As we approach the new year of 2023, many individuals are looking for the best savings accounts to help them reach their financial goals. In Minnesota, there are a variety of savings accounts to choose from, each with its own unique features and benefits. In this article, we will explore the best savings accounts in Minnesota for 2023.
Before we dive into the specific savings accounts, it is important to understand what makes a good savings account. A good savings account should have a high interest rate, low fees, and easy access to your funds. Additionally, it is important to consider the minimum balance requirements and any other restrictions or limitations that may apply.
- Ally Bank Online Savings Account
The Ally Bank Online Savings Account is a great option for those looking for a high-yield savings account. The account currently offers a 0.50% APY, which is one of the highest rates available in Minnesota. There are no monthly maintenance fees, and you only need $1 to open the account. Additionally, the Ally Bank Online Savings Account allows for easy online transfers and has no minimum balance requirement.
- Discover Online Savings Account
The Discover Online Savings Account is another excellent option for those seeking a high-yield savings account. The account currently offers a 0.45% APY, which is slightly lower than the Ally Bank Online Savings Account but still very competitive. There are no monthly maintenance fees, and you only need $0 to open the account. Additionally, the Discover Online Savings Account allows for easy online transfers and has no minimum balance requirement.
- Axos Bank High Yield Savings Account
The Axos Bank High Yield Savings Account is a great option for those looking for a high-yield savings account with a more traditional bank. The account currently offers a 0.61% APY, which is higher than both Ally Bank and Discover. There are no monthly maintenance fees, and you only need $250 to open the account. Additionally, the Axos Bank High Yield Savings Account allows for easy online transfers and has no minimum balance requirement.
- Capital One 360 Performance Savings Account
The Capital One 360 Performance Savings Account is a great option for those looking for a high-yield savings account with a well-known bank. The account currently offers a 0.40% APY, which is lower than the other options on this list, but still competitive. There are no monthly maintenance fees, and you only need $0 to open the account. Additionally, the Capital One 360 Performance Savings Account allows for easy online transfers and has no minimum balance requirement.
- Marcus by Goldman Sachs Online Savings Account
The Marcus by Goldman Sachs Online Savings Account is a great option for those looking for a high-yield savings account with a reputable financial institution. The account currently offers a 0.50% APY, which is one of the highest rates available in Minnesota. There are no monthly maintenance fees, and you only need $0 to open the account. Additionally, the Marcus by Goldman Sachs Online Savings Account allows for easy online transfers and has no minimum balance requirement.
Also read: 5 Best Savings Accounts Of 2023
Conclusion
There are several excellent savings accounts available in Minnesota for 2023. When choosing a savings account, it is important to consider the interest rate, fees, minimum balance requirements, and any other restrictions or limitations. With a little research, you can find the perfect savings account to help you reach your financial goals in 2023 and beyond.