Savings account is basic type of bank account that allows users to deposit money, keep it safe, and withdraw funds.This have been around in the United states since 1816, when the first American savings banks opened in Boston and Philadelphia.
Savings account holder will earning interest. Savings accounts offered by most banks, credit unions, and other financial institutions are FDIC insured and typically pay interest on your deposits.
That’s why it’s a good idea to set aside as much as you can in your savings. The amount of interest you earn will depend on which account you choose and the amount of money you keep in the account over time.
There are 5,125 small and big banks and credit unions in US who offer Savings Account to Americans.
There are several kinds of accounts that can be used for saving. Three of the most common are regular savings, money market accounts and Certificates of Deposit, or CDs.
1.American Express
The bank has 1.15% APY, $0 minimum opening deposit.It doesn’t have a minimum balance requirement or monthly fees and has a competitive APY.
2. Discover bank
Discover bank has 1.05% savings APY with no minimum to open account
3. Ally Bank
The bank has 1.10% savings APY with no minimum to open account
Also Read: List of Banks in United states of America,Banks in USA
4. Marcus by Goldman Sachs
Goldman Sachs has 1.05% APY, $0 minimum opening deposit
5. Citizens Access
The bank offers a competitive yield on its CDs and savings account. All of its products require a $5,000 minimum deposit to open account
6.CIBC Bank
This has 1.15% savings APY, with $1,000 minimum to open account
7.Citibank
There is 1.35% APY, $0 minimum opening deposit.Though there is a $4.50 monthly service fee which can be avoided if you have monthly balance of at least $500 in your savings account.
8.Capital One Bank
The bank has 1.00% APY, $0 minimum opening deposit
9. Vio Bank
It has 1.35% savings APY with $100 minimum to open account
ALSO READ: List of Best Banks in California
10.CIT Bank
1.01% APY, $0 minimum opening deposit but you need to have either have $25,000 or more in the account or make at least one monthly deposit of at least $100 to earn the top APY in the Savings Builder account.
11.Synchrony
The bank has 1.30% savings APY, with no minimum to open account
12.UFB Direct
The bank offer 1.35% savings APY with no minimum to open account
13. Barclays Bank
The bank offers nine CD terms with 1.30% APY, $0 minimum opening deposit
14. Live Oak Bank
The online savings account, which is a personal account, offers a competitive yield with 1.15% APY, $0 minimum opening deposit
15. PNC Bank
PNC High Yield Savings account is available in eligible markets with 1.25% APY, $0 minimum opening deposit, also it doesn’t have a monthly maintenance fee.
16. Alliant
This has high APY, physical branches, no minimum deposits
Also read:30 Best checking account for Americans In united states
17. Comenity Direct
This is an online-only bank that offers a high-yield savings account and CDs with 1.35% APY, $100 minimum opening deposit
18. Popular Direct
Popular Direct offers a savings account and term CDs with 1.20% APY, $5,000 minimum opening deposit
This type savings account is opened through Popular Bank.
