CNET recently conducted a review of over two dozen traditional banks and online financial offerings to determine the best savings accounts available. The review took into account a variety of criteria including annual percentage yield, monthly fees, minimum deposit requirements, access to physical branches, sign-up bonuses, and other rewards. Additionally, all savings accounts reviewed must be insured by the FDIC for added security and protection for consumers.
Among the banks, credit unions, and neobanks included in the review were well-known names such as Ally, Bank of America, Capital One, Chase, Citibank, Discover, Marcus, PNC, Synchrony, TD Bank, USAA, and Wells Fargo. Online financial offerings such as Affirm Savings, Axos High Yield Savings, Bask Bank, Chime, Varo, and Vio were also evaluated. Each institution was assessed based on how well they met the set criteria and stood out in terms of providing competitive rates, convenient access, and attractive features to customers.
Some of the key factors considered in the review were the annual percentage yield offered by each institution, which determines the amount of interest earned on savings deposits. Monthly fees and minimum deposit or balance requirements were also taken into account, as these can impact the overall profitability and accessibility of the account for consumers. The availability of physical branches for in-person banking services was also evaluated, as some customers may prefer the option of being able to visit a bank location for assistance or transactions.
In addition to the basic criteria, sign-up bonuses and other rewards offered by the savings accounts were also considered in the review. These incentives can play a role in attracting new customers and rewarding existing ones for their loyalty. The overall goal of the review was to help consumers make informed decisions about where to open a savings account based on their individual needs and preferences, taking into consideration factors such as interest rates, fees, accessibility, and additional perks or benefits.
Ultimately, the review highlighted a variety of savings account options from different financial institutions that cater to a range of customer preferences and requirements. Whether customers prioritize high-yield savings, convenient online banking services, or access to physical branches, there are options available to suit diverse needs. By comparing the various savings accounts across the set criteria, consumers can make informed choices to maximize their savings potential and achieve their financial goals.
