And before we move on,yes, we recommend that Penny Hoarders have a savings account.
Keeping your cash in a box under your bed is not a solid or safe financial plan.
Weve ranked the very best savings accounts available today to help get you started.
SoFi Checking and Savings Account
SoFis online bank account certainly rewards members for spending and saving.
Youll earn up to 3.80% APY on money in savings and 0.50% on checking funds.
For more information on the CIT Savings Builder account, check out our fullCIT Bank review.
And if youre interested in similar accounts, check out ourlist of the overallbest high yield savings accounts.
For more information on Synchronys no fees accounts, check out our fullSynchrony review.
For more information on the Ally Online Savings account, check out our fullAlly Bank review.
Alliant High-Rate Savings
Joining Alliant requires some effort.
For more information on the Alliant High-Rate Savings account, check out our fullAlliant Credit Union review.
If youre looking for additional savings options, Barclays offers online CDs as well.
For more information on the Barclays Online Savings account, check out our fullBarclays review.
On the plus side, you could make up to nine withdrawals or transfers during a monthly statement cycle.
This is higher than the six withdrawals or transfers that many high-yield accounts typically offer.
For more information on the American Express High-Yield Savings account, check out our fullAmerican Express review.
Marcus Online Savings
Marcus by Goldman Sachs withdrawals are limited to electronic transfer and wire transfer.
You also cannot deposit checks via the app.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
What Is a Savings Account?
Typically, you keep your funds there for long-term goals instead of using them for everyday expenses.
Savings accounts are a great tool for saving up for a car, a house, or college tuition.
More importantly, they are an excellent place to build and store an accessible emergency fund.
Are Savings Accounts Safe?
These designations FDIC and NCUA are consumer protections.
What Monthly Fees Do Savings Accounts Have?
What Do the Best Savings Accounts Have in Common?
Overall, a savings account is a good method to safely grow your money.
Online vs.
Here are a few tips:
1.
Build your own ranking system based on your top two or three criteria.
Or, if you go the credit union route, check that it is insured by the NCUA.
We did not include any banks on our list that were not insured.
Youre more likely to find these fees with a brick-and-mortar bank.
Ideally, find a bank that has an associatedfree checking accountfor easy and fast funds transfers.
Read the Fine Print
Know what you are signing before you sign it.
Ask questions and do research when you are confused by any of the terms and conditions.
Dont deposit your savings until you are satisfied with the agreement.
Interest rates are variable and change from time to time.
These days, a good interest rate hovers somewhere between 1.00% and 5.00%.
With rising interest rates, dont be surprised to see those rates go up again this year.
Similarly, the best savings account for 2025 will hinge on a variety of factors.
Bank with an institution that offers additional products?
Score a higher interest rate with an online-only bank?
A high-yield savings account is another option for you to store your money.
First, look for a traditional savings account that offers 1.00% APY or higher.
And again, consider a high-yield savings account or online-only savings account, which usually boast higher interest rates.
From there, make saving money regularly any little bit helps a habit.
With consistency and patience, youll earn money on your savings.
It sounds appealing right?
Check it out here!
