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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3 Simple Ways to Start Saving Money
It’s never too early to start saving money, as unexpected expenses, such as costly car repairs or medical emergencies, can pop up at any time. If you find yourself in such a situation, you may opt to open a credit card with a long 0% intro APR to cover the costs and avoid interest, but […]
Are Personal Checks a Safe Way to Pay?
Personal checks are a form of payment that’s at least as old as the 11th century, with the modern version tracing its name and origins to English bankers in the 18th century. While the check has gone through many updates throughout history, in a lot of respects, it remains the same, making it an insecure […]
CD or Savings Account: Which Option is Right for You?
If you’re looking for ways to save or invest your money, you might be wondering what’s the best way to go about doing so. While opening a savings account is probably the most well-known and popular way to start saving, there are also other options to consider, such as a certificate of deposits (also known […]
Millennials and Money: 4 Habits to Start Practicing Now
How financially savvy are millennials? Our recent study on millennials and finance revealed that while 69% of millennials know how to check their credit reports and scores, 34% said they’ve never checked them and 39% said they don’t even know where their credit scores fall. Between student loans, increasing rent costs and all the other […]
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.
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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.