Which bank has the best savings account
Having accumulated some cash you will probably question yourself: which bank has the best savings account?
Which is the most trustable and reputable bank to trust your money?
And it is a right strategy as the reliability of bank means peace and comfort of your mind and soul. Besides, starting a savings account is a perfect way to multiply your savings.
In this review we will list top three the most effective and the weirdest ways offering the best savings accounts and the best terms for their clients.
However, you should know that brick and mortar banks, being leaders of financial market, commonly offer dismal yields.
Starting a saving account in one of these banks you will have your money well secured but you will hardly get any reasonable income.
It means that the yields will be completely gobbled with inflation.
Online banks offer higher yields for saving accounts as these do not have to manage and maintain a network of branches.
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Due to saving on space lease and staff these online financial institutions offer higher rates. These banks are the same secure and well off.
To contact an online bank and start a savings account you should visit an official website.
Though rates do change rather frequently, these online banks commonly offer from 0.75 to 0.95%. The top APY rate is 1%.
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In search of which bank has the best savings account you can find savings account offers from credit unions engaging people to invest money.
Good news is that the rates are very high (up to 4%). Bad news is that a client should meet minimum requirements to get this high rate for a savings account.
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Some credit unions require a certain number of transactions on the account. Other credit unions require a minimum sum of deposit equaling 10 000$.
Prepaid debit cards
Curiously enough but some banks issue prepaid debit cards with high rates applied to the balance of the card.
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Besides these rates are the highest available on the market by now.
For example, Master Card offers up to 5% APY on the balance up to 5 000$ and the rate will be increased if you increase the balance.
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A prepaid debit card is not a savings account in the real sense of the word.
However you will get access to your money 24/7 without any limitations unlike bank accounts offers competitive rates but limiting your access with certain terms (if you want to get that high rate on your balance, then you should not withdraw the money from your account for a certain period of time).