What’s Your Favorite Savings Account?

By on Oct 11, 2013 | Personal Finance | 6 comments

What’s Your Favorite Savings Account?

If you live in a developed country, it’s pretty difficult to go your whole life without having at least one savings account. Along with your checking, it is probably one of the first financial accounts you ever opened (or maybe your parents set it up for you). With so many banks around, how do you pick the best savings account?

The Best Savings Accounts for 2013

I’ve just launched a new resource page dedicated to helping you pick the best savings account for your needs. Along with a list of high yield savings and money market accounts with the best interest rates, I put together a list of things to consider when shopping for your perfect account.

Click here to visit this page and see how your current savings account stacks up against the competition.

What Bank Do You Use?

Right now, I’m using Ally Bank for my emergency and savings funds. My main criteria is a high interest rate, and Ally has been one of the best ones in this regard (currently offering 0.84% APY). I’ve never had any issues with them and the couple of times I had to contact their customer support, the service has been great. And just in case you’re curious, I use HSBC Bank for my day-to-day checking needs.

But I want to know about your experiences. What bank do you use for your savings account(s)? How long have you used it for? What’s so great about it? Would you recommend it to others?

Share your thoughts in the comments below!


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6 Comments on “What’s Your Favorite Savings Account?”

  1. Krantcents

    I was always a saver. I set up a credit union savings account about 40 years ago. I used to direct deposit money into the account for my annual expenses.

    • Anton Ivanov

      Out of curiosity, was that when you had a lot of passive and self-employment income? I know you owned a lot of real estate (not sure if you still do).

  2. Bryce @ Save and Conquer

    We have our emergency fund with Ally in the form of 12 5-year CDs that each contain more than enough for a month’s worth of expenses. The average interest rate on the CDs is 2% (current rate for a new 5-year CD at Ally is 1.5%.). We also have some short term savings at what used to be ING. Current interest rate is 0.75%. I am just holding year-end money there to use to make the maximum I-Bond purchase ($10k per person) early next year.

    • Anton Ivanov

      Sounds like you guys got it all setup how you like it :) I’ve considered doing a layered CD approach similar to what you have with my emergency and savings funds, but decided I feel more comfortable if that money being in a simple savings account instead.

  3. The College Investor

    I’ve been lazy when it comes to finding the best account for my savings. I’ve kept it at USAA for convenience. Now that there are some more competitive rates out there, I really should shop around.

    • Anton Ivanov

      I was the same way for a while (just used the savings that my regular bank offered), but then I realized I’m missing out a few hundred dollars each year.

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