Savings accounts

Do you want to know what savings accounts are, what they are for and which are the best? Alfredo Barandiarán analyzes for Responsible Economy all the information you need to know about savings accounts. Welcome!

What are savings accounts?

Savings accounts are a type of bank account offered by banks that are primarily used to save money. The money you have in the savings account is remunerated with annual returns. With savings accounts we can carry out fewer operations than with checking accounts because the only function is to save money.

What are savings accounts used for?

As we have already mentioned, savings accounts are only for saving. In these accounts we cannot withdraw money from ATMs, make transfers to other banks as well as many other operations.

What interest can we get?

Each bank offers different interests. You have to see the offers of each bank and choose the one that offers you the most returns. Currently there are many banks that offer interest rates higher than 3% APY.

Video with the best savings accounts

Here you a have a video with the best savings accounts in 2023:

Best savings accounts in 2023

Best banks to open savings accounts in 2023

Here are the best banks to open savings accounts:

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Requirements

The requirements that we must meet are very simple:

  • Live in the United States
  • Must be over 18 years old
  • Have a Social Security
  • Have an American number

Differences with CDs

CDs are a financial instrument that also serves to save. The difference between savings accounts and CDs is that if you withdraw money from a CD before the established term you will have a penalty, however, in savings accounts you can withdraw the money whenever you want.

Returns

Now we are going to give an example of how much money we can earn with a savings account. Suppose we have 100,000 with a yield of 4% APY. In the first year we are earning $4,000.

Frequent questions

Now we answer all the questions you may have about savings accounts:

Finally, here you have related posts about savings:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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