In the United States, financial innovation, as well as competition between traditional banks and online banks, make it possible to offer bank accounts with desirable options. This allows you to go beyond just examining accounts that charge you little – or simply don’t charge you commissions – and start paying attention to the ones that give you the most benefits.
Using one of the best-paid accounts on the market can be an excellent option to get the most out of your savings, but without taking risks and having your money always available. When receiving one of these offers, you need to consider a couple of questions. On the one hand, changing your bank account while the coronavirus crisis lasts is something you can continue to do despite the limitations of the alarm state. To do this, you can use the Internet and change your bank in minutes and without leaving home.
On the other hand, you need to know that the most interesting proposals are usually those that relate to paid envelope accounts: that is, accounts that offer you a high return, but that direct your salary and grant you other connection requirements1.
What is a Savings account?
The savings accounts aim to encourage the excellent administration of their users’ resources in the medium term. These types of accounts reward, paying interest to the customer, depositing money, and without having it for a period.
However, it is common for conditions to discourage the use of this short-term money. Although these conditions are different, the way they are applied depends a lot on the type of bank and the type of customer. Some examples are:
– Maximum 6 monthly withdrawals, this is a federal guideline in the United States.
– Minimum monthly balance to pay the promised returns, StateFarm Bank considers a balance of $ 1000 dollars.
– Minimum opening amounts, such as U.S. bank accounts, include between $ 25 – Standard savings account – and $ 100 dollars – Electronic money market account.
In the United States, where interest rates are generally low, it is necessary to make sure that the annual percentage returns (APY) are at least higher than inflation, which measures the change in prices. Consider that inflation during 2018 was 1.8%, so any savings account with a lower APY would make you lose money2.
Online banking services
Currently, in the United States, going to a bank to request a bank statement can be considered unnecessary. This is due to the versatility offered by banks to carry out the procedures and consult the information linked to their account from the comfort of their home. However, not all accounts offer the same facilities.
Most banks – HSBC, Citi, Discover, Chase, Chime, etc. – allows you to access your financial information through their website. The possibilities range from this unavailable service to having to pay for the service, to the possibility of using a personalized portal at no cost.
Some banks provide mobile apps where you can: check your bank statement, scan and deposit checks via your device – like the Discover app – and even make transfers via the Citi app – Citi Mobile App, has Zelle, which allows you to do it directly and safely3.
The best savings interest rates
Here you can find the best options for high-yield savings. Take into account that some banks may offer their interest rates for a higher minimum balance or a somewhat lower APY. Here is a list that contains the banks that possibly fit you best:
– HSBC with 1.70% savings APY, $1 minimum to open account.
– Popular Direct with 1.70% savings APY, $5,000 minimum to open account.
– CIBC U.S. with 1.45% savings APY, $1,000 minimum to open account.
– PurePoint Financial with 1.50% APY, $10,000 minimum to open account.
– Alliant Credit Union with 1.60% savings APY, $5 minimum to open account.
– Synchrony with 1.50% savings APY, no minimum to open account.
– Nationwide Bank with 1.70% savings APY, $100 minimum to open account.
– Vio Bank with 1.75% savings APY, $100 minimum to open account.
– Varo with 1.61% savings APY, no minimum to open account.
– Citizens Access with 1.70% APY, $5,000 minimum to open account.
If your aim is to enter the world of finance in the United States, the first thing you need is a checking account. These are offered by both online and traditional banks, although usually the best conditions are generally offered by online banks.
When choosing the checking account that best suits your needs, you need to go beyond the simple consideration of the existence of commissions; therefore you need to pay attention to factors such as the interests they offer, the structures that you need to extract and use your money and, in case of problems, how they will help you4.
 Bankrate. “Best Online Savings Accounts for April 2020”. Accessed 04 April 2020.
 Julia Kagan. “What Is a Savings Account?” 03 April 2020.
 Kate Ashford. “Best Online Banks Of 2020–And How To Choose One”. 18 Marth 2020.
 Margarette Burnette. “10 Best High-Yield Online Savings Accounts of April 2020”. 31 Marth 2020.