In an ideal situation, a savings account should provide you with interest and not charge you any fees. Additionally, it should gradually help you to buildup your savings. While this is the basic facility that a savings account provides, many banks this year are unable to meet these requirements for their customers. However, because of high interest rates and low fees, there are some banks that offer an enhanced savings experience.
First National Bank of Omaha (FNBO) Direct
First National Bank of Omaha (FNBO) Direct originated in Nebraska. It operates in seven states of the country, primarily in the Midwest. You may open a new online account with a minimum deposit as low as $1. You can also enjoy an annual percentage yield (APY) of 2.15%. This bank is also affiliated with the PopMoney network; therefore, you can make quick transfers to family and friends at other banks free of cost.
This bank has received glowing customer reviews. The reason is that this bank provides an interest rate of 2.05% on savings. This is one of the highest in the country. Providing you with consistently good savings rates and insurance by the Federal Deposit Insurance Corporation (FDIC), this is a very popular option for savings accounts. There are also no monthly service fee charges and the minimum opening balance is only $1.
If you seek physical branches and high yield savings, then this bank is for you. The Premier High Yield Savings Account of CIT Bank offers a 1.55% APY. This puts it in the 3rd spot on our list. You require to have a minimum opening balance of $100, and the account is FDIC insured. OneWest and CIT Bank are one company, and they have many branches in the country.
American Express Bank
You may recognize this bank as the famous credit card company. However, it is much more than just that. With this bank, you can open a savings account that provides a 2.10% APY. The account is FDIC insured. The bank is also known to have very good customer service ratings. It is a high-interest, safe place to park your funds. You should also note that it is an online-only bank so this offers you convenience and efficiency.
This bank offers another well-rated online saving account with an APY of 2.00% and a good mobile banking system. It offers zero monthly fees and checking accounts if you wish to park all your funds at the same bank. It allows you to make mobile check deposits from your phone right into your savings account. Thanks to the easy transfers and high-interest rates, Ally Bank is one of the top five banks for savings accounts.
The aforementioned five banks offer the best savings accounts in the country. You won’t go wrong with any one of them. Based on your preferences you can choose the one that serves your needs the best.