11 Best Savings Accounts to Look Out for in 2019

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Savings accounts are best when you’re looking for a RISK-FREE MONEY-MAKING option.

Investing in risk-free options right now is sure to get you amazing returns in near future.

So, if you’re planning to save for travel, marriage, your kids or for yourselves then the right time to start is NOW! And the best part is that the savings account options that we are offering you can be applied for online.

Read below and find out the Best Savings Accounts in 2019

OFFER APY KNOWN FOR... Next STEPS
4.0 stars
APY:

2.45%

Known For:

High APY

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4.5 stars
Ally Online Savings Member, FDIC
APY:

2.20%

Known For:

High APY

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4.0 stars
APY:

2.25%

Known For:

Low fees

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4.0 stars
APY:

2.20%

Known For:

High APY and Low fees

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4.0 stars
APY:

2.10%

Known For:

High APY and no fees

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4.0 stars
APY:

2.55%

Known For:

High APY and Low fees

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4.5 stars
Discover Bank Member, FDIC
APY:

2.10%

Known For:

High APY and Bonus

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3.5 stars
Citizen Access Member, FDIC
APY:

2.35%

Known For:

High APY

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3.5 stars
Popular Direct Member, FDIC
APY:

2.36%

Known For:

High APY and 24/7 Customer Support

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4.5 stars
Alliant Online Savings Member, FDIC
APY:

2.10%

Known For:

Low fees

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3.5 stars
HSBC Direct Savings Member, FDIC
APY:

2.22%

Known For:

High APY

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Let’s start with the list of Best Savings Accounts in 2019:

1. CIT Bank Savings Builder- APY- 2.45%

Known For:  High APY

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can fund and withdraw money from accounts by electronic transfer with another bank account, wire or mail.

To Note: CIT Savings Builder offers you 2.45% APY if you deposit $25000.

But, if you can’t deposit this amount in one go then, deposit at least $100 each month in CIT Bank’s Savings Builder account then you can get a 2.45% APY.

And if you can’t deposit $100 per month then you can open a CIT Bank Premier High Yield Savings account and still earn1.55% APY.

Best about CIT: It’s tough to beat CIT in high interest rate if you maintain the required balance and keep on depositing regularly then CIT is the best choice for you.

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2. Ally Online Savings- APY- 2.20%

Known For: High APY

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: Ally offers you access to over 43,000 free ATMs via checking or money market accounts, but after your 6th withdrawal you will be charged $10 per transaction.

Funding can be done via free electronic transfers from external accounts, mobile check deposit, wire transfer, or mailed check.

Ally even offers free postage-paid deposit envelopes to help further reduce costs for account holders.

To Note: When we talk about overall digital experience then ally is the best option for you.

Best about Ally: Ally has the best possible thing to offer in this digital age and it is that the account holders can use the app to electronically deposit checks, make free electronic transfers, and pay bills.

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3. Synchrony High Yield Savings- APY- 2.25%

Known For: Low Fees

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can fund money via ETF (Electronic Fund Transfer) from a connected external bank account, direct deposit, ATM deposit, wire transfer and also via physical check through the mail.

Withdrawal is possible via physical check (Which might be the slowest option) also, you can transfer money to a connected external bank account, or via ATM.

To Note: Regardless of the available amount in your account you get constant APY of 2.25%.

If you maintain an amount of $5000 in your account then you can easily get $110 in a year.

Best about Synchrony: You get a debit card that allows you to withdraw money with no ATM fee at machines with Plus, NYCE, or STAR logos.

Also, Synchrony will reimburse you for up to $5 of out-of-network ATM fees each month.

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4. Barclays Online Savings- APY- 2.20%

Known For: High APY and Low Fees

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can fund your accounts via free electronic transfer from an external account, mobile check deposit, payroll or Social Security direct deposit, and mailing a physical check.

You can withdraw funds via electronic transfers to an external account or by mailing a physical check.

To Note: If you expect to make a lot of withdrawals then consider alternative savings account with no withdrawal fees because after a limit charges may apply.

Best about Barclays: This savings account offers a high annual percentage yield (APY), a focus on cutting fees, and exceptional convenience.

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5. American Express National Bank- APY- 2.10%

Known For: High APY and No Fees

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: This feature might prove to be a bit rigid as no ATM or check facility is available but then again, all the online services are satisfying.

To Note: American Express National Bank do not offer any services for ATM or check.

They offer a savings account with an impressive annual percentage yield of 2.10% and you do not need to maintain a minimum amount to get this APY.

Best about American Express: It offers one the best features of high Annual Percentage Yield (APY) and no fees.

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6. Marcus by Goldman Sachs- APY- 2.55%

Known For: High APY and Low Fees

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can deposit funds via electronic transfer from an external account (fees may apply from the sending account), wire, or by mailing a check.

You can move funds for free via electronic transfer or request an outgoing wire transfer, all you need to make sure is that the number of such transactions is limited.

To Note: All account balances earn the same rate i.e. 2.25% APY and are not tiered like other Online Saving Banks.

All you need to do is keep on depositing some amount in your savings account and get a constant return.

Best about Marcus by Goldman Sachs: The best this account has to offer you is that you can link external accounts and transfer money to and from this account with ease.

In addition, you can also request a wire transfer and Marcus charges no fees for inbound or outbound wire transfers.

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7. Discover Bank- APY- 2.10%

Known For: High APY and Bonus

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can deposit funds via mobile check deposit, an online transfer from Discover Bank account or external accounts, direct deposit, or by mailing in a physical check.

For withdrawal, you can set up free electronic transfers between Discover and a brick-and-mortar bank, but outgoing wires are an option as well.

To Note: You can earn a bonus of $150 when you deposit at least $15,000 or earn a $200 bonus when you deposit at least $25,000.

All balances qualify for the same interest rate i.e. 2.10% APY.

Best about Discover: This account offers you a big bonus, high annual percentage yield (APY), focus on cutting fees, and ease of use.

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8. Citizen Access- APY- 2.35%

Known For: High APY

Monthly Fees: None but you need $5000 to start an account.

Minimum Balance Fees: None, but you need to maintain a minimum of $5000 to keep the APY rate high.

Funding and Withdrawal: This process is the same as other Online accounts where you can fund and withdraw money from accounts by electronic transfer with another bank account, wire or mail.

To Note: If the balance in the account drops below $5000 then your APY reduces by 0.25%, in order to maintain your APY you need to maintain the amount in your account.

You can deposit checks using the bank’s website and also through your mobile browser, but there is no bank mobile app to download.

Best about Citizen Access: This account offers you a chance of maintaining a savings account that also has a checking option.

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9. Popular Direct- APY- 2.36%

Known For: High APY and 24/7 Customer Support

Monthly Fees: $4 which can be avoided by maintaining a balance of $500 daily.

Minimum Balance Fees: $5000

Funding and Withdrawal: You can deposit money in a regular way i.e. via wire transfer and internet transfer.

The withdrawal comes with a limitation as Popular direct does not allow you to withdraw money for a period of 60 days after you open up your account.

While you can access your account and can earn interest on the balance but withdrawals can’t happen for at least 60 days.

To Note: If the balance in your account drops below $500 then you will be charged $4 monthly.

You require a minimum amount which is $5000 to open an account with Popular Direct, though the amount required is high but also the interest that you get on this amount is also high.

Best about Popular Direct: They offer you one of the highest interest rates.

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10. Alliant Online Savings- APY- 2.10%

Known For: Low Fees

Monthly Fees: None

Minimum Balance Fees: Average daily balance should exceed $100 to get APY.

Funding and Withdrawal: You can deposit and also withdraw funds via free electronic transfer from an external account, deposit at an Alliant deposit-taking ATM or branch, mobile deposit, incoming wire, direct deposit and by a mailed-in physical check.

To Note: You can apply for membership by showing your support for the charity Foster Care to Success. (Alliant will make a $5 donation on your behalf.)

You can open an Alliant savings account that pays a 2.10% APY on balances of $100 or more.

Best about Alliant: They offer an 80,000+ wide network of surcharge-free ATMs.

You simply need to keep your eyes out for Alliant-owned ATMs and those that are part of the Alliance One, Allpoint, CO-OP Network, Credit Union 24 CU Here, and Publix Presto networks.

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11. HSBC Direct Savings- APY- 2.22%

Known For: Online Assistance and App with High APY

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can deposit checks with your mobile device using HSBC Mobile Banking App.

To Note: You can open this account with just $1 and get a constant APY of 2.22%.

With HSBC online management tools, you can set custom savings goals, track income and create email alerts.

Best about HSBC: This account provides various tools via which you can track your spending and progress toward goals with HSBC’s online interface.

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After discovering the Best Savings Accounts in 2019, scroll down and make sure that you understand;

What is a Savings Account?

What is an Online Savings Account?

Online savings account vs Brick and Mortar account. Which one is better?!

How should You choose the right Online Savings account?

How to make a Deposit and Withdraw money from Savings Account?

What are the various Fees associated with Savings Accounts?

Is savings account interest (APY i.e. Annual Percentage Yield) Taxable?

Are Savings account safe? Is your Money Safe?

What are the benefits of Savings Account?

How are the Savings account helpful?

What is FDIC?

Should you check if your bank is a member of FDIC?

Can an Online Savings Account be FDIC insured?

Can you pay bills from your Savings account?

What is the difference between Savings and Money Market Accounts?

What are the risks involved in a savings account?

Can your Checking and Savings account be in the same bank?

A savings account is a financial tool which is found in both banks and credit unions. These accounts pay you interest on the money that you keep in these accounts.

The interest amount may be lesser when compared with Certificate of Deposits but still, Savings accounts are the best way to get a constant return without any risk.

Just like a normal savings account, online savings account offers you all the facilities and the only difference is that online banks carry out all the business functions over the internet.

Some of these online banks do have a physical branch but most of them prefer working online because it reduces the cost incurred in a brick and mortar bank.

These Online Savings Banks are of various types:

Regular Savings Accounts:

These accounts have a low minimum balance and also offer a low-interest rate.

Money Market Accounts:

These accounts combine the features of Checking and Savings account.

They pay attractive interest rates and also offer check writing features, which let you make a limited number of payments by check each month.

These accounts pay attractive interest rates.

High-Interest Savings Accounts:

These accounts pay higher interest rates but you need to keep a higher minimum money amount balance in these accounts.

Monthly maintenance amount may be higher in high-interest savings accounts.

Jumbo Savings Accounts:

These accounts offer the best interest rates but you need to have at least$100,000 or more to qualify.

All the banks do not provide you the above-mentioned accounts but a regular saving account is present in the financial institutions.

Slowly the market for Online savings account has grown so fast that even the brick and mortar banks are going for online savings accounts models because their customers are asking for the same.

Interest Rate:

The interest rate in an online savings bank is higher when compared with traditional banks because the cost of maintaining a physical bank is simply deducted.

Convenience:

We generally run short on time and depend on maximum things that can be easily completed with the help of technology.

So, when a bank is able to provide a service of depositing their cash online and not going through the entire process of going to the bank personally and doing the same then it is much more convenient.

In addition to this, online banks have a flexible time of working i.e. they are available 24/7.

Customer Service:

With an Online bank customer service also improves because the solution to your problems is available instantly.

You simply don’t have to wait for the bank to open, visit and then get your problem solved.

Though this facility may be different for different banks, most of the banks are taking care of their customer services very well.

Easy access:

With your bank going online you have the facility in your hand i.e. vis your mobile you can transfer money quickly and can access your account in a better way.

So urgent need for fund requirements work best with Online savings accounts.

The only reason to choose an online account is that it should come with some perks.

And you need to know all the things about a good Online Savings account and compare whether the account you are using right now is offering these things or is it time to switch to some other bank.

So, read the below mentioned points and check for yourselves.

FDIC insurance:

This would be the most important aspect when we talk about keeping your money safe. You should never work with an online account which does not provide you deposit insurance.

You should not risk your money without any FDIC member bank because there might be a risk of fraud especially associated with internet-based financial bodies.

High-Interest Rates:

Your online account should be able to offer you the highest interest rate which is possible with the savings account.

As when there is no cost involved in working of the bank the interest rate should go higher.

Flexible Deposit and Withdrawals:

Moving your money in and out of your savings account should be easy. Direct deposit of paychecks should also be very easy to set up and many online banks offer bill-pay services.

Online banks should also have ways to get money out of ATMs cheaply, either through a partnership with a major ATM network or by reimbursing fees charged by out-of-network cash machines.

Low or No Fees:

A good online savings account should never charge you any unnecessary fees, account opening fees, monthly maintenance fees, inactivity fees and other such miscellaneous fees should not be there.

The process of deposit and withdrawal becomes a little more important in the case of online banks because they do not have any physical branch where you can visit.

So, in case of Deposits below mentioned are the options that almost all the internet financial bodies offer you:

  • Deposits through ATMs.
  • Wire transfers.
  • Electronic transfers of funds from an existing bank account, or for paychecks, through a direct deposit relationship with your employer.
  • Online submission of the check images.

And in case of Withdrawals you can opt for the below mentioned points provided by various internet financial bodies:

  • Wire transfers.
  • Withdrawal through ATMs.
  • Debit card purchases can be made via your linked online account.
  • Electronic fund transfer to other bank accounts.
  • Some online banks also provide the facility of withdrawal via check.
  • You can also request for a paper check which will be sent to you via mail.

Sometimes savings account charges a maintenance fee from you if you do not have the minimum balance required in your account.

You might have to pay charges if you withdraw from a foreign ATM (an ATM abroad or an ATM outside of your bank’s network).

There can also be a few other charges on a fee for sending a wire transfer, purchasing a cashier’s check or official bank check.

The IRS (Internal Revenue Service) considers any interest earned on savings account taxable.

If you earn interest from your savings account, you’ll be required to submit a 1099-INT form to the IRS.

But you don’t have to pay interest on your savings account’s balance, only on the interest earned.

So, if your savings account has $1,000 and you earn $10 in interest for the year, you only pay taxes on that $10 gain.

Yes, your money is absolutely safe in a savings account if it’s at either a Federal Deposit Insurance Corp. (FDIC) bank

or at a National Credit Union Administration (NCUA) credit union and your balance doesn’t exceed the deposit insurance amount.

You need to go through each and every fact before making the decision of opting for a Savings Account because it should meet your financial requirements.

Savings account help you in providing facilities which are mentioned below, so read them out and pick the savings account from the above list.

Here are some of the benefits of a savings account:

Security:

Savings accounts at an FDIC-insured bank are federally insured up to at least $250,000, which makes them a great place to stash your cash.

Higher interest:

The best savings accounts usually earn more interest when compared to a checking account and some accounts even have a higher yield than money market accounts.

Make sure that you compare various offers provided by banks and make an informed decision.

Liquidity:

You can access your savings in your account whenever you need.

This depends on the bank’s policy but most banks allow for up to six withdrawals or transfers per statement cycle.

Low-fee options:

There are various savings account options that either has a $1 minimum balance or no minimum balance requirement.

With these options, it’s always easy to avoid a maintenance fee.

(Maintenance Fees: The fees that you need to pay if the balance in your account drops down from the minimum requirement, this minimum required balance is not the same for all the banks.)

Earnings:

The money you keep in a savings account earns interest over time and compounds (Which means that the initial money grows), offering a return on the initial deposited balance.

Access:
Many savings accounts allow you to access your savings at ATMs with an ATM card.

ATM withdrawals don’t count toward your monthly/statement cycle limit of 6.

The limit may vary for various banks.

Savings account are your most helpful friend in case of any emergencies, but apart from this, there are various other reasons as well.

Read the below mentioned and find out how savings account is helpful:

  • You can save for your child’s future, for education, healthcare, marriage etc.
  • You can save and plan for your retirement.
  • You can save for your entire family.
  • If you are a traveler and wish to plan a world tour then you need to save money.
  • You can plan to surprise your BAE with an amazing gift on her birthday and you can start saving from today itself.
  • You can save to fulfill your various goals whether they are short term or long term.
  • Saving accounts are always helpful if you want a Plan-A scenario wedding for yourself.

Any good savings account needs to have deposit insurance from the Federal Deposit Insurance Corporation or FDIC.

Covered deposits are protected for an amount up to $250,000 against any problem that your bank might have, this also includes the complete failure of the entire banking institution.

The good news is that most online banks, including all the ones that offer the best online savings accounts, are covered by the FDIC.

To learn more about the policies of FDIC visit this link.

Yes, this is a must. Before opening up an account in an Online Saving Account you need to make sure that it is insured by FDIC.

If not, then there is a certain risk involved in keeping your money in that bank’s account.

Yes, just like regular savings account an online savings account can be FDIC insured.

The bank in which you are willing to open an account offers all the information, you simply need to discover it and if not found then look for any other Online Savings Account which is a member in FDIC.

Like the ones mentioned in the list above.

Yes, most of the times payments can be made from a savings account (Some banks may restrict paying your bills from Savings account).

The savings accounts that permit you to pay your bills are subject to Regulation D.

Regulation D restricts you from making more than six transfers or withdrawals from a savings account per calendar month or statement cycle of at least four weeks.

Some banks may permit you for limitless transactions.

Transfers for savings overdraft protection, when a savings account backs up an overdrawn checking account, also count towards your limit of six transactions.

Regulation D does not restrict you to make more transactions than 6 but it simply may charge you for the extra transactions.

The best savings accounts are FDIC insured, where your money stays safe and insured for up to at least $250,000.

Savings accounts, money market accounts and mutual funds often get categorized under “savings” category, but they have some differences.

Between the three, savings accounts and money market accounts are almost the same.

Savings and Money Market are both insured by the government at banks and credit unions up to $250,000.

However, money market accounts typically pay a higher interest rate than savings accounts.

Money market accounts also offer check-writing and debit card facilities, which is not often available with savings accounts.

Another big difference between savings and money market account is; what can be done with your deposited savings?!

Banks and credit unions can use the money you have deposited into a money market account to make low-risk investments in financial products like CDs (Certificates of Deposit).

But with savings accounts, financial institutions can only use your savings to give loans to other customers.

What are the risks involved in a savings account?

When you think about opting for the best Savings account 2019 please make sure that the account you are choosing DOES NOT have the below mentioned points.

Low-Interest Rate: Some savings account might pay less interest on your savings, and also might reduce the interest rate when your account balance drops.

Accessibility: A few banks don’t have flexibility when it comes to transferring our money, taking it out or using the money in our savings account for paying up the bill.

Flexibility simply means how easily we are able to perform the above-mentioned tasks and some banks are not that flexible which can be a negative point.

Fees: Savings account have a limited number of withdrawals and transfers that you can do in a month, so if you exceed this number then charges will apply on the extra transactions that you make.

Some banks charge you for not maintaining the minimum balance required in your account, this charge is commonly known as maintenance fees.

Also, there are a few banks which charge for opening up an account.

Debit/ATM facility: There are only a few banks available which provide ATM and debit card facility for Savings account holders.

You need to make sure that the savings account you are planning to opt for provides this facility because this is one added perk which proves to be a lifesaving facility.

Savings and Checking both the accounts are equally safe until they are insured at an FDIC bank.

So before investing in a savings account, you need to make sure that the bank you are opting for is an FDIC member.

Yes, both of your accounts can be in the same bank.

But you need to make sure that the bank you are choosing offers you high-interest rates.

This will also help you in easily transferring your money from one account to another and you will get ease in operation in other such requirements.

Summary:

It can get a little tricky while deciding on which savings account you should choose and which one will prove to be the best one for you, but this read offers a solution to all of your queries.

You just need to keep your preferences set in mind or on a yellow thinking pad and tick mark the accounts that match your requirements.

You can simply follow this read and get your Savings Account sorted and also if you feel like asking any other questions regarding this then please do drop your questions in the comments.

Remember that choosing a great savings account right now will get your future sorted and will get your finances in place as savings accounts are the best way to earn risk free money on your own money.

To choose your pick and Get Started!

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