Score a sweet tax return? Resist the impulse to splurge on new stuff, and instead, shop around for a new bank account to stash your money in. That said, evaluating which checking or savings accounts have the highest interest rates, the lowest fees and charges, and the best perks can be a laborious process.
Luckily for us, WalletHub did the hard work for us: In search of the best offers, the personal finance website perused 50 popular online-only checking accounts, along with 480 savings and money market accounts from 233 online and branch-based banks and credit unions. According to them, the ones listed below can help penny-pinchers make the most of their savings.
One note: WalletHub limited their choices for best checking accounts to online-only ones, and many of their best savings account selections were also digital. If visiting a physical bank branch is still at the top of your priority list, those suggestions may not be the best options for you. However, keep in mind that by eliminating the cost of maintaining physical locations, online banks are able to provide customers with higher interest rates and lower or fewer fees—meaning they’re a good choice for those looking to avoid extra costs and grow their savings.
Best Savings Account: Salem Five’s eOne Savings