Last updated on July 29th, 2022 at 07:15 am
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If you think that most savings accounts are the same and that it does not matter which bank you have a savings account at, you may want to think again. When you learn more about the seven best savings accounts for 2022, you can see the incredible benefits that you can enjoy when you use one of these options.
7 Best Savings Accounts
Everything from the minimum account balance and the monthly fees to the interest rate and other features on your savings account can affect how quickly your funds increase in value. Some features can also affect how simplified your financial management efforts are.
When you want to find the best savings account, it is important to understand that online banking services and institutions have transformed this list. In addition, because interest rates have slowly started to edge upward recently, the return you can enjoy by banking with these top institutions may also be higher.
Remember that the terms associated with different savings accounts can fluctuate from year to year. This means that the best savings account for 2022 may be different than the top accounts next year. It is wise to continually look for a better account to safeguard your money in so that it is always saved in the best account available. These are a few of the best savings accounts that you may consider reviewing today, and these are accounts that have a great yield and nominal fees.
7. Synchrony Bank – High Yield Savings Account
With most high-yield savings accounts, you must maintain a very high balance in the account at all times. However, with the Synchrony Bank High Yield Savings Account, the minimum balance required is $1. The annual percentage yield is 1.2 percent, making it one of the highest yields available today. This yield has been slowly increasing over recent months.
This is an online bank, with the exception of a single branch location in New Jersey. However, the bank is affiliated with three major ATM networks, which enables you to quickly and easily get money out of your savings account as needed without having to pay a fee to use non-affiliated ATMs.
Furthermore, you can get account support by calling the toll-free number or by reaching out to the bank through the website. There are no fees associated with this savings account, and you can even take advantage of various benefits. These include a discount at rental car companies, hotels and more. These discounts are not available with other savings account options on this list.
6. Ally Bank – Online Savings Account
Another exceptional savings account option from an online bank is the Online Savings Account from Ally Bank. This savings account option also has a very competitive rate of 1.15 percent APY. As is the case with the Synchrony Bank’s High Yield Savings Account, the Ally Bank option does not have regular monthly fees that will take money out of your account regularly.
Furthermore, the minimum required account balance is only $1, making it well-suited for everyone. The bank is well-known for providing its customers with a great experience, and this includes through 24-hour live support as needed. You can also access your savings account details through the website or a mobile app that you can download to your phone.
Ally has a full range of other financial products, such as checking accounts, investment accounts and credit cards. With this in mind, you can easily conduct all of your financial activities through this bank for easier management.
5. Goldman Sachs – Online Savings Account
When you want to find the best savings accounts available this year, the Goldman Sachs Online Savings Account is another stellar option to consider. This account is most well-suited for individuals who do not want easy access to their cash, and this is because this bank does not have a checking account option or linked ATM services.
When you need access to your money, you will need to transfer funds from a linked checking account at another institution. This savings account has a 1.20 percent APY, making it comparable to the Synchrony Bank option. It also has a $1 minimum account balance and no regular monthly fees that would erode away the value of your nest egg over the years.
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4. Discover – Online Savings Account
Discover is a true leader in the financial sector, so it is not a surprise that this reputable company has a great Online Savings Account program. When you are looking for the best savings account, you will love that this account has a 1.1 APY. On top of that, it has no minimum account balance requirement for you to maintain.
This company has exceptional customer support available 24-hours per day to address all of your concerns conveniently. It also has a user-friendly app that you can download to manage your savings account and other Discover accounts.
3. Barclays – Online Savings Account
If you prefer to work with a major and well-known financial institution, opening up an Online Savings Account through Barclays is a great option to consider. This savings account requires you to maintain a minimum balance of only $1. Additionally, you can enjoy a 1.20 APY return on your funds.
There are no monthly fees related to this account. You can also benefit from live support from friendly professionals around the clock. Through this bank, you will also have access to a checking account, an investment account and other options.
2. Alliant – High Rate Savings Account
Alliant is a reputable credit union that has easy membership qualifications that most people can meet. With a High Rate Savings Account from Alliant, a Chicago-based financial institution, you can enjoy a 1.10 APY. There is a minimum balance of $100 required to enjoy this APY, and the minimum deposit requirement is $5. The website is user-friendly, enabling easy account management. There is also live support available through friendly customer service representatives at all hours of the day and night.
1. Capital One – 360 Savings
The Capital One 360 Savings account is available to you with a $1 minimum opening balance. The yield on this account is 0.75 percent. When you accrue more than $10,000 in your account, you can transfer the funds to a Money Market Account with Capital One. This account will earn a 1.1 percent yield. There are no fees associated with either of these accounts.
While Capital One is largely an online bank, there are some local branches in select cities across the country. This bank has friendly service with support available at all hours. You can also manage your account through the website or through the mobile app.
Finding the best savings accounts can help you access your funds when needed and can make it easier to save. Plus, features related to the yield and fees can impact how quickly your account balance grows in value. With this in mind, it makes sense to explore the options and to move your funds to one of these best savings accounts for 2022.