One of the safer ways to grow your money these days is choosing the right savings account. However, while it is safe, it does not help your money grow substantially. Having an online bank savings account is one of the better ways to grow your money while ensuring it is safe too. When it comes to low rate environments, online savings accounts are the safest bet. Some of the best online bank savings accounts have been listed below.
Ally: This is considered to have the best online bank savings account overall. Before it had an option for an online savings account, it was not a big player in the field. Today, this online option has turned out to be its biggest USP with its customers. The savings account offers a yield of 1.5% which is considered quite high. Ally does not charge a minimum deposit to open an account with it. There is no monthly maintenance fee and you get to earn more than you will with a traditional savings account. You have an option to deposit checks with Ally through Ally eCheck Deposit remotely. With Ally, the money you save will grow at a faster rate with a daily compound interest. The deposits you make here are insured. FDC insures it to the maximum amount as permitted legally. However, it will do well to remember that Ally is purely online. There are no physical branches available anywhere.
Capital One 360: Capital One 360 is considered to have the best combination of savings and checking account as far as an online bank is concerned. Capital One gives you access to a savings account, a checking account, an investment account, an account for deposits and for CDs. It also offers car loans, credit cards, and a range of services, both online and on your mobile, that will help you track your savings. Capital One 360 does not charge you monthly fee. It does not have a minimum deposit amount either when opening an account. It offers clients the opportunity to get a sign-up bonus. This is tiered and depends on the amount you deposit initially. However, if you’re looking for the best yield, other online bank savings accounts give you a better rate.
Synchrony OptimizerPlus: This has the best online bank savings account at no monthly fee. It also gives one of the best yields in the country at 1.15%. This account does have a monthly fee of $5, which is considered decent. However, this monthly fee is waived if the average balance is maintained at a mere $50 every month. Long-term customers also get rewarded by Synchrony OptimizerPlus with discounts on travel, reimbursements of ATM fee, and special rate offers. Overall, they are known for their rates which are well above average, their FDIC insurance, and their services for identity theft resolution which are free.
CIT Bank: It is considered the best online bank savings account for high balances. The savings account in CIT give interest rates that are tiered. Higher balances, then, get higher rates. If customers maintain a balance of $25,000 and more they get the best APR offered by CIT which is 1.05%. Their lower rates are also one of the most attractive. They offer an APY of 1.00% for no minimum balance. This helps if you want to have sizeable savings in the future. You could open an account now and the tiered structure will help your money grow. CIT does not charge a monthly fee. It has a minimum deposit amount of $100. It does charge have an account opening fee. The earning potential on this is maximized because of its daily compounding rates. If you link this account to their accounts you have with various banks, it will make your deposits and withdrawals an easier process to deal with. You also get to do everything relating to your account online including managing it and viewing statements.
Barclays: Barclays is new to the online bank savings account scene in the United States. They have one of the best rates right now at 1.15%. They offer fabulous online banking tools including online transfers, remote deposits with your mobiles or PC, and external account linking. They do not have a minimum deposit amount when opening an account. They do not charge monthly maintenance fees. And they offer rates that compound daily.
EverBank: EverBank has made a pledge to always be in the top 5% of offers by banks when it comes to rates offered, worldwide. When you open an account with them for the first time, EverBank offers a bonus interest rate of 1.60% for the initial six months. They also offer 1.11% of yield if your balances have been over $150,000 for a year. To open an account, you would need $1,500. However, if you have a positive balance, you do not have to pay a monthly fee at all. You can access it anytime, anywhere and it has been given a stability at 4 stars.