Top Online Banks for Best Savings Rates: A Comprehensive Guide
When it comes to enhancing your savings, one of the most crucial decisions is choosing the best online bank that offers the highest interest rates. This article will guide you through the top options available, providing insights into the best savings plans and helping you make a well-informed decision based on your financial needs.
Best Overall Savings Plans from Top Online Banks
As per the prestigious Bankrate's latest selections, here are the top online banks offering the best savings plans:
Best Overall Rate
Citibank - 0.70 APY Popular Direct - 0.70 APYHigh Rate Options
Vio Bank - 0.66 APY Ally Bank - 0.60 APY Marcus by Goldman Sachs - 0.60 APY Synchrony Bank - 0.60 APY Comenity Direct - 0.60 APY Citizens Access - 0.60 APY Barclays Bank - 0.50 APY Capital One - 0.50 APY CIT Bank - up to 0.50 APY PurePoint Financial - 0.40 APYNote: The Annual Percentage Yield (APYs) shown are as of Oct. 30, 2020. Bankrate's editorial team updates this information regularly, typically bi-weekly. The APYs may have changed since their last update. Additionally, the APYs for some products may vary by region.
Bankrate's Guide to Choosing the Right Savings Rate
Choosing the right savings rate is essential for maximizing your savings. Here are some key factors to consider:
Why You Can Trust Bankrate
Bankrate, with over four decades of experience in financial publishing, ensures the information you receive is accurate and trustworthy. Founded in 1976 as Bank Rate Monitor, a print publisher for the banking industry, Bankrate transitioned to a digital platform in 1996. Today, it is one of the most relied-upon sources of financial rates and information in the US.
Apart from Bankrate, numerous top publications depend on its data, including:
The Wall Street Journal USA Today The New York Times CNBC BloombergBankrate's editorial team ensures that their content is thoroughly fact-checked to maintain its credibility and reliability.
Methodology for Bankrate's Best Savings Accounts
To identify the best savings accounts, Bankrate's editorial team follows a rigorous methodology. They continuously survey around 70 widely available financial institutions, encompassing the largest banks and credit unions, as well as popular online banks. The factors considered include:
Annual Percentage Yield (APY) Minimum balance requirements Broad availability across regionsAll accounts listed below are insured by either the FDIC at banks or by the National Credit Union Share Insurance Fund at NCUA credit unions. When selecting the best savings account, consider the highest yield while also evaluating introductory rates, minimum balances, and ease of accessing your funds and account information.
Conclusion
Selecting the right online bank for your savings needs can have a significant impact on your financial growth. By considering the factors mentioned above and leveraging Bankrate's trusted information, you can make an informed decision and protect your savings effectively.