Emergency funds don’t get enough credit. They’re useful to literally everyone and protect you from falling into debt when “life happens”. Think: blown transmission, a surprise vet bill or even losing a job. Experts recommend having 3-6 months of living expenses in your fund. To start building your savings, we created this shortlist of standout picks from our partners. And with competitive APYs, rock-bottom fees and more, these savings accounts offer something for everyone. Check out the offers, from our partners, and start earning interest today.
at Citizens Access,
With $5000 minimum balance
at Goldman Sachs Bank USA,
With $0 minimum balance
at American Express National Bank,
With $1 minimum balance
The two most important factors for virtually every bank-shopper are APYs and maintenance fees (since they have the biggest impact on your bottom line). And, as it happens, online banks are offering massive APYs — as much as 20x the average APY* — plus, they also offer rock-bottom maintenance fees.
*20x more interest based on the national average annual percentage yield ("APY") of 0.09% (as reported by the Federal Deposit Insurance Corporation as of January 21, 2019) as compared to online banks with interest-bearing savings account APYs of 2.20% or more. Estimated annual earnings result assumes principal and interest remain on deposit for one year and interest rates and APY do not change. Estimated annual earnings are for informational purposes only. Interest rates and APY are subject to change and specific results cannot be guaranteed.
1 The national average annual percentage yield ("APY") is listed as 0.09% as reported by the Federal Deposit Insurance Corporation as of February 4, 2019.
EXAMPLE OF POTENTIAL SAVINGS
To earn $321 in interest, we assumed a $5,000 balance maintained for three years and a 2.20% APY compounding annually. This is a massive increase from the average savings account APY which is only 0.09% APY.
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