There are three things people do with their money: spend it, invest it, or save it. Among the three, saving is the safest way to have financial stability. Spending all of your money can be dangerous while investing it is also risky. The best way to keep your money is by depositing them to a bank.
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How to Grow Your Funds
Many thought money deposited in the bank is just there sleeping waiting to be withdrawn. However, there is what we call savings to account which is the safest way to grow your money. So in this article, we give you a list of banks with the highest savings account interest rate.
Facts to Consider for Savings Accounts
When you deposit your money to the bank, you can choose to put it under a savings account. According to Investopedia, it is an “interest-bearing deposit account held at a bank or other financial institution that provides a modest interest rate.” Here are some of the things to consider before opening a savings account:
- There are minimum deposits before you can open a savings account
- Limited monthly withdrawals
- Needs a maintaining balance to remain open and generate interest
- Banks charge fees if you go below the maintaining balance
- Most often than not, checks are not provided for a savings account.
Top Banks with Highest Savings Account Interest Rate
If you already evaluated your capacity to open a savings account and decided to proceed, here is the list of banks which can give you the best interest rate deals according to Bankrate.com:
- Best Rate: CIT Bank – 2.45% APY
- Runner-up: MySavingsDirect – 2.40% APY
- Top Choice: CIBC Bank USA – 2.39% APY
- Citibank – 2.36% APY
- Citizens Access – 2.35% APY
- PurePoint – 2.35% APY
- Goldman Sachs Bank USA – 2.25% APY
- Synchrony Bank – 2.25% APY
- HSBC – 2.25% APY
- Ally Bank – 2.20% APY
- Barclays Bank – 2.20% APY
- American Express National Bank – 2.10% APY
- Discover – 2.10% APY
