Certain rates on this table are from BestCashCow.com advertisers.
Compensation may impact the order in which rates appear.
This is to inform our readers that BestCashCow has received compensation for the placement of this bank offer.
If you have your savings dollars in a big bank or a bank with low savings rates, then you are losing money. We've found FDIC insured banks that will pay you more. Take a few minutes to explore the options below and see how you can boost your savings by more than 6X the national average rate. There is competition for your money. Take advantage of it!
Online Savings Account. Account is indicated as not currently available to new customers, but bank accepts new customers who sign up to be notified after 1-2 weeks.
Last change: ↑0.15% on September 25.
Rate History: 4.20% → 4.20% → 4.20% → 4.10% → 4.25%
louise k | Feb 16, 2026
Put my name on the waiting list and got contacted 72 hours later. Opened account and now I am getting 4.20%.
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These people SUCK!!!!! After days of jumping through hoops proving I am a citizen; have a valid driver's license; pay my bills on time; etc. they declined my application and would NOT give a reason. I got...
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Stay away from this bait and switch bank that uses teaser rates. They lowered my interest rate twice in the first 2 months of opening my account. They said they had the right to change their rate at any ti...
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Axos One Savings. Requires maintaining $1,500 in checking account earning 0.51% and $1,500 per month in direct deposits (or maintain $5,000 in checking if no direct deposit). Rate History: 4.46% → 4.51% → 4.31% → 4.21% → 4.21%
Jeff Talmage | Aug 22, 2025
Echoing the other negative reviews here. Avoid because rate is bait-and-switch, website is awful and service is not acceptable (provided by offshore reps who barely speak English, raise their voice and ad...
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LevelUp Savings Account. Requires direct deposit of at least $250/month. Bank's standard online savings rate is 3.30% APY.
Last change: ↑0.20% on September 25.
Rate History: 3.82% → 4.00% → 3.82% → 4.00% → 4.20%
jaydub | Aug 18, 2025
Sophomoric as hell. I opened a LevelUp account for the 4.40% rate (now 4.20%). Rate requires automatic $250 deposit each month which I made, but I now realized that I never got that rate. Customer servic...
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Growth Savings rate for new customers. The rate for existing customers is 3.85% APY. Rate History: 4.60% → 4.25% → 4.00% → 3.85% → 4.15%
John N. Maclean | Jul 5, 2024
I took out a substantial CD with Forbright, a small bank that tries hard. At the time, it was the highest rate around. The bank officer I dealt with most, Walid, knocked himself out to be helpful and get t...
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External transfers are limited to $30,000 per week. Rate History: 4.00% → 3.90% → 3.80% → 3.50% → 4.05%
richardw9 | Jan 30, 2025
I found CFG Bank while searching for high APYs and went with them since they consistently offers some of the best rates in the country. I’ve had a great experience with my personal money market account. ...
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Parent seems to be owned by a large Chilean bank. Not saying this is good or bad, but it is complication, especially in the current environment.
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And I discovered that they play bait and switch and have no problems lying. This system won't let me give it zero or negative stars so I have given it one, but that is at least one too many.
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I've been with this bank for 6 months and have not had any problems. Bill pay works good. The 24 month investing CD is another vechile I use. Rates are above average considering the national rate. I'd reco...
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Surge Money Market. Bank reports that this rate is available for new accounts only. External transfers are limited to $5,000/day and are not free. Rate History: 4.40% → 4.35% → 4.22% → 4.10% → 4.00%
Jason T | May 30, 2023
They really do pay this amount, but the account lacks any functionality and they are constantly looking for some sort of add-on fee to enable them to claw back the interest. Any bank with a higher rate an...
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Applied for the Joint 5.50% Hi Yield Savings special. (Note: some places reference it is guaranteed for 6 months, other parts of website only guarantee rate for 3 months). We applied and surprising denied ...
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Have done business with "Hope's" San Diego branch for a few years. Always courteous and helpful. Looking forward to doing business with them in the future.
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Online transfers limited to $1,500 per day and $10,000 per month. Rate History: 4.00% → 4.00% → 4.00% → 4.00% → 4.00%
AEM | Sep 18, 2023
I agree with another user, this bank is very poorly put together, and may very well be an operation in large part used to extract and sell people's personal information. I called customer service and had ...
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High-Yield Savings Account. Outbound transfers limited to $10,000/day or less.
Last change: ↑0.05% on September 30.
Rate History: 4.00% → 4.00% → 4.00% → 3.95% → 4.00%
lrcbob | Jul 26, 2024
Multiple roadblocks trying to set up a savings account with Bread Financial, even though I already have a CD with them. My application was ultimately declined, in spite of my multiple CDs among three banks...
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High Yield Savings Account.
Last change: ↑0.34% on September 18.
Rate History: 4.26% → 4.15% → 3.80% → 3.61% → 3.95%
Yat 1965 | Mar 19, 2022
Problem with ties to puppy mills. I closed a cct. https://www.americanbanker.com/news/tab-bank-dragged-into-seedy-world-of-puppy-mill-loans-by-fintech-partner
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This bank is run by masters of deception with all of their silly products aimed to cheating people out of their hard earned money. I bet that every one in the management suite has a rap sheet. I wouldn't...
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Personal Savings Account.
Last change: ↑0.15% on September 25.
Rate History: 4.15% → 4.05% → 3.90% → 3.75% → 3.90%
JBaker65 | May 6, 2023
Fully functional bank account that would be great for my needs, but the quarterly interest payment thing is a real nuisance. I wish they would change it. It isn't market.
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Performance Savings
Last change: ↓0.15% on December 23, 2025.
Rate History: 4.75% → 4.40% → 4.30% → 4.05% → 3.90%
smithy1968 | Mar 20, 2025
A non-customer-friendly organization that just switches between two contaminated brands trying to bring back some sort of goodwill that it had before it started selling fake foreign currency CDs in 2006 an...
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Direct Savings. Bank reports that this rate is available for new accounts only.
Last change: ↓0.10% on December 15, 2025.
Rate History: 4.05% → 4.10% → 4.05% → 4.00% → 3.90%
Neil | Dec 18, 2023
I submitted a CD application 18 months 5.50 APY over a week ago and my application was declined no reason was given, I have the funds in another bank for transfer, credit score over 800. I think the reason...
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not really an onllne bank. compare this interface that gives you no information with that of any other bank (I cannot even confirm the rate). cannot switch in and out of cds or np cds. just not an online b...
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Opened an account with Bask several years ago for all of American Airlines miles when rates were close to zero. At some point I switched to an interest bearing account and then at some point I moved to an...
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Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.
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This bank is run by masters of deception with all of their silly products aimed to cheating people out of their hard earned money. I bet that every one in the management suite has a rap sheet. I wouldn't...
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STAY AWAY !
They closed my accounts with no warning.
After multiple successful direct deposits and mobile checks deposits, they claimed one of the three checks I deposited a few days ago was fake. No...
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We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki
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Money Market Account. Bank does not offer ACH processing; customers need to initiate ACH externally. Rate History: 4.25% → 4.00% → 3.75% → 3.50% → 3.75%
65JimmyJay | Dec 12, 2022
Developed buyers remorse after they stopped raising the rate and switched to Brilliant.
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Promotional rate for 3 months up to $11,000. Requires $25,000 in new deposits within 10 days of registration. After 3 month promotional period, rate reverts to between 0.03% and 0.12%. Rate History: 4.35% → 4.25% → 3.50% → 3.75% → 3.75%
Azoic | Feb 25, 2022
I joined Citi with a Costco-VISA card. An Accelerate followed, and then a checking account.
Costco-VISA is necessary for using a credit card at Costco, otherwise cash is necessary.
Accelerate Savings w...
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Bank is offering a boosted rate of 4.25% for 8 months for new customers.
Last change: ↓0.50% on September 26.
Rate History: 3.50% → 3.50% → 4.00% → 4.25% → 3.75%
FROZE-ACCOUNT | Jan 10, 2024
Account was frozen (over 400K) after they confused our account with another account / person whose name was not even very similar. We were treated like dirt after 12 years and "Guilty until Innocent". I ha...
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External outbound transfers are limited to $25,000 per day.
Last change: ↓0.20% on December 12, 2025.
Rate History: 4.20% → 4.10% → 4.02% → 3.95% → 3.75%
Platinum Savings. Bank reports that this rate is available for new accounts only.
Last change: ↓0.10% on November 25, 2025.
Rate History: 4.30% → 4.10% → 4.00% → 3.85% → 3.75%
RTN1949 | Jun 2, 2022
I've been a customer since CIT emerged from the financial crisis as a real competitor in this space (14 years or so). Zero complaints about anything over this time ... until today. Now they are offering a...
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Bank reports that this rate is for new customers only. Bank also charges ACH transfer fees and routinely lowers rates for existing customers below those advertised.
Last change: ↑0.15% on September 30.
Rate History: 3.81% → 3.71% → 3.61% → 3.51% → 3.66%
LarryMass | Dec 8, 2020
Everyone here in Boston raves about Salem Five but it is shithole operation filled with nasty entitled people. As for this online savings product, the fees are ridiculous, the transfer charges are obnoxiou...
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Barclays is the worst. Transfer speeds even worse than Synchrony now. Service is worse than anything. Save yourself the trouble of getting sucked into rates that are sometimes competitive and choose anythi...
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Jumbo Savings.
Last change: ↓0.10% on March 23.
Rate History: 4.15% → 4.05% → 3.85% → 3.75% → 3.65%
BW | Jul 17, 2021
I've been with this bank for 6 months and have not had any problems. Bill pay works good. The 24 month investing CD is another vechile I use. Rates are above average considering the national rate. I'd reco...
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Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.
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Poor service. Condescending attitude.
Savings application denied without giving reason (Equifax file had a freeze because of hacking history) and not advising customer of need to unfreeze credit file for a...
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External transfers may take up to 3 business days and may be limited to $25,000/day.
Last change: ↑0.25% on September 30.
Rate History: 3.50% → 3.50% → 3.40% → 3.30% → 3.55%
mcriss | Oct 23, 2023
Synchrony Bank recently closed 3 of my accounts with them and this decision was completely unwarranted. I had two Guitar Center cards and one Levin Furniture card. I found out about this through a push not...
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Good for savers. Easy to transfer funds in and out, not paying high transaction processing $ or being limited to low amounts per day. Does not subject applicants to very much ID interrogation and apparent...
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eMoneyMarket Special. Bank reports that rate is extended for new money only. Rate History: 3.25% → 3.25% → 3.25% → 3.25% → 3.51%
Hello VirtualBank? | Dec 22, 2018
I know VirtualBank has monitored these comments in the past and answered here. This is important because they do not respond to questions submitted through the website. I am trying to find out the pena...
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Banner bank is sometimes hard to work with. If you have a construction loan to get a disbursement you fill out a sheet with the line item (not a big deal). Then they schedule an inspection that you pay $...
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Money Market Premier. Bank reports that this rate is for new customers only. Rate History: 3.50% → 3.40% → 4.00% → 3.75% → 3.50%
Mike Brown | Jul 6, 2023
This is an example of a bad bank. Their online process for purchasing a CD is horrible. You fill it out and it rejects it after all of your private information is disclosed. They there customer service is ...
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US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov...
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Rate requires download of bank app and recording of over 12,500 average daily steps (or 10,000 if over age of 65). Customers maintaining $5,000 in a checking account may qualify for 4.50% rate.
Last change: ↓0.25% on September 11.
Rate History: 4.45% → 4.20% → 4.00% → 3.75% → 3.50%
JGothelf | Oct 11, 2022
Glad to have found this one and thanks to bestcashcow for not hiding the best rates like bankrate does
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US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov...
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Cornerstone Money Market Account. Bank reports that this account is available to new customers only. Old account holders in the savings product are earning 1.10%. Rate History: 3.60% → 3.55% → 3.50% → 3.45% → 3.40%
2 Months with Vio Bank | Sep 4, 2025
And I discovered that they play bait and switch and have no problems lying. This system won't let me give it zero or negative stars so I have given it one, but that is at least one too many.
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I'll steer clear of Dollar Savings Direct and My Savings Direct until they guarantee users at both online divisions their best rates. Banks have the right to segment their customers yes, but these games w...
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MySavings Account.
Last change: ↓0.40% on December 22, 2025.
Rate History: 4.35% → 4.10% → 3.75% → 3.35%
not perfect but | Apr 25, 2023
with all of these online bank, including the well known ones, delaying transfers forever in order to fund these high rates, this one still executes inbound and outbound transfers immediately.
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UFB High Yield Savings. Bank reports that this rate is for new customers only. Rate History: 3.26% → 3.26% → 3.26% → 3.26% → 3.26%
Miles Jacobsen | Jul 18, 2023
I got into this one back in early April for the rate. It was the first to hit 5%. I put up with all sorts of annoying thing getting the account funded (including a 5-day wait period during which they had...
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Online Savings
Last change: ↓0.15% on June 3.
Rate History: 3.50% → 3.50% → 3.50% → 3.35% → 3.20%
JuanVelasco | Mar 17, 2023
STAY AWAY !
They closed my accounts with no warning.
After multiple successful direct deposits and mobile checks deposits, they claimed one of the three checks I deposited a few days ago was fake. No...
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Been a customer for a couple of years now with interesting checking, been a happy customer. They give you a $10 reimbursement on atm fees per statement cycle. They pay you to leave your money there curre...
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Hi,
We've noticed your website is at risk due to spammy comments and contact form submissions, making it susceptible to issues like spammy backlinks and data breaches. Don't worry—there's a simple sol...
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360 Performance Savings Account. Rate available for new account holders only.
Last change: ↑0.10% on September 26.
Rate History: 3.30% → 3.20% → 3.10% → 3.00% → 3.10%
NS123 | Mar 15, 2023
Thank you for the reviews above. I was wondering why I was only getting 0.3% when interest rates have gone up. Why CapitalOne360 is putting loyal and long time customers at a disadvantage is beyond me. ...
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I have read these reviews and noticed how old they are. My experience with Capital One has been very good. I have had CDs and savings accounts. All of my transactions have been on line. I have enjoyed usin...
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AVOID at all costs. We read the addendum to the final page of the LENGTHY account agreement mailed to us after completing the online portion. Guess what? It gives this sweet seeming Discover Bank access to...
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New money
Last change: ↑2.95% on September 11.
Rate History: 0.01% → 0.05% → 3.00%
Last change: ↑ 2.95% on September 11.
Rate History: 0.01% → 0.05% → 3.00%
Azblondie007 | Feb 24, 2020
I had been with USAA for 20 years. Had my checking, savings, auto and renters insurance and 2 credit cards with them. I work in the service industry and make a good portion of my income in cash tips. For 4...
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Poor service. Condescending attitude.
Savings application denied without giving reason (Equifax file had a freeze because of hacking history) and not advising customer of need to unfreeze credit file for a...
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I guess customer service is in the US (not sure). I'd rather that someone in the Philippines answered though. These people are so poorly trained and ill informed that I do not trust them with my personal...
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bad bank hold your deposit over months without credit in your account, no interest, they don’t want pay you interest , they want your money with 0% interest.
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I have banked with Umpqua in Gig Harbor since 2013 and although there money market rates are not good didn’t have much problem until I moved to Spokane and started using this branch on south hill. They ...
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I have read these reviews and noticed how old they are. My experience with Capital One has been very good. I have had CDs and savings accounts. All of my transactions have been on line. I have enjoyed usin...
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On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous.
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I have banked with Umpqua in Gig Harbor since 2013 and although there money market rates are not good didn’t have much problem until I moved to Spokane and started using this branch on south hill. They ...
Read More
Synchrony Bank recently closed 3 of my accounts with them and this decision was completely unwarranted. I had two Guitar Center cards and one Levin Furniture card. I found out about this through a push not...
Read More
ACH transfers are not allowed. Called and was told that I had to set up wire transfers (and pay fees) or I could come in to the bank and get a bank check.
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I've been a customer since CIT emerged from the financial crisis as a real competitor in this space (14 years or so). Zero complaints about anything over this time ... until today. Now they are offering a...
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Is it legal to bring someone into the branch and shake them down and threaten them when they want to redeem their CD upon maturity (as opposed to allowing it to automatically renew)? If not, these guys an...
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While USAA was at one point a great option for all your banking needs, the service has deteriorated so much that I'm currently in the process of changing banks after more than 2 decades. The final straw w...
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Midfirst doesn't seem to encourage any accounts other than checking. I have two. I've tried opening others, but they talk me out of it every single time.
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I think that it is absolutely despicable that I have been a customer of the Bank for more than 8 years and I bring in rolled coins with my account number on each wrapper and I am charged 5% fee. Cost me $3...
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Problem with ties to puppy mills. I closed a cct. https://www.americanbanker.com/news/tab-bank-dragged-into-seedy-world-of-puppy-mill-loans-by-fintech-partner
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Echoing the other negative reviews here. Avoid because rate is bait-and-switch, website is awful and service is not acceptable (provided by offshore reps who barely speak English, raise their voice and ad...
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I filled out the application 10 days ago answering all questions and sent a file with a copy of my drivers license to Western Bank. I received an email saying that a banker would call me within one busines...
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I think that it is absolutely despicable that I have been a customer of the Bank for more than 8 years and I bring in rolled coins with my account number on each wrapper and I am charged 5% fee. Cost me $3...
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Midfirst doesn't seem to encourage any accounts other than checking. I have two. I've tried opening others, but they talk me out of it every single time.
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Very friendly and helpful here. We had closed an account last year, and were not asked what we planned to do with the money or if we found a better rate elsewhere. Just thanks for banking with us...so we ...
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I would stay away from this bank. It was much better run when it was Valley Community Bank, but went into the toilet when it was bought by Bay Commercial Bank. Their online banking terms and conditions cha...
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Oh Natty natty natty, haha the fact you need to take out (probably a second) loan for $160,000 on a $625,000 sends up all kinds of red flags. The bank was right to run away from YOU dear hahaha.
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Applied for the Joint 5.50% Hi Yield Savings special. (Note: some places reference it is guaranteed for 6 months, other parts of website only guarantee rate for 3 months). We applied and surprising denied ...
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I have been working for this company more than 5 years. I would not recommend any investment with First Citizens Bank. They are the worst performer on the market based on the customer and employee reviews...
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Very friendly and helpful here. We had closed an account last year, and were not asked what we planned to do with the money or if we found a better rate elsewhere. Just thanks for banking with us...so we ...
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I would stay away from this bank. It was much better run when it was Valley Community Bank, but went into the toilet when it was bought by Bay Commercial Bank. Their online banking terms and conditions cha...
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Oh Natty natty natty, haha the fact you need to take out (probably a second) loan for $160,000 on a $625,000 sends up all kinds of red flags. The bank was right to run away from YOU dear hahaha.
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Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check...
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Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check...
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BOFA is a den of people thieves camouflaged as bank operatives. There’s a soon to be uncovered carrel of money laundry there. They took all my money and don’t want to release it to me for no particular...
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Good for savers. Easy to transfer funds in and out, not paying high transaction processing $ or being limited to low amounts per day. Does not subject applicants to very much ID interrogation and apparent...
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I have to say, as a local business owner, I purposefully chose to work with a 'local business bank'. I moved my checking over when I incorporated and assumed that I would go to them when my needs increased...
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On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous.
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I have banked with Umpqua in Gig Harbor since 2013 and although there money market rates are not good didn’t have much problem until I moved to Spokane and started using this branch on south hill. They ...
Read More
Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check...
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after over 100k in transactions through this bank in the course of a year not only did i suffer from fraud but this bank closed my accounts and i have been lliable for all the losses and to top it off with...
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All rates listed are Annual Percentage Yield (APY).
The APY rate in a savings account or money market account is a variable rate that is subject to
change at any point. The Min listed is the minimum deposit account balance required to obtain the rate listed.
BestCashCow strives to maintain the most accurate rates.
If you believe a rate is not accurate, please let us know.
CALIFORNIA SAVINGS ACCOUNT ENVIRONMENT
The banking system in California is quite robust and diverse, reflecting the state's status as the largest economy in the United States. It encompasses a wide range of financial institutions, including large national banks, regional banks, community banks, credit unions, and online banks.
At the heart of the banking system in California are numerous large national banks, such as Bank of America, Wells Fargo, and JPMorgan Chase. These banks provide a full range of financial services, including consumer and business banking, loans, investment services, and wealth management. They have a significant presence across the state and offer extensive branch and ATM networks to serve customers' needs.
In addition to national banks, there are several regional banks that operate primarily within California. These banks often focus on meeting the needs of specific communities or industry sectors. Examples include Union Bank, City National Bank, and East West Bank.
California is also home to numerous community banks, which are smaller, locally-owned institutions serving the banking needs of specific neighborhoods or communities. These banks often foster closer relationships with their customers and are known for their personalized service. Many community banks support local businesses and play a vital role in lending to small and medium-sized enterprises.
Credit unions are another important part of the banking system in California. These financial cooperatives are member-owned and are structured to provide a wide range of financial services at competitive rates. Credit unions often offer lower fees, better interest rates, and a more personalized experience to their members. California has a significant number of credit unions, including some of the largest in the country, such as Golden 1 Credit Union and SchoolsFirst Federal Credit Union.
The advent of technology has also driven the growth of online banks, which provide banking services exclusively through digital platforms. These banks offer convenience, competitive rates, and often have lower overhead costs, allowing them to offer favorable terms to customers. Examples of online banks operating in California include Ally Bank and Discover Bank.
Overall, the banking system in California is dynamic and competitive, catering to the diverse needs of individuals, businesses, and communities. Whether it's through traditional brick-and-mortar banks, community institutions, credit unions, or online banking, Californians have a wide array of options to choose from to manage their financial needs.
FREQUENTLY ASKED QUESTIONS ABOUT LOCAL SAVINGS RATES
Why do savings rates vary so much?
Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices. Banks have different cost structures and they also have different needs for capital. This leads to different rates.
BestCashCow’s surveys show that online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations. Therefore, we strongly recommend that all depositors consider the rates at online banks as savings and money market accounts online can easily be set up to enable quick transfers to your favorite local bank.
What is the difference between a savings account and a money market account?
The differences between a savings account and a money market account are largely arcane. Some money market accounts offer more ways to access deposits by issuing checks and debit cards, but prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Most savvy consumers who plan their expenses and financial needs ahead find the additional functionality offered by money markets to be of little value and will choose whichever account (savings or money market) has the higher rate.
What does annual percentage yield (APY) mean?
Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, over the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rate. Unlike with a Certificate of Deposit, your actual APY in a savings account may vary if the rate changes.
How do I choose the right savings account and should I consider CDs?
Begin your search with the table here on BestCashCow.com that you have found.
In addition to checking online savings rates, you should also check local bank rates and local credit union rates.
If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs).
While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates.
Several other sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs. Access these below. You should also familiarize yourself with our Savings & CD Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.
8 POINT CHECKLIST FOR A GREAT BANKING RELATIONSHIP WITH YOUR LOCAL BANK
Find a bank with a location convenient to you. Location counts.
Choose a bank with good rates. Rates are important to get continued growth of your capital.
Choose a bank with an extensive network of fee-free ATM machines or which reimburses out-of-network ATM fees, if you still need to regularly access cash.
Avoid fees. Choose a bank which doesn’t have service fees provided you maintain a certain balance, which doesn’t charge for ACH inbound and outbound transfers, and which has low fees for things like international wire transfers and bounced checks.
Choose a healthy bank. If you click on a bank above, you’ll be taken to the bank’s financial detail. A healthy bank has happy employees and provides loyal service to its customers. No matter how healthy your bank is, stay within FDIC insurance limits.
Find something of value to offset what may be slightly lower rates than online accounts offer. Develop personal relationship with your bankers. Personal relationships can help you to get appropriate financial advice, and to navigate financial challenges and needs in the future. (Be careful with the financial advice you receive. Inappropriate financial advice is worth a lot less than no financial advice.) They can also put you in touch with others in your community who could be valuable personally and professionally to know. If you don't use your local savings account as an opportunity to build these relationships, you may find that you are better of banking online.
Choose a bank that is going to let you access your cash when you need. The great benefit of savings accounts over any other financial product (including CDs) is that you have absolute liquidity. If your bank in creating impediments to accessing your cash (paperwork, fees, etc.), then you need another bank.
Be aware that you can have more than one account. Having a great local savings account at a large or small bank near you can be great, but it doesn't need to stop you from opening one or more online savings accounts, or even developing a relationship with another local bank or credit union.
SAVINGS & CD CALCULATOR
Find out how much extra money you can earn
by moving your bank money into an account that pays more.
