The importance of saving for a rainy day has been instilled in us since our childhood with the story of “The Ant and the Grasshopper.” In a nutshell, the overzealous grasshopper has to ultimately seek help from the wise ant who “saved” for the rainy day since the grasshopper was callous enough to sing and while away the entire summer. Even as kids, we dreaded ending up as the now-poor grasshopper quivering at the smug ant’s doorstep.
As adults, one of the frequent nightmares that visit us is where we run out of savings, and blame our past-selves for throwing caution to the wind. Well, banks understand the fundamental need of people to save and thereby presents us with a savings account. Almost every bank offers savings accounts to its customer; it is an interest-bearing deposit account that offers modest interest rates to its account holders. Also, a savings account is a great way of earning interests on your unused funds; instead of letting the money lying around the house, and be tempted to spend it recklessly, you can earn interests on the money if you choose one of the best interest rates savings accounts.
It would definitely be an advantage if you open a savings account with one of the top banks that offer high interest-yielding saving accounts. Here are some of the best savings accounts that yield high-interest rates.
Marcus by Goldman Sachs
This online bank is the online offshoot of the Wall Street giant, Goldman Sachs. This bank offers the best interest rates on its savings accounts; you are entitled to 1.70% APY on the deposits you make. This is the best option to open a savings account in, especially if you have extra cash and wish to earn some extra money without breaking a sweat. This online bank makes its savings account more appealing since it doesn’t demand that you keep a minimum balance and no transaction fees are levied. Moreover, another impressive factor that should motivate you to choose this bank is because it offers the best interest rates on its savings accounts, and goes on to offer beneficial personal loans options.
Unlike certain banks that have restrictions when it comes to ATM access, and mostly there is no ATM access granted in several cases, Synchrony Banks has carved a niche for itself as one of the banks that offer top interest savings account and which grants ATM access as well. It pays an attractive 1.75% APY with no minimum balance requirement and no monthly fee. Usually, several internet-operated banks allow you to transfer funds electronically only. However, Synchrony Bank allows you to access your funds via the ATM, and this makes transactions convenient. Synchrony Bank offers the best interest rates for its savings accounts and your money will be safe since it is a well-capitalized business.
A majority of people are familiar with Barclays since it has been around for 325 years! It is an old British bank that has been catering to people for ages. It offers a decent 1.65% APY which brings it into the league of banks that offer the best interest rates on its savings account. Also, you wouldn’t have to fret about maintaining a minimum balance in the savings account since Barclays doesn’t levy any minimum balance requirement on its account holders. People often think how a British bank is still thriving in the country, and one of the major reasons is that it offers its saving products with highly competitive rates.
American Express National Bank
This bank is hailed as one of the customer-oriented banks that offers the best interest rates on its savings account. It offers a personal savings account to its customer and offers 1.65% APY which is quite commendable in comparison to other banks. You wouldn’t have to pay any monthly fees or meet minimum balance requirements, and this is what makes it one of the most affordable savings account. Moreover, the FDIC insures your deposits up to $250,000, and you are required to transfer the fund into the account within the first 60 days of applying for the account.
Here’s a bank that actually has no branches. However, it has proven its credibility by catering to the customers’ requirements; one of them is that it offers relatively high-interest rates making it one of the noteworthy banks that offers the best interest rates on savings accounts; it offers 1.60%APY to its customers, and it makes transferring funds easier since all transactions are conducted online, and you can have immediate access to your funds via checks, ATMs, and debit cards.
Opening a savings account is quite beneficial since it helps you develop a savings habit and helps you earn extra money while doing so.