Finding a Bank
If you’re starting from scratch, you’ll need to find a bank. The best savings accounts these days are at online banks. They consistently pay more than brick and mortar banks, and they’ve got all the bells and whistles you need.
Some of the best savings accounts come from the big online players, and they do not have minimum balance requirements:
- ING Direct Orange Savings Account
- HSBC Online Savings Account
- Emigrant Direct American Dream Savings Account
Extra Features
Before settling on a bank, investigate the features most important to you. The best savings accounts do more than pay interest – they make your life easy. A few ideas on how to narrow the list down and settle on the best savings account for your situation:
- Will you use CDs, and does the bank offer CDs?
- Do you need to download information into your financial software?
- Are there any physical locations in case you need a check printed?
- How long will bank-to-bank transfers take?
Avoiding Pitfalls
Once you find the best savings account for your needs, make sure that you can avoid headaches. First, be sure the bank has FDIC insurance.
You should also search for reviews on the account to make sure that the bank delivers what it promises. Start with Google and Bankdeals (Bankdeals also keeps an updated list of the best savings accounts).
Even the best savings accounts will present you with problems inherent to online banking. Prepare yourself with knowledge ahead of time:
Payment Accounts
You may find that you want more than just a savings account. If you want a payment account – for checkwriting, online bill pay, and debit card access – then look for a hybrid account. You can earn a competitive return on your money like you do with the best savings accounts, and you can make payments like you do from checking accounts.
Some of the accounts below may meet your needs:
