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Why are Savings Accounts Better?

Online savings accounts are very mainstream these days and have been around for about two decades now. There are many features about an online savings account that make banking so much easier than a traditional brick and mortar savings account. Plus, the interest rate earn on an online account is so much higher than an account offered by a brick and mortar bank.

Savings accounts in general earn a lower rate than certificate of deposit accounts but you have access to your money when you need it. You can access your money in a certificate of deposit but you will pay an early withdrawal penalty if you do so.

Savings accounts are a good way to save for unexpected expenses or can be used for an emergency account. Experts recommend having at least six months of expenses stashed away in an emergency account.

Savings Account Features

Federal law, Regulation D, only allows for 6 withdrawals from a savings account per billing cycle. If you constantly go over that amount your bank or credit unoin is allowed to switch your account to a checking account. Most checking accounts earn a lower rate than savings accounts.

We actually recommend having a savings account, checking account and also certificates of deposit, each is designed for a particular need.

Online savings accounts earn a much higher interest rate than regular savings accounts. The reason being, with traditional brick and mortar banking there are higher costs to maintain branch locations. If a bank only has an online presence the savings are tremendous and they can pass the savings onto depositors in the form of higher interest rates.

Why Use an Online Savings Account?

The ease and convenience of online banking is the second reason to stick with online accounts. You can access your accounts online to view balances, pay bills, transfer money between accounts. One of the greatest features is mobile deposit. You can take a photo of a check to deposit it into your account.

Traditional Savings Accounts vs. Online Savings Account

There are many reasons to choose an online savings account over a traditional savings account. Many reasons we mention above.

Right now, the best online savings rate is more than 10 times the best brick and mortar savings rate. We don't expect this to ever change because online banks have lower costs.

Compound Interest on a Savings Account

If you haven't heard of compound interest you really need to read this next paragraph. Compound interest is interest calculated on the savings account principal and interest already earned. Compound interest is the most powerful aspect of a savings account.

When you open a savings account make sure to see when a bank or credit union "compounds the interest." Finanical institutions greatly differ on when the compound interest. The more frequently interest is compounded the more money you make. Some finanical institutions will do it daily, some compound monthly, some compound quarterly or even annually.

Do you pay income tax on interest earned on a savings account?

The answer is yes, interest earned on a savings account is taxable. The finanical institution you have an account with will send you a 1099-INT with the amount of interest you earned. The tax rate you pay will depend on your tax rate which depends on how much income you had any given year.

How to Open a Savings Account

The best and easiest way to open a savings account is online. You will need several pieces of information to open an account. There are Federal laws designed to prevent money laundering which drive most of the process these days.

Information you will need to provide a bank or credit union to open a savings account include:

  • Full Name
  • Date of Birth
  • Social Security Number or EIN for businesses
  • Proof of Address
  • Phone number
  • Email address and tax identification number (such as a Social Security number)
  • Drivers License or Passport

Should I Designate Beneficiaries when I open a Savings Account?

Most banks or credit unions require you to designate a beneficiary when you open an account. The person(s) you name as the beneficiaries will inherit the money in the account.

Funding a Savings Account

If the savings account has a minimum deposit requirement, you’ll need to deposit at least that much money in the account. You can do this by initiating a bank transfer, sending or depositing a check or using a wire transfer.

Not all banks require a minimum deposit but for the banks that do you might also be able fund the account for some period after the account has been opened.

BankPurely’s money market account has a current rate of 3.90 percent annual percent yield (APY). BankPurely money market rates are some of the best money market rates available on-line these days. BankPurely is a digital banking platform that provides a variety of financial services and products to its clients.

The aim of the platform is to simplify banking, making it more accessible and convenient for all. Among the offerings from BankPurely is the Purely Index Money Market account.The Purely Index Money Market account is a high-yield savings account that offers attractive interest rates to its customers. The interest rate is linked to the performance of a market index, which may be higher than the interest rate offered by traditional savings accounts, allowing customers to earn more on their savings and grow them at a quicker pace. The interest rate is updated on a daily basis, allowing customers to keep track of their earnings effortlessly.

The Money Market account from BankPurely is also incredibly flexible. Clients can access their funds at any time without incurring any penalties. They can also establish automatic transfers to make sure their savings grow consistently. Additionally, the account is FDIC insured up to $250,000, giving clients peace of mind knowing that their funds are secure.

Managing the Purely Index Money Market account is simple, thanks to its user-friendly experience. Clients can easily manage their account through the bank’s mobile app or online banking platform. They can deposit and withdraw money, monitor their spending, and view their account history with just a few taps or clicks. The app also offers clients tips and insights on how to save more and achieve their financial goals.

In conclusion, the Purely Index Money Market account is a top option for anyone looking to grow their savings while earning competitive interest rates. The account is flexible, secure, and easy to manage, making it a great choice for both novice and experienced savers. With BankPurely’s dedication to simplifying banking, clients can feel confident that they are making the right choice for their financial future. If you’re interested in reading more or want to open an account, go to BankPurely’s website:

Author: Brian McKay
February 5th, 2023

PNC Bank’s High Yield Savings account offers an attractive interest rate for those looking to grow their savings. The current savings account rate at PNC Bank is 4.00 percent APY. This savings account can be a great option for those who are working towards a specific savings goal and want to maximize their interest earnings.

PNC Savings Account Benefits

  • $0 Minimum to open
  • No monthly service charge or minimum balance requirement
  • Unlimited deposits and transfers into the account
  • FDIC insured to the maximum permitted by law

Open a PNC Savings Account

PNC Bank Savings Account Review

PNC Bank offers a variety of savings options for their customers, including traditional savings accounts, money market accounts, and certificates of deposit (CDs). Their savings accounts offer competitive interest rates and are FDIC-insured, providing peace of mind for customers.

One standout feature of PNC Bank’s savings options is the ability to easily manage accounts online or through their mobile app. You can track their balances, monitor account activity, and make transfers from the comfort of their own homes. Additionally, PNC Bank offers a variety of savings tools and resources, including savings calculators, goal setting tools, and savings tips.

In terms of interest rates, PNC Bank offers competitive rates for their traditional savings and money market accounts, with higher rates for their CDs. You can choose from a variety of CD terms. You can search for the best savings rates and CD rates online to compare rates with PNC Bank’s rates.

Overall, PNC Bank provides competitive interest rates, user-friendly technology, and variety of savings tools make them a great choice for those looking to grow their savings. The added convenience of FDIC insurance provides peace of mind for customers and makes PNC Bank a safe and secure place to save money. You can open a savings account on PNC Bank’s website at: High Yield Savings Account | 4.00% Annual Percentage Yield APY | PNC

Author: Brian McKay
February 2nd, 2023

Bask Bank savings rates are very competitive right now, in fact the current savings rate at Bask Bank is 4.15% APY. That savings rate is more than 12 times the national average savings rate. Besides the 4.15% rate on the Bask Interest Savings Account, the bank also offers their Bask Mileage Savings Account which earns AAdvantage miles with American Airlines.

Benefits of a Savings Account

One of the key benefits of a savings account is the ability to earn interest on your deposited funds. Bask Bank offers competitive interest rates on their savings account. In addition to earning interest, savings accounts in general also offer the benefit of liquidity. This means that account holders can easily access their funds through various withdrawal methods such as ATMs, online banking and check writing. Bask Bank also provides free online banking, mobile banking and text banking to allow you easy access to your savings account.

Another benefit of a savings account is the ability to save money for specific goals, such as a down payment on a home or a vacation. Bask Bank’s savings account options help customers achieve their savings goals.

When opening a savings account with Bask Bank, customers must meet certain qualifications and agree to the bank’s terms of service. These may include a minimum deposit requirement, minimum balance requirements, and fees for certain transactions. It’s important to review these terms and conditions carefully and understand any potential fees associated with the account.

Bask Bank FAQ

Bask Bank also provides an FAQ section on their website that can help answer common questions about savings accounts. These include questions about savings rates, account fees, and account types. Customers can also contact Bask Bank customer service for additional assistance.

In conclusion, a savings account is a great option for individuals looking to save money and earn interest on their deposited funds. Bask Bank offers competitive savings rates, a range of account options, and helpful resources to assist customers in achieving their savings goals. Be sure to review the terms and conditions and familiarize yourself with any potential fees associated with the account before opening one.

Author: Brian McKay
January 23rd, 2023

When it comes to finding the highest online savings account rates, there are a few key steps to take in order to ensure that you are getting the best deal possible.

First, it is important to research the different online banks that offer savings accounts. This can be done by visiting the websites of these banks and comparing the interest rates they offer. Some online banks, such as Ally and Capital One 360, are known for offering higher interest rates than traditional brick-and-mortar banks.

Another factor to consider when searching for the highest online savings account rates is to look at the terms and conditions of the account. Some online banks may offer higher interest rates, but they may also have more restrictive withdrawal policies or require a higher minimum balance. It is important to understand these terms and conditions before committing to an account.

Once you have narrowed down your options to a few banks, you can also check out customer reviews and ratings of these banks. This can provide valuable insight into the experiences of other customers and can help you make an informed decision about which bank to choose.

Another way to find the highest online savings account rates is to look for special promotions or bonuses that may be offered by online banks. These promotions can include higher interest rates for a limited time, or cash bonuses for opening a new account.

Another valuable tool for finding the highest online savings account rates is to use savings rate aggregator websites. These websites collect information on the interest rates offered by different online banks and present them in an easy-to-compare format. This can save a lot of time and effort compared to visiting each bank’s website individually.

Some popular savings rate aggregator websites include Bankrate and MonitorBankRates. They can provide you with the current and historical interest rate information, bank’s rating, and customer reviews. These websites are great resources for comparing the interest rates offered by different online banks, and can help you find the best deal for your savings.

Lastly, it’s important to regularly check and compare the interest rate with other banks and move your account if you find a better rate. As interest rate fluctuates, you may find a better rate somewhere else.

In conclusion, finding the highest online savings account rates requires research, comparison, and attention to detail. By taking the time to research different online banks, understand the terms and conditions of the account, read customer reviews and look for special promotions, you can increase your chances of finding the best deal for your savings.

Author: Brian McKay
January 22nd, 2023

When it comes to finding the best savings rates, the internet can be a great resource. With the power of the internet, you can easily compare savings rates from a variety of financial institutions, without having to leave your home. In this article, we will show you how to find the best savings rates online and make sure you are getting the most out of your savings.

The first step in finding the best savings rates online is to research different financial institutions. This can include traditional banks, online banks, and credit unions. Each institution will have their own savings account options and interest rates, so it’s important to compare the rates offered by each one. A good place to start is to visit the websites of the institutions you are interested in and look for the rate of their savings accounts.

One useful tool for finding the best savings rates online is using comparison websites. These websites allow you to compare rates from multiple institutions at once, making it easy to see which institution is offering the best rate. This can save you a lot of time and effort, as you don’t have to visit multiple websites to compare rates. Websites such as Bankrate, Deposit Accounts and Nerd wallet are great resources for comparing rates, fees, and term of savings accounts.

Another factor to consider when looking for the best savings rates is the type of savings account. Different types of savings accounts, such as high-yield savings accounts, money market accounts, and certificate of deposit accounts, offer different interest rates. It’s important to understand the differences between these types of accounts and choose the one that best fits your needs.

Additionally, it is important to read the fine print, especially when it comes to online savings accounts. Some online savings accounts have higher rates but have certain requirements such as minimum deposit, balance or a certain number of transactions. Make sure you understand all the terms and conditions before opening an account.

In conclusion, finding the best savings rates online is a great way to make sure you are getting the most out of your savings. By researching different financial institutions, using comparison websites, and understanding the different types of savings accounts, you can find the best rate for your needs. With the power of the internet, you can easily compare rates, fees, and terms from the comfort of your home, and make a more informed decision about where to save your money.

Author: Brian McKay
January 21st, 2023

Apple Bank savings rates on the bank’s online savings account is really competitive right now. Savings rates at Apple are at 1.64 percent with a 1.65 percent annual percentage yield. Apple savings rate is almost 10 times the FDIC national average rate of .17 percent. Besides having of the higher savings rates around, there is no minimum balance to open an account.

Apple Savings Rates

Apple Best Savings Rates

  • Savings Rate 1.65%

Having a rate almost 10 times the national average rate makes Apple Savings Rates of the best deals around. Plus, with interest rates moving higher, Apple will probably increase rates as well.

Apple Online Savings Account Summary

  • 1.65% savings rate on entire balance
  • No minimum deposit
  • You must fund your account within 30 days of opening
  • Mobile check deposit
  • Access your account online
  • FDIC insured

Apple Bank Savings Account Conclusion

The savings account rate at Apple Bank is very competitive but not the best savings rate available these days. Opening an account is easy and can be done online is less than 5 minutes. Unfortunately, this savings rate is available nationwide, you have to be a resident of either New York or New Jersey.

If you are looking for a savings rate higher than 1.65%, you can find rates right now as high as 3.25 percent by search our rate table at

Author: Brian McKay
October 14th, 2022

Updated: Marcus’ savings rate on the bank’s online savings account has hit a new high of 2.20% 2.50% APY thanks to an additional 1.00% referral bonus. Marcus just increased their savings rate, right before the Federal Reserve is expected to increase the fed funds rate by 75 basis points. This new savings rate at Marcus is now the best savings rate on our rate table.

Marcus Rates

Marcus Bank Best Savings Rate

  • Macus Savings Rate 2.20% APY

Marcus Bank Savings Account Summary

Besides having one of the best savings rates around, the online savings account at Marcus also has no minimum balance and no account fees. The account also has same day transfers from other banks, which means you can credit for a deposit the same day you make the transaction, up to $100k.

Author: Brian McKay
July 26th, 2022

CIT Bank savings rates on the bank’s savings account is on the higher end of savings rates currently available. The savings rates at CIT Bank are at 1.34 percent with a 1.35 percent annual percentage yield. CIT Bank’s savings rate is more than 16x the FDIC national average rate, plus you earn interest with a minimum of $100 balance.

CIT Bank Best Savings Rates

  • Savings Rate 1.35% APY

In addition to being 16 x the national average rate, CIT Bank savings rates are also better than most other online rates available.

CIT Bank Savings Account Summary

  • No minimum opening deposit
  • No monthly maintenance fees
  • Interest is compounded daily and paid monthly
  • Interest earned with $100 daily collected balance
  • Six preauthorized withdrawals/transfers permitted per calendar month
Author: Brian McKay
July 4th, 2022

UFB Direct Savings Rate is one of the best savings rates currently available from any online bank. The current savings rate at UFB Direct is at 1.65 percent with an APY of 1.66 percent. There is no minimum opening deposit to earn this high savings rate and yield.

UFB Direct Savings Account Summary

  • Account APY – 1.66%
  • No service fees
  • No maintenance fees
  • No minimum deposit
  • Free transfers between direct deposit accounts
  • Mobile deposit
  • SMS banking
  • Online banking

UFB Direct Best Savings Rate

The current savings rate from UFB Direct is more than twenty times the FDIC national average savings rate of 0.08 percent. UFB is a branchless bank, they only have an online presence, which allows the bank to offer higher savings rates than traditional brick and mortar banks.


UFB Direct is the online banking division of Axos Bank, all deposits are backed by the FDIC under Axos Bank’s FDIC Certificate 35546. Again, this online savings rate from UFB is one of the best rates available, you can compare this rate with other rates by using our rate list at

Author: Brian McKay
July 3rd, 2022

Marcus Bank savings rates on the bank’s online savings account is one of the best savings rates available right now. Current savings rates at Marcus Bank are at 1.19 percent with a 1.20 percent annual percentage yield. Marcus’ savings rate is four times the national average rate plus there is no minimum opening deposit.

Marcus Bank Best Savings Rates

  • Online Savings Rate – 1.20% APY

Besides being four times, the national average rate reported by Informars, Marcus Bank savings rates are also fifteen times the FDIC national average savings rate of 0.08 percent.

Marcus Bank Savings Account Summary

There are no fees with the Marcus high yield online savings account, there are same-day transfers from other banks when you transfer $100,000 or less. Customer service is available 24 hours a day, 7 days a week.

Author: Brian McKay
July 2nd, 2022