Ten Great Highest Saving Account Interest Rate Ideas

We all are very well aware of the uncertainty of life. For instance, if we take the example of the current scenario, then it popped up suddenly without any prior notice. So, in such situations, our savings bank account is the only hope that we are left with. What is a savings bank account? Basically, a savings bank account that’s offered by banks and credit unions, is a safe place to keep our money and simultaneously earn a small amount of interest. One can easily add or subtract from them by depositing and withdrawing quickly and conveniently. Obviously one always tends to prefer a bank that provides the highest saving account interest rate.

After knowing the fact that interest rates are important criteria when opting for any savings bank account, it is very important to understand that “What actually are these interest rates?” The interest rates primarily determine how much money the bank will pay to you if you keep your funds on deposit. It’s very important to understand the interest rate and the way it’s calculated before opening a savings account in any bank, as it helps in getting most out of your savings.

When we talk about the savings bank account, then there is a question that Why should I keep my money in a savings bank account. The answer to that is the interest rates offered by the banks. The money which will yield you nothing if you keep it at your home can yield you at least something if you deposit it in a savings bank account. Indeed, it is true that savings accounts generally don’t offer very good interest but as we know that “Something is better than Nothing”. So, depositing your money in a savings bank account can be a great idea. To make it easy for you to choose the bank account with the best internet rates, here we have listed the top ten banks of the USA, providing the highest saving account interest rate.

Ten Great Highest Saving Account Interest Rate Ideas in the USA

Highest Saving Account Interest Rate

1. Affirm, an application based savings account – 1.30% APY

Affirm is a loan financing organization. They provide online buyers to acquire goods and services from online vendors and retail stores on credit. Affirm savings account has three payment packages starting from $28.07 per month. It is one of the unique savings accounts in the USA, where customers can pay via the mobile app.

Features

  • This is only accessible via the Affirm mobile app
  • There is no minimum initial deposit required
  • Any amount is applicable for the minimum ongoing balance
  • There is no monthly fee
  • There is no ATM card
  • There is no mobile check deposit
  • There are no checking accounts available
  • There are no CDS available

Pros

  • This is very transparent
  • This is very flexible
  • There are No penalties
  • Also quick access to cash

Cons

  • This is only available in the American Market
  • Interests rate can vary. It can be very high
  • Also, you might not get approved if you don’t have good credit

2. SmartyPig, A Particular Purpose Based High Yield Savings Account – 1.55% APY

SmartyPig is an online piggy bank for people saving for particular purposes like buying a new bike, new apartment, going on a holiday, or raising a family.

Features

  • Minimum initial deposit in this bank is 0 USD
  • Minimum ongoing balance in this bank account is $0.01
  • No monthly fee is required
  • This bank provided ATM card
  • No mobile check deposit is required
  • No checking accounts are available
  • No CDS is available

Pros

  • Strong Interest Rate
  • Unique Savings Goals Features
  • Family and Friends Can Add Money

Cons

  • Lower Rate for Smaller Balance
  • No CD, Checking or MMA Options

3. The Ascent Money Market Savings Account, Customers Bank – 1.25% APY

Customers Bank is a mid-sized, Pennsylvania-based bank, providing personal and business banking depository, loan products, and services.

Features

  • Minimum initial deposit in this bank account is $25,000
  • Minimum ongoing balance in this bank account is $25,000 to earn stated APY
  • No monthly fee is required
  • Customers Bank does not provide any ATM card
  • Mobile check deposit is not required
  • Checking accounts is available only with linked Ascent Money Market Savings Account
  • CDs are available only with linked Ascent Money Market Savings Account
  • No check-writing privileges are offered.

Pros

  • Up to 6 withdrawals per month
  • FDIC-insured
  • Convenient online account management

Cons

  • Low-interest rate compared to other types of investment
  • Fees and minimum balance requirements
  • Difficult to access
  • Variation of rates

4.First Foundation Bank Savings Account, A Conventional One – 1.20% APY

First Foundation Bank is a conventional brick-and-mortar bank with approximately 20 locations across California, Nevada, and Hawaii. But they also offer online, high-yield savings accounts that can be opened from any place.

Features

  • To open an account in this bank customers must deposit minimum $1,000 initially
  • Any amount can be a minimum ongoing balance in this bank account
  • The monthly fee is not required
  • ATM card is not provided
  • Mobile check deposit is required
  • Checking accounts is available in California, Nevada, and Hawaii branches
  • CDs are also available in California, Nevada, and Hawaii branches

Pros

  • Tracking account activity
  • Pay bills online
  • Sending money in minutes with Zelle

Cons

  • Interest rate is variable
  • Withdrawal is limited
  • Fee for closing an account
  • Mobile deposit limit of $5000 per day

5. High Yield Money Market Account, CFG Bank – 1.16% APY

Privately occupied and administered, CFG Bank is headquartered in Baltimore, Maryland, with a purpose to invest resources to understand our clients’ unique requirements and offer effective and tailored solutions to fulfill their aspirations.

Features

  • Minimum initial deposit in CFG Bank is $1,000
  • Minimum ongoing balance in this bank is $25,000 to earn stated APY (or earn a slightly lower rate with a $1,000 minimum balance)
  • No monthly payment is required with $1,000 ongoing balance; otherwise, $10/month
  • ATM card is not provided
  • Mobile check deposit is required
  • Checking accounts is available
  • CDS is available in this bank

Pros

  • Reasonable minimum deposits for CDs
  • Good interest rates
  • Low minimum balance requirements
  • No monthly fees

Cons

  • Relatively smaller ATM network
  • No ATM fee refunds

6. Agility Online Savings Account, CIBC US – 1.15% APY

CIBC Bank USA is a full-service bank offering customer and business deposit accounts and other financial services. The bank is located in the Midwest region with 23 branches. It is stiffened by the Canadian Imperial Bank of Commerce, its parent company based in Toronto.

Features

  • Minimum initial deposit in CIBC Bank is $1,000
  • In CIBC Bank minimum ongoing balance is one penny
  • The monthly fee is not required
  • No ATM card will be provided
  • Mobile check deposit is not required
  • Checking accounts is available
  • CDs are available

Pros

  • Easy online access
  • No monthly maintenance fees
  • Low price
  • Foreign ATM fees rise up to $50 per month.
  • Online-only savings account with a higher interest rate

Cons

  • Weak growth process
  • Poor track records
  • Does not offer 24-hour live customer support on the telephone
  • Current interest rates unavailable online

7. High Yield Online Savings Account, VioBank – 1.11% APY

Vio Bank is the online section of MidFirst Bank. Headquartered in Oklahoma City, MidFirst was founded in 1911. It is one of the largest, privately-owned banks in the US, having more than $21.6 billion in assets. It is one of the highest yield online savings accounts in the USA.

Features

  • In Vio Bank minimum initial deposit is $100
  • In this Bank minimum ongoing balance is $0
  • No monthly fee required
  • No ATM card is required
  • Mobile check deposit is available
  • Checking accounts unavailable
  • CDs are available

Pros

  • Competitive interest rates
  • No monthly account fees
  • Low minimums to open an account

Cons

  • No debit card or check writing capabilities
  • CDs automatically renew
  • Only savings accounts and CDs offered

8. Accelerate Savings Account, CitiBank – 1.10% APY

Citibank was established in 1812 in New York City and has since produced up to more than $74 billion of revenue in 2019. Citibank is a worldwide financial services company, having more than 100 million customers in 98 countries across the world.

Features

  • Any amount can be deposited as a minimum initial deposit.
  • Minimum ongoing balance of the Citi Bank is 0 USD
  • No monthly payment required with $500 ongoing balance; otherwise, $4.50/month
  • Citi Bank provides ATM card
  • Mobile check deposit is available in CitiBank
  • Checking accounts is not available
  • CDs are available

Pros

  • Open checking and savings accounts with no minimum deposits
  • World’s largest credit card issuer
  • More than 60,000 fee-free ATMs throughout the U.S.

Cons

  • Requirements to waive monthly fees on checking accounts
  • Need checking account to open savings and money market accounts
  • Up to $2.50 charge for using another bank’s ATM

9. Axos Bank, An High Yield Savings Account- 1.10% APY

Established in 2000, Axos Bank is one of the earliest online-only banks around. This bank provides full-service banking for individuals and businesses.

Features

  • Minimum initial deposit in Axos Bank is $250
  • Minimum ongoing balance in this bank is 0 USD
  • The monthly fee is not required
  • Axos Bank gives ATM card
  • Mobile check deposit is available
  • Checking accounts is available
  • In Axos Bank CDs is also available

Pros

  • Full-Service Banking
  • ATM Fee Reimbursements
  • Fewer Monthly Fees

Cons

  • No Physical Branches
  • Average CD Rates
  • Lower Savings Rates

10. ConnectOne Bank, A New Jersey Based Online Savings Account – 1.10% APY

ConnectOne Bank was established in 2005 Englewood Cliffs, New Jersey. The bank swiftly expanded into new markets and proceeded to offer cutting-edge financial solutions. Today, it is located across New Jersey & New York and continuing to expand its market.

Features

  • ConnectOne Bank minimum initial deposit is $2,500
  • Minimum ongoing balance of this bank is $2,500 to earn stated APY
  • Customers do not need to give any monthly fee
  • ConnectOne Bank does not provide any ATM card
  • Mobile check deposit is required
  • Checking accounts is available only in the areas containing branches
  • CDs are available

Pros

  • Free Online and Mobile Banking
  • Chance of earning a higher rate on savings
  • Customers money grows faster with daily compounding
  • No monthly maintenance fees
  • Customers can transfer money up to six times per cycle
  • Available nationwide

Cons

  • A Limited number of branches

Benefits OF Saving Bank Account

# 1. Emergency Fund:

The amount deposited in a savings bank account acts as an emergency fund as one can easily withdraw the required amount. Generally, if we keep the money at home, then there are chances that it will be spent. But if it is in the savings account then it is quite safe and can be used easily in an emergency situation. This is the reason why saving a bank account is considered to be a good place to stockpile your money.

# 2. The place to collect funds and make payments:

Saving bank accounts is a great place to accumulate money and then use it for a particular purpose. Usually, there are no limits on the number of cheques deposited or issued or payments that are made from a Savings Account. So, it’s hassle-free to own and operate the savings bank account.

# 3. Income-generating account:

Unlike a current account, one can earn interest on a savings bank account. The interest earned in a Savings Account is very helpful in improving the individual’s income. Depending on the interest rate offered by the bank, one can earn the money.

# 4. Retirement:

A savings fund proves out to be an important resource for retirement. Savings funds tend to earn interest when kept with banks, a large fund can provide retirees the ability to live on their own without depending on others. Conclusively, it significantly boosts the quality of one’s lifestyle.

# 5. Easy accessibility:

If one requires easy access to one’s money, a savings account can be a great idea. Keeping the money at home poses the risk of it getting lost or stolen. While when saving banks it can be easily accessed with an ATM, online banking, or by visiting the particular branch.

Factors To Consider When Choosing A Saving Bank Account

# 1. Interest rate:

The interest rate is definitely the fundamental factor to be considered while opening a savings bank account. Every bank has its own set of criteria for the savings bank account. Usually, the interest rates are quite low for them but still, you have the option to choose the bank which offers the highest saving account interest rate along with other facilities.

# 2. Minimum Cash Balance:

Before opening a savings bank account, one must consider the norms of minimum cash balance. Savings accounts holders of several bank accounts are required to maintain a certain sum of money in their bank accounts. So, it is advisable to choose a bank that offers a minimum cash balance which is affordable by you.

# 3.Service charges / ancillary fees:

Certain banks tend to charge you for ancillary services like SMS alerts, duplicate ATM card/PIN number, and cheque-book after the minimum free service is completed(25-50 cheque leaves) for every financial year. Ensuring that you are well aware of these charges initially only i.e. at the time of opening a savings bank account is very important.

# 4. Doorstep banking facilities:

Many private banks are offering doorstep services like cash/cheque pickup, demand draft delivery, and documentation pickup as people are occupied with restless calendars and busy lifestyles nowadays. Banks have begun offering doorstep cash collection for account deposits. But all these services are enabled at a specific cost, which should be acknowledged before you opt for a savings bank account with that bank.

# 5. Transactions or Service Charges:

Before opening a savings bank account, it’s fruitful to examine the transaction and service charges levied by the bank on services like outstation cheque collection, cheque return charges, annual charges for debit cards, and charges for issuing duplicate passbooks, statements, and checkbooks. Generally, public sector banks provide you with lower transaction and service charges.

FAQ – Frequently Asked Questions

Is there any minimum opening balance for a savings account?

It depends on the bank to bank. While most of the government-operated banks don’t have the norms of a minimum opening balance, however, there are other banks that have set criteria of the minimum opening balance.

Should I open a savings account in a private or public bank?

Depending upon your need, you should opt for a particular bank. Indeed it is true that private banks tend to provide more facilities but they demand some charge for it. SO, make sure to know all the details before choosing the bank.

Do savings accounts pay interest monthly?

The interest rate is determined by your account balance. It depends on your account that how your interest gets calculated. With most of the savings accounts, you’ll earn the interest every day, but it is typically paid to the account monthly.

Why do you get an interest in the amount in the savings bank account?

The money that is deposited on savings accounts is used by the banks to lend to borrowers, who in turn pay interest on their loans. After making the payments for various costs, the banks pay money on your savings deposits to attract new savers and keep the ones they have.

What is the minimum age requirement for opening a savings bank account?

A child under the age of 18 generally cannot sign legal documents, even to open a savings bank account. However, parents can open a joint bank account for their child, and when the child grows up they can let him or her take ownership of it. There are banks that offer additional interest in children cases so you should search for the best bank for children saving accounts.

Conclusion

Conclusively a saving banks account can be a wise choice rather than storing the money at home. But one should always read the terms and conditions of the bank before opening a savings bank account. Obviously, the bank offering the highest interest is preferable, and so we have provided you the list of these 10 banks which provide the best saving account interest rates. Each bank has its own set of norms to offer when dealing with a savings bank account. You can choose to open your savings bank account as per your requirement and convenience.

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