Best bank accounts to build wealth

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If you’re looking to build wealth in a savings account, you’re usually out of luck. The national average rate paid on savings accounts is just 0.04%, and many large traditional banks offer a meager 0.01% APY on savings balances. But there are plenty of banks – mostly online – that offer 10 times the national average savings rate, or even more. Those that also offer accounts with no monthly maintenance fees, no overdraft fees, and no ATM fees are even more attractive when it comes to building wealth. Here are five of the best options for generating real income from your savings account balances.

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Sallie Mae Bank

Sallie Mae Bank’s SmartyPig account is something of a one trick pony, but what it does, it does well. The bank offers the highest APY savings rate among major banks on its SmartyPig account, at a whopping 0.70%. This 0.70% APY is applicable on balances from $0.01 to $10,000, falling to a still impressive 0.45% on amounts over $10,000. The SmartyPig account is also free. However, there is no debit card access. You can use the SmartyPig account to set up different savings goals, recurring contributions, and fund transfers to other accounts. You will also receive a $10 reward if you refer someone else who also opens a SmartyPig account. At an APY of 0.70%, you can earn $70 per year on a deposit of $10,000.

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Monifi is an app that offers a unique blend of goal-oriented banking focused checking and savings accounts. For your daily expenses, you will keep money in the “expenses” part of the account, but for goal-based savings, your money is transferred to the “savings” part of the account. Money in the “save” part of Monifi currently earns an extraordinary 0.60% APY. The money is FDIC insured and there is no minimum balance or monthly maintenance fee attached to either part of the Monifi account. ATM withdrawals are free at all ATMs in the Allpoint network.

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Alliant Credit Union

Alliant Credit Union requires membership, but the $5 is set up by Alliant itself, so membership costs customers nothing. Even though there was a cost, membership is very valuable. The Alliant High-Rate Savings account does not charge monthly maintenance fees (if you select electronic statements) or overdraft fees, and it pays a hefty APY of 0.50%. This rate is paid on all balances with no limit, so those with a large amount of money to deposit can earn serious interest on an FDIC-insured account. If you do not choose to open the companion current account, you will receive an ATM card. However, it’s usually a good idea to also open the current account, as it also has no fees and pays a hefty APY of 0.25%. Users have access to more than 80,000 ATMs at no surcharge, and up to $20 in out-of-network ATM fees are also reimbursed monthly.

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Quantum Bank

If you are looking for a high savings rate from a fully online bank, Quontic Bank is definitely a contender. Paying a rich 0.55% APY, the Quontic Bank High Yield Savings Account has no monthly service fees and a minimum opening deposit requirement of $100. Interest is compounded daily and credited monthly. In addition to a high yield, the savings account offers remote check deposit, collection tracking and bill payment services. Importantly, the FDIC-insured account also has no overdraft fees. The bank also offers a high-interest checking account that can pay an APY of up to 1.01% on balances up to $150,000 with eligible debit card transactions.

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Comenity Direct Bank

Comenity Direct Bank is offering a high APY of 0.55% on balances up to $1 million per account, or $10 million per customer, in its High Yield Savings Account. Although there is a small minimum of $100 to open the account, there are no fees on the FDIC-insured account. Interest is compounded daily and credited monthly. The account also offers free ACH transfers, free statements, and free incoming wire transfers. An account with $1 million on deposit could earn $5,500 a year, compared to the $400 you would earn each year at the national average savings rate of 0.04%.

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About the Author

After earning a BA in English with a business major from UCLA, John Csiszar worked in the financial services industry as a Registered Representative for 18 years. Along the way, Csiszar earned the Chartered Financial Planner and Registered Investment Advisor designations, in addition to being licensed as a life insurance agent, while simultaneously working for a major distribution house. of Wall Street and for his own investment consulting firm. During his tenure as an advisor, Csiszar managed over $100 million in client assets while providing personalized investment plans to hundreds of clients.