Think of a savings account like a loan to a bank. Banks borrow the money from you to loan it to someone else. Your goal should be to maximize the rate you charge banks to borrow your money. Fortunately, the top choices are simple: online banks and credit unions offer the best returns. We've looked looked at hundreds of offers to find the best for you.
Make sure your deposit is FDIC insured.
All US bank deposits are insured up to $250,000; if you deposit more, then open accounts at multiple banks.
Don’t withdraw more than six times per month.
Regulation D limits the number of times you can take money out of a savings account to six.
Make sure the interest compounds daily.
Earn interest every day, so the next day you earn interest on a higher balance, which includes the interest already earned.
You don’t need a traditional branch bank for a savings account.
If you have big cash deposits or write lots of cashiers checks, then okay. But the rate difference between online banks and traditional banks is huge!
If you open a Certificate of Deposit (CD), understand how much interest you forfeit for early breakage.
The amount can be up to 6 months, by law.
Your Savings (high to low)
Your Savings (low to high)
% Reward (high to low)
% Reward (low to high)
Interest Rate (high to low)
Interest Rate (low to high)
Our Fine Print
We hate fine print. We created this entire site because of
the nasty fine-print habits of other companies. Unfortunately,
the legal team insist we include the following:
MagnifyMoney is not a lender, does not broker loans to lenders and does not make personal loans or credit decisions. This website does not constitute an offer or solicitation to lend.
For complete details on any product see the terms and conditions on the financial institution's website.
MagnifyMoney is a free, independent service providing unbiased comparisons of financial products, therefore if we are compensated then we will let you know on the product page before you leave our website.
Once you click to apply for an offer, you will be directed to the financial institution's website at which point you should give the fine print a gut check
While we trudge through the fine print for you, we are only offering a summary not all the intricate, legal conditions (which is why you wanted our opinion anyway, right?).
Be sure you do understand the full terms provided by the financial institution before signing the dotted line, or lets be real, clicking the "I Agree" button.
We do our best to make sure our calculations are up-to-date, but we are human and can't make warranties regarding the accuracy of our information. If you find an error please
let us know here.
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