DollarGeek Presents:

Best Savings Accounts - August 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
OVERALL RATING:
(4.5)
on Marcus' website

Min. Balance

$0

to start

Monthly Fee

$0

APY

1.05%

Minimum

$0

APY

1.05%

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OVERALL RATING:
(5)
on Barclays' website

Min. Balance

$0

to start

Monthly Fee

$0

APY

0.80%

Minimum

$0

APY

0.80%

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OVERALL RATING:
(4)
on Capital One's website

Min. Balance

$0

to start

Monthly Fee

$0

APY

0.80%

Minimum

$0

APY

0.80%

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OVERALL RATING:
(4)
on BrioDirect's website

Min. Balance

$25

to start

Monthly Fee

$0

APY

0.90%

Minimum

$25

APY

0.90%

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OVERALL RATING:
(4.5)
on HSBC Direct's website

Min. Balance

$1

to start

Monthly Fee

$0

APY

0.70%

Minimum

$1

APY

0.70%

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OVERALL RATING:
(4.5)
on Vio Bank's website

Min. Balance

$100

to start

Monthly Fee

$0

APY

1.04%

Minimum

$100

APY

1.04%

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OVERALL RATING:
(5)
on UFB Direct's website

Min. Balance

$0

to start

Monthly Fee

$0

APY

0.40%

Minimum

$0

APY

0.40%

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OVERALL RATING:
(4)
on Salem Five Direct's website

Min. Balance

$100

to start

Monthly Fee

$0

APY

1.00%

Minimum

$100

APY

1.00%

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OVERALL RATING:
(4.5)
on Bank5 Connect's website

Min. Balance

$10

to start

Monthly Fee

$0

APY

0.95%

Minimum

$10

APY

0.95%

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OVERALL RATING:
(4.5)
on Synchrony Bank's website

Min. Balance

$0

to start

Monthly Fee

$0

APY

0.75%

Minimum

$0

APY

0.75%

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OVERALL RATING:
(4)
on CIT Bank's website

Min. Balance

$25K

to start

Monthly Fee

$0

APY

0.85%

Minimum

$25K

APY

0.85%

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Best High-Yield Savings Accounts - August 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.

What should I look for in 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.

High APYs

A high APY (annual percentage yield) is one of the most crucial things you should look for when trying to find the best savings account. A higher APY means more money in your pocket. 

LOW FEES

It’s important to find a savings account that has little to no fees at all. Fees will eat into your money and you should try to avoid them as much as possible. Always look at your banks fee schedule and try to avoid monthly maintenance fees if you can. 

FDIC Insured

Nearly all banks carry FDIC insurance for their depositors. FDIC insurance will ensure your money is protected to $250,000 per person per bank, against a failed bank.

User Experience

When you’re shopping around for the best savings account, it’s important you find a bank that offers you simplicity with all the tools you need to manage your savings account. Make sure the bank you choose offers a superb online portal and mobile app so you can access your account at ease.

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’ll 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. It's 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 charge you a monthly maintenance fee, but most online banks are free. 

Common terms you should be familiar with if you plan to open a saving account

You’ll come across these terms when opening a new savings account. Make sure to get familiar.

1. APY

APY stands for “annual percentage yield”. Many people often get APY mixed with interest rate, but these aren’t the same. APY takes into account compound interest.

2. Monthly Maintenance Fee

A monthly maintenance fee is a fee your bank will charge you to maintain your savings account. Most online banks will not charge a monthly maintenance fee for you savings account, and if they do, it most likely can be waived if you meet certain requirements. These requirements can sometimes be a higher initial deposit or reoccurring monthly deposits into the account.

3. FDIC Insured

Like most deposit accounts, savings accounts are typically backed by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance means your cash is protected up to $250,000 per person per bank, against a failed bank.

A high APY (annual percentage yield) is one of the most crucial things you should look for when trying to find the best savings account. A higher APY means more money in your pocket. 

It’s important to find a savings account that has little to no fees at all. Fees will eat into your money and you should try to avoid them as much as possible. Always look at your banks fee schedule and try to avoid monthly maintenance fees if you can. 

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:

Min. Deposit

$5,000

$0

$0

$0

APY

0.80%
0.95%
0.01%
1.00%

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