Best Savings Accounts of 2020

best savings accounts

Whether you’re saving for something in particular or you just want a nest egg for a rainy day, a savings account is a great place to start.

When you’re saving, interest is everything. If you choose an account that offers a high-interest rate, your savings will grow quicker – which is something I’m sure any saver would find appealing. 

There are many savings accounts out there that are okay – but you should be looking for an account that has it all – a good interest rate, online services, and even bonuses!

There’s a savings account for you out there – keep reading to hear more about some of the best savings accounts in 2020 – including a list of their pros and cons. For a more in-depth look at savings accounts, you can head on over to crediful.com or click here for more information.

CHIME

Pros

  • Over 38,000 ATMs free to use
  • Convenient mobile app full of features
  • ZERO monthly maintenance fees
  • Generous 1.0% interest rate
  • Great saving tools

Cons

  • No physical locations

If you’re looking for a convenient online-only savings account, then CHIME may be the perfect choice. The useful mobile app enables you to do everything you need – transfer money, automatic savings, deposit checks, check balances – it has it all. 

Any banking that you can’t do online can be done at a Green Dot location – including cash deposits. There are also over 38,000 MoneyPass and Visa Plus Alliance ATMs you can use for free, which is great for mini statements and checking your balance. Other ATMs are usable, but you’ll be charged $2.50 per transaction. 

There’s a useful tool that helps you save – it rounds any purchase up to the nearest dollar and deposits the remainder into your savings account. This essentially means you can save with zero effort – the pennies add up without you even noticing they’re gone. Thanks to the convenient saving tools and the 1.0% interest rate, your savings will surely grow over time. 

Synchrony

Pros

  • Competitive 2.5% interest rate
  • No minimum daily balance requirements
  • ATM cost reimbursements 
  • No monthly maintenance fees 

Cons

  • Only has one physical location (New Jersey)

Synchrony doesn’t offer checking accounts and only has one physical location in New Jersey – which makes it an ideal account if you’re wanting to keep your funds somewhere without being tempted to withdraw all the time. 

The interest rate is a competitive 2.5%, which is higher than most savings accounts. There are no minimum daily balance requirements, which means you can start your savings journey with a small balance. You won’t need to worry about monthly maintenance fees either – so your savings can keep growing without getting hit by monthly charges. 

Synchrony also has a great perks program, including ATM fee reimbursements and travel discounts. 

Marcus by Goldman Sachs

Pros

  • Excellent customer service 
  • No minimum deposit 
  • Zero hidden fees and charges 
  • Generous 2.25% interest rate 
  • Access to other Goldman Sachs financial facilities 

Cons

  • No physical locations 

Generally, most high-interest savings accounts come with high starting balances and monthly fees – but this isn’t the case with Marcus by Goldman Sachs. 

With this savings account, you can start your savings journey from the very beginning – instead of needing a lump sum to get started. 

The 2.25% interest rate is notably higher than most others, and there won’t be any monthly charges digging into your savings – so you’re sure to save more with Marcus by Goldman Sachs.

Their customer service team is excellent and available seven days a week. Although there aren’t any physical branches, you can do pretty much everything you need online. You can also link to other bank accounts, making it quick and easy to send money out and receive it. 

Once you’re a customer, you’ll have access to other Goldman Sachs facilities, including their personal loans!

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Ally

Pros

  • Zero monthly maintenance fees 
  • Quick and easy Ally eCheck Deposit 
  • Perfect for big and small savers 
  • 2.20% interest rate
  • Great online facilities 

Cons

  • Charges for overdraft, outgoing wire transfer, and returned deposit items

Whether you’re starting your savings journey with thousands of dollars or with one dollar, you can start earning from the get-go and take advantage of the 2.20% interest rate.

You won’t have to worry about maintenance fees digging into your balance either – but you may get charged $25 for being overdrawn. You can also incur charges by having a returned deposit item ($7.50), and for outgoing wire transfers ($20). 

The mobile app is easy to use, and you can pretty much do everything you need on it. You can deposit checks quickly and easily with the Ally eCheck Deposit – all you need to do is take a picture from your phone, then mail the paper copy. It’s a quick process, and the funds will be accessible in no time.

You also get free incoming wire transfers (including international transfers), free deposit envelopes with pre-paid postage, and free ACH transfers to any other bank accounts.

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