Savings accounts are a great tool for anyone looking to build their financial future. Arizona residents looking to save money in 2023 have many options available to them. There are local banks, online banks, and credit unions that offer a variety of savings accounts with competitive interest rates and other features.
In this article, we’ll take a look at some of the best savings accounts in Arizona for 2023.
Marcus by Goldman Sachs
One of the best online banks for savings accounts is Marcus by Goldman Sachs. This bank offers one of the highest savings rates available today, with no minimum balance or opening deposit requirements. Additionally, there are no fees associated with this account, and account holders can make unlimited withdrawals.
Marcus by Goldman Sachs has a mobile app that allows account holders to manage their accounts and make same-day bank transfers of $100,000 or less to and from other banks. The only downside to a Marcus by Goldman Sachs account is that you won’t be able to visit a branch or use an ATM to do your banking.
Capital One
Capital One is another great option for those looking for an online savings account in Arizona. The 360 Performance Savings account offers one of the best savings rates available and has no fees or account minimums. While Capital One does have branches in some states, there are no locations in Arizona.
Account holders can manage their money online or with the company’s mobile app. The app allows for mobile check deposits, and money can also be transferred via linked bank accounts. A nice perk of the 360 Performance Savings is the ability to create multiple accounts to save toward various goals. Accountholders can also set up automatic transfers to make it easy to set money aside to reach those goals.
Goldwater Bank
For those who prefer brick and mortar banks, Phoenix-based Goldwater Bank is a great option. It has multiple locations in the city as well as offices elsewhere in the country. Goldwater Bank has some of the best savings accounts in Arizona for those who don’t want to use an online-only institution.
However, you won’t earn as much as you would at an online bank, and you’ll need a high balance to access the top APY. Currently, only those with a balance of $25,000 or more can get the highest interest rate offered by Goldwater Bank, but the bank also offers lower rates for those with lower balances. Goldwater Bank also has a mobile app that allows account holders to check balances, transfer funds, and pay bills.
Ally Bank
Ally Bank is another online bank that offers competitive savings account rates with no account minimums or fees. Account holders can manage their accounts using the Ally mobile app or online banking portal. The app allows for mobile check deposits and easy money transfers.
One unique feature of Ally Bank is the “buckets” system, which allows account holders to create up to 10 sub-accounts within their main savings account to save for different goals. Each bucket can have its own nickname and savings goal, making it easy to keep track of your progress toward each goal.
Arizona Federal Credit Union
If you prefer a credit union, Arizona Federal Credit Union offers some of the best savings accounts in Arizona. The credit union has multiple locations throughout the state and offers a variety of savings account options. The basic savings account has no monthly fees and requires only a $5 minimum balance to open.
The credit union also offers a Youth Savings account for those under 18 and a Holiday Savings account for those looking to save for holiday expenses. Arizona Federal Credit Union also has a mobile app for easy account management.
Chase Bank
Chase Bank is a well-known national bank with branches throughout Arizona. The Chase Savings account offers a competitive interest rate with no monthly fees for those who maintain a minimum daily balance of $300 or make a monthly automatic transfer of $25 or more from their Chase checking account.
Account holders can manage their accounts using the Chase mobile app or online banking portal. The app allows for mobile check deposits and easy money transfers. Chase Bank also offers the option to link your savings account to a Chase checking account for overdraft protection.
Also read: 5 Best Savings Accounts Of 2023
Conclusion
When it comes to finding the best savings accounts in Arizona for 2023, there are plenty of options to choose from. Online banks like Marcus by Goldman Sachs and Capital One offer high interest rates and no fees or minimums, while brick and mortar banks like Goldwater Bank and Chase Bank offer the convenience of in-person banking.
Credit unions like Arizona Federal Credit Union also offer competitive savings account options. Consider your individual needs and preferences when choosing the best savings account for you, and make sure to shop around and compare rates and fees before making a final decision. With a little research, you can find a savings account that fits your financial goals and helps you build a strong financial future.
In addition to interest rates and fees, there are a few other factors to consider when choosing a savings account. First, think about your savings goals and how much you plan to save. Some banks and credit unions offer tiered interest rates, which means you’ll earn more interest on higher balances. If you have a large sum of money to save, it may be worth looking for an account that offers higher interest rates for larger balances.
Another factor to consider is accessibility. Do you prefer online banking or in-person banking? Online banks offer convenience and flexibility, but brick and mortar banks may offer more personalized service and the ability to speak with a representative in person. Make sure to consider the location of branches and ATMs if you prefer in-person banking.
Lastly, consider any additional features or perks offered by the bank or credit union. Some accounts offer the ability to create sub-accounts or buckets to save for specific goals. Others may offer overdraft protection or other benefits for account holders.