Savings Account Rates

This section offers the best interest rates on savings accounts and money market accounts. Savings accounts are a great option because unlike CDs, they’re 100% liquid. Savings accounts are also FDIC insured for up to $250,000 in funds. Savings accounts are interest bearing accounts, but are also easy to access in case you need to use your savings on a purchase.

Savings account fall between checking accounts and certificates of deposit. True savings accounts don’t offer check writing abilities like checking accounts do; however, most banks get around this by setting up money market accounts that act exactly like savings accounts that have check writing capabilities. High yield savings accounts can make a significant amount of residual income for most Americans. This is why 65% of Americans have a savings account.

Here’s a chart of savings accounts available today:

Savings Account Rate Chart

Savings Account Reviews

US regulations only allow 6 withdrawals per month on savings accounts. This is why most people have a checking account in addition to their savings account. There’s no limit on deposits to a savings account. The interest on savings accounts is taxed in the US on form 1099-INT.

There are many savings accounts that have no minimum deposit requirement and are free to use; however, there are also a fair number of accounts that require a minimum balance to be held in the account. If you fall below this minimum balance requirement you can be charged a fee. Make sure you know whether your account has any minimum requirements or not before opening one.