The whole idea of a savings account is to put aside money that will safely grow and which one can draw on for later. However, most banks these days pay low interests for savings and charge a high amount in terms of fines and penalties if certain conditions are not met while running a savings account with them. It is, therefore, necessary to do proper research before you decide which bank you would like to open a savings account in.
FNBO Direct: Overall, the First National Bank of Omaha is one of the best banks to open a savings account with. It originated in Nebraska and has its presence in the Midwest, in seven states. The minimum deposit you need to open an account is $1. You get a whopping APY of 2.15% with First National Bank of Omaha Direct. You get free, immediate transfers from here to other banks because FNBO is part of the PopMoney network. Because it offers to check, you can complete all of your banking activities here in one place. With their incredible interest rates and their FDIC insurance, this bank is one of the most attractive ones to start your savings account in.
Synchrony: Synchrony is known for its high yield savings. They offer one of the best rates with an APY of 2.05%. They provide consistently good saving rates and FDIC insurance. This makes them one of the better banks to open a savings account with. On the downside, their online banking system is not very customer friendly nor is their customer service in general top notch. It has only one actual location and that is in New Jersey and it does not provide a linked checking account. This bank works well if your goal is to just store your money in a safe place. The minimum opening balance is $1, there is no monthly service fee for the high yield, and access to funds is easy if you are connected to the primary checking.
CIT Bank: For high yield savings, this is one of the best banks around. They also offer amazing interest rates. Their APY is at 1.55%. They are FDIC insured but they require a minimum opening balance of $100. They do not have a checking account and therefore you will have to go for other banks to access the account. They also have more physical locations than Synchrony.
American Express: This bank pays you an impressive APY of 2.10%. It gives a high yield and is FDIC insured. It is known for its excellent customer service which anyone with an Amex® credit card would know. On the downside, the credit card system and the bank systems are not linked to each other. There are no branches. But it is one of the safest banks to store your cash in.
Ally Bank: This is one of the best banks for high yield savings and checking. It offers an APY of 2.00%; it does not charge a monthly fee; it provides checking accounts so you don’t have to go to another bank, and it allows for mobile check deposits with which you can transfer money from the phone to the account.
