Best Bank Accounts to Yield Rewards
By: Select Preferred Network
When looking at best bank accounts with most
rewards, we expanded our search to online high-yield saving accounts that have
higher interest rates and benefits of compound interest. The higher your annual
percentage yield, the more you can save.
We also looked at reward checking accounts that have cashback features, account opening bonuses, and stacking up on rewards when you spend money through their debit cards.
Some bank accounts that fit more than 70% of the criteria are listed below to help you choose a bank that can boost your savings and you can get maximum benefits out of them.
Marcus By Goldman Sachs High Yield Online Savings
This is a consumer banking arm and listed as one
of the best High Yield online saving accounts for having high APY. For a new
user or someone who is just getting into savings, this bank has the simplest
procedure to follow.
It has no fees for opening an account and is easily accessible through your phone. No visits to banks and little to no conditions attached to your savings. The annual percentage yield is 1.05% and does not have any monthly fees. You can even earn interest with as low as $1 in your account.
Marcus lets you add money to your account, direct deposits, and wire transfer. The app is user friendly, helps you track your savings, and how much interest you earned within the year. It also has no fee for money transfer from other bank accounts.
Varo Bank Account
The Varo bank account is impressive. Its account
yields and enjoys the position of being ranked highest for APYs. To be eligible
for earning greatest APY, which is 2.80% your savings account balance needs to
be around $10,000.
You also need to complete a minimum of five purchases through Varo Visa debit card each month as well as receive around $1,000 to keep your APY 2.80%. But, if you’re unable to meet this need, your APY then is 1.41% on your savings account balance, which is market competitive.
Other benefits include early direct deposit,
which means you get your paycheck up to two days early if your company has
filed to start a direct deposit process. There is no minimum balance or deposit
requirement to open the account.
Ally Online Savings Account
Ally online savings accounts work best for checking and saving combos. It acts as a one-stop place for ally our bank related tasks. You can earn up to 1.00% APY with no minimum account balance and no monthly fees.
It is advised to open both saving and checking accounts to enjoy greatest benefits. Having both accounts makes it easier for you to withdraw cash as you’d have access to a debit card.
Having accounts within one bank that offers both these services means you can transfer money online up to six times a month with no penalty. Without a checking account, money would have to be transferred between banks which take up a few days to process.
Ally offers a user-friendly app where you can deposit checks remotely through eChecks that are otherwise not customary of many online saving accounts. It also helps you organize your savings by creating goals that you can reach. If you ever need assistance, there is 24/7 live customer support available.
So, when you choose bank accounts you must understand your own needs first; are you looking to save more, or are you trying to get the best rewards out of the bank account or are you looking to get cashback. All of these are good reasons to choose a bank.
Some of the reasons listed above can fulfill more than one of your needs, but it is smart to find what are your most urgent needs.