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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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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Performance Savings
Last change: ↑0.30% on October 2.
Rate History: 4.40% → 4.30% → 4.05% → 3.90% → 4.20%
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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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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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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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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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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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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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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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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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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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%
I can easily imagine the pain and the trouble Karen went through. I tried and open accounts, too, but when I asked questions on the phone, the customer service person was not very knowledgeable, kind, or p...
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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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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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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...
Read More
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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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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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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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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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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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 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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You probably thought - as did I - that you were looking at a site that belongs to and was the responsibility of Gateway First. After all it includes their headings, selected financial statements, many pag...
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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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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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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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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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Been banking with RCB for 20 years now after today this will probably be my last year I was in a car wreck and my car was a total loss insurance set me a check. When up to the bank to try to catch it so I ...
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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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I have been with bancfirst and love the inperson bank employees. However, online service is more then terrible, it is negligent. I attended an event that encluded troubled kids. On my way home, I stop t...
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You probably thought - as did I - that you were looking at a site that belongs to and was the responsibility of Gateway First. After all it includes their headings, selected financial statements, many pag...
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It took 4 times contacting this back to get a simple stop payment done. It end up costing over $100 because of their inability to take care of it after the first contact.
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I have banked here for years and will continue to.I have never had any problems and the staff is always respectful,polite,helpful and knowlegable.Thankyou
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Recently applied for a loan. I was denied. Got the letter stating why, it has things checked like foreclosure and garnishment. I know I never had either. I get a copy of my report. Doesn't show any ...
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Disappointing. My family has been working through McClain bank for a number of services over the years. We've overlooked many mistakes that have been made, but are not going to overlook the terrible custom...
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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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The people at MCNB are nothing but idiotic childish nuts, especially that woman who runs the Valliant branch. She is unprofessional and is a jerk, and not only a jerk, a fruitcake who is suffering from a m...
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The people at MCNB are nothing but idiotic childish nuts, especially that woman who runs the Valliant branch. She is unprofessional and is a jerk, and not only a jerk, a fruitcake who is suffering from a m...
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It took 4 times contacting this back to get a simple stop payment done. It end up costing over $100 because of their inability to take care of it after the first contact.
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so really, I know that 0 real shits are given but the chance at persuading even a single person would make this worth my while and granted everyone's experience is not the same.
I've been doing business ...
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Recently applied for a loan. I was denied. Got the letter stating why, it has things checked like foreclosure and garnishment. I know I never had either. I get a copy of my report. Doesn't show any ...
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I recently had the pleasure of banking with Old Glory, and I must say it's a refreshing experience to find a financial institution that aligns with American values. The commitment to upholding Judeo-Christ...
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I have been with bancfirst and love the inperson bank employees. However, online service is more then terrible, it is negligent. I attended an event that encluded troubled kids. On my way home, I stop t...
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I have banked at First Fidelity since 1991 I think. Their banking staff has always been so helpful. I had a person years ago take one of my blank check and cashed it for 250.00. I caught it right away ...
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Stephenville,Tx branch is very professional, helpful and possibly the best bank I have encountered. If you move to this region, consider this institution. You will be pleasantly satisfied.
I in no way...
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Disappointing. My family has been working through McClain bank for a number of services over the years. We've overlooked many mistakes that have been made, but are not going to overlook the terrible custom...
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My family and I have used American Heritage Bank for years, I have had auto loans with them always paid them off, I have one right now, however during this pandemic I got behind a little I got caught up, b...
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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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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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so really, I know that 0 real shits are given but the chance at persuading even a single person would make this worth my while and granted everyone's experience is not the same.
I've been doing business ...
Read More
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.
Read More
I have banked at First Fidelity since 1991 I think. Their banking staff has always been so helpful. I had a person years ago take one of my blank check and cashed it for 250.00. I caught it right away ...
Read More
I have been with bancfirst and love the inperson bank employees. However, online service is more then terrible, it is negligent. I attended an event that encluded troubled kids. On my way home, I stop t...
Read More
Disappointing. My family has been working through McClain bank for a number of services over the years. We've overlooked many mistakes that have been made, but are not going to overlook the terrible custom...
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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Stephenville,Tx branch is very professional, helpful and possibly the best bank I have encountered. If you move to this region, consider this institution. You will be pleasantly satisfied.
I in no way...
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It took 4 times contacting this back to get a simple stop payment done. It end up costing over $100 because of their inability to take care of it after the first contact.
Read More
My family and I have used American Heritage Bank for years, I have had auto loans with them always paid them off, I have one right now, however during this pandemic I got behind a little I got caught up, b...
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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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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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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.
OKLAHOMA SAVINGS ACCOUNT ENVIRONMENT
Banks in Oklahoma play a crucial role in the state's economy, assisting individuals, businesses, and the government with financial services. Oklahoma has large national banks, regional banks, community banks, and credit unions.
Oklahoma has a generally stable savings rate environment, influenced by various factors such as economic conditions, interest rates, and consumer behavior.
The savings rate environment in Oklahoma is influenced by several factors, such as economic conditions, the national interest rate environment set by the Federal Reserve and consumer behavior:
1. Economic Conditions: The overall economic health of the state greatly impacts the savings rate. During periods of economic growth and low unemployment rates, people tend to save more. Conversely, during economic downturns or recessions, savings may decrease as people face financial difficulties. The availability of people's savings (supply) and the banks' need to for capital (demand) may impact the rates that are being offered.
2. Interest Rates: The level of interest rates affects the profitability of saving. When interest rates are high, people are encouraged to save more, as they can earn more on their savings. Conversely, when interest rates are low, people may prefer to spend or invest in other assets rather than save.
3. Consumer Behavior and Confidence: Consumer confidence plays a significant role in determining the savings rate. If consumers feel optimistic about the future and have faith in the stability of the economy, they may be more inclined to save. However, if consumers are uncertain about their financial prospects, they may be less likely to save.
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
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