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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What You Need to Know About Card Cracking Scams
The face of fraud is always changing, and while we hear a lot about scams targeting the elderly or tech newbies, scammers are always expanding their reach to different demographics. One scam that emerged in 2011 and has since peaked is known as card cracking, which targets vulnerable millennial populations like cash-strapped college students, young […]
6 Things to Consider When Choosing an Online Savings Account
When it comes to online savings accounts, there are a lot of options to choose from. While it’s easy to compare online banks to traditional banks, it can be hard comparing them to one another. The good news is that having some criteria in mind while looking for an online savings account can make the […]
Should You Have More Than One Savings Account?
This might sound like a strange question, but choosing how you manage your bank savings is one of the most important financial decisions you’ll make. Financial success requires financial planning, and this is a decision you’ll likely need to make over time as your finances change. But what exactly are the reasons that you might […]
What Can You Do with Your Tax Refund?
With Tax Day approaching, it’s now the season for receiving as millions of Americans are anticipating refund checks (if they haven’t gotten them already). Uncle Sam will pay out some $300 billion in refunds to about 66% of taxpayers, according to a study from the National Retail Federation. While recent surveys, like ones from the […]
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.