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Savings Accounts FAQ

Frequently Asked Questions about Savings Accounts

    What is an APY?

    "APY" stands for "annual percentage yield." This refers to the amount of interest earned in one year. This percentage is determined by factoring the interest rate with the frequency of compounding. A higher interest rate and a greater frequency of compounding results in more interest earned for a particular account. This rate can change at any time. Banks can offer a high APY to entice customers, and then lower the APY over time.

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Top Savings Accounts

ING Direct
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Bottom line: Feature-rich, reliable, and fast
Ally
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Bottom line: Good, high-yield option with $0 minimum balance and $0 start up deposit
HSBC Advance
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Bottom line: Great choice, particularly for those who want ATM access
Discover Online Savings Account
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Bottom line: Good choice with comparable APY; has opening deposit requirement but $0 minimum balance
EverBank
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Bottom line: Good for those who will maintain a balance above $5,000

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