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Banks & Reviews | APY | Rate | Min to Earn APY |
---|---|---|---|
US Bank (MMA $10k) | 0.01% | 0.01% | $0 |
Bank of Hope (Savings) | 0.01% | 0.01% | $0 |
Fifth Third Bank (MMA) | 0.01% | 0.01% | $0 |
PNC Bank NA (Savings) | 0.01% | 0.01% | $1 |
USAA iCrossing ED (Savings) | 0.01% | 0.01% | $0 |
Comerica Bank (Savings) | 0.01% | 0.01% | $1 |
US Bank (MMA) | 0.01% | 0.01% | $0 |
The Park National Bank (Savings) | 0.01% | 0.01% | $300 |
Citizens Bank NA (MMA) | 0.01% | 0.01% | $0 |
Bank of Hope (MMA) | 0.01% | 0.01% | $0 |
The Home Loan Savings Bank (MMA) | 0.01% | 0.01% | $500 |
Citizens Bank NA (MMA $10k) | 0.01% | 0.01% | $0 |
PNC Bank NA (savings_jumbo 10000) | 0.01% | 0.01% | $1 |
Fifth Third Bank (MMA $10k) | 0.01% | 0.01% | $0 |
Connexus Credit Union (Savings) | 0.02% | 0.02% | $100 |
PNC Bank NA (MMA) | 0.02% | 0.02% | $1 |
Comerica Bank (MMA) | 0.02% | 0.02% | $1 |
PNC Bank NA (MMA) | 0.02% | 0.02% | $1 |
First Federal Community Bank NA (Savings) | 0.02% | 0.02% | $100 |
PNC Bank NA (MMA $10k) | 0.02% | 0.02% | $1 |
Applied Bank (MMA) | 0.02% | 0.02% | $500 |
The Home Loan Savings Bank (MMA $10k) | 0.02% | 0.02% | $10,000 |
Comerica Bank (MMA $10k) | 0.02% | 0.02% | $1 |
PNC Bank NA (MMA $25k) | 0.02% | 0.02% | $1 |
First Federal Svgs and LA of Lorain (MMA) | 0.03% | 0.03% | $100 |
First Federal Community Bank NA (MMA) | 0.04% | 0.04% | $0 |
Applied Bank (Savings) | 0.05% | 0.05% | $100 |
Republic Bank and Trust Company (Savings) | 0.05% | 0.05% | $10 |
First Federal Savings and Loan Association of Lakewood (Savings) | 0.05% | 0.05% | $100 |
Northwest Bank (MMA) | 0.05% | 0.05% | $0 |
Farmers and Merchants Bank OH (Savings) | 0.05% | 0.05% | $0 |
Washington Savings Bank (Savings) | 0.05% | 0.05% | $10 |
Luana Savings Bank (Savings) | 0.05% | 0.05% | $100 |
America First FCU (Savings) | 0.05% | 0.05% | $1 |
Citizens Trust Bank (Savings) | 0.05% | 0.05% | $100 |
The Park National Bank (MMA) | 0.05% | 0.05% | $2,500 |
Washington Savings Bank (MMA) | 0.05% | 0.05% | $10 |
Main Street Bank Corp (MMA) | 0.05% | 0.05% | $0 |
Third Federal Savings and Loan Association of Cleveland (MMA) | 0.05% | 0.05% | $5,000 |
Third Federal Savings and Loan Association of Cleveland (MMA $10k) | 0.05% | 0.05% | $5,000 |
Main Street Bank Corp (MMA $10k) | 0.05% | 0.05% | $0 |
The Home Loan Savings Bank (Savings) | 0.07% | 0.07% | $100 |
Buckeye Community Bank (MMA $10k) | 0.10% | 0.10% | $0 |
Citizens Trust Bank (MMA) | 0.10% | 0.10% | $1,000 |
Buckeye Community Bank (MMA) | 0.10% | 0.10% | $0 |
North Valley Bank (Savings) | 0.15% | 0.15% | $0 |
Charles Schwab Bank (savings_jumbo 0) | 0.15% | 0.15% | $0 |
Charles Schwab Bank (Savings) | 0.15% | 0.15% | $0 |
CIBC Bank USA (MMA) | 0.15% | 0.15% | $1 |
First National Bank of Pennsylvania (MMA) | 0.15% | 0.15% | $0 |
The Hocking Valley Bank (Savings) | 0.15% | 0.15% | $0 |
Civista Bank (MMA) | 0.15% | 0.15% | $2,500 |
Presidential Bank FSB (MMA) | 0.15% | 0.15% | $1,000 |
Republic Bank and Trust Company (MMA) | 0.15% | 0.15% | $1,000 |
Republic Bank and Trust Company (MMA $10k) | 0.15% | 0.15% | $1,000 |
Northwest Bank (MMA $10k) | 0.15% | 0.15% | $5,000 |
Civista Bank (MMA $10k) | 0.15% | 0.15% | $2,500 |
Connexus Credit Union (MMA) | 0.25% | 0.25% | $1,000 |
TABBank (MMA) | 0.25% | 0.25% | $0 |
Northpointe Bank (Savings) | 0.25% | 0.25% | $100 |
Lone Star Bank (MMA) | 0.25% | 0.25% | $0 |
North Valley Bank (MMA) | 0.25% | 0.25% | $1,000 |
WebBank (Savings) | 0.25% | 0.25% | $1,000 |
AxosBank (MMA) | 0.25% | 0.25% | $0 |
AxosBank (MMA $10k) | 0.25% | 0.25% | $0 |
Northpointe Bank (MMA) | 0.25% | 0.25% | $2,500 |
KeyBank NA (MMA) | 0.25% | 0.25% | $2,500 |
CIBC Bank USA (MMA $10k) | 0.25% | 0.25% | $10,000 |
First National Bank of Pennsylvania (MMA $10k) | 0.25% | 0.25% | $10,000 |
WebBank (Savings $10k) | 0.25% | 0.25% | $1,000 |
KeyBank NA (MMA $10k) | 0.25% | 0.25% | $10,000 |
BECU (Savings) | 0.30% | 0.30% | $1 |
Lone Star Bank (Savings) | 0.30% | 0.30% | $0 |
The Citizens National Bank of Bluffton (MMA) | 0.30% | 0.30% | $5,000 |
The Citizens National Bank of Bluffton (MMA $10k) | 0.30% | 0.30% | $5,000 |
Northpointe Bank (MMA $10k) | 0.35% | 0.34% | $5,000 |
First Federal Savings and Loan Association of Lakewood (MMA $10k) | 0.35% | 0.35% | $10,000 |
First Federal Community Bank NA (MMA $10k) | 0.40% | 0.40% | $2,500 |
5 Star Bank (MMA) | 0.40% | 0.40% | $1,000 |
The Community Bank (MMA) | 0.40% | 0.40% | $0 |
GTEFinancial (MMA) | 0.40% | 0.40% | $0 |
Amalgamated Bank (Savings) | 0.41% | 0.41% | $0 |
BECU (MMA) | 0.45% | 0.45% | $0 |
Presidential Bank FSB (Savings) | 0.50% | 0.50% | $500 |
Amalgamated Bank (MMA) | 0.60% | 0.60% | $0 |
Amalgamated Bank (MMA $10k) | 0.60% | 0.60% | $0 |
AxosBank (Savings) | 0.61% | 0.61% | $0 |
North Valley Bank (MMA $10k) | 0.65% | 0.65% | $10,000 |
GTEFinancial (MMA $10k) | 0.65% | 0.65% | $10,000 |
GTEFinancial (Savings) | 0.75% | 0.75% | $100 |
5 Star Bank (Savings) | 0.75% | 0.75% | $0 |
First Internet Bank of Indiana (Savings) | 0.81% | 0.80% | $0 |
Goldwater Bank (MMA) | 1.00% | 1.00% | $0 |
America First FCU (MMA) | 1.00% | 1.00% | $0 |
Goldwater Bank (Savings) | 1.00% | 1.00% | $0 |
BECU (MMA $10k) | 1.00% | 1.00% | $10,000 |
KS StateBank (MMA) | 1.00% | 1.00% | $2,500 |
KS StateBank (MMA $10k) | 1.00% | 1.00% | $2,500 |
First Federal Svgs and LA of Lorain (MMA $10k) | 1.00% | 1.00% | $10,000 |
VioBank (Savings) | 1.10% | 1.09% | $0 |
America First FCU (MMA $10k) | 1.30% | 1.29% | $10,000 |
BanescoUSA (Savings) | 1.35% | 1.34% | $300 |
BankPurely (Savings) | 1.50% | 1.49% | $100 |
BankFive (Savings) | 1.50% | 1.49% | $100 |
CIT Bank (MMA) | 1.55% | 1.54% | $100 |
The Community Bank (MMA $10k) | 2.00% | 1.98% | $5,000 |
Stride Bank (Savings) | 2.00% | 1.98% | $0 |
Synchrony Bank (MMA) | 2.00% | 1.98% | $0 |
EverBank (MMA) | 2.02% | 2.00% | $0 |
Luana Savings Bank (MMA) | 2.48% | 2.45% | $0 |
Varo Bank (Savings) | 2.50% | 2.47% | $0 |
First National Bank of America (Savings) | 2.51% | 2.48% | $1,000 |
NBKC Bank (MMA) | 3.00% | 2.96% | $0 |
Wesbanco Bank Inc (MMA $10k) | 3.25% | 3.21% | $1,000 |
Wesbanco Bank Inc (MMA) | 3.25% | 3.21% | $1,000 |
FNBO (Savings) | 3.35% | 3.30% | $0 |
LendingClub (Savings) | 3.40% | 3.35% | $0 |
Discover Bank (MMA) | 3.50% | 3.44% | $0 |
FNBO (MMA) | 3.60% | 3.54% | $0 |
BMO Alto (Savings) | 3.60% | 3.54% | $0 |
Ally (Savings) | 3.60% | 3.54% | $0 |
Ally (MMA) | 3.60% | 3.54% | $0 |
Discover Bank (Savings) | 3.60% | 3.54% | $0 |
First Internet Bank of Indiana (MMA) | 3.61% | 3.55% | $0 |
American Express National (Savings) | 3.70% | 3.63% | $0 |
CitizensAccess (Savings) | 3.70% | 3.63% | $0 |
WesternStateBank (MMA) | 3.75% | 3.68% | $0 |
MySavingsDirect (Savings) | 3.75% | 3.68% | $0 |
DollarSavingsDirect (Savings) | 3.75% | 3.68% | $0 |
Quorum Federal Credit Union (Savings) | 3.75% | 3.69% | $0 |
Valley Bank (Savings) | 3.75% | 3.68% | $0 |
Northern Bank and Trust Company (MMA) | 3.75% | 3.68% | $5,000 |
QuonticBank (Savings) | 3.85% | 3.78% | $1 |
Sallie Mae (MMA) | 3.90% | 3.83% | $0 |
Sallie Mae (Savings) | 3.90% | 3.83% | $0 |
iGObanking (MMA $25k) | 4.00% | 3.92% | $25,000 |
BankPurely (MMA $25k) | 4.00% | 3.92% | $25,000 |
BanescoUSA (MMA) | 4.00% | 3.92% | $2,500 |
VirtualBank, a division of First Horizon Bank (MMA) | 4.00% | 3.93% | $0 |
Morgan Stanley Private Bank (Savings) | 4.00% | 3.92% | $0 |
Synchrony Bank (Savings) | 4.00% | 3.92% | $0 |
UFBDirect (MMA) | 4.01% | 3.93% | $0 |
UFBDirect (Savings) | 4.01% | 3.93% | $0 |
Salem Five Direct (Savings) | 4.01% | 3.94% | $0 |
Popular Direct (Savings) | 4.05% | 3.97% | $0 |
Barclays (Savings) | 4.10% | 4.10% | $0 |
CIT Bank (Savings) | 4.10% | 4.10% | $5,000 |
Berkshire Bank (MMA) | 4.10% | 4.10% | $0 |
Live Oak Bank (Savings) | 4.20% | 4.11% | $0 |
Bask Bank (Savings) | 4.20% | 4.11% | $0 |
Jenius Bank (Savings) | 4.20% | 4.11% | $0 |
CIBC Bank USA (Savings) | 4.21% | 4.13% | $1 |
MYSafra Bank FSB (MMA) | 4.25% | 4.16% | $5,000 |
Western Alliance Bank (Savings) | 4.25% | 4.16% | $0 |
QuonticBank (MMA) | 4.25% | 4.16% | $1 |
Forbright Bank (Savings) | 4.25% | 4.25% | $0 |
TABBank (Savings) | 4.26% | 4.17% | $0 |
Rising Bank (Savings) | 4.30% | 4.22% | $1,000 |
CFGCommunityBank (MMA) | 4.32% | 4.23% | $1,000 |
Primis Bank (Savings) | 4.35% | 4.26% | $0 |
VioBank (MMA) | 4.36% | 4.36% | $0 |
Openbank (Savings) | 4.40% | 4.31% | $500 |
LendingClub (Savings) | 4.40% | 4.31% | $0 |
My Banking Direct (Savings) | 4.40% | 4.40% | $1 |
Poppy Bank (Savings) | 4.40% | 4.31% | $1,000 |
Bread Savings (Savings) | 4.40% | 4.31% | $0 |
BrioDirect (Savings) | 4.45% | 4.35% | $25 |
Peak Bank (Savings) | 4.54% | 4.44% | $0 |
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.
Investing your money in the right type of account is important. Banks offer a variety of different accounts. These accounts vary in fees, interest rates, and opening balance requirements. Some accounts also limit the number of times you can access your money. To find the best account for your needs, know the difference between accounts offered.
A checking account allows for multiple daily access to your money. Some checking accounts earn interest, but not all. Checks and debit cards are available to use the money in checking accounts.
A savings account is the most basic savings option offered by a financial institution. Most banks offer at least one savings account. Federal regulations only allow six withdrawals each month from a savings account. You cannot write checks from a savings account.
A money market account is similar to a savings account. You can write checks just like a checking account but are limited to six withdrawals per month.
A certificate of deposit is a long-term savings strategy. CDs are created to earn higher interest rates based on their term length. Terms range from one week to many years. Breaking a term by withdrawing the investment early—before term maturity—will result in a fee that is different per bank. Jumbo CDs earn higher interest, though require a large investment.
High yield saving, checking, MMA, and CD accounts offer considerably higher interest rates. Local brick-and-mortar banks often do not offer competitive rates. These institutions offer other benefits to draw new members. Online banks, however, offer high yield interest to attract members. The banks that BankTruth represents are high yield interest accounts. Some of these will require a larger account balance to earn the interest, though just as many do not require anything special.
Different banks offer different interest rates on all account types. The higher the interest rates, the more money you earn. For example, high yield savings accounts generally earn more than 1.00%. Typical savings accounts only earn 0.01%. If you have $1,000 invested in both accounts, the account with 0.01% interest will earn $0.10 in one year. The high yield account offering 1.00% will earn $10 in one year.
Fees for these accounts depend on the bank and the account type. The monthly fees for accounts should offer ways to waive the monthly fees. Keeping a certain amount in the account or signing up for direct deposit are two common ways to waive fees. Be sure you know the account fees, and the ways to waive the fees before you open an account. Some accounts do not have any fees.
Most banks offer some online and mobile banking, allowing you to see account balances and make transfers or deposits. You can pay bills, turn your debit card on and off, and set up account alerts. Some online banking allows you to make a budget to better track your spending habits.
Where most banks offer some form of online banking, some banks are online only. These banks have no local branches. Online only banks generally have high-interest rates and few to no fees. Since they are not paying for buildings, they pass the savings onto the customer. Everything for your account is online, including opening the account and making transfers. Online only banks generally require you to set up the account with an external bank. This enables you to make transfers to and from the online-only account.
When opening an online account, choose between opening the account in your name or a joint account. Typically you open a joint account with another family member or your spouse. If a person is not 18 years or older, a parent or guardian will have to cosign to open the account with them. You can open these accounts as joint accounts or custodial accounts. A custodial account means the parent controls the account until the child is 18.
To open an account online, you will need the following information:
Some banks might ask about your other bank accounts, employment, and income. If you are opening a joint account, you will need the above information for both names listed on the account.
Banks allow you to open more than one of a specific type of account. A beneficial feature if you are saving for some specific, such as a vacation or large purchase. Most banks have specific accounts for college, retirement funds, children, and teens.
When opening an account, be sure the bank is FDIC insured. FDIC stands for the Federal Deposit Insurance Corporation. It is a government corporation of the United States of America. Investing your money in a bank that is FDIC insured means your money is protected up to $250,000 per bank. If the bank were to fail, you will not lose your investment. The NCUA protects credit unions the same way the FDIC protects banks.
To find the best account depends on the access you need to your money. If you have money you can set aside for a long time, a CD will earn the best interest rates. If you need more access to your money, consider one of the other accounts. The more you can invest and leave alone, the more interest you will earn.
Online only accounts generally have higher interest rates than typical banks. Look into all the different bank options to find the bank and account that best fits your needs. Be sure to know the interest rate on the account as well as the fees.
Promoted offer: It only takes about 5 minutes to open a fee-free account.