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Bank/savings account
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A savings account is a great place to keep money that you don’t plan to use immediately to pay bills or expenses. A commission-free savings account with higher than average APY will help you maximize your savings. These accounts do not charge monthly service fees or impose minimum balance requirements that reduce your balance.
When choosing a fee-free savings account, it helps to consider more than the annual yield. Find an account that fits your lifestyle and savings goals. Here are some of the fee-free savings accounts to consider.
Best Free Savings Accounts for 2023
Here are our top picks and who they are best suited for.
- Ally Bank Online Savings: Perfect for multiple savings goals
- MySavingsDirect MySavings account: Great for savings rate
- Synchrony Bank High Yield Savings: Great for ATM access
- Discover Bank Online Savings: Great for customer service
- Capital One 360 performance savings: Great for mobile apps
Who has a commission-free savings account?
Online banks tend to offer more fee-free savings accounts than brick-and-mortar chains, and all the accounts on this list are from online banks.
If you prefer access to a physical branch, it may be easier to visit your local bank or credit union. Smaller banks are more likely to offer fee-free savings accounts compared to larger national banks.
Ally Bank
Ally offers one savings account called Online Savings Account. Like other accounts on this list, there are no monthly maintenance fees or minimum balance requirements, and APY is much higher than the national average.
The account also comes with Ally’s Savings Bucket feature that allows you to split your savings into designated digital envelopes for specific savings goals. You can even set a goal date and track your savings progress. You can do it all in the app.
My Savings Direct
MySavingsDirect MySavings accounts pay the highest rates in the United States, surpassing some CD rates. Unlike some banks that reserve the highest rate for the account with the highest balance, My Savings Direct pays this rate for all balances.
You can open and manage an account online and link it to your checking account to send money.
Synchronous bank
Synchrony Bank may be best known for its lineup of consumer credit cards, but the bank also offers commission-free, high-yield savings accounts that pay impressive APYs.
This is one of the few fee-free savings accounts that comes with its own ATM card that can be used for cash withdrawals and POS purchases. Other banks may require you to transfer money to a linked checking account before you can withdraw cash.
discovery bank
Discover Bank’s online savings account is completely fee-free. New customers can open an account through the bank’s website and current customers can complete the application directly on his mobile app. There are no minimum balance requirements to open an account.
Best of all, Discover offers top-notch customer service over the phone, with representatives available 24/7 to assist customers with questions about the application process using their mobile app or account.
Capital One 360
Capital One 360 has a single savings account called 360 Performance Savings. Capital One 360 is primarily an online bank, but has several physical branches and Capital One Cafés across the country. If you are nearby, you can visit and speak directly with a representative.
You can also take care of your banking needs, including checking balances, transferring money, and tracking spending across all your Capital One accounts with Capital One’s top-rated mobile app. With this app, you can open multiple savings accounts for specific savings goals and easily monitor their balances.
Features to Consider When Choosing a Savings Account
With so many savings account options available, you can find the one that best suits your needs. Consider the following features when evaluating your account:
access
Find out how to deposit and withdraw money from your savings account. Most banks allow you to transfer money between linked accounts. This is useful for receiving direct deposits and electronic transactions.
If you plan to deposit checks directly into your savings account, make sure your bank offers mobile checks or ATM deposits.
annual yield
Choose high APY accounts to maximize your savings and earn more interest. Deposit $1,000 into a savings account that pays 0.01% APY and earn $0.10 in a year. If you deposit the same amount in a savings account with APY at 3.30%, you can earn $33 in a year.
When reviewing your APY, check to see if the top rate applies to all balances or to your balance tier.
Banking settings
Online banks tend to pay higher APY than brick-and-mortar stores, but if you prefer going to a local branch, it’s worth paying a lower APY.
Alternatively, we recommend keeping your deposits in an online bank that is not easily accessible. This reduces the temptation to withdraw money from your account for impulse purchases.
commission
Some banks charge a monthly or quarterly maintenance fee for your savings account unless you meet the minimum balance requirements. Other fees to watch out for include dormant account fees and excessive withdrawal fees that can affect your balance.
Frequently Asked Questions
- Which bank has the best savings account?
- If earning the most interest is important to you, look for accounts with the highest APY. If you’re saving for a specific purpose, such as a vacation or a down payment, consider an account with an electronic envelope system or a bank that allows you to open multiple accounts.
- Ultimately, the best savings account is the one that will most help you reach your financial goals.
- Where can I get 5% of my savings?
- Blue Federal Credit Union, Digital Credit Union, and Mango all offer at least 5.00% APY if you can meet the balance requirements.
- Which bank offers 7% interest on savings accounts?
- No bank in the US pays 7% APY for savings accounts. The average interest rate for savings accounts is 0.33%. You can find many options that are higher than the average APY, but you will not find a savings account that offers 7.00% or more.
Prices are subject to change. Prices are updated periodically unless otherwise stated. All other information regarding your account is accurate as of January 30, 2023.
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