One of the most important financial goals for people is saving money. It’s a vital part of financial planning and helps individuals build wealth over time. However, not all savings accounts are created equal. Many traditional brick-and-mortar banks offer savings accounts that have low-interest rates and high fees.
This is where online banks and fintech companies come in, offering savings accounts that have higher interest rates and lower fees. To help you find the best savings account for your needs, we have compiled a list of the five best savings accounts of 2023.
- CIT Bank Savings Account
The CIT Bank Savings Account is one of the best savings accounts on the market today. It has an annual percentage yield (APY) of 3.85%, which is significantly higher than the national average. The minimum account balance required to open this account is $100, and there are no monthly fees. The account is FDIC insured, and the mobile app has a rating of 3.4 out of 5 stars on Google Play.
- Barclays Online Savings Account
The Barclays Online Savings Account is another great option for savers. It has an APY of 3.60%, which is also higher than the national average. There is no minimum account balance required to open the account, and there are no monthly fees. The account is FDIC insured, and the mobile app has a rating of 4.6 out of 5 stars in the App Store.
- Discover Bank Savings Accounts
Discover Bank offers several savings account options, all of which have high APYs. The Discover Online Savings Account has an APY of 3.50%, and the Discover Money Market Account has an APY of 0.40% to 0.60%, depending on the account balance. There is no minimum account balance required to open either account, and there are no monthly fees. The accounts are FDIC insured, and the mobile app has a rating of 1.6 out of 5 stars on Google Play and 3.5 out of 5 stars in the App Store.
- Bread Savings HYSA
Bread Savings HYSA is a relatively new player in the savings account space, but it has quickly gained popularity due to its high APY of 3.40%. The minimum account balance required to open this account is $100, and there are no monthly fees. The account is FDIC insured, and the mobile app has a rating of 4.7 out of 5 stars on Google Play and 4.9 out of 5 stars in the App Store.
- Ally Bank Online Savings Account
Ally Bank has been a popular choice for savers for many years. Its Online Savings Account has an APY of 0.50%, which is lower than some of the other options on this list, but still higher than the national average.
There is no minimum account balance required to open the account, and there are no monthly fees. The account is FDIC insured, and the mobile app has a rating of 2.8 out of 5 stars on Google Play and 4.5 out of 5 stars in the App Store.
Also read: 5 Banks Offering Lowest Personal Loan Interest Rates
Conclusion
Saving money is an important part of financial planning, and having a high-yield savings account can help you reach your goals faster. The five savings accounts listed above are some of the best options on the market today.
When choosing a savings account, it’s important to consider factors such as the APY, minimum account balance requirements, monthly fees, FDIC insurance, and mobile app ratings. By choosing one of these accounts, you can be confident that you are getting a great deal and are on the path to financial success.