Best Bank Accounts 2021
With High Yield Savings Accounts
and High intrest savings account
by the way gone are the days of hiding cash under the mattress i am guilty of it but hey i've learned to make the smart money move by putting my money into online bank accounts where high yield interest rates can literally help you double your money every year it doesn't matter if you're working class or very wealthy everyone needs an emergency fund and you might also have money between your bills lying around either in your checking account or just some cash saved up at home like i did which is earning you nothing,
there is no better place to park your money you're saving than high interest savings account so let's jump right into it.
the first bank account for 2021 is my favorite :
Varo Bank :
Varo Bank makes it to the top of the list for many good reasons, you can earn an apy of 2.8 up to 10 000 of balance which is astronomical by today's standards just to compare the national average for savings account is just point zero five percent apy that is ridiculously low, low enough that your savings won't even keep pace with inflation however you can beat the average by opening a savings account.
with varo bank they have no minimum deposit required to open an account and zero dollars in monthly fees now you might be wondering how you can get that 2.8 interest well to do that within their savings account you must make at least five purchases with their debit card within a month which most people do super easily just by buying groceries and coffee here and there you must also have at least one thousand dollar worth of direct deposit going into the account.
now no big deal if you don't meet those requirements you still aren't point eight one percent apy that is still higher than the national average bearer bank also offers two automatic savings program that are linked to your bank account the first one is save your pay it lets you up for percentage of your direct deposit to go directly to your savings account and the other is save your change which rounds up your transaction to the nearest dollar and transfers those cents into the savings hey at the end of the month all the cents add up quite a bit where account are also fdic in short up to 250 000 so you can relax your money is in safe hands .
Vio Bank:
Vio Bank offers one of the best high yield saving rates available at six percent apy this rates applies to all balances you only need hundred dollars to open this account and there is no monthly fee but there is a couple of small fees to watch out for though i think they're super easy to avoid vio charges you five dollar monthly fee if you want paper statement, come on we don't waste paper in 2021 online statements are so much easier to access plus you save your five bucks and a ten dollar fee per transaction if you make more than six withdrawals per month not all banks charges you for excessive withdrawals but banks like vio still follow the old regulation delimitation of a maximum of six transaction per savings account per month hopefully you don't need to make that many transactions
the purpose of a high-yield savings account is to put your money in it let it double and forget about it not touch it unless it is an absolute emergency.
American Express:
american express offers a savings account at a very competitive rate of 0.50 apy this is also one of the accounts i personally use.
to open an account there is no minimum deposit required and you will be charged absolutely no fees like vio bank which we just talked about mx limits withdrawals to six per month but here's a big plus unlike vio and other banks amex does not charge a fee if you exceed this amount what also sets the savings account apart from the rest is mx superb customer service available 24 hours a day 7 days a week if you have any questions about your savings account just pick up the phone and speak to a live agent at any time no automated responses ,
however with american express even though you're getting 0.50 interest rate this account is just meant to be a savings account and that's it unfortunately they do not offer a checking account so you're not getting any debit card and you're not getting a checkbook hopefully you don't need it.
Affirm savings account: ( Affirm Bank )
this is another great high yield savings account to consider during these times in 2021. it offers 0.65 apy which is 13 times higher than the national average just a note for this account it is only available and accessible via the affirm mobile app so you will need to download their app to open an account
they have no minimum dollar requirement and absolutely no monthly b
Ally Bank :
ally savings account offers a rate of 0.5 apy which is much higher than the national average of 0.05 percent and the great thing is the interest is compounded daily which means you will make a bit more money on interest compared to accounts that compound monthly .
ally bank's most attractive feature is its bucket tool designed to help you set goals and build your savings around them this program lets you set up multiple divisions or buckets within the same account so you can manage those funds separately.
Chime Bank:
high yield savings account offers 0.5 apy that is 10 times higher than the national average they also have no minimum deposit required to open an account and zero dollars in monthly fee.
Discover Bank :
discover online savings account offers 0.5 percent apy which is much higher compared to larger banks such as bank of america or citibank even chase bank and you won't have to pay any maintenance fee there are also no minimum balance required to earn the interest
also discover mobile banking app has all the features we as customers look for in simple banking such as mobile check deposit check writing and easy transfers overall high-yield savings account can be used for a range of purposes from your emergency fund to saving up for a down payment .
Conclusion :
high-yield bank accounts can play a major role in your future financial plan if you're looking for an account that can help you save while still offering easy access to your money this seven bank accounts are worth considering it is really really important that you're maximizing your savings as much as possible.