Savings accounts provide liquidity while earning interest
Savings accounts are regarded as conservative accounts by most financial experts, but they have their place in most people’s mix of investments. In uncertain times, you are prudent to have cash. In addition, most workers should have 3-6 months worth of savings in ready cash, for emergency situations.
The returns from savings accounts are usually comparable to those from CDs. However, savings can be withdrawn at any time – the consumer is not locked in.
Below are among the best current rates for savings accounts around the country.
Best Rates for Savings Accounts
| Institution | APY | Rate | Min. Deposit |
|---|---|---|---|
| State Farm Federal Credit Union | 1.01% | 1.01% | $5 |
| Salem Five Direct | 1.00% | 1.00% | $100 |
| Alliant Credit Union | 0.95% | 0.95% | $5 |
| Colorado Federal Savings Bank | 0.85% | 0.85% | $2,500 |
| Clear Sky Savings | 0.85% | 0.85% | $1 |
| Ally Direct | 0.84% | 0.84% | $1 |
| Ally Direct | 0.84% | 0.84% | $1 |
| Discover Online Savings | 0.80% | 0.80% | $500 |
| Bank Of Interned USA | 0.80% | 0.80% | $100 |
| Ufb Direct | 0.80% | 0.80% | $100 |
