Best Savings Accounts

A high-yielding savings account is one of the surest ways to earn extra passive income. It is marvelous because you will make a few more dollars just because your money is safely in the bank. About two decades ago, putting money into a savings account for a certain period was an investment strategy people used to multiply their money. Today you can profitably open the best easy-access savings account and start managing your finances in a quality manner.

What is a savings account?

A savings account is a regular account from which you can withdraw money without restrictions and to which this money can be deposited (such accounts are usually connected with cards). The only difference from the usual one is that you are charged a percentage of the balance at the end of the reporting period.

Interest rates on savings accounts in the best banks for savings accounts vary, usually within 3-7%. Accruals are also different, most often, income is accrued once a month, but you can find the best personal savings account with daily interest.

A savings deposit is precisely that. You give money to the bank, and it manages this money at its discretion. At the end of the deposit period, you get both what you invested and some amount on top. If everything is simple with the best saving account — you can open a savings account in a bank and use the money on it — then this will not work with a deposit. Not all deposits support partial withdrawals. Moreover, even replenishment is not provided in all banks.

Characteristics of savings account

Features of savings accounts:

  • The average yield varies from 4-6% per annum.

  • It is often opened in dollars, but some large banks offer to accumulate funds in other currencies (the interest on such deposits does not exceed 2%).

  • Some banks introduce an additional condition — a requirement for a minimum amount on the account. In this case, to receive the interest declared by the bank, you must always have at least this amount in the cheapest savings account.

  • Income in the form of a percentage of the amount, as a rule, is credited to the bank's client's account every month.

Opening a savings account benefits those who plan to spend savings on their own needs. There is no link to the timing of receiving money, so savings can always be used. Check out this video to find out more useful information.

Top best savings accounts

It is vital to know what account is best for me. Among the best savings accounts:



CIT Bank Savings Connect


With $100 min. balance for APY

Marcus by Goldman Sachs Online Savings Account


With $0 min. balance for APY

Barclays Online Savings Account


With $0 min. balance for APY

Discover Bank Online Savings


With $0 min. balance for APY

Axos Bank® High Yield Savings


With $0 min. balance for APY

The interest rate on a savings account does not change regardless of the period of keeping funds, the amount of money in the best savings account, or the frequency of incoming and outgoing transactions. Even when you close your account, you will receive interest on your current balance without any reduction in the early closure rate.

How to open a savings account

Before opening an account, make a rating for yourself of banks that offer favorable conditions. Do not chase for an excessively high percentage, but carefully read the contract (posted on the bank's official website). There are often cases when significant restrictions, interest on the monthly balance, and other tricks are hidden behind the increased profitability. Account opening methods:

  • A visit to the bank.

  • Using Internet banking or applying through the bank's website.

When visiting a bank office, you must have a passport and the amount of money you plan to deposit. You sign an account maintenance agreement and deposit funds. In addition, the bank often offers a plastic debit card for cashless payments and cash withdrawals.

What is a savings account for?

A savings account is a valuable tool that allows you to manage your finances quickly — reserving funds for specific purposes. If you have allocated some amount for repairs, buying a car, or paying for a vacation, it is convenient to put them in a savings account.

Firstly, the funds are isolated from the general place, and you definitely won't spend them when making payments on the card. Secondly, you can increase the amount if you keep money in the bank for more than a month — you are charged interest. Thirdly, you can withdraw them anytime, while there may be restrictions when placing a deposit. Fourth, the money in the best savings accounts positively affects your financial assessment of you as a borrower — this will come in handy if you need to take out a loan or get a mortgage.