What are the best savings accounts for July 2022? A saving account is a credit account designed to hold the money you don’t plan to spend immediately.
This account helps you stash money away for specific purposes and goals. For instance, you may open a savings account to hold your emergency fund or a down payment on a home. The question here is, which of the saving account is the best? Read on to know more.
Best Savings Accounts for July 2022
You can open savings accounts at a bank or credit union and deposit money into the account. Then, the bank pays you interest on your balance.
With your saving accounts, you can cash or check deposits at the ATM, you can wire transfers from another bank account and also do mobile check deposits.
Saving account rates matter when selecting an account to open. Some of the best online savings accounts pay several times the national average saving account rates.
What is Saving Bank?
A savings bank is a financial institution that accepts savings deposits and pays interest on those deposits. Now you know what you are about to involve yourself with, it’s time to know some of the benefits you get from having a savings bank.
Nevertheless, saving banks were invented in Europe during the 18th century with the aim of contributing access to savings products to all levels of the population.
Benefits of Opening a Saving Accounts
- There are a lot of benefits to keeping your money in a saving account starting with earning interest.
When you open savings accounts, it permits you to earn interest on your money without doing anything extra.
- It offers more liquidity and convenience than other ways to save money.
- Savings accounts are also a way to set aside money for the future.
Savings accounts are usually insured by the Federal Deposit Insurance Corporation (FDIC) at banks and the National Credit Union Administration (NCUA) at credit unions.
Types of Saving Accounts
There are severally savings accounts, it is better you know them so that making the best among them won’t be stressful.
High-Yield Savings Accounts
High-Yield Savings Accounts are like savings accounts that offer an above-average APY if you are looking for the best savings account rate. You can find this savings account online at banks.
Standard or Traditional Savings Accounts
These are one of the standard savings accounts that are the most commonly offered savings options.
The national average saving interest rate as reported by the FDIC is 0.07% APY as of May 16, 2022. This saving account is not a bet on the saving rate.
Kids’ and Student Savings Accounts
This account is for children and students. These accounts usually have an age cutoff for saving, with student accounts you may not be able to open one if you are 25 or older.
Money Market Accounts
This account is best for saving accounts. It features a saving account of a checking account. This means you can earn interest on your balance and write checks or make withdrawals with your debit card.
Specialized Savings Accounts
A specialized savings account offers a way to save for things without mingling with funds in your regular savings.
The Best Savings Account so far
Below are the best savings accounts you can get this month so far:
Sofi Checking and Savings
The Sofi checking and savings is launched by financial services company and brokerage Sofi, this saving account allows customers to have checking and savings balances in the same account.
You need to set up a direct deposit from an employer in order to get the sweet 1.5% APY with Sofi. You also need payroll or benefits provided, although there’s no minimum deposit requirement.
What actually makes SoFI a savings account is the values which are extensions of your account that let you save money for an emergency fund or targeted spending goals like a vacation or housing down payment. You can create up to 20 vaults, and if you want to spend any money from them, you will need to transfer it to your main spending balance.
Presently, Sofi is offering bonuses of $50 to $300 for new accounts with qualified direct deposits until July 31, 2022. When you deposit $1,000 to $1,999 will earn $50. And many more bonuses.
Bask Interest Savings – Best savings account with the highest APY
With bask interest saving, start earning 20x the national average annual percentage yield. This savings account gives you an easy way to diversify and earn cash interest in a portion of your savings accounts.
When you open a Bask Interest Savings Account and make an initial deposit, you will start earning 1.61% APY with zero minimum balance requirements and zero monthly account fees.
The biggest limitation for Bask Bank savings is that the bank does not allow joint ownership of accounts.
Capital One 360 Performance Savings – Best in-person savings account
Capital one is another amazing personal saving account. It may have the sheer number of physical branches as big-bank competitors Walls Fargo or Chase, but it’s robust 1.00% APY is far higher than the 0.01% to 0.03% return on your savings that you will get at those major banks.
The Capital one mobile app makes it easy to snap pictures of checks to deposit them. There are no monthly maintenance fees for Capital one 360 performance Saving, no minimum balance requirements.
Synchrony High Yield Savings – Best savings account with an ATM card
The Synchrony High Yield Savings is one of the best savings accounts with an ATM card, it includes no monthly maintenance fees or minimum balance requirements and offers a very competitive APY of 1.10%. Outgoing wire transfers cost $25. S
Synchrony bank’s online options make banking easy. You can manage online savings account from almost anywhere in the Synchrony bank app. You can also access your funds using your ATM card.
There’s no option of a balancing checking account at Synchrony, though ATM access lessens that blow. Synchrony users are still limited to six withdrawals per month.
BEST FOR FULL-SERVICE BANKING – Quontic Bank High Yield Savings
The Quontic bank’s high yield savings rank well in all of the categories and it offers a decent APY, low fees and easy-to-meeting minimums. APY IS $1.58% and the minimum deposit requirement is $100, the monthly maintenance fee is $0.
Interest is compounded daily and credited monthly. There is a $10.00 excess transaction fee for certain transactions over six from the account per account statement cycle.
BEST FOR SUPPLEMENTAL SAVINGS ACCOUNTS – Alliant Credit Union High-Rate Savings
Alliant Credit Union’s High-Rate Savings account offers a modest bonus rate and, so long as you elect eStatements, you won’t pay a monthly fee. There’s a $5 initial deposit to open an account, but the credit union repays you for that deposit.
Once you’re an Alliant member and have a High-Rate Savings account, you can open up to 19 additional savings accounts, letting you save for specific goals under one roof. You can open these accounts with a $0 balance and add funds at a later date.
APY is 1.05% why the minimum deposit requires $5 while the monthly maintenance fee is $0 with no eStatements.
What is a high-yield savings account?
A high-yield savings account offers a higher interest rate than a traditional savings account. These accounts may have certain deposit requirements, and monthly fees or be available only to customers in certain states.