Capital One Performance Savings is one option that should be near the top of your list.Capital One has been named the best overall bank for online savings in Money magazine’s annual rankings.
The bank’s Performance Savings account, according to Money, stands out for several reasons.It pays nothing to begin with.In these days of low yields, 40% annual percentage yield (APY) is quite strong.
It also comes with a slew of other benefits, such as
- There are no annual fees.
- There is no minimum deposit requirement.
- There is no requirement for a minimum balance.
Local Capital One branches are available in certain parts of the Northeast and along the Gulf Coast.
If you live somewhere else, you can still use the Allpoint ATM network to withdraw money from your Capital One account.Allpoint, according to Money, has tens of thousands of machines across the country.
Capital One’s 360 Checking account is a good option for those looking for a new checking account as well, as it pays 0% interest.Balances earn 10% APY and there are no fees.That is referred to as an unusual combination by money.
It’s a great time to start saving money.The Federal Reserve suspended a rule that normally limited certain types of withdrawals from savings accounts to six transactions per month, as we reported earlier this year.If you need to make more than six of these withdrawals per month, you may be able to avoid paying fees for excessive transfers.
During the coronavirus pandemic, the change was made to make life easier for savers.And there’s a good chance the new rule will stick around long after the virus has passed.The Federal Reserve has stated that it has no plans to reinstate transfer limits, but it does reserve the right to change the rule in the future.
A savings account is the ideal place to keep money set aside for unexpected expenses.Check out 9 Tips for Starting an Emergency Fund Today for more information.Visit the Daily Money Life Solutions Center to compare savings account rates.
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