These are the best banks for savings accounts

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Open a savings Account is a great way to put those hard-earned pennies aside for a rainy day. A savings account is a specialized form of bank account offered by credit unions and banks. These accounts are insured by the federal system and generally pay interest, but at a lower rate compared to other money products that are federally insured.

One of if not the most important thing to look for when looking for a savings account is interest rates. The interest rates associated with the savings account are notoriously low, with some even offering as little as possible 0.01%. However, savings accounts are generally more of a place to keep money that can be easily withdrawn in an emergency, rather than a place for your own finance grow fast.

According to a study by these are the best savings accounts available on the market today Investopedia.

WHAT IS A UNIVERSAL SAVINGS ACCOUNT?

Virtual Bank – 1.25% APY

Known as eMoney Market, virtual bankThe Savings Account offers a low minimum opening deposit of $100, interest income paid monthly, a minimum of $0.01 to earn interest, and free online and mobile banksincluding free mobile deposits.

Note: You must maintain a minimum daily balance of $100 to avoid a $5 monthly service fee, which may prevent you from using up your savings.

SmartyPig – 1.25% APR

Touted as “one of the best interest rates in the country” SmartyPig is a free online savings bank created for those who want to save for financial goals like vacations, first home and even retirement. The tiered interest rates, the more you save, the better interest you can earn.

CFG Bank – 1.25% APY

With a growing national presence CFG bank is headquartered in Baltimore, Maryland. Your money market account offers competitive interest rates without high risks. A solid option to grow your savings. The minimum initial deposit is on the high end at $1000, but if you maintain at least that amount you avoid the $10 monthly maintenance fee.

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Vio Bank – 1.21% APR

Vio bench is the online banking division of one of the largest privately held banks in the United States, providing accountants for high yield savings. They pride themselves on regularly monitoring the competition and making sure their plans are among the best out there. The minimum initial deposit is $100 and with 6 free withdrawals per monthly statement cycle, this is a great option if you want the ability to access your money more easily.

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Citi – 1.20% APR

city offers an accelerated savings account that gives you the opportunity to earn interest and set up automatic transfers. Easily accessible and easy to manage. Citi’s Accelerated Savings Account has no minimum deposit or monthly maintenance fee as long as you have a minimum balance of $500, otherwise it’s $4.50.

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