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Online banks usually have better returns than a physical one
Until about a decade ago, when looking for the best options for savings accounts, one could only think of bank branches or financial entities that could offer this service. Now online banks are a reality and when it comes to performance they usually offer you a much higher percentage than any physical competition.
From a wide range of options presented by Business Insider, we bring you the 5 best-performing online savings account services in America.
You do not require a minimum deposit to open your account or a minimum monthly balance. Its rate of return is 1.01% APY and it does not charge you a fee for insufficient funds, excess transactions or monthly maintenance. It also has the advantage of obtaining money from its ATM network and 24/7 customer service , both by phone and online chat.
High-yield savings accounts generally don’t allow you to withdraw cash, which isn’t the case with Synchrony. With this account you can have a debit card to use at ATMs , with no transaction limits. You do not require a minimum deposit to start enjoying the 1.05% APY.
Marcus from Goldman Sachs returns 1.05% APY with no initial deposit or minimum balance required to maintain the account. In this account insured by the Federal Deposit Insurance Corporation ( FDIC , for its acronym in English), you can link it with other bank accounts for transfer in and out . The point that possibly plays against it is its customer service that has a schedule both by phone and by online chat.
2. VIO Bank
Taking a significant jump in percentage yield, a savings account can offer you up to 1.11% APY. Although it does not have a monthly fee or request a minimum balance, an initial deposit of $100 dollars is required to open the account, in addition to having a limit of 6 free withdrawals per monthly statement cycle. As if that were not enough, the FDIC insures up to $250,000 of your funds .
It is the best option in the market for online savings accounts. Manage a 1.21% APY account with no minimum opening deposit. But this yield can improve up to 2.80% APY if you meet the requirements of making at least five purchases with the Varo Visa debit card each month, receiving total direct deposits of $1,000 or more monthly, and having a daily maximum of $10,000.