7 Best Savings Accounts

Saving money seems to be getting more difficult with the cost of living consistently rising, but savings accounts still offer a way of accumulating a nest egg. Most people simply go for convenience and open up a savings account with the same bank at which they maintain their primary checking account, but it may be beneficial to shop around before making that decision.
While most banks offer low interest rates at or below an 0.05% APY, there are a few institutions willing to pay out more. The best way to capitalize on that APY is by starting out with a $20 monthly deposit and increasing that amount by $5 every three months. By quickly building up your base savings amount, you can take better advantage of the APY.

In addition to offering a higher APY, some banks offer better customer service in the form of premium features. A key component is online banking that allows automatic transfers and mobile check deposits. Additionally, some banks offer accounts that don’t rely on monthly service fees. The ideal is to locate those savings accounts that don’t deduct a monthly service fee at all, but there may be some institutions that place restrictions on this feature. They may require a predetermined number of direct deposits each month or participation in paperless statements.

Another important feature to keep in mind is the availability of your funds. You want to ensure you will have ATM access without fees, when you need it. This goes hand in hand with the online banking feature, because the ability to transfer your funds to other accounts may also be a concern. Together, these two features can ensure you’ll have access to your money as you need it. Emergencies do happen and, as this is one reason for opening a savings account in the first place, experiencing difficulty accessing your funds when needed defeats the purpose. By seeking out online savings accounts, you may be able to find a bank that offers most of these services and other premium features to make your experience even more rewarding.
Here’s a look at the top 7 savings accounts:

Discover Bank

Primarily known for their credit cards, Discover has expanded its services to include savings and they’re offering incentives to attract customers. Already, they have one of the best rated mobile banking apps and they don’t charge a monthly service fee on their savings accounts. An account can be opened with any deposit, as Discover doesn’t require a minimum deposit.
Discover bank also doesn’t require a minimum balance, making it easy for new customers to join and take advantage of their impressive 1.30% APY rate. Interest is compounded daily and paid monthly and their accounts are FDIC insured, providing an added sense of security.