Whether you’re looking for a simple savings account or an online savings account, there are a variety of options available to you. You’ll want to consider how much you’re willing to put in, as well as how easy it will be to access the money.
Varo Online Savings
Despite the name, Varo’s online savings account isn’t just for kids. The bank offers a slew of features and benefits, including free withdrawals from 55,000 AllPoint ATMs, a cash advance, and a credit card with 15% cash back. The perks are matched with a hefty FDIC insurance maximum of $250,000 per individual and per account. The best part is that you can open and close the account at your leisure.
The bank’s website is also a cinch to navigate, thanks to the bank’s smartphone app, which you can download on your smartphone, tablet, or desktop. With no annual fees, no minimum balance, no monthly maintenance fees, and no strings attached, Varo is a good option for the high-rolling saver.
Bask Bank
Whether you’re looking for a high yield savings account, a CD, or a travel rewards account, Bask Bank offers a number of options that are appealing to travelers and other savers. The company, which is part of Texas Capital Bank, is an online-only bank that offers a variety of different products.
The company’s savings accounts have no minimum balance requirements and do not have monthly maintenance fees. They don’t provide debit cards or ATM access, though, which can be a concern if you need to use your money often.
The Bask Interest Savings Account is one of the highest yielding savings accounts on the market. It has no minimum balance requirement and no monthly fees, and offers a competitive yield of 3.60%.
Discover Bank
Whether you’re looking to save for retirement, a big purchase, or simply a rainy day, Discover Bank offers a variety of savings and checking accounts. Unlike most other banks, Discover doesn’t require a minimum balance, and there are no fees associated with opening or maintaining your account.
If you’re interested in the latest technology, Discover offers a mobile app and an online banking platform. Using the bank’s Secure Socket-Layer technology, your money is protected from unauthorized access. Likewise, you’re not liable for fees for insufficient funds or for using a non-Discover ATM.
The Discover Savings Account pays a high APY, which can be a real boon for those who have a substantial balance. The rate can vary by a few percentage points, but it’s certainly worth taking a look at.
Dollar Savings Direct
Whether you’re looking for a high-yield savings account or a no-frills bank, Dollar Savings Direct offers the best of both worlds. You can get a competitive APY, no fees, and online account management.
DollarSavingsDirect is the online division of Emigrant Bank, which was founded in 1850 by Irish emigrants. It currently holds $6.4 billion in assets. It also has a license to make wealth management and home loans.
You can open a Dollar Savings Account with a check or by transferring money from another bank. The account is available to all customers who are at least 18 years old. You can deposit funds electronically, or through a check written on the linked checking account.
SoFi Checking and Savings Account
Whether you’re looking for a high-yield savings account or a checking account, SoFi can help. With an extensive ATM network, a debit card, and a variety of banking products, SoFi makes it easy to stay on top of your money.
SoFi’s Checking and Savings account has no monthly maintenance fees. Members can also enjoy no fee overdraft protection. This means that if you use an ATM, don’t make a purchase, or don’t have enough funds in your account, SoFi will cover the charges. The account also comes with a Mastercard debit card, which allows you to make purchases and send money to other people.
The SoFi Checking and Savings account offers an elevated APY, which is 41x the national average. In addition, SoFi has a unique early-access feature. This allows you to access your paychecks up to two days before the scheduled payment date.
Compounding interest
Whether you are saving for a down payment, building an emergency fund, or you just want to get your hands on some cash, a savings account with compounding interest is the way to go. These accounts allow you to make deposits and withdrawals when you need them.
There are several different types of savings accounts, including simple and high-yield accounts. You should compare the terms and conditions of these accounts before making a decision. You should also look at the annual percentage yield (APY) of your chosen account. The higher the APY, the more money you will earn over time.
You should also look at the duration of the account. Some accounts compound daily, weekly, or monthly. In order to maximize your savings, you should make regular deposits.
