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Best Savings Rates for June 2023

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.


When it comes to growing your savings, Larual Bank's High Yield Savings Account stands out from the crowd. With an impressive savings rate of 4.80%, this account offers a secure and rewarding way to make your money work harder for you. Alongside this attractive rate, Larual Bank provides a range of exclusive benefits and features tailored to maximize your savings potential.

The Larual Bank High Yield Savings Account boasts an exceptional savings rate of 4.80%. This rate outperforms many traditional savings accounts and is one of the best savings rates available right now. ensuring that your savings grow rapidly over time. By earning a higher return on your savings, you can accelerate your progress toward your financial goals.

Most regional or local banks are offering savings rates much lower than Laural Bank's savings rate, chances are you have a savings account at one of these banks earning next to nothing because the rate is so low. Here is an example of how much internet you can earn, if you deposit $25,000 into an account earning 4.80%, you would earn $1,229 of internet in one year. That same $25,000 deposited in an account with an interest rate of 0.5% would earn just $125 in one year.

Laural Bank Savings Account Rates, Exclusive Benefits and Features

  • No Monthly Fees: Unlike some banks that charge monthly fees for maintaining a savings account, Larual Bank's High Yield Savings Account has no such fees. This means that you can save without worrying about any hidden costs diminishing your hard-earned money. Every dollar you deposit contributes to the growth of your savings balance.
  • FDIC Insurance: Larual Bank is a member of the Federal Deposit Insurance Corporation (FDIC), providing customers with peace of mind. Your High Yield Savings Account is insured up to the maximum limit allowed by law. This insurance protects your savings against bank failures or unforeseen events, ensuring that your money is safe and secure.
  • Easy Online Account Management: Larual Bank offers a user-friendly online banking platform, allowing you to manage your High Yield Savings Account with convenience and ease. With a few clicks, you can access your account, check your balance, track your transactions, and set up automatic transfers. This digital accessibility makes it simple to stay on top of your savings and manage your finances efficiently.
  • No Minimum Balance Requirement: Larual Bank understands that every saver is unique, and financial circumstances vary. That's why the High Yield Savings Account has no minimum balance requirement. Whether you're starting with a small deposit or have a substantial sum to invest, this account caters to savers of all levels.
  • Mobile Banking App: To ensure seamless access to your savings account, Larual Bank provides a mobile banking app. Available for both iOS and Android devices, this app allows you to manage your savings on the go. You can view your account, deposit checks, transfer funds, and receive real-time notifications, all from the palm of your hand.
  • To sum up, the Larual Bank High Yield Savings Account offers a standout savings rate of 4.80% and a host of exclusive benefits designed to maximize your savings potential. With no monthly fees, FDIC insurance, and convenient online and mobile banking, Larual Bank ensures that your money is safe, accessible, and working hard for you. Start earning 4.80% on your savings with Larual Bank today.

    Author: Brian McKay
    May 28th, 2023

    Open a PNC Bank High Yield Savings account today and take advantage of the attractive interest rate of 4.50 percent APY to grow your savings. Whether you have a specific savings goal in mind or simply want to maximize your interest earnings, this savings account is the perfect option for you.

    With PNC Bank, you'll enjoy a range of benefits that make saving easier than ever. There's no minimum amount required to open the account, and you won't have to worry about monthly service charges or maintaining a minimum balance. You can make unlimited deposits and transfers into your account, giving you the flexibility you need to save on your own terms. Plus, rest easy knowing that your funds are FDIC insured to the maximum permitted by law, providing you with peace of mind.

    But that's not all. PNC Bank offers a comprehensive suite of savings options to cater to your individual needs. Whether you prefer a traditional savings account, a money market account, or even certificates of deposit (CDs) with higher rates, PNC Bank has you covered. Their competitive savings rates, CD rates and money market rates ensure that your money works harder for you, helping you reach your financial goals faster.

    Managing your savings has never been more convenient. PNC Bank's user-friendly online platform and mobile app allow you to easily track your balances, monitor account activity, and make transfers from the comfort of your own home. They also provide a range of useful tools and resources, including savings calculators, goal setting tools, and expert savings tips, to support you on your saving journey.

    When it comes to finding the best rates, PNC Bank stands out among the competition. You can compare their rates with others online to see how they stack up, and you'll find that their competitive rates make them a top choice for savvy savers.

    Don't miss out on the opportunity to grow your savings with PNC Bank. Open a High Yield Savings account today and start enjoying the benefits of competitive interest rates, easy account management, and the security of FDIC insurance. Visit PNC Bank's website now to open your account and take advantage of the 4.50 percent APY:

    Author: Brian McKay
    May 14th, 2023