Putting your money in an Online Savings Account is one of the best ways to save, especially because these online banks do not incur the expenses of maintaining physical branch locations, thus offering you better rates. In our Online Savings Account reviews, we compare each service's APYs, fees, access options and other account features so you can choose the right online savings account for you and start saving.
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NextAdvisor Savings Accounts Blog Headlines
Is It Safe to Share Bank Account Information?
We’ve talked before about scams that target your banking information and how the best way to combat these scams is to avoid sharing your information in the first place, but can you be scammed or hacked after providing your bank account information for a legitimate reason, like for employee direct deposit? We dig into some […]
Does ‘Good Debt’ Exist?
In most people‘s lives, there will come a time when they‘ll have to borrow money. As burdensome as being in debt sounds, strategically acquired debt isn’t bad, and in some cases, might actually be useful. While being debt free is a goal many people have, you shouldn’t let this goal keep you from taking on […]
What Consumers Can Learn from 2016’s Financial Scandals
When it comes to financial scandals, 2016 was no stranger. While the headlines of the past year, thankfully, didn’t quite compare to the ones from 2008, there were some major issues that came up in the financial sector this year. From a JP Morgan bribery settlement to fines over a multi-year, international interest rate rigging […]
Fed Raises Interest Rates: What This Means for Your Savings in 2017
In the last Federal Open Market Committee meeting of this year, it was decided that the Federal Reserve would raise interest rates by 0.25%, which is a big deal. Although interest rates aren’t about to rocket off into the stratosphere, when combined with last year’s 0.25% increase and talk of more rate increases in 2017, […]
Did you know?
We all know how important it is to save money, but did you know that many banks offer a significantly higher return on money saved than others? If you are simply signing up for a savings account with your bank without shopping around for the best rates, you may be costing yourself lots of money over the lifetime of the account. There are many important factors to consider when selecting a savings account. You need to understand the fees associated with the account and whether or not there are minimum balances you must maintain in the account. We have reviewed a number of savings accounts from a mixture of offline and Internet only banks to help you discover the best savings account for your needs. All of the savings accounts we have reviewed are insured by the FDIC. This means that no matter which savings account that you choose, you can rest assured that the money in your savings account is protected by the United States government.
Learn more by visiting our savings account reviews and comparison.
What is an APY?
APY, or Annual Percentage Yield, is the rate at which you will earn on the balance in your savings account over the course of a year. Simply put, the higher your APY, the more money you will earn on the money you've set aside for savings. Generally, the higher your APY the better but some higher APY accounts may include maintenance minimums or minimum balances you must maintain in your savings account in order to receive the highest APY rates.
Compare savings account APY rates
Can I Access My Money?
Unlike your checking account, savings accounts are designed to earn you money over the long term. You will typically not have access to the funds in your savings account. For example, you won't always be given a debit card or check book to make payments using your savings balance. However, you can typically make transfers in and out of your savings account through electronic transfers, wire transfers or a check from another account. It is important to keep this in mind when deciding how much money to keep in your savings account.