There are many financial institutions that offer savings accounts. Look for some of these key features when making your choice:.
Make sure you have the following information ready when you go to open the account in-person or online:. If you have a credit freeze in place so that no one can fraudulently open accounts in your name, you may need to lift this credit freeze before opening a new bank account in addition to gathering the above documents. In opening a savings account, you will need to make an initial deposit.
The catch is that some banks have a minimum opening deposit requirement. On top of the minimum opening deposit, some savings accounts charge a monthly maintenance fee that can eat away at your savings. To avoid these fees, many banks require that the account holder have a minimum balance of a few hundred dollars. Submit your application with all of the required information and wait for the bank to open your account.
This usually happens quickly, and you can start making additional deposits and withdrawals within a day or two. Almost every bank and credit union offers some form of online banking these days.
It makes it very easy to check your balance, transfer money and manage your account. Most banks and credit unions let their customers do their banking online, and that includes opening a new account over the internet. That means that you can open a savings account without ever leaving your home.
Many online-only banks offer the best savings account deals, with low minimum balances, low or no maintenance fees, and high interest rates.
Some of the top online banks , like Ally Bank and Axos Bank , pay competitive rates and charge no maintenance fees. People who are more comfortable with doing their banking in-person might be better off with a traditional bank. Choosing the best savings account is important because the right account can help you make the most of your savings.
One of the top things to look for is the interest rate. The higher the rate, the faster your savings will grow. Consider this example:. If you choose an account that offers 0. Monthly fees are another important consideration. Disclaimer Please note that this hyperlink will bring to you to another website on the Internet, which is operated by InTouch, an independent company appointed by the Bank to support its Speaking Up programme.
Merchant locations. Offer details. China UnionPay:. Terms and conditions. Have a question? Our consultants are ready to help. How would you like to chat with us? Video chat Prefer face-to-face interaction? Start a video session with our consultants. Audio chat On the move? Use our voice chat service to talk to our consultants. Preferred Rewards members can earn even more. How to qualify layer. Planning for college? Check out College Savings Plans from Merrill.
We're here when you need us. Find a location near you. Learn more about FDIC insurance. Between tuition and textbooks, putting aside extra cash can be hard. We can help by waiving the monthly maintenance fee for qualifying students layer. Students under age 24 are eligible for a waiver of the monthly maintenance fee while enrolled in a high school, college, university or vocational program. Please refer to your Personal Schedule of Fees for details. Try the Savings Goal Calculator.
Savings account or CD: Compare the benefits. Learn ways to help make saving simple. Get help planning for every stage of life. Please enter the zip code for your home address so we can give you accurate rate and fee information for your location.
You are using an unsupported browser version. Learn more or update your browser. Bank of America Advantage Savings. Complete my saved application Complete my saved application. Its online CDs also have top yields. You can access the account several ways, including via desktop and mobile app. You can take advantage of the 0. Anyone can be eligible to join by becoming a member of its partner charity, Foster Care to Success. This account does not charge monthly fees and does not require a minimum opening deposit.
However, American Express reserves its mobile apps for credit card customers. Chime's High Yield Savings account has no monthly fees and no minimum balance requirements. It also has a couple of automatic savings features: Customers can either round up all of their purchases to the nearest dollar and save the difference or they can automatically transfer money into savings when they get paid.
In order to open this account, you'll need to first open a Chime Spending account. You can earn a 0. There is also no monthly fee. The APY grows to 3. Axos offers a high-yield savings account with an optional ATM card. Its 0. You can open this account with any amount and you won't be charged monthly maintenance fees.
This savings account from Live Oak Bank has no monthly maintenance fees or minimum balance requirements, and it offers a solid 0. Live Oak Bank also offers an interest-bearing business savings account. The best savings account interest rates are around 0.
At a brick-and-mortar bank, you'll often find savings rates closer to the national average, which is currently 0. The difference increases the more you deposit and the longer you keep it in the account. If you have money left in your checking account each month — or you can adjust your budget so that you do — you should have a savings account with a high rate. Again, think around 0. It's always helpful to have money set aside for emergencies, and it'll earn you much more in an account that pays one of the best savings account rates than in a checking account.
Just make sure you can keep enough in your savings account to avoid monthly fees. Most online savings accounts don't charge these, but many traditional accounts do.
You make your deposit and watch your balance grow as your money earns interest. It's easy to find a savings account at your local bank, but if you want to earn a high rate and pay the lowest fees, you should consider storing your savings online. Without the added expenses of large branch networks, online banks and nonbank providers are able to offer more favorable returns than national brick-and-mortar banks.
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