The 10 Best Savings Accounts in 2015
If your plan for 2015 is to improve your finances, one way to start is by going back to the basics and examining your savings account. In a time when interest rates are beginning to tick upward and fees are a bigger concern than ever, ensuring you have the right savings account should be the foundation for any financial plan.
Choosing a Savings Account in 2015
CEB's Consumer Financial Monitor, which analyzes financial behaviors and trends, found only 7 percent of U.S. consumers opened a short-term savings product in 2014, which leaves the majority of bank customers seemingly content with their current savings account -- if they even have one. Yet "saving money" tops the list of the most popular financial resolutions for 2015; if Americans are going to meet their savings goals this year, they need to be proactive about finding the best bank for their savings.
There are quite a few factors to consider before choosing a savings account, from minimum deposit requirements to interest rates and fees. But the reality is that many customers are settling. For example, the average savings account rate in the U.S. currently lingers around 0.17 percent APY, according to GOBankingRate data. But if you do some searching, you can find rates 10 times as high.
With so many bank accounts to choose from, it's easy to get overwhelmed by all the options. Savings accounts used to be simple: There were fairly consistent interest rates, easy to understand terms and standard features. Now, banks offer varying interest rates, charge a multitude of fees and have a wide variety of features. Throw in balance requirements, transaction limits, minimum opening deposits and other parameters and you've got yourself a big, fat headache.
10 Best Savings Accounts From Major Banks
Luckily, shopping around for the best savings account doesn't have to be a painful experience. As part of our weekly "Best Banks of 2015" series, GOBankingRates conducted a survey of the best savings accounts for 2015 based on criteria that consumers care about most: monthly service fees, APY, minimum balance and opening deposit requirements.
Here are the top 10 savings accounts for 2015, according to the findings:
1. GE Capital Bank (tie). The Online Savings account from GE Capital offers a no minimum opening balance requirement, no monthly account fees and an annual percentage yield of 1.05 percent. There are also no ATM fees, including out-of-network ATMs.
1. MySavingsDirect (tie). The High Interest Savings account from MySavingsDirect boasts "America's highest rate," which they define as the highest nationally advertised APY for a no fee, no minimum required savings account. At 1.05 percent APY, we're not arguing.
3. Barclays Bank Delaware (tie). With an interest rate of 1 percent APY, this savings account was one of the higher-yielding products on the our list -- more than 12 times the national average deposit rate of. 0.08 percent, according to a recent GOBankingRates study. There are zero fees to boot.
3. iGObanking.com (tie). The iGOsavings Savings account from iGOBanking.com features a competitive 1 percent interest rate as well, plus no fees, no minimums and a hotline for customers who want to talk to a real live human.
5. Ally Bank. The Online Savings account from Ally also offers a competitive APY (0.99 percent), no fees, no minimum opening deposit and remote check deposit. One of our favorite features, however, is the ability to schedule transfers up to a year in advance to keep you consistent and on track to reach your financial goals.
6. Bank5 Connect. This bank offers a solid 0.90 percent APY on their High-Interest Savings account, though there is a $10 minimum opening deposit and $100 minimum balance to earn interest. Still, a great rate and additional features that will save account holders money -- including free overdraft protection transfers, free cashier's checks and free incoming wire transfers -- make this savings account one of the best.
7. Synchrony Bank. With 1 percent APY, no minimum opening deposit and the ability to waive the $5 monthly service fee by keeping just $30 in the account, Synchrony's Optimizer+plus High Yield Savings account easily made the top 10.
8. CIT Bank. The CIT Savings account features 0.95 percent APY, no monthly fee, no minimum balance and a low $100 minimum opening deposit. Customers can also take advantage of "relationship banking rates," which are special interest rates on other CIT products such as CDs, IRAs, and loans for existing customers.
9. American Express Bank, FSB. The High-Yield Savings account from American Express Bank offers a 0.85 percent APY, no fees, no minimums and customers can set up free alerts to track their money.
10. Flagstar Bank, FSB. The SimplySavings account from Flagstar Bank (based in Michigan) is currently offering a special 12-month guaranteed savings promotion, which includes an APY of 1.10 percent. There is a $3 monthly fee that is waived with a $300 minimum balance or linked Flagstar checking account, but with the highest interest rate on our list, it's a great option for local savers with cash on hand.
As you might have guessed, online banks are leading the industry in terms of high interest rates and low fees on savings accounts. If you haven't made the switch to an online bank yet, consider making 2015 the year you take your finances online and give your savings a real lift.
Morgan Quinn is a writer for GOBankingRates.com.
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