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Best savings account for Americans 2023

Few questions that comes in mind while choosing the best savings account

  1. How much the bank pays APY/interest annually? 
  2. How is good is the customer service?
  3. what is the minimum balance need to maintain?
  4. Does the bank provides checking account?
  5. Does the bank has mobile application?

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There are 5,125 small and big banks and credit unions in US who offer Savings Account to Americans. Of course such a huge number of banks might confuse you. You must be thinking about APY (Annual Percentage Yield), number of branches,  number of ATMs, customer services, etc.. It's almost impossible to compare all the banks with all the KPIs. Who does not want his/her money to increase over time but then if you get the best APY/interest rate you may be loosing something else like customer service. Let's say Chase bank pays $150 as joining bonus but you need to maintain $10k in your savings account and there is a fee of $5 every month. Same goes for Marcus by Goldman Sachs, they pays you 1.7% APY by maintaining minimum $1 but then they don't provide checking account. In short, every bank has pros and cons. To make sure you get the best savings account we have done R&D of 300 hours keeping in mind the customers satisfaction. We have compared 20 factors and using permutation and combination come to following conclusions.

Best savings account for Americans 2020 

 

American Express is standing at number 1 with high APY and best customer service.

Pros - APY : 1.6% | FDIC Insured : Yes | Minimum Balance : $0 | Annual Charges : $0

Cons - Mobile App : No | Checking Account : No | monthly Withdrawals Limit : 6 

With such a great interest rate your money will grow for sure over time. There is no risk of any fees for not maintaining minimum deposits or balance. This bank is a great option for savings account, however, you need to transfer your money to some other checking account which has an ATM card to take out cash. And you must plan all your financial needs in advance as there is limit of numbers of withdrawals. In brief, this savings account is reliable and profitable for everyone irrespective of how much you are going to deposit as you don't have to worry about any financial charges.

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Discover BankDiscover bank is standing at number 2 with high APY, $200 bonus, checking account and no   financial charges or fees.

 Pros - APY : 1.6% | Checking Account : Yes | Minimum Balance : $0 | Annual Charges : $0

 Cons - Physical Branch : 1  | Cash Deposit from Outside : No | monthly Withdrawals Limit : 6 ($15 fee applicable from 7th withdrawal per month)

 This bank is for anyone and everyone be it student, housewife, senior citizen or professionals,   there is no any hidden charge or fees to maintain the savings account. As this bank provides checking as well it's much comfortable to link both the accounts. Discover is one of the reputed banks in the United States and with such a service for savings account, it has stolen hearts of Americans in the banking sector. 

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Ally BankAt number 3 it is Ally Bank with high APY, mobile app, no minimum deposits and great customer service.

Pros - APY : 1.6% | Mobile App : Yes | Minimum Balance : $0 | Customer Service : Yes

 Cons - Physical Branch : No  | Cash Deposit from Outside : No | Monthly Withdrawals Limit : 6 ($10 fee applicable sixth transfer)

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Marcus by Goldman SachsNumber 4 is occupied by Marcus Bank by Goldman Sachs with high APY, mobile app, $1 minimum deposits and no financial charges.

Pros - APY : 1.7% | Minimum Balance : $1 | Brand Value : High

 Cons - Physical Branch : No  | Mobile App : No | Checking Account : No | Mobile App : No

 

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Barclays BankBarclays is at number 5 with high APY, no minimum deposits and great customer service.

Pros - APY : 1.65% | Minimum Balance : $0 | Customer Service : Yes

 Cons - Physical Branch : No  | Cash Deposit : No | Checking Account : No

 

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Synchrony BankSynchrony Bank deserves number 6 with high APY, no minimum deposits and part of 2 million ATM network in U.S.

Pros - APY : 1.75% | Minimum Balance : $0 | Customer Service : Yes | ATM Network Included: Yes

 Cons - Physical Branch : 1  | Checking Account : No | Cash Deposit : No

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Dollars Savings DirectDollars Savings Direct is at number 7 with very high APY, no minimum monthly deposits and great customer service.

Pros - APY : 1.8% | Minimum Balance : $0 | Customer Service : Yes

 Cons - Physical Branch : No  | Mobile App : No | Cash Deposit : No | ATM Access : No

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Capital OneAt number 8 Capital One Bank is shining with moderate APY, ATM access, no minimum deposits and great customer service.

Pros - APY : 1% | ATM : Yes | Minimum Balance : $0 | Customer Service : Yes | Access to Minors Account : Yes | Mobile App : Yes

 Cons - Physical Branch : Few | Overdraft Charges : $35 

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Alliant BankAlliant is positioned at number 9 with high APY, physical branches, no minimum deposits and great customer service.

Pros - APY : 1.5% | Mobile App : Yes | Minimum Balance : $0 | Customer Service : Yes

 Cons - Overdraft Charges : $25 

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Cit BankCiT Bank is at number 10 with high APY and no monthly fee.

Pros - APY : 1.6% | Mobile App : Yes | Minimum Balance : $0 | Customer Service : Yes

 Cons - Physical Branch : No  | Checking Account : No | Minimum Deposit : $100

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About the Author
Paul William
Author: Paul William
I am an American Economist (Ph.D. MIT). Over 1981-88, I was an Assistant Professor of Economics at the City University of New York. I have also assisted the Republic Government of USA I have worked in several countries in Europe and Africa as a consultant. I have also been a consultant for a variety of U.S. agencies. These include the D.C. Public Service Commission, the D.C. Department of Energy and Wind and Solar Energy California.

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