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The Battle of the Savings Accounts t

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The Battle of the Savings Accounts
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The Battle of the Savings Accounts

There are a few banks that pay 20x the interest of most others, but how do they stack up against each other? Continue reading to find out the winner of the battle of the savings accounts!
  • Aug. 16, 2019
  • 5 min read
  • Advertiser Disclosure
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It's a well-known fact that interest rates on savings accounts are incredibly low. In fact, the average savings account is hovering atound 0.10%.1That's such a far cry from pre-crisis times, it's shocking.
At rates that low one might ask, "Why even have a savings account? Why don't I just place my hard-earned money under the mattress?" We can't blame you. However, if you did that you'd be leaving money on the table (or under the mattress). There are much better options out there; savings accounts that earn twenty times the average rate of 0.10%.
We've looked high and low to find some of the best accounts. You'd be in great shape if you had any of these accounts, but after some thorough analysis and comparison, one of them stands above the rest. Here they are at a glance:



At A Glance: High-Yield Savings Accounts & MMAs

Account:

Minimum for APY:

APY:




[Image: 8351_logo.gif] Member FDIC

Capital One

Introducing 360 Performance Savings-All Balances Earn 1.90% APY
Savings Account
$0


1.90%

Oct 4, 2019


Open Account




[Image: 7987_logo.gif] Member FDIC

Barclays

No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured.
Savings Account
$0


2.00%

Oct 4, 2019


Open Account




[Image: 10621_logo.gif] Member FDIC

BMO Harris Bank


Money Market Account
$5,000


2.20%

Oct 4, 2019


Open Account





Savings Rates Provided By Bankrate.com | Disclaimer




We were just as taken aback when we first saw these numbers. 1.9% and 2%? Why didn't I hear of these accounts before I put my money in [large, untrustworthy bank X]? You might be saying to yourself, "BMO Harris Bank is clearly the winner because their APY is slightly higher."
However, you can't jump to a conclusion as there are other important factors to consider when opening a savings account. So we've broken them each down, piece by piece.




Monthly Minimums

Some banks require that you have a minimum in your account in order to avoid a monthly charge. Bank of America, for example, requires that you have $300 in your account. All of the banks listed are great because they don't require a minimum fee. But considering all factors, one has a slight advantage over the rest.
Winner: Capital One










Bank Reputation

This might not have been very important to us before the financial crisis, but times have changed. We need to feel safe with where we put our hard-earned money. Each of these banks are backed by the maximum allowable FDIC guarantee of $250,000. This means if the bank defaults, the US Government would repay you every penny you had in the account, up to $250,000. Bank of America, Chase, etc. all have this same insurance.
More than just the FDIC insurance, we need reliability and value from our bank. So here is how the top banks fare in terms of reputation:
Capital One bank is one of the most popular online banks in the country, and even offers customers in some regions with access to bank branches. Though customers have fewer branches to visit, they'll have something more relevant: cutting-edge digital bank features.
Despite being a big brand internationally, in America Barclays is a newcomer. But that hasn't held them back from maintaining a strong reputation, with incredible growth and experts raving about their great savings tools and quality customer service.
Chicago-based BMO Harris Bank is an FDIC-insured bank founded in 1947. They've been serving customers for long enough to have built a solid reputation and maintains a high capital ratio that will allow it to weather potential economic challenges better than most.
This was a close call, but Capital One's reputation as one of the most popular online banks in the country earns it our vote for the winner of the bank reputation category!
Winner: Capital One




Customer Service and Ease of Use

These companies all have good customer service according to online reviews. 3 star reviews don't sound great for a restaurant, but for an industry that's really suffering from an image problem, 3 star ratings are some of the best ratings received. Comparatively, Bank of America had 1.6 stars, HSBC had 1.4 stars and Chase came in at 2.5 stars.
We use the experiences of hundreds of real people to help us rank which banks have the best customer experience, and in this online world we give extra credit to banks that make mobile banking easy!
All of the banks' websites are state of the art and incredibly intuitive; and each has an "American English" speaking support team that is very attentive and easy to deal with.
But with cutting-edge digital banking features and a top-rated mobile app that makes accessing your money easy as ever, Capital One has the edge here.
Winner: Capital One




Interest Rate

This one’s easy. Though these rates are well above the national average, only one can be the highest!
Winner: BMO Harris Bank




Conclusion

As we said in the beginning, you'd be in great shape if you had any of these accounts. In today's low-interest environment, we can't stress enough how every bit counts- and at 20x the national average, these rates will save you more than just a little bit.
It was a tough call, but in the end we had to give a slight nod to Capital One 360 because they are just doing everything well. They have great customer service, one of the highest interest rates available and there is no minimum to open an account.
So after all of our research, Capital One 360 was our winner of the best savings account!
Winner: Capital One




At A Glance: High-Yield Savings Accounts & MMAs

Account:

Minimum for APY:

APY:




[Image: 8351_logo.gif] Member FDIC

Capital One

Introducing 360 Performance Savings-All Balances Earn 1.90% APY
Savings Account
$0


1.90%

Oct 4, 2019


Open Account




[Image: 7987_logo.gif] Member FDIC

Barclays

No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured.
Savings Account
$0


2.00%

Oct 4, 2019


Open Account




[Image: 10621_logo.gif] Member FDIC

BMO Harris Bank


Money Market Account
$5,000


2.20%

Oct 4, 2019


Open Account





Savings Rates Provided By Bankrate.com | Disclaimer






[Image: istock_77731685_medium.jpg__450x250_q85_...ling-2.jpg] 


THIS IS AN ADVERTORIAL AND NOT AN ACTUAL NEWS ARTICLE, BLOG, OR CONSUMER PROTECTION UPDATE

Disclaimer:
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate.com is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
Bankrate.com strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty.

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