5 Banks That Help You Grow Your Savings Faster
If you want to grow your savings faster, you have to ensure that you’re leaving them in the ideal bank account for this goal. Luckily, various bank accounts can help you grow your savings quicker to reach your financial goals sooner as long as you know what you’re looking for.
Find Out: How Much Money Do Americans Have in Their Bank Accounts in 2024?
Learn More: 5 Genius Things All Wealthy People Do With Their Money
We will look at the best banks for growing your savings and what to look out for.
What To Look For in a Bank Account
There are a few indicators that a bank can help you grow your savings faster. These are some of the perks that you should be looking out for.
Competitive Interest Rates
“Any time you keep cash around, you want to use a high-yield savings account (HYSA),” said Jay Zigmont, PhD, CFP®, founder of Childfree Wealth. “HYSAs are usually at online banks, and offer a higher interest rate. For example, in March 2024, HYSA were in the 4%-5% interest range, while standard bank savings accounts are less than 1% interest (many at 0.01% interest).”
You want your money to work for you, so it’s imperative that you find bank accounts that offer the best rates. You want your money to at least keep up with inflation so that your funds aren’t sitting in an account not earning any interest.
Read More: 10 Expenses Most Likely To Drain Your Checking Account Each Month
Helpful Tools
“I recommend HYSAs that come with a bucket or vault system,” Zigmont said. “With a bucket system, you can have one HYSA with a separate bucket for emergencies, travel, house down payment, and more.”
Savings buckets are helpful because you can create sub-accounts to visually remind yourself of your different financial goals. You want to find a bank that offers a variety of tools that will help you navigate your finances since you already have enough to think about.
Ability To Connect Accounts
You want to find a bank that allows you to connect your checking and savings accounts to simplify your financial life. When you connect your accounts, you can also set up automated transfers so that you can invest funds from every paycheck.
User-Friendly Mobile App
You want to find a bank account with a user-friendly mobile app to conduct all of your banking at your convenience. You want a bank that prioritizes the user experience so that your transactions are handled smoothly.
Banks That Help You Grow Your Savings Faster
We compiled a list of the banks that will help you grow your savings faster so that you can speed up the process.
1. Ally Bank
Ally Bank is at the top of the list because of the higher APY and the exclusive tools designed to help you save. You can increase your savings with a 4.35% APY and no monthly maintenance fees.
How will your savings grow faster?
Savings buckets to track progress: One unique tool that helps Ally stand out is the savings buckets, which let you organize your finances and visualize your various financial goals.
Recurring transfers to automate savings: You can set aside money from every paycheck and forget about it with recurring transfers.
Roundups: The Ally Bank app monitors your spending and rounds up transactions to the nearest dollar. When the amount reaches $5, the funds are instantly transferred to your savings account.
Surprise Savings: Ally tracks your linked checking account to find ways to save money.
Personalized recommendations: You can get customized advice on how you can save more money.
You also get 24/7 support with Ally Bank, so there’s a real person you can speak with if you ever have questions or issues.
2. Capital One
The Capital One 360 Performance Savings has a 4.35% APY, no monthly maintenance fees and no minimum to get started.
How will your savings grow faster?
Higher interest rate: The higher interest rate means that you earn money on your money.
No fees: Since you don’t have to worry about fees, you can let your savings grow.
You can create multiple accounts: You can save for your various financial goals with different accounts.
3. Discover Bank
With Discover Bank, you can earn 4.3% APY on your savings with no monthly maintenance fees or minimum deposit required to open an account.
How will your savings grow faster?
Higher APY: The higher interest rate will let you earn more on your money so that your funds are providing you with a decent return.
Visual tools: The website has a helpful calculator showing how your savings can grow, allowing you to set goals.
No fees: You can keep more of your money and grow your savings faster without any fees.
4. Marcus by Goldman Sachs
Marcus by Goldman Sachs is a savings account with a competitive rate of 4.5% APY. With no fees or minimum deposits, you can link other accounts and instantly transfer your funds to earn a higher interest rate.
How will your savings grow faster?
Higher APY than most: The 4.5% is notable because it’s one of the higher rates you’ll find for a savings account.
Access to other investments: You can look into other investment products to grow your savings even faster. For example, Marcus offers a CD with a 5.05% rate.
Financial expertise from Goldman Sachs: You can access financial advice from Goldman Sachs to increase your investing knowledge.
By opening a Marcus savings account, you have 24/7 access to a customer service center, Goldman Sachs’ financial expertise and one of the higher interest rates available.
5. American Express
The American Express Savings account has a 4.35% APY, no monthly fees and no minimum balance requirements. You may also be eligible for an American Express® Rewards Checking account for your daily banking needs. You can also open other accounts, like a CD, to diversify your savings.
How will your savings grow faster?
Higher interest rate: The 4.35% APY will help you earn more on your savings.
Helpful website: The website has helpful articles and guides if you want to learn more about saving money.
Access to CDs: You can open a certificate of deposit account where you’re eligible to earn up to 4.5% on your money.
With 24/7 customer service and 170 years of experience, you can feel comfortable knowing your funds are with a trustworthy bank.
Closing Thoughts
All the banks listed in this article offer competitive interest rates, which will help you grow your savings faster. When deciding which bank to open an account with, you’ll want to review the features to ensure that the account meets your standards.
More From GOBankingRates
I'm a Shopping Expert: 9 Items I'd Never Put in My Grocery Cart
Avoid This Simple Banking Mistake That Could Cost You Over $1,000
6 Things You Should Never Do With Your Tax Refund (Do This Instead)
This article originally appeared on GOBankingRates.com: 5 Banks That Help You Grow Your Savings Faster
