Wednesday, 7 August 2019

BEST Savings Accounts - Online and Offline

BEST Savings Accounts  - Online and Offline

If you want to know about savings accounts and specifically online savings. I am going to talk about the things to consider when you are wanting to open a saving account and specifically which bank accounts I recommend.

The first thing that you need to consider is very basic, you need to make sure that whatever savings accounts you are considering have are FDIC insured. Now, this is really basic, but this basically just means that you are going to be insured up to $250,000 per account, so if something was to go wrong with the banking system, you would still be guaranteed that money back.

  • Things to Consider: The FDIC

Most banks have FDIC (Federal Deposit Insurance Corporation) insured, but it's just important to triple check before you open an account, especially before you deposit any of your money in a bank account.

  • Another thing to Consider: Interest Rate

What is the Interest Rate This Bank account is Charging You? Are not charging you but giving you back in return.

Because the whole point of opening a savings is to save your money and get a little perk too. Get a little bit of money back in return from the bank. That is why savings accounts are always different, banks and institutions are always competing with each other to offer people the highest on interest rate because that is the whole point.

What is the point of putting your money in a bank account if they are not going to give you that much return back?

Let jump into 3 online savings accounts that I recommend you to check out. These are all FDIC insured 

1. Marcus By Goldman Sachs

It's only a website, that is the bad thing about it. There is no app, but the great thing about it is that interest rate is super high, it's 1.7% return which is higher than any of the other online savings that we are going to talk about, but the interesting thing is that they don't offer a checking account 

They offer savings account online, so this is going to be something that can be a little bit annoying if you would like to have your checking and savings at the same bank.

There is a dollar minimum balance required to open this account which is really not bad, I mean if you are going to open a saving account generally you would probably have a dollar or more to put in there.

The only other bad thing about this account that I have seen online is that it does not have any ATM machines available, so if you are a type of person who would want to deposit money into your savings account at an ATM machine, that will not be possible

You have to set up an online transfer from other bank accounts into this one, so you might have a checking account with a different bank and you can just set up automatic transfers or online banks transfer.

If you are only interested in just getting as much money back as possible from your savings account, then this is probably the best way to go.

2. Synchrony Bank Savings Account

This is also just an online saving account and the interest rate is 1.65%. The cool thing about this account that is different from the other accounts is that there are ATMs available with this saving account.

There over 2 million ATMs spread all around, so if you are the sort of person who really doesn't necessarily care only about getting as much return back in interest from the savings and you care more about the convenience of being able to put cash in the ATM machine, in findable location, then this might be the account that you might check out.

The account also has no minimum balance and no annual fees, so you can open this account with no money and slowly start to build up.

3. Online Saving Account With Allied Bank.

The allied bank savings account interest rate is 1.60%, allied is a really well-know bank, they have really great customer service like you can do live chat at any time with someone from customer support which is really awesome

There is no minimum balance to open the account There are no fees associated with the account

Allied is one of the best choices if you are someone who likes to download apps to make their finances easier. Because it has a mobile phone app which the other savings accounts don't offer

That is cool because if you want to be able to bank just from your phone be able to make transfer really quickly on your phone from your account into your savings from a checking account at a different bank to a savings account with allied then you can do that from your phone.

There you have it those are the 3 online savings account that I recommend and the things that you need to consider when thinking about opening a saving account.

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