.25%

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