Online banks versus traditional banks
Even though banks differ, online banks outshine traditional banks in terms of rates and fees. For those in search of a proper savings account, I would highly advise that you open a high yield online savings account. This article will, therefore, explore some of the best online savings accounts you should consider in 2020. They are:
- i) MySavings Direct
MySavings Direct is a division of the
famous Emigrant Bank. This account has no minimum deposit requirement and charges no monthly maintenance fee. Its annual percentage yield stands at 1.80 percent, which honestly, is one of the highest returns one can obtain from a nationally available savings account.
For secure transfers, all you need to do is to link your current account to your MySavings high yield online savings account and you are good to go.
- ii) CIT Savings Builder Account
This high yield online savings account is offered by CIT Bank. Unlike our first option, this account comes with specific requirements. Even though it charges no monthly maintenance fee, you have to ensure that your account maintains a balance of $25000 or make a deposit of
a hundred dollars every month.
This account has some of the best online savings account rates.
iii) Marcus by Goldman Sachs Online Savings Account
Our third option is offered by Marcus and Goldman Sachs. This high yield online savings account requires no minimum deposit requirement to open. It charges no monthly fee, but you will need to have a minimum balance of one dollar to avoid getting charged. It’s annual percentage rate stand at 1.70%, which is rewarding.
The only disadvantage is that the parent bank does not have
a checking account or a mobile app, and therefore, you have to use an outside bank for your transfers.
- iv) American Express Personal Savings Account
This high yield online savings account is offered by American Express National Bank. It requires no minimum deposit to open and charges no monthly fee. It has one of the best interest rates, with an annual percentage yield of 1.70 percent. The good news is; you get all-day access to your account, and you do not need to have a minimum balance to avoid a fee.
- v) Discover Online Saving Account
This is yet another great high yield online savings account offered by Discover Bank. You do not have to meet a certain amount before your savings start accruing interest. This account does not also have a minimum deposit requirement. The monthly maintenance fee stands at zero dollars, making it user-friendly.
This high yield online savings account offers a bonus of $150 for the first deposit of $ 15000 and $200 for a $25000 deposit.
- vi) Barclays Bank Online Savings
Barclays Bank is one of the most reliable banks in the United States, and therefore, you can never go wrong with their high yield online savings account. This account offers you secure online transfers and all-day access to your money. You do not need a minimum amount to open an account, and it charges no monthly maintenance fees.
For any queries, there is a reliable customer service that can be reached either by phone or mail.
vii) Ally Bank Online Savings Account
With an annual yield rate of 1.60%, this account offered by Ally Bank is one of
the best high yield online savings account. It has no minimum deposit requirement and charges no maintenance fee. For any queries with your account, you get a mobile application that will assist you, making it a budding sensation among several customers.
viii) PurePoint Financial
This online savings account comes with a minimum deposit requirement. You, therefore, need a minimum of $10000 if you want your account running. It, however, charges no monthly maintenance fee. The good side is; it has an annual percentage yield of 1.80%, making it one of the best online savings account.
- ix) Synchrony Bank Online Savings Account
This high yield savings account of
fered by Synchrony Bank has no minimum deposit requirement. It provides a high-interest rate with the annual percentage yield standing at 1.80%. One advantage that you stand to get after opening this account is faster access to your money. All queries and assistance are made via phone.
- x) SFGI Direct
This high yield online savings account is offered by Summit Community Bank. It has the best rates for one wishing to save money online. You, however, need a minimum deposit of $500. It charges no monthly maintenance fee and has an outstanding annual yield of 1.91 percent. You do not also need a precise balance to avoid charges.
Conclusion
Step up your saving culture! I hope that this article will be a guiding light as you progress forward.