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
How Can I Save More Money in 2016?
A brand new year is here, and that means new goals and standards to hold yourself to. While some may be working towards building a healthier lifestyle, others concentrate on getting their finances squared away. Financial goals are among the most common resolutions and with almost 50% of Americans saving five percent or less of their […]
Everything You Need to Know About Certificate of Deposits
Whenever you’re thinking of saving some money, there’s usually always a question of whether you should open a savings account or a Certificate of Deposit (CD). While both accounts have their benefits, a CD may be a better bet if you’re planning to save larger amounts of money, as it may earn you more interest […]
What to Do if You Spot Fraudulent Activity on Your Bank Account
Just imagine that you log into your online banking one day and realize there’s a lot less money than you budgeted for — one minute it was there, the next it’s gone. What happened to your money? Whether it’s your savings, debit card or checking account, someone’s cleared your account! To help you get through […]
3 Ways College Students Can Start Saving Money
College is expensive, and saving is probably the last thing on a student’s or parent’s mind — that’s what one’s 20s and 30s are for, right? While it seems that once the student has a career they should start saving, that isn’t necessarily the best time, especially since they will have more financial responsibilities including […]
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.