Best Savings Accounts with the Best InterestA savings account is an important part of your personal finances. However, the best savings accounts don’t only let you put your money in a safe place but also give you a chance to earn interest.

Choosing the best savings accounts with the best interest can help you see a growth in your savings and eliminate unnecessary fees to maximize the amount you can use for your expenses.

Take a look at this short list of the best savings accounts with the best interest where you can park your money and earn more as a result.

Barclays

Barclays tops the list, being one of the world’s oldest banks. Its roots started in London before the US became a nation. Barclays’s history can be traced as far back as 1690.

Barclay’s size grew to feature some country-specific divisions, such as the online banking division in the US based in Wilmington, Delaware. Considering that the main focus of this division is online banking, it gives you the confidence that this account can give you a good experience.

As of May 14, 2020, Barclays’ online savings account offers a high interest rate of 1.30% annual percentage yield (APY) with no requirements for minimum balance, no maintenance fees every month, and no transfer fees.

Barclays doesn’t have branch locations in the US, and you cannot access your cash through an ATM with this account. To withdraw your money, you can use an electronic transfer to your linked account with access to an ATM.

You can also request a check to be sent to you. If you don’t need the funds right away, it wouldn’t be a problem. But if you need money immediately, Barclays isn’t your best choice.

FitnessBank

FitnessBank offers one of the best savings accounts with the best interest rate where you can earn as much as 1.75% APY provided that your fitness tracker can record 12,500 steps every day on the average.

You need to download their FitnessBank tracker that uses the step tracking from Google Play, Garmin, Apple Health, or Fitbit.


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This 1.75% APY is a great rate for any savings account, but you have to stay active for you to get it. The rate will be lower if you don’t maintain the average steps of 12,500 a day. You have to open the app of FitnessBank every month to log the steps you take.

However, the other aspects of the account are low maintenance. To open it, you will need $100, and you have to maintain at least this much as your daily balance so that you don’t have to pay the monthly $10 fee.

PenFed Credit Union

There are several benefits associated with working with credit unions because of their non-profit structure that allows them to offer comprehensive banking services with little to no fees.

But many credit unions fall behind their traditional bank counterparts when it comes to their online offerings. However, this is not the case with PenFed Credit Union. It is a financial institution that offers all the handy mobile and online features you can expect to get from big-name national banks.

This is specifically the case for the Premium Online Savings account with a high interest rate of 1.25% APY as of May 14, 2020. This interest rate is going to be paid on your balance for a maximum of $250,000.

There are also no maintenance fees every month. You can have recurring transfers between your accounts in PenFed with no need to pay transfer fees, and you can open an account for as low as $5.

The Premium Online Savings of PenFed is an online-only account, which means that you cannot go to an ATM to make a cash withdrawal or visit a branch of PenFed Credit Union. You can do it only with online transfers from and to a checking or regular savings account.

Capital One 360 Performance Savings

Capital One 360 Performance Savings account claims that it has five times higher rates than average. However, it is as much as 16 times higher than usual.

As of May 14, 2020, they offer 1.50% APY on all the balance levels in the account, which is higher compared to the average APY of 0.07% offered by other banks.

No minimums are required to open the online savings account to let you start right away. You also don’t have to worry about monthly fees.

If you need to withdraw cash, this can be done via phone or online transfer, or you can visit a banking location of Capital One. However, this account doesn’t allow you to use an ATM.

Capital One has more than 500 branch locations. This is the eighth biggest bank in the US.

With such big-name banks, you usually sacrifice customer service and high interest rates, but Capital One has changed this trend. Capital One has been named the second highest rated mobile application that helps in the management of this online savings account.

Simple

Simple lives up to its name through offering all of the important features you will need for managing your money every day.

Simple is not only a savings account but also lets you earn as much as 1.40% APY on the cash you have in your high yield account. There is also no minimum balance needed to earn this rate.

Actually, Simple is not a bank but has FDIC insured all accounts through the BBVA partnership.

The integrated tools for money management are what really make Simple stand out. The account is meant to help manage your spending to achieve specific goals.

Once you are done creating your financial goals and spending categories, you set aside a certain amount every month to every category. This approach is called zero-sum budgeting, and it ensures that each dollar in your budget has a job to do and that saving is treated as a necessary expense.


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