Thinking about saving for a rainy day? Or wondering how to grow your wealth? You can create a savings account as it will give you a modest amount of interest regularly. Your money will grow, and you be able to access funds readily. You cannot cash in a bond or withdraw from a retirement account too easily, and at such times, the money from a savings account acts a good liquid investment that you can use for any emergency.

Savings accounts do not come with checks. Additionally, there are limits on the number of transactions and withdrawals that you can make on the account each month. So, you cannot spend this money easily, ensuring steady growth of your savings. While looking for a savings account, check the APY (annual percentage yield) and whether there are any additional fees or minimum balance required. Open a savings account only after verifying all these factors.

• Marcus by Goldman Sachs Bank: Marcus, the online bank of Goldman Sachs offers one of the best savings accounts in the market. It offers a high APY of nearly 2.25%. You only need $1 to start earning interest from your Marcus savings account. Also, no minimum deposit is required to open the account. There are no transaction fees involved either. Since there are no ATM networks or checking account facility with this bank, you will require an external account if you want to transfer money. Due to its limited branch network, you can only access your account through the bank’s website or the phone.
• Barclays Online Savings: It is one of the top choices when it comes to high yielding savings accounts. The APY offered by Barclay’s savings account is nearly 2.20%. Their interest rates are known to be on the higher side of the market. Another advantage of opening a savings account with this bank is a low fee for non-sufficient funds. While most banks charge around $30 or more, Barclays only charges $5 for low funds in the account. While you need to pay a minimum balance to open the account, you don’t have to pay any monthly maintenance fees. Although they do not have many branches or an extensive network of ATMs, you can make direct deposits or transfer money to and from other banks online. So, if you are looking for a hands-off approach to savings, go for a Barclays savings account.
• Discover Bank: When you create a savings account at Discover Bank, you are eligible for an APY of approximately 2.10%. If you are opening a savings account for the first time with Discover, you will get a bonus of $150 to $200. To get this bonus, it is mandatory to deposit at least $15,000 or $25,000 in the account. Additionally, you also get 1% cash back when you open a checking account with Discover. They have no monthly maintenance fees. Although the bank only has one branch, it has an extensive network of ATMs for convenient banking.
• American Express National Bank: This bank offers more than just credit cards. With an APY of about 2.10% on their savings account, American Express offers competitive interest rates to their customers. There are no monthly fees involved, and no minimum balance is required to open a savings account with this bank. However, there are no checking accounts or ATM facilities. So, it can be hard to perform frequent transactions, but you can link a maximum of three accounts from other banks for smooth online transfers. An American Express savings account is perfect for you if you are looking for a free savings account with high yield to save some extra money.