GOBankingRate recently reviewed over 120 financial institutions to create a top-ten list of the best savings accounts for 2015. The banks on the list are ranked according to their minimum deposit to open, minimum deposit to avoid a fee, monthly service fees, and the annual percentage yield (APY).
GE Capital Bank Online Savings and MySavingsDirect MySavings Account are tied at the top of the list: both have low fees (including no monthly maintenance fees) and offer the highest APY at 1.05%. In other words, if you deposited $100 into either savings account and had no further contributions, you would gain $1.05 in interest after a year. This might not seem like much, but to put things in perspective: the average savings account APY is 0.17%, which would net only $0.17 in interest on a $100 deposit.
You can see the rest of GOBankingRate’s top-ten savings accounts list here.
With savings account interest rates so low, you may want to consider investing to reach your financial goals. If you’re new to investing, start by asking yourself these investment questions to help you learn who you are as an investor and identify your investment needs. If you have questions of your own that you would like to ask us, feel free to leave us a comment below, or send us a message.