Top 3 Banks for a Safe Online Savings Account - Growth Freaks

Top 3 Banks for a Safe Online Savings Account

putting change into a piggy bank that sits on top of some dollar bills

Have you been thinking about opening a savings account but you don’t actually want to go to the bank in order to make transactions? Since nowadays we can get almost anything we want online, it comes as no surprise that many banks have already come up with the option of an online savings account. The focus of most of them is to improve customer experience and provide you with benefits you wouldn’t maybe expect from an online service. Today, we are going to take a look at 3 of the best banks that offer an online savings account and tell you all about them.

3 Banks with an Online Savings Account Option

1. Synchrony Bank

Synchrony Bank offers the High Yield Savings Account, which we have to say we are impressed with. It comes with an annual percentage yield of 1.05% and you don’t need a minimum balance to open the account. Moreover, there are no monthly fees to worry about. The only fee you might have to pay is of $5, and that only in case you don’t have at least $30 in your account. Other than that, you get the option of an ATM card, so you can easily withdraw money. You can also withdraw funds or make a deposit using electronic transfers or via mobile phone. If you have been a client for a while and have a certain account balance, you might get the Synchrony OptimizerPlus. This is a tool that comes with travel discounts, identity theft services, and reimburses your ATM fees as well.

2. Ally

Another bank that offers a no minimum account balance for their online savings account, Ally has an annual percentage yield of 1.00%. You also get 24/7 customer service and you don’t have to pay any monthly fees. Are you wondering how you can make deposits? Then you will be happy to know that this can be accomplished via mobile check deposit, mail, or electronic transfer. Or you can simply deposit the money directly to the bank. Access to your funds can be provided via ATMs, debit cards, and checks. Moreover, you can also link external accounts to the Ally one.

3. Salem Five Direct

This bank doesn’t start by offering you a no minimum account balance. In fact, you need at least $100 to become their client. However, there are others perks that you should consider. For instance, once you open the account, the minimum balance doesn’t matter anymore. So you can keep it as low as you want. Plus, they don’t charge you any extra fees. Moreover, you don’t get an ATM card, but you do get the possibility of accessing your funds via electronic transfer. Its eOne Savings Account comes with an annual percentage yield of 1.10%, which is one of the highest out there. You also get the option of an eOne Checking Account. You can link this one to your savings account and earn interest.

We hope these 3 banks have convinced you that opening an online savings account is one of the most convenient ways to keep track of your savings and make deposits without too much of an effort.

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Author: Amanda Knowles