You want to secure your money but where should you keep it? Which is the best place for savings? Here, we have disclosed the best saving accounts in the world that allows you to store your funds securely.
A savings account is basically a bank account(offered by banks and credit unions) where you deposit your funds through cash, checks, or online transfers. It permits you to securely store funds and you’ll also earn interest on them. Whether one is financially stable or unstable, everyone needs a saving account.
The best saving accounts in the world are Salem Five Direct eOne Savings Account, nbkc bank Everything Account, Marcus by Goldman Sachs, American Express High Yield Savings Account, and Varo Savings Account.
We have revealed more about these saving accounts such as their Annual Percentage Yield Rates, Minimum Account Balance Requirement, etc. To know more about it, you should read the full article.
5 Best Saving Accounts In The World
All the below-listed banks will provide you the best interest rates on savings accounts. However, before we start discussing the best savings accounts, you should know the working of a savings account.
How Does A Savings Account Work?
As the name suggests, this account helps you in saving your money. It works similar to saving money in a cash box. But unlike the cash box that could be stolen, a savings account is protected under law and ensures that your funds will remain safe. Also, you get interested in your saved funds. It also provides the facility of deposits and withdrawals.
Nbkc bank is perfect for both savings as well as checking accounts. Here, you can spend and save from a single account. It has an APY of 0.25% and there is no minimum deposit requirement for this savings account.
- Access to savings tools.
- Good customer support.
- No monthly maintenance fee.
Marcus by Goldman Sachs
It is best for same-day transfers of up to $100,000 from other banks. Marcus Online Savings Account has no monthly maintenance fee and offers an Annual Percentage Yield of 0.50% with a $0 Minimum Deposit Requirement.
- Competitive APY
- Same-day transfers
- No minimum deposit requirements
American Express® High Yield Savings Account
Founded in 1850, American Express is a payment company in New York. The American Express High Yield Savings Account has an Annual Percentage Yield of 0.40% with a $0 minimum deposit requirement. It also does not charge any monthly maintenance fee.
- Competitive interest rate.
- There are no monthly fees and no minimum balance requirement.
- Make nine withdrawals per statement cycle.
Also Read, What Is a Health Insurance Premium?
Salem Five Direct eOne Savings Account
This savings account is best for high balances. Salem Five Direct eOne Savings Account has an Annual Percentage Yield of 0.50% with a $0 monthly maintenance fee. However, the minimum deposit requirement here is $100.
- Competitive interest rate
- No monthly fees
- Offers overdraft protection
Varo Savings Account
It is one of the best savings accounts in the world. Varo offers an Annual Percentage Yield(APY) of 0.20% to 3%. There is no minimum deposit requirement for this account. Also, its monthly maintenance fee is $0.
- Viro Savings Account has an excellent customer experience
- A tiered interest rate structure
- Automatic saving tools
Benefits of A Savings Account
A savings account is easy to open & access and has the potential to earn interest on your funds.
- Ease of Access
Many banks provide you full access to your saving accounts so that you can quickly transfer funds within a savings and a checking account. However, there are some banks that may require a minimum balance in your account to keep it active.
- Provides Security
As earlier said, you can also keep your money at home. So, what’s the benefit of a savings account? Now, there is no doubt that saving money at home is good, but there are chances your money could be stolen. Here, a savings account plays an important role. The money in a savings account is secured and is protected under the law.
- Savings Assistance
One of the best benefits of a savings account is that you can put money aside in an account separate from the checking account. It helps you to control your spendings so that you can become financially stable in the future.
- Account With Reduced or No Fee at All
Most banks provide a low-cost or free savings account to their customers. It encourages them to keep their money in a particular bank for a long period of time.
Among all these saving accounts, only the Salem Five Direct eOne Savings Account has the minimum deposit requirement of $100 whereas other banks have $0 as the minimum deposit requirement.
Featured Image Credit: Forbes.com
What banks have the best interest rates on savings accounts?
Marcus by Goldman Sachs
Do saving accounts provide security?
Yes, a savings account is protected under law and ensures that your funds will remain safe.