![]() Wealth management consulting/coaching services.An account will rank higher for offering any of the following perks: None of the banks on our list charge monthly maintenance fees. The savings accounts listed here are all insured up to $250,000 per person, per account category, per institution, by the Federal Deposit Insurance Corporation or National Credit Union Administration.ĬNET evaluates the best savings accounts with a set of established criteria that compares annual percentage yields, monthly fees, minimum deposits or balances and access to physical branches. Each account received a score between one (lowest) and five (highest). Read online customer reviews to see what current customers think about their experiences.ĬNET reviewed savings accounts at more than 50 traditional and online banks, credit unions and financial institutions with nationwide services. Customer service: If you run into any problems with your account, you want a bank that’s responsive and offers convenient support options.Federal deposit insurance: To protect your money, choose a bank that belongs to the Federal Deposit Insurance Corporation or a credit union that belongs to the National Credit Union Administration.If you think you may need to make more, consider a bank without this limit. Withdrawal limits: Some banks charge an excess withdrawal fee if you make more than six monthly withdrawals.If you’re comfortable managing your money digitally, look for an online bank with a user-friendly app that has all the features you need. Accessibility: If in-person banking is important to you, look for a bank with physical branches.Monthly fees: Avoid unnecessary charges by looking for a bank that has low or no fees.How much you have to deposit initially can help you narrow down your options. Minimum deposit: Some HYSAs require a minimum amount to open an account – typically, from $25 to $100.In addition to APY, you should consider the following when comparing savings accounts: Tips for choosing the right savings account Instead, you can open a new account from an online bank in minutes and set up recurring transfers or direct deposits to start funding it. If you already have a savings account, and you’re earning less than 1% with it - some big banks offer as little as 0.01% APY - you don’t have to close your existing account to enjoy higher rates. That means your money is safe up to $250,000 per account holder, per account type. Low risk: HYSAs are protected by federal deposit insurance if they’re held at an FDIC-insured bank or NCUA-insured credit union.You may also have lots of customer service options, including by phone, online chat and secure messaging. Accessibility: If you open an HYSA at an online bank, you’ll enjoy 24/7 account access through its mobile app.CDs, another popular savings product, charge a penalty if you take out funds before the term is up. ![]() Liquidity: You can access money in your HYSA anytime without penalty (as long as you mind any withdrawal limits). ![]() Many online banks can charge low or no fees thanks to their lower operating costs.
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