The best savings accounts of 2020
Choosing the right savings account can help you set aside money for your long term goal or short term requirement.
Whether you’re looking for high-interest rates, incentives for meeting your goals or a low-maintenance account with zero fees, there’s an account for you.
This post will include some of the best savings accounts available in 2020 to help you fit your individual needs.
If you’re looking for guidance on how to organize your finances, check out this site here for a range of topics and solutions on everything money-related ranging from credit card debt to buying your first home!
High Yield Accounts
High-yield savings accounts are perfect for when you need to keep your cash accessible while earning as much interest as possible.
Most banks offer a small amount of interest, however, there are few that are willing to pay more.
Here are our top high-yield savings accounts.
While most banks require a large balance before paying back interest, Ally earns you money from the start.
Plus, there’s no monthly maintenance fee.
Ally has an app that allows you to deposit checks through your smartphone by snapping a picture from your phone to get the funds available in your account.
There are other free services available such as free income wire transfers, free ACH transfers and free deposit envelopes with postage paid.
Barclays has one of the best interest rates on today’s market, allowing you to open an account with a 2.20% APY.
Also, Barclays doesn’t require you to open your account with a certain amount of cash as they don’t charge monthly maintenance fees.
Also, the account is entirely operatable online which means you can transfer savings to and from other banks and access your funds day or night.
In addition to daily interest, there are no fees for opening the account, just deposit your cash and watch your account grow.
Opening an HSBC’s Direct Savings Account provides you with a hefty opening bonus and a great growth rate.
You’ll receive up to 2.30% APY and a $125 incentive just for opening your account.
HSBC charges no monthly maintenance fees and only requires an opening balance of $1 to start.
You’ll have control of your funds with 24/7 mobile banking access and instant online transfers.
You’ll receive interest whether you have $200 or $20000 in your account.
Opening a high-interest online savings account at Citizens Access Bank is a great way to grow your money.
Citizens Access offers APY rates up to 2.35% which is greater than most leading American banks.
The account requires a $5,000 minimum deposit, however you’ll never be charged any fees.
SmartyPig offers savings goals that track your progress.
Once you open the account, it can be linked to your checking account that creates recurring deposits for each of your savings goals.
Simply enter your monetary goal with your specific deadline and SmartyPig will calculate how much is needed to save each month to meet your goal, providing an interest rate if 1.80% APY.
There are no monthly fees and you can share your progress with friends and family on social media!
Best Signup Bonuses
Some banks offer free cash to help you with your new account, just for being a new customer!
You may need to meet a few minimum requirements, but once you do, you’ll have a nice sum deposited into your account!
As long as you’re not a current or previous customer and can meet the deposit requirements, you’ll qualify for the Discover deal.
If you deposit a minimum of $15,000, you’ll receive a $150 cashback bonus.
Additionally, Discover’s current APY is 2.10%.
New and existing CIT Bank customers who open a CIT Savings Builder account can walk away with $100 or $200.
To qualify for this bonus, you need to fund your account within 15 days of opening it and maintain the minimum balance for a certain number of days.
- Deposit $50,000 to earn $200
- Deposit between $25,000 and $49,999 to earn $100
Remember, every bank account bonus isn’t a good deal, therefore before you sign up always remember to read the fine print!
If you’re looking for a new savings account, always look for good interest rates and a track record of great customer service.