Best Banks for Savings Accounts of 2019
Did you know that finding a best savings account is essential since it will assist you to attain your financial goals easily? Read through to understand and compare the best savings accounts that suit your needs.
Barclays bank is a leading financial institution that has been in the banking industry since the late 1600s. It started its operation as a goldsmith-banker. Currently, they operate as a financial service firm serving investors across the globe. Barclays online savings account is their latest innovation, but they have numerous products in retail banking and credit services to assist them to thrive and stand out in the industry.
How it works
The financial company provides two key types of accounts. These include online savings and certificate of deposits. Since the accounts are purely online, you can’t go to a brick and mortar bank branch to take to the account manager face to face. The two accounts provide high APYs and have the same prerequisites.
Barclays online savings account: you can sign up for online savings account within a few minutes by filling out an online form. Once you deposit cash to the account electronically, you will begin getting some interest. Opening this account doesn’t require you to have a specific amount or monthly minimum balance.
Barclays CDS: If you have money that lies idle, you can deposit it in a Barclays CD account with a duration that ranges from 3 months to 5 years. You will not be required to present any minimum deposit or any monthly maintenance charges. However, you are required to leave the cash in the account till their mature.
Barclays online savings
Barclays operates purely online, and this has allowed it to eliminate a lot of overhead. In return, the bank offers flexible requirements and higher APYs than brick and mortar banks.
• You don’t need minimum account opening deposit
• You don’t need a minimum monthly balance
• Low charges
• You have full access to your funds
• Offers secure online transfer than other bank accounts
• Direct deposit capabilities
Before depositing your funds in a CD, you need to know the conditions and requirements of this investment. The bank provides flexible conditions that resemble what they offer at an online savings account, but the APY offered is a bit high.
• You don’t need a minimum opening balance
• You must deposit into the account within 14 days of signing up
• You need to maintain a minimum balance to get an interest of $0.01
• Does not attract any monthly charges
• Easy online transfer from other banks
• You can either renew or withdraw upon the maturity of the account
Benefits of using Barclays
Allows you to link online savings account to an external check account
While Barclays does not provide checking accounts, they let their clients link other checking accounts to their online savings or CDs. Since you can link up to three external accounts, you can easily transfer money online to and from your savings and checking account.
• Numerous options to fund your accounts
Barclays allows you to easily deposit cash your online savings account through direct deposits from your check or ACH transfer from your linked checking accounts.
• You can use a Barclays app to deposit cash to your accounts
Recently, the banking giant refurbished their site and app so that clients can easily deposit by taking a photo of the check within the app. If you use this method, bear in mind that the bank will hold the funds for five working days.
• You don’t need a minimum deposit to sign up for a savings account
You don’t have to stress yourself about having insufficient cash to open a Barclays online saving account or CDs. You are allowed to deposit any amount based on your capabilities. Bear in mind that depositing more enable you to earn more interest.
• Helpful Customer support available 24/7
While Barclays is an online financial institution, you will have access to their customer support agents every day.
• You earn interest payments on your CDs
Your CD account will generate daily compounded interest that is paid every month. You can choose to let it stay in the account, cash it out to an external account or deposit it in your online saving account.
• Its app comes with the same functions found on your PC
Barclays app allows you to manage your account from the comfort of your home. Since their app and online version are the same, you can easily manage your account anytime and anywhere.
Cons of Barclays online savings and CD accounts
• You must have to check account services
Since Barclays is purely online, they don’t provide checking account services. This means that you must link your account to the external checking account to your Barclays accounts to make fund transfer easy.
• You need frequent access to your cash
Barclays provides online savings and CD accounts only that restricts access to your cash. If you cash out the funds more than six times within one month, the bank will charge a fee for every withdrawal. Furthermore, they have the right to deactivate your account if you use it as a checking account, where you make frequent withdrawals.
Best Online Savings Accounts for 2019
Finding a good place to invest your money and watch it grow with minimal risks is hard task nowadays. However, getting the best savings account can be a promising place to begin. In this case, getting a high yield savings account is the most viable alternative as it provides a secure way to grow your wealth. Rather than putting your cash in risky investments, saving accounts offer a stable and consistent growth via the power of compound interest.
The best online banking institution should provide benefits such as no minimum balance, access to ATM and a high interest rate than the average savings account.
Below is an overview of the best online savings accounts you should consider in 2019.
With this bank, you can earn an interest of 2.2%APY. You don’t need minimum balance or monthly fee to open the account. Apart from offering a healthy rate, you will get an ATM card. The majority of online-only banks forces you to send cash electronically, and this might take more days to get the cash. The ATM comes handy whenever you need fast access to your money as it allows you to withdraw any time.
Barclays is the leading, ancient British bank situated in London. The company provides saving products that have very competitive rates. The company uses the deposits to finance their speedily expanding American credit card company. The online savings account allows you to earn 2.20 % APY with no minimum balance or monthly charges. Your deposits are insured by the FDIC up to the legal limit. Their website has a friendly interface that has a great look and feel. Note that you will have the confidence of saving your cash with the world’s biggest and oldest bank.
Popular direct exclusive savings account
With this savings account, you will earn an interest rate of 2.36% APY. Your savings are FDIC insured. To sign up for a new account and qualify to get this rate, new account holders are required to fund their account with $5000 minimum opening deposit. The account provides a compounding interest on a daily basis. A service fee of $4 will be incurred if the balance on any day of the statement period is reached less than $500.
Popular direct is an online financing institution that provides a higher yield savings account and CDs. You can use a mobile check deposit from your phone to fund the account.
Technically, the account is not a traditional savings account, but a money market savings account. As a bank client, all you need to know is that it works like any other savings account and it is insured by FDIC.
The account is popular because it earns an interest rate of 2.36% for new clients to VirtualBank. Even though you don’t need minimum balance, your account should have a minimum of $100 every day to evade a $5 monthly service fee.
Account owners are allowed to access their account with a smartphone and online banking and mobile checking deposit.
Goldman Sachs Bank USA
The bank provided a 2.05% APY on deposits. It does not require a minimum balance and transaction charges. Once you open the account, you can fund the account through electronic transfer, wire transfer or check deposit. You will access your funds through electronic transfer or wire transfer. The company has been providing the best savings account and personal loans in the banking industry. Their savings account has been paying higher yield rates in the market.
Ally is a financial institution with no branches. Since it was established, it has been offering great interest rates on savings accounts. With this bank, you will earn an interest of 2 %, and they don’t require a minimum balance. You can also sign up for a free checking account and qualify for 1% cash back promotion. You can easily access your savings account easily since you can easily transfer money online or through a mobile app. You can also have instance access through checks, debit cards and ATM.
With Discover online savings account you will get the highest rate of 2% APY. You don’t need a minimum amount or monthly charges to get an account. In case you are hit with a fee like $ 30 for having fewer funds, Discover will waive the charges if they are the first for that year. Furthermore, you get rewarded with a bonus if you qualify.
Previously recognized as a bank if the internet, Axos gives a high yield savings account that comes with an ATM. With this savings account, you will earn an interest of APY on all the balances. For you to open this account and operate this account, you don’t need monthly charges or minimum balance. The bank offers free domestic ATM access since it charges zero fees.
Direct savings online alternative from global bank surpasses the interest rate offered by other savings account and numerous bank accounts as they offer a 2.05% APY. All you need is a $1 to get interested with zero monthly charges. However, if you decide to terminate the account within six months, you will attract a service fee of 25%.
HSBC comes with a web budgeting equipment that helps the client create and visualize their savings objectives. Clients can also deposit checks via mobile apps. Apart from that, their customer support is accessible through live chat 24/7 and phone calls.
The best bank for a savings account
CIT Bank allows its clients to open a high yield savings account that gives them an interest of 1% with zero monthly charges.
Nevertheless, you need to maintain a minimum deposit of $100. With no charges, the bank’s account begins compounding interest on the initial deposit every day. This helps clients to build their savings rapidly.
While the bank offers an interest of 0.75% APY that doesn’t seem as attractive as other accounts, the 360 savings account offered by Capital One is meant for clients who intend to save money with no minimum balance requirements. The bank provided automatic savings online program that allows you to set and track several savings accounts for specific investments objectives.
The bank offers an attractive interest rate of 0.9% for its savings account. Nevertheless, new clients need to provide a $10 minimum deposit to create an account. Clients can link the savings account to checking account to offset overdrafts. Note that account owners are restricted to 6 transfers or withdrawals in one mother, or else they will attract a $10 service fee for each transaction.
Best savings account bonus
- $225 bonus offered by Santander through Direct Deposit
Santander is a financial institution based in Spain that has been making an entry into the US banking sector in recent years. Once you open a checking account and make a direct deposit of at $1000 per month and retain the account for three months, you will get a bonus of $225. You need to visit the bank’s website and register for a code before you open the account.
- Make a direct deposit to TD bank and get Up to $300
All eligible clients can open an account and get one of the two bonus.
Sign up for a TD Bank Convenience Checking account and fund it with $500 with the first two months the account is active, and get a bonus of $150. It comes with a monthly fee of $15 that can be waived if the clients maintain a minimum daily balance of $100.
Sign up for a TD Bank Premier Checking account and make a direct deposit of $2500 within the first two months. You will get a bonus of $300. The account comes with a monthly maintenance fee of $25, but the costs can be waived if the client maintains a minimum balance of $2500.
The key feature of the best savings account is to securely grow your cash over a certain period. For this reason, the interest rate provided by the bank will define how much you will earn.