Savings Accounts That Offer Excellent Interest Rates
Credit unions and banks offer you access to a range of savings and checking accounts that share some similarities and differences. One major difference between checking and savings accounts can be the interest rate on offer. If you’re looking to access a higher interest rate than that on offer from your current account, take a look at these five accounts:
1. CIT Bank
One of the biggest draws of the CIT Bank savings account is that it is on offer without any maintenance fees. Furthermore, you can open this account with a deposit of just $100. However, to access the really high interest rates during the introductory period, you need to sustain a balance of at least $25,000.
2. Citizens Access
Citizens Access is another account that pays higher interest rates; however, you will need to maintain a balance of at least $5000. If you fail to do so, the interest rate payable will fall. If your balance falls below $5000 over a prolonged period, your account will be closed altogether. However, if you’re confident you can maintain the $5000 balance requirement, you’ll access a range of benefits including a relatively high interest rate and a simple online banking system. Citizens Access is purely online. As such, you will not be able to pop into a branch to access assistance if you need it.
3. Marcus, by Goldman Sachs
Marcus is supported by a highly rated bank. However, Goldman Sachs does not have an extensive ATM network, which could make getting your hands on cash difficult. A further downside to this option is that it does not offer checking accounts. As such, if you need both savings and checking accounts, you will need to bank with two different entities. However, Marcus does have a range of services on offer including loans.
4. Capital One
One of the biggest advantages of choosing Capital One accounts is the bank’s state-of-the-art mobile application, which enables you to perform all your banking via smartphone. Simply log on to the app, and you can pay bills, make deposits, manage different bank accounts, transfer money to almost all countries in the world, and check your funds. If all that isn’t enough, you can also pay for services using Apple, Google, or Samsung Pay. A further advantage of Capital One is that there are no transaction fees. However, banking is largely limited to online mechanisms, as most states do not have local branches.
If you opt for the Barclays’ savings account, you will earn an APY of 2% on all balances with no minimum deposit requirements and no introductory periods. Further advantages of this account are that the fees Barclays leverage for things such as insufficient funds are relatively low in comparison with alternative banks. Barclays also offers its customers access to a great app, which is available for both Android and iOS devices. While the app certainly makes banking more straightforward, customers who prefer the personal touch may be wise to choose an alternative option as Barclays does not have any branches or ATMs.