Best Savings Accounts of 2019

Looking for the best savings accounts online? High interest savings accounts are important safe tool to help you reach your goal. With Investing Personal Finance saving account comparison tool you'll see which banks have the best interest rates right now.

  • 1.50% APY
    $5 Min balance for APY
    Yes FDIC Member

    About the bank

    nbkc is a modern, FDIC-insured bank driven to make banking simple and transparent unlike any other bank. Leveraging technology, customer feedback and innovation, nbkc helps people and businesses safely save, move and occasionally borrow money.

    Qualifications

    • $0 minimum balance
    • $0 for a nbkc Debit MasterCard®
    • $0 for your first box of checks
    • $0 Overdraft fees
    • Just $5 to open an account

    Facts and fees 

    • Crazy good rates on growing balances
    • Use any of the 32,000+ MoneyPass® ATMs in the U.S. for free
    • Up to $12 monthly refunds for ATM fees other banks charge you.
    • $5 domestic wire to Anywhere, USA
    • $45 International wires, sent or received

    *Rates effective as of 05/30/2018. Fees could reduce earnings on an account. *Annual Percentage Yield(APY) and interest rate may change after account opening.

  • 1.80% APY
    $25 Min balance for APY
    Yes FDIC Member

  • 2.25% APY
    $100 Min balance for APY
    Yes FDIC Member

  • 1.65% APY
    $1 Min balance for APY
    Yes FDIC Member

  • 2.05% APY
    $1 Min balance for APY
    Yes FDIC Member

Opening a Savings Account: The Basics

Why Open a Savings Account?

Savings accounts are a great way to, well, save money. Often, individuals think they can put off starting a savings account. Perhaps they don’t have tons of cash to spare or feel that it isn’t necessary right now. Students, especially, tend to overlook savings accounts and all their benefits. A savings account is a type of bank account that earns the holder interest over time. Interest is a fraction of money a bank pays to someone at a certain rate. Usually, interest is put in terms of debt repayment, but a savings account puts a positive spin on this usually-negative term. Interest is a way to make money without really doing anything but letting your money sit in an account. In this article, we will go over how to open a savings account, things you should know, benefits, and more topics pertaining to savings accounts.

Here are the basics:

Is a Savings Account Worth It?

A savings account has a lot of benefits and a low risk. Savings accounts separate money in your deposit account from the rest of your money. You aren’t at risk of withdrawing from your savings when you make an everyday transaction. If you withdraw money from your debit card to buy coffee, it is not coming out of your savings account. The money comes from your checking account.

Additionally, savings accounts make people money. The interest accrued can reach at least somewhat of a yield. While you won’t become a millionaire from opening a savings account, it is still a good financial tool. Savings accounts also can come in conjunction with other financial instruments. For example, CDs and money market accounts serve a purpose similar to savings. These are alternative avenues that work well in conjunction with savings accounts.

The low risks and monetary benefits of savings accounts look even better when you place them alongside the risks of saving money outside of savings accounts.

Risks of Savings Money Outside an Account
You might be thinking, “Why bother with savings accounts? I’ll just stash some money in the back of my closet and forget about it.” While that’s somewhat of a savings account, it gives you no interest. It’s also vulnerable to every day risks. Homes burn down. People break into them. Also, it’s far more tempting to take money from the “secret hiding spot” than it is to jump through the hoops of taking it out of your savings account. The risk of destruction of the money, through accidents, crime, or impulsivity, is higher when you save money outside of an account.

Opening a Savings Account
To open a savings account, you will need to do some research. Different institutions have different interest rates. They also have different fees to open an account and different minimum deposits. The differences in the scale vary. For example, a bank might have a high minimum deposit and a high interest rate. That would hurt your pockets to start it, but the benefit in the long run would accrue.

You’ll need to show identification in order to open savings accounts. Usually, you’ll need to show two forms of identification. You’ll also need to know your social security number. After you open a savings account, leave it alone. Put your money in and let it sit there, accumulating interest. Resist the temptation to withdraw; remind yourself that the benefits in the long-term outweigh the costs.

What if You’re Broke?
And by “broke,” we mean having next to no money. Luckily, all you really need is the minimum deposit amount. Once you have that, you’re good to go. You need the minimum to open the account, and, after that, you can just let it sit there. Don’t let not having a ton of money stop you from getting ahead on your savings. Just put in what you can, if anything. It will pay off in the long run. It is also useful to have as an emergency fund too. Bad things happen, and you should be aware that savings accounts provide useful backups in the event of something going south.
Savings accounts are a powerful tool for money management. They can offer you security when you are running low on funds. Savings accounts don’t require a huge monthly input. You can put in one dollar, even, and still make a dent. The key is to keep building up your savings, even if you are going slowly. Students and younger people can especially benefit from savings accounts. They are a financial tool all too often overlooked by college-age kids.

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