Find the Best Savings Account for You

It’s time to make money in your sleep. Deposit your cash in a high-yield savings account and watch your nest egg grow.

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Frequently Asked Questions

What is a savings account?
Savings accounts let customers set aside a portion of their liquid assets while earning interest. They tend to be less “liquid” than checking accounts and can’t directly be used as a source of payment (unlike a checking account.)

Why should I consider a savings account?
A savings account is just that: an account where you can accumulate savings for a rainy day or a larger purchase you’re planning on making in the future. Unlike keeping your cash in a checking account that typically provides little to no return, savings accounts pay you interest and allow you to put money aside “out of sight” so you are not tempted to spend it on everyday expenses.

Why are interest rates different for various savings accounts?
Many factors affect the interest rates that are offered with savings accounts, from the minimum deposit and minimum balance you have to maintain, to the type of financial institution that offers it. You’ll typically find higher interest rates from online bank because they do not have the same fixed costs as brick and mortar banks.

Should I pick a savings account or a CD?
The answer to this question really depends on how quickly you think you’ll need the cash you’re putting aside. Certificates of Deposit (CDs) have a specific term during which you cannot withdraw your investment without paying an early withdrawal penalty. In most cases, savings accounts do not limit how much money you can take out outside of the minimum balance they may require you to keep.

What is an APY (Annual Percentage Yield)?
Financial institutions use the term APY to quantify the effective annual compounded interest return you can expect when you deposit money in these accounts. The APY assumes a fixed savings amount and do not take into account any fees that may be related to the maintenance of the savings account.