One of the best ways to grow your money is to put it in a high-yield savings account. But with so options out there, it can be hard and time consuming to figure out which is the best to grow your money.
Luckily,Wallethub.com did all the research for you. The consumer websites money experts compared more than 480 savings and money market accounts from 233 banks and credit unions.These banks are either online-only or at a brick-and-mortar location.
Here are some of the winners:
Wallethubs Best Overall Savings Account is one you might not have heard of but you can get to online. Its from Salem Five Bank.
It has the highest yielding savings account on the market-at 1.1%
While that doesnt sound like much, financial expert Matt Logan says it is above average.
[1.1%] is high yield these days. Its frightening to see that thats the number but it is, he said.
WalletHub says the rate offered by Salem Five Bank wont change until next year.That means, unlike most savings accounts you wont have to worry about the rate randomly dropping on you.The icing here is that there are no monthly or withdrawal fees and the minimum deposit is only $100.
If youre more of a brick and mortar person, an Alliant Bank savings account might be a great option. The Annual yield rate is 1% if you have more than $100 in your account. There are no monthly fees and you only need a $5 deposit to open the account, according to WalletHub.
GE Capital Bank and Barclays bank also make the WalletHub list of the best savings accounts out there. Neither of them requires a balance to open the account. They also dont require a minimum balance to keep the account open. Plus, you dont get charged monthly or ATM fees.
Logans advice for you when picking a bank?
You want you funds to be FDIC insured, he said. Use something thats reputable. Dont try to get creative with your savings because somebody else might get to spend it.
The Wallethub experts say no matter which bank you decide to go with keep in mind, online-only personal savings accounts offer the highest interest rates and lowest fees. That keeps more money in your pocket and thats what we all want.
Wallethub has more tips to help you decide on the best bank for you needs.Like, the fact that you shouldnt overlook Credit Unions and the fact that sometimes checking accounts, prepaid cards and brokerage accounts can sometimes be a better option for you.Heres a link to their full survey result.
Copyright 2016 WFMY