Which Savings Account Is The Best?

All savings accounts are not created equal. Some of them are much better than others. Savings accounts can accumulate interest. However, the interest rate on most savings accounts is not that high. In fact, the average savings account interest rate is 0.06 percent interest.

Many people wonder whether it is worth it to have a savings account if the interest rate is that low. In fact, some people would prefer to put their money in a mattress. The good news is that there are savings accounts that have a much higher interest rate than this. In fact, there are savings accounts that have an interest rate that is 15 times higher than the national average.

Ally Bank, CIT Bank and Synchrony Bank are some of the best savings accounts with the highest interest rates. The interest rates on this account ranges from 1.2 to 1.3 percent.

Ally Bank

An Ally Bank savings account is a good choice because there is no monthly minimum required. Many other banks require that you maintain a balance of $300 in order to avoid the monthly fee. This bank also has a great reputation. The reputation of a bank is definitely something that you will want to consider. Ally Bank has FDIC insurance. This means that if the bank happened to default, then you will get every penny in your account paid back to you. The maximum amount that you can get back is $250,000. The interest rate on the savings account is 1.2 percent.

Ally Bank is known for being one of the best online banks in the world. The bank was rated the Best Online Bank in 2012, 2013 and 2014 by Money Magazine. This is a major accomplishment because there are hundreds of online banks. Interest rates, customer support and how easy it is to use the online portal are some of the factors that affect selection for the Best Online Bank award.

Synchrony Bank

A Synchrony Bank savings account has an average interest rate of 1.2 percent. There is no monthly minimum required. Synchrony Bank is known for its exceptional customer service. There was a study done that compared the customer service of different online banks. Synchrony Bank had the most responsive and friendly customer service team.

Synchrony Bank has received awards from Bankrate and Kiplinger. These are two of the largest personal finance websites in the world. Both of these websites have 20 million readers per month. Most of the people who write for these websites are financial professionals.

CIT Bank

CIT Bank has the savings account with the highest interest rate. The interest rate is 1.3 percent. This may not seem like much of a difference in interest, but it can add up over time. For example, the balance on a savings account is $25,000. The interest rate on the savings account is 1.3 percent. You can increase your balance by $325 by the end of the year. You will be able to earn $25 more in interest than you would if the interest rate was only 1.2 percent.

However, CIT bank requires that you maintain a monthly minimum of $100. Not only can you get a high-interest savings account, but you can also get high-interest CDs. You will be able to get more money in your savings account every month.

The Best Savings Account

All of these savings accounts are great. However, Ally is the best option. It is the highest-rated bank. You also do not have to worry about paying any monthly fees regardless of what your balance is. That is why Ally is the one that is often recommended.

You can apply for your Ally savings account online. There are a number of other benefits that you can reap from opening an Ally savings account. You can deposit your checks into your savings account using the Ally eCheck deposit. It is easy for you to maintain your savings account.

If you need help, then you can contact someone 24 hours a day, 7 days a week. You can also enjoy the convenience of mobile banking, so you can check your balances on the go. Additionally, you can schedule transactions up to a year in advance. You are only allowed to make six transactions per year.

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