Why open a savings account? Saving money is the key to setting yourself up for financial stability. Most people at least need an emergency savings account for surprise expenses, while it's also a good idea to save for future goals like college or retirement. Savings accounts offer a number of advantages that keeping your money in a piggy bank or under the mattress just won't provide:
Savings Account Interest Rates:
One of the biggest benefits of a savings account is the interest you can earn on your deposit.
Unlike a stock market investment, the Federal Deposit Insurance Corporation insures all savings account deposits up to $250,000 per depositor.
Savings accounts are designed to promote financial stability by encouraging you to save your money for the future, and as such, are not meant to be structured as transactional accounts. Although your money is generally available to you upon your request, there are regulations set forth by the Federal Government that limit the number of withdrawals from most savings accounts to a maximum of six withdrawals per monthly statement cycle. For additional information regarding savings accounts, please contact the financial institutions directly.
We do the work for you by collecting savings interest rates from local, national and online financial institutions across the nation and rank them in our rates table from the highest savings account rates to the lowest. This lets you see the most competitive rates without any of the work.
The best savings account rates are those that offer the highest savings account interest rates with low fees and additional perks offered by the bank. When choosing a new account, start by locating the top savings rates and then dig deeper into the product to ensure it's right for you.
Check out our rankings for Best Savings Account of 2015
, part of our Best Banks series, to see our top 10 picks.