With time, the banking industry has flourished above and beyond the general norm. From a small-scale business, it has grown into a multi-faceted field. This exponential growth has been aided by new developments across the domain; ranging from the prevalence of checking accounts to the advent of saving accounts.
In recent times, saving accounts have gained immense popularity. A savings account is primarily made for the long-term storage of money. Apart from saving money for an emergency, this type of account can also serve to increase your principal amount by earning interest.
If you already have an account that pays interest but are still intrigued by the idea of earning at a higher rate, consider a few of the accounts listed below. These offer some of the best saving account promotions and can prove to be a valuable choice.
5 Best Saving Account Promotions:
Operating on an online medium, Citizens Access has a savings account that gives out an APY of two percent. If you wish to open an account at this bank, a minimum of $5000 will have to be deposited. But don’t consider this a disadvantage as the account does not charge any transaction fees.
However, you have to be tech-savvy if choosing Citizens Access. Since the bank has no physical branches, you will need to sign up and complete all other documentation online. As far as funding is concerned, online transfer or cheque deposit are effective methods.
Thus, this bank is a great option for those who lack the time to make physical visits and are keen on completing all processes online. But here’s the catch: You will have to maintain a $5000 balance or more in your account.
If the amount falls below the required, the earned interest will be reduced significantly. Plus, if your account has a balance of less than $5000 for a long period, your account can be closed by the bank.
2Marcus (Goldman Sachs)
Fairly new in the market, Marcus was established by Goldman Sachs in 2018. The name of the bank has been taken from Marcus Goldman, the true founder of the multinational investment firm. It works like an online bank only and offers an APY of two percent.
As compared to its competitors, Marcus doesn’t have stringent requirements. Consumers who choose to open a savings account are free of restrictions as there are no minimum balance or transaction fees involved.
You can easily deposit money by checks and direct deposits. If you wish to withdraw funds, phone transfers and wire transfers are your best bet. An extremely well-rated bank, Marcus offers a myriad of other services such as personal and home loans.
However, the downside about Marcus is that it lacks a robust ATM network. Plus, it doesn’t entertain the idea of checking accounts. Thus, if you want to have a checking and saving account, your money will have to be divided between two organizations.
A well-known financial institution, Capital One offers some of the best saving account promotions. With balances totaling $10,000 or more, you can earn an APY of 1.9% through Capital One’s 360 Money Market savings account.
Although it operates as an online bank, there are a few local branches in a few states across the United States. Moreover, banking has also been made easy and can easily be done across any ATM in the country.
Apart from its offers, a major benefit of Capital One banking is the easy-to-use mobile application. The app allows users to do a variety of different things- from transferring money to paying bills, there is nothing that you can’t do with its app.
One of the most favorable aspects of the bank is the absence of a monthly transaction fee. Thus, Capital One can prove to be a great choice for those looking to earn a significant portion of the amount of money saved. However, the only downside is that a few states may not have local branches.
The name may ring a bell, but do remember- this isn’t to be confused with Citibank. Ranked among the best 20 online banks of 2018, the CIT Bank offers several different options for saving accounts. Headquartered in Pasadena, California, the CIT Bank has been rated five stars for its stellar services over the years.
If you choose to open a savings account at the CIT Bank, a 2.2 percent APY can be achieved. Given there are numerous options to choose from, a consumer can pick whichever type of account he/she prefers. The Savings Builder account is a unique option, where the interest rate will vary according to the amount deposited.
A balance of less than $25,000 will be matched by an interest rate of 0.995 percent and an APY of 1.55 percent. In such a case, you can withdraw a monthly $100 or more. On the other hand, if you maintain a balance of more than $25,000, an interest rate of 2.12 percent and an APY of 2.2 percent will be achieved.
The best part about opening a savings account at CIT Bank is that a maintenance fee is not required. With $100, you can open your account at this bank and avail innumerable benefits.
Summing it up
In essence, these were some of the notable banks that are offering the best saving account promotions. Saving accounts are a great way to save your money and more importantly, the interest yielded turns out to be a great plus.