In order to earn a decent interest rate from your savings account you'll likely have to turn to online-only banks and digital accounts. Thankfully though, your options are quite extensive as you can usually find decent interest rates and excellent perks with no monthly fees. Here's a complete list of the 10 best savings accounts of 2016 as well as what to consider for 2017.
Ally Bank has a strong reputation ever since it came onto the banking scene in 2001. Their website is very user-friendly and they offer products and services that customers actually enjoy using. The online savings account offers 1.00% interest on all balances. With no fees, excellent customer service and only $1 minimum required, this choice is a no-brainer.
With the highest interest rate available, MySavingsDirect offers customers 1.10% interest on their savings accounts. There are no service charges, monthly fees or minimum balance requirements, helping you can grow your money quickly. Accessing your funds is quick and easy and you’ll earn interest no matter what your balance is.
American Express online savings accounts are backed by the excellent customer service and reputation associated with American Express credit cards. The high-yield savings account comes with 0.90% interest rate, with no minimum deposit and no monthly fee attached to it. You can take advantage of the free monthly savings transfers to stay on track with your financial goals.
As part of the Capital One brand of banking products, Capital One 360 boasts a great array of digital services. You can open multiple savings accounts for free, create and track custom savings goals as well as set up regular savings transfers. Your deposits earn 0.75% interest with no monthly fees or minimum balance required.
Discover Bank continues to be one of the leaders in the industry thanks to its customer service and user-friendly credit cards. However, their savings accounts are nothing to overlook. You’ll earn an interest rate of 0.95% and depending on your deposit amount, may even qualify for a sign-up bonus. To open a Discover Bank savings account you need a minimum of $500 but there’s no monthly fee.
Synchrony Bank may not as be as popular of a bank as the rest of the companies on this list, but nonetheless it offers an excellent savings account. With just a minimum of $1 to open your account, and no monthly fee, you can start reaching your financial goals today. Your deposits will earn 1.05% interest.
While you may think of Barclays for their credit cards, they actually offer an excellent high-yield online savings account. Like most other savings accounts, Barclays has no minimums and zero monthly fees. Your funds will earn one of the highest interest rates out there at 1.00% and their banking app comes highly rated by users.
Alliant is part of a private credit union based out of Chicago area. However, they are less restricted with their savings account rules and regulations, giving customers access to credit union benefits without many fees. With a $100 minimum balance your account will earn 1.00% interest. There is a $5 minimum deposit and $1 monthly fee, but this is waived if you choose to receive your statements digitally.
With over 2,000+ branches available in the United States and worldwide, Chase Bank offers a very convenient online savings account. Your money will only earn 0.01% but you could get a decent sign-up bonus depending on your opening balance. The $5 monthly fee is waived if you have at least $300 in the account with only a $1 minimum. Their mobile app is also super convenient and they have well-ranked customer service.
Another quick, easy and secure online savings account comes from FNBO Direct. The only minimum is that you need $1 to open an account, otherwise you’ll have zero minimum balance requirements and pay no monthly fees. Your money will earn 0.95% interest and the mobile app allows person-to-person transfers.
Most of the best savings accounts of 2016 listed above continue ranking highly in the New Year. Some features to be on the lookout when choosing a new savings account include the any minimum requirements, monthly fee and the interest rate. In addition, having good customer service and a decent mobile app so you can manage your money on the go is a smart consideration.