Best Cash Savings Rates 2020
Best Savings Rates October 2020
Best Savings Rates 2020

Savings accounts. During the ongoing COVID-19 pandemic, times are hard for savers, with many drawing comparisons to the financial crisis in 2008, with historically low interest rates. In March 2020, the Bank of England cut the base rate twice, from 0.75% to 0.1%. Mortgage Rates Flirt With 3% MSN News 3 days ago. The average rate for a 30-year fixed-rate mortgage climbed to 2.97% with 0.6 points paid this week.

Thriftymillionaire’s picks: Best savings accounts in May 2020

Thriftymillionaire’s best widely available online savings accounts with top high yield rates, When selecting the best savings account for you, look for the highest yield while also considering introductory rates, minimum balances and accessibility to your money and account information.

1. High Rate: Vio Bank – 1.50% APY, $100 minimum balance to open (no ATM access)

Overview: Vio Bank, established in 2018, is the national online division of MidFirst Bank. MidFirst Bank has been an FDIC-insured bank since 1934 and was established in 1911, according to the FDIC. Vio Bank offers both a High Yield Online Savings account and CDs.

Perks: Vio Bank’s High Yield Online Savings account has one of the top yields around, and all balances receive this APY. It also has a low minimum requirement of $100 to open the account. The account has no monthly fee. There is no charge for incoming domestic or international wire transfers. There also isn’t any fees for outgoing or incoming external transfers. But the cost of sending a domestic wire transfer is $30.

What to watch for: There’s a $5 dormant account fee per month if you go 12 months without initiating a transaction. This is why it’s so important to watch your account because fees can add up and cut into the interest you earned. You need to initiate a transaction at least once during the preceding 12-month period to keep your account from going dormant. This transaction can be a deposit or a withdrawal.

2. High Rate: Popular Direct – 1.50% APY, $5,000 minimum balance needed for APY (no ATM access)

Overview: A Popular Direct Ultimate Savings account is opened through Popular Bank. Popular Bank is an FDIC-insured bank that was established in 1999, according to the FDIC.

Perks: Popular Direct offers a very competitive APY on its Popular Direct Ultimate Savings account, which debuted in July 2019. You can deposit a check into your Popular Direct Plus Savings account using your mobile device.

What to watch for: Popular Direct has a higher minimum balance requirement than some other banks. But there are also banks that have higher deposit requirements as well. ATM cards are not available for a Popular Direct savings account, but you can make an external transfer via ACH.

There are some fees to be aware of. There’s a $25 fee if you close your account within the first 180 days. Also, if your balance goes below $500 for any day during your statement cycle, there’s a $4 fee.

3. High Rate: Comenity Direct – 1.45% APY, $100 minimum to open account (no ATM access)

Overview: Comenity Direct was created in 2018 and launched its High-Yield Savings Account in April 2019. Comenity Direct is a brand of Comenity Capital Bank. Comenity Bank is best known for its co-branded, private label and business credit card programs. Comenity Bank and Comenity Capital Bank partner with more than 160 retailers worldwide on those credit cards.

Perks: Comenity Direct has one of the highest APYs available. Comenity Direct also has customer care representatives available on the phone Monday through Friday from 7 a.m. to 11 p.m. Central. On weekends and most holidays, the phone hours are 9 a.m. to 5 p.m. Central. Comenity Direct also has the Comenity Direct mobile app. This allows you to make deposits and withdrawals. The app, which is available for iOS and Android, also lets you contact customer service and check your balance.

What to watch for: The account doesn’t offer an ATM card or a debit card for ATM access. But you are able to initiate free ACH transfers.

4. High Rate: Citibank – 1.40% APY, no minimum balance needed for APY (ATM access)

Overview: Citibank, the retail banking arm of Citigroup, launched a high-yield savings account called Citi Accelerate in 2019. The account pays well above the national average as well as higher than many of the savings rates offered by some of the nation’s largest banks. There’s no minimum balance requirement to earn the APY and no minimum to open an account. But the APY is only available in select markets.

Perks: If you’re already a Citi customer or you’re looking for an account at a bank that has a large national presence, this high-yield savings account may be worth considering. The APY is among the top yields you’ll find at a big bank, and the $0 minimum balance required to earn the APY makes it easy for anyone to start saving.

What to watch for: The account carries a monthly service charge fee of $4.50 if you open the Citi Accelerate Savings account in a Basic or Access Account package. If you choose one of those packages, the fee can be waived by keeping at least a $500 average monthly balance.

5. High Rate: Barclays Bank – 1.30% APY, no minimum balance needed for APY (no ATM access)

Overview: Barclays is often known for its credit cards, but it also offers a consistent high yield on its savings products. Products from Barclays are only available online in the U.S. Barclays offers a competitive, high yield on its savings account.

Perks: Among the perks of an online savings account at Barclays, you’ll find a very competitive interest rate, no minimum to open, 24/7 access to funds, online transfers to and from other banks and direct deposit. Additionally, Barclays has a mobile savings app that also allows you to deposit/transfer funds.

What to watch for: If you’re looking for a full-service banking institution, Barclays isn’t a great option. The bank doesn’t offer a checking account option, an ATM network, or branch locations. It’s best for those who like to bank online and want an outside institution for its savings options.

6. High Rate: Capital One – 1.30% APY, no minimum balance needed for APY

Overview: In addition to its credit cards, Capital One also provides a range of banking and lending products. Besides the 360 Performance Savings account, which made its debut in September 2019, Capital One also offers CDs, a savings IRA and a checking account.

Perks: The 360 Performance Savings account at Capital One doesn’t have a monthly fee and doesn’t require a minimum balance when you open the account. Also, you don’t have to maintain a minimum in this account and all balances earn the same APY.

What to watch for: There are some accounts at online banks that offer higher yields on savings accounts.

7. High Rate: Marcus by Goldman Sachs – 1.30% APY, no minimum balance to earn APY (no ATM access)

Overview: The well-known investment firm, Goldman Sachs, opened Marcus as its consumer banking arm. Marcus has built a reputation for having a competitive APY. In addition, Marcus has an easy account opening process and it’s also simple to transfer money to accounts at other banks.

The savings account option from Marcus requires no minimum deposit to open, $1 minimum to earn the APY, and Marcus provides more than just savings products to consumers. It also has a range of personal loan options, from debt consolidation to home improvement.

Perks: Along with a high interest rate, the savings account product from Marcus comes with easy-to-meet requirements and the benefits of an online bank. You can access your account at any time, and you’ll pay no fees for transactions. Marcus’ contact center is open seven days a week.

Marcus’ savings account doesn’t have a minimum deposit amount, so it’s easy for anyone to open this account. Marcus by Goldman Sachs now has an app available on iOS and Google Play, where you can schedule recurring deposits into your account.

What to watch for: You won’t find any branches at Marcus. There’s also no checking account option at Marcus, limiting your liquidity options.

8. High Rate: Synchrony Bank – 1.30% APY, no minimum balance needed for APY (ATM access)

Overview: Synchrony Bank provides a range of depository products for consumers. That includes a savings account, mon

Best Savings Rates 2020