8 Best Online Savings Accounts [October 2022]

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While the best savings accounts used to come from traditional brick-and-mortar institutions, that is no longer the case at all. The reality is, many online banks and fintech companies these days offer savings accounts with low fees (or no fees), and their interest rates are far more competitive.

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don’t believe me? Once you do some digging, you’ll quickly find that banks like Chase and Wells Fargo are offering a modest .01% rate on their regular savings accounts.

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Since you definitely want to secure the highest rates on your savings, it is important to compare banks and their savings account offers side by side. We’ve done exactly that to help you in your search, and we highlight the best savings accounts for 2022 below.

Our Picks for the Best Savings Accounts of 2022 – Best Savings Accounts – Review

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Before you open one of the best savings accounts we’ve profiled in this guide, you should get a general idea of ​​how each account works, including their minimum account balance and monthly fees. The following savings account reviews can help you learn more about each bank and what they have to offer.

Best User Experience: Discover Savings Account Online Current APYMinimum Deposit Fee1.30%$0None

While Discover is known for its popular rewards credit cards, this online bank also offers personal loans, checking and savings accounts, and student loans. When it comes to their savings account products, consumers can open an account with a $0 minimum deposit requirement and no monthly fees or maintenance fees.

You can open an online savings account with Discover without visiting an actual bank branch, and your Discover account may have extensive ATM access depending on where you live. Other benefits of Discover Online savings accounts include no fees for insufficient funds and access to a highly rated mobile app that makes it easy to make deposits, monitor your account balance, or access accounts on the go. Transfers money between

Best High APY: UFB Direct Rewards Savings Current APYMinimum Deposit Fee2.21%$0None

UFB Direct offers a high-yield savings account with no maintenance or service charges and no minimum account balance requirement. You don’t need to make any minimum direct deposit to qualify for their highest-yield offers, and you also need a free ATM card.

UFB Direct comes with a robust online banking portal as well as a mobile app which is highly rated by the users. You can use the app to make mobile deposits, track your spending and savings goals, and transfer money between accounts. This bank also comes with 128-bit encryption on their accounts, so you can rest assured that your banking information and personal data will be safe.

Best with no fees: CIT Bank Savings Connect Current APYMinimum Deposit Fee1.90%$100None

While CIT Bank was once a standalone online bank, the institution is now a division of the earlier Citizens Bank. With this in mind, you should know that a minimum deposit of at least $100 is required to initiate a CIT Bank Savings Connect account. However, there are no account management fees or hidden fees to be aware of, and consumers can earn an exceptional rate of 1.90% APY.

Opening this account online is easy, and consumers can use the mobile app to remotely deposit, transfer funds or keep track of their savings balance. Like the other savings accounts that make up our ranking, CIT Bank is also FDIC insured. This means that depositors can get a good night’s sleep knowing they have up to $250,000 of their savings protected in the event of a bank default.

Best for Minimum Deposit: Marcus by Goldman Sachs Current APYMinimum Deposit Fee1.20% APY$0None

Marcus by Goldman Sachs offers some of the best high-yield savings accounts and personal loans on the market today. Their savings accounts notably offer a competitive APY of 1.20%. There are no fees required for this account, and you can open it and get started with no minimum deposit amount. You can also transfer up to $100,000 from other banks in a single day, and Marcus by Goldman Sachs accounts are all FDIC insured.

The bank’s mobile app is also highly rated and recommended. Applicants can open their accounts online or using the mobile app, but the app itself is incredibly useful once you’ve deposited funds into your account. For example, you can use the Marcus by Goldman Sachs app to schedule transfers in and out of your account, see how much interest you’ve earned, and keep track of your savings goals.

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Best for Citi Customers: Citi Accelerate Savings Current APYMinimum Deposit Fee 1.40%$0$4.50 Monthly Service Charge if you maintain a balance of less than $500

If you’re hoping to open a savings account with a bank that may have physical branches in your area, Citibank is worth considering. This bank has branches across the country, but you will also be able to access over 65,000 ATMs through their network. Meanwhile, Citibank also offers a useful mobile app with excellent ratings on Google Play and the App Store.

In terms of their online savings account, their highest level of savings currently earns 1.40% APY. A monthly service fee of $4.50 may apply if you have a Citi Accelerate savings account without a connected checking account, but you may get this fee waived if you maintain an average monthly balance of at least $500 in your account at all times. can go.

Best Online Tool: Barclays Online Savings Account Current APYMinimum Deposit Fee1.40%$0None

Barclays is another bank that offers exceptionally high-yield savings accounts that almost anyone can open. This account is currently earning 1.40% APY, and the minimum account balance requirement starts at $0. There are no monthly fees associated with this account, as well as no hidden fees in general.

Barclays accounts come with FDIC insurance, and they make it easy to transfer money between accounts online or using the bank’s mobile app. At the end of the day, this account is a no-frills option that aims to grow your savings without requiring you to jump through any hoops.

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Best Sign-up Bonus Offer: SoFi Money Current APYMinimum Deposit Fee1.80% APY$0None

SoFi offers an exceptional APY of 1.80% on its savings accounts with no minimum deposit requirement and no monthly fees or hidden fees to worry about. The online bank is also offering a new account bonus of up to $300 when you sign up and set up eligible direct deposit in your account.

Opening an account with SoFi gives you access to more than 55,000 fee-free ATMs in the AllPoint ATM network, and qualified direct deposit can save you from overdraft fees when you overdraft your account by up to $50. A SoFi savings account lets you access your paycheck up to two days in advance. The SoFi mobile app is also highly rated, and makes it easy to monitor all your SoFi accounts in one place.

Best for Easy Online Transfers: Bread High-Yield Savings

Bread Savings is another online organization that can help you grow your savings with high APY and no hidden fees. You need at least $100 to open a savings account with Bread, and after that you can earn an APY of 1.65% regardless of your account balance.

Bread High-Yield Savings Accounts are mostly free of frills and special features, but the company has a mobile app with plenty of perks. For example, you can use the Bread app to monitor your savings balance, transfer funds, make deposits, and more. Bread Mobile also offers unlimited deposits via check capture and ACH transfer.

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With a high-yield savings account, keeping money aside is even easier.

If the thought of securing your future stresses you out, let a high-yield savings account do the rest. Open your account today — it’s as easy as clicking below.

Open an Account Today Finding the Best Savings Accounts

While opening a savings account may make it easier to reach your savings goals, it still makes sense to check and compare other financial products such as certificates of deposit (CDs) and money market accounts. If you want an account that you can use to make regular purchases, you should also check out the best checking accounts on the market today.

Savings Accounts 101

If you still believe that the best savings accounts will meet your needs, read on to learn more about how savings accounts work and their advantages and disadvantages.

How do savings accounts work

A savings account is a type of bank account that helps you grow your money over time. Savings accounts offer an annual percentage yield (APY) that is much higher than what you would get from a checking account. However, some savings accounts come with minimum balance requirements, monthly fees, or limits on the amounts you can transfer or withdraw each month.

To get the most out of a savings account, you should look for options that offer you the highest APY with minimal or no charges. You can quickly grow your savings by setting up automatic transfers or deposits, and you can open multiple savings accounts for different goals.

Use-cases for Savings Accounts

There are myriad reasons to open a savings account with your regular bank or any online institution. With that in mind, here are some of the most common uses for savings accounts and the money they hold.

Short-term goals: Many consumers use savings accounts for short-term goals, whether it includes a home upgrade or repair, an upcoming vacation, or a new vehicle for the family. Long-term goals: You can also use a savings account for long-term goals like a down payment on a home, college tuition, or your future retirement. Emergency Fund: Most experts say you should only have three to six months’ worth of expenses in a savings account for emergencies. , With a fully stocked emergency fund held in a high-yield savings account, you’ll have some protection against unexpected expenses and bills, loss of income, job loss, and more. Money on a Rainy Day: It Never Hurts to have a few savings that aren’t specifically allocated for anything. You can open a savings account and fund whatever comes up, from last minute trips to buying everything you’ve always wanted to take. Savings Account Pros and Cons

professionals

Earns more interest than a checking account Keep your cash liquid and easy-to-use at all times Enjoy the protection of FDIC insuranceMany online savings accounts come with minimum balance requirements and no fees. Save your money with a mobile app. manage finances seamlessly

Shortcoming

Savings accounts may set limits on the number of withdrawals you can make each month. Minimum deposit requirements may apply. Some accounts have monthly fees. You need to maintain a specific balance each month to avoid maintenance fees. May have certificates of deposit (CDs) and lower interest rates than some money market accounts How do we find the best savings accounts

To find the best savings accounts on the market today, we looked for options that offer the highest annual percentage yield (APY) with no monthly fees or minimum fees. We also looked for institutions that have a mobile app, and we only considered bank accounts that are FDIC-insured.

Other features we looked for include low minimum deposit requirements (or $0 minimum deposit requirement), access to fee-free ATMS, a robust online portal, and easy money transfers and deposits via an online banking portal or mobile app.

Best Savings Accounts FAQ

Which are the best savings accounts?

The best online savings accounts offer the highest interest rates with low fees or no fees. Based on our research, we believe that the best savings account options for 2022 come from a fintech company named Discover, CIT Bank, Marcus by Goldman Sachs, Citibank, Barclays, SOFI and Bread.

APY stands for Annual Percentage Yield. APY is used to show the actual rate of return earned in your savings account by taking into account the magic of compound interest.



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