
Best Savings Accounts you Can Open Right Now
Savings accounts aren’t always at the forefront of people’s minds. Most of the time, it’s easy to get caught up in the cycle of paying bills and making ends meet. But saving and investing your money in the future is an incredibly rewarding process that can yield a better, more secure financial future. Having a savings account provides you with an emergency nest egg to use during times of crises or financial hardship. Savings can protect you and keep you going if you face a job loss or layoff. A savings account is a way to visibly see your progress toward a financial goal.
Savings accounts don’t have to be confusing. In fact, opening a savings account should be an exciting part of your life because it means you’re taking concrete steps towards savings. Here are a few of the best savings accounts you can open right now. Most have mobile apps and can be accessed on the go as you need.
Ally Bank is regarded as one of the best online savings accounts because it has no monthly fees or minimums. The mobile app allows customers to make transfers and deposits, pay bills, make mobile check deposits, and more. The savings rate is considered high, where customers at Ally Bank have a 1.00% annual percentage yield (APY).
Another well rated savings account is Synchrony Bank, which has a 1.05% APY as well as rewards for customers. Perks and rewards are important to many credit card holders, and savings accounts are also working to incentivize customers to earn rewards and save that way too.
Discover isn’t just credit cards; they also have a 0.95% APY on their Discover Savings Account. There aren’t any monthly charges with Discover, and no minimum balance requirements on the account.
If you have already accumulated a bit of savings, the 360 Money Market Savings Account from Capital One has a $10,000 minimum balance but also an APY of 1.10%. It’s rare to find a yield this high from banks, but the Capital One 360 Money Market Savings is able to offer it, along with no monthly fees. Dropping below the minimum balance, however, will greatly affect the APY.
