6 Top Savings Accounts of 2017

Happy businessman sitting on large piggy banksavings account is one of the most elementary aspects of your personal finances. However, many Americans seldom pay attention to the details of their bank account and instead focus on other issues, such as credit card debt or saving for retirement. While there are many important aspects of personal finance that require attention, your savings account should not be overlooked. Getting the proper savings account for your needs should be a top priority if you want to start managing your finances efficiently. Here are our top pics for best savings accounts of 2017.

Traditional Savings Accounts

Charles Schwab Bank

Charles Schwab Bank logoCharles Schwab Bank’s high yield investor savings account is one of the best in the business. Although a large bank, Schwab has a reputation of being fair and generous to customers. This Schwab savings account offers a 0.14 percent annual percentage yield (APY), which isn’t great, Schwab’s savings account is still on our top charts because it offers free rebates from any ATM worldwide, it has a robust and easy to use online platform and offers various other banking features only offered by larger companies. Additionally, Schwab’s mobile app integration makes this traditional savings account seem like an online account, with the added bonuses of physical stores and customer service.

Capital One

Capital One logoCapital One’s 360 money market savings account is becoming increasingly popular as a go-to bank account. It offers no fees and an APY of 0.60 percent on accounts with balances of between zero and $9,999.99 and an APY of 1.00 percent on accounts with balances of $10,000 or more. Capital One also offers a mobile app and a rich suite of financial tools, including a free credit score and report service.

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Alliant Credit Union

Alliant Credit Union logo For those who prefer credit unions, Alliant Credit Union offers a high yield savings account with an annual percentage yield of 1.00 percent. Alliant claims that this APY is 14.3 times higher than what most banks offer. There is no maximum balance limit and only $5 is required to open an account, but you are required to maintain a daily average minimum balance of $100 in order to accrue interest. Alliant’s high yield account generally comes with no fees, with a few exceptions.

Online Savings Accounts

Ally Bank

Ally Bank logoAlly Bank’s online savings account is the perfect fit for those who are digitally savvy and on the go. This account comes with a savings rate of 1.00 APY, no monthly or annual fees and offers a mobile app to manage the account, make payments and initiate transfers. Ally Bank is an online bank, meaning no brick-and-motor shops.

Barclays Bank

Barclays logoFor those who are worried about the risks associated with an online bank, Barclays Bank online savings account is another option, but this time from a major banking corporation with big bank resources. These accounts also come with an APY of 1.00 percent, in addition to many other advanced banking features offered by Barclays.

Synchrony Bank

Synchrony Bank logoSynchrony Bank offers a high yield savings account with an APR of 1.05 percent, which is well above the national average and slightly above the online banking average. There are no minimum balance requirements or monthly service fees associated with a Synchrony Bank savings account. Synchrony Bank also belongs to three large ATM networks, which helps to reduce ATM fees.

Posted on March 28, 2017 by in Personal Finance, , , , , ,

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