The best Saving accounts with high interest you have to choose

There are a few banks that pay 10x the interest of most others, but how do they stack up against each other? Continue reading to find out which one of them truly earns the title of best savings account


It's a well-known fact that interest rates on savings accounts are incredibly low. In fact, the average savings account is hovering around 0.06%.1 That's such a far cry from pre-crisis times, it's shocking.

At rates that low one might ask, "Why even have a savings account? Why don't I just place my hard-earned money under the mattress?" We can't blame you. However, if you did that you'd be leaving money on the table (or under the mattress). There are much better options out there; savings account options that earn fifteen times the average rate of 0.06%.


                      At a Glance: High Yield Savings Accounts & MMAs
                 


#. Ally Bank
      Open an Account Today. Ally Bank, Member FDIC.
       Savings Account        Minimum  $0          APY       1.45%   



#. Synchrony Bank
        Great Rates + Safety = Peace of Mind
        Savings Account Minimum $0      APY  1.55%

#. Discover Bank
Grow your savings faster with a rate 5x the National Savings Avg*
Savings account Minimum $0            APY    1.50%




We've scoured high and low to find the best accounts. In our search, we've come across a few that stand above the rest. You'd be in good shape if you had any of these accounts, but after some thorough analysis, one of them truly earns the title of best savings account. Here they are at a glance:

We were just as taken aback when we first saw these numbers. 1.55% and 1.50%? Why didn't I hear of these accounts before I put my money in [large, untrustworthy bank X]? You might be saying to yourself, "Synchrony Bank is clearly the winner because their APY is slightly higher."
However, you can't jump to a conclusion as there are other important factors to consider when opening a savings account. So we've broken them each down, piece by piece.

Monthly Minimums
Ally Bank, Synchrony Bank, and Discover Bank are all "No Fee" banks, meaning they don't charge a monthly maintenance fee and they do not require a minimum balance. In fact, not one of these banks even require a minimum deposit to open an account!

Winner: 3 way tie

Bank Reputation
This might not have been very important to us before the financial crisis, but times have changed. We need to feel safe with where we put our hard-earned money. Each of these banks are backed by the maximum allowable FDIC guarantee of $250,000. This means if the bank defaults, the US Government would repay you every penny you had in the account, up to $250,000. Bank of America, Chase, etc. all have this same insurance.

More than just the FDIC insurance, we need reliability and value from our bank. So here is how the top banks fare in terms of reputation:

Winner:

Customer Service and Ease of Use
These companies all have good customer service according to online reviews. 3 star reviews don't sound great for a restaurant, but for an industry that's really suffering from an image problem, 3 star ratings are some of the best ratings received. Comparatively, Bank of America had 1.6 stars, HSBC had 1.4 stars and Chase came in at 2.5 stars.

So how did we figure this one out? Members of our team personally opened an account in each and compared notes over a two-week period.

All of the banks' websites are state of the art and incredibly intuitive; and each has an "American English" speaking support team that is very attentive and easy to deal with.

Winner:

Interest Rate
This one's easy. At 1.55%, Synchrony Bank's interest rate is slightly higher. Even though Synchrony Bank's rate is slightly higher, really either of these accounts are huge improvements over what Chase, Bank of America, or Wells Fargo would pay you.

Winner: Synchrony Bank

SOURCE: CNN

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About the Author

Mussa Msemakweli is a technology entrepreneur, Book writer and digital marketing expert. He is currently C E O at the Africa shared . His work has been featured in a number of publications, including the Maisha halisi Magazine and on Culture trip. If you have a good time follow me on facebook and instagram or leave a comment, Thanks.
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Mussa Msemakweli