Best Savings Accounts Right Now

I wrote a post recently about high interest savings accounts so I thought I’d better follow it up with a post about which accounts are the best. There are some extra things you need to know about savings before you find the right account for you. If you haven’t read Your Savings Options and Which one is Right For You go ahead and start with that.

The following accounts may be either savings accounts or money market accounts. I didn’t discriminate between the two because as the consumer there isn’t that much difference between them for you. Generally when we’re looking at savings accounts we’re searching for the best interest rate. Interest rates are important but it’s also important to know your account’s restrictions and make sure you are investing in a reputable bank. The list of savings accounts I’m offering up are not just good interest rates, they’re also just good consumer choices.

1.NASB E-Savings 1.12% APY

The North American Savings Bank is offering the best rate that I’ve seen at the moment. The account is only available online and there is a $100 minimum balance. If you don’t meet the minimum balance or there is no activity for six months you will be charged $7.50 a month in maintenance fees.

  • Minimum Balance: $100
  • Check Writing: No
  • Online Only: Yes

2. Radius Bank Savings 1.10% APY

This is another high interest savings account. The interest is very good but you have to have a minimum balance of $2,500 to earn that interest rate. If you keep your balance above the minimum there are no monthly service charges or fees of any kind. Radius Bank does have physical locations but their ATMs are not in our area so this account is effectively online only.

  • Minimum Balance: $2,500
  • Check Writing: No
  • Online Only: Yes

3. SFGI Direct 1.06% APY

This online savings account has a slightly smaller interest rate but it still ranks well above the national average. The website states that there is a $1 minimum balance to earn interest but other sources say there is a $500 minimum. Make sure you read the fine print before signing up. There is no monthly service charge as well.

  • Minimum Balance: $500
  • Check Writing: No
  • Online Only: Yes

4. Synchrony Bank 1.05% APY

Synchrony Bank’s savings account is high on my list not because of the interest rate but because the terms of the account are easy to understand and it’s easy to sign up for. The account minimum is $30 and as long as you stay above that you won’t incur a monthly service charge. If you do fall under the limit you’ll be charged $5 monthly. Additionally, Synchrony Bank will reimburse you $5 per month for using third party ATMs.

  • Minimum Balance: $30
  • Check Writing: No
  • Online Only: Yes

5. Ally Bank 1.00% APY

This savings account isn’t the highest APY but I chose it because Ally is exceptionally easy to use. They are online only and offer an easy to use online interface and simple terms. No minimum balance, no monthly service charges. You can’t get more easy and streamlined than Ally and for people new to high interest savings I think they are a great place to start.

  • Minimum Balance: $0
  • Check Writing: No
  • Online Only: Yes

One Comment

  1. KaseyPClunes says:

    What’s up, just planned to say, I enjoyed this post. It was practical.
    Keep on posting!

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