A savings account is an easy, risk-free way to grow your money. Unlike checking accounts which allow frequent withdrawals, savings accounts offer a secure location to hold any money you do not need immediate access to. This is a great place to hold an emergency fund or money you’re setting aside for a large purchase in the future (a house, a car, a wedding). In exchange for holding your money, banks pay you interest, which compounds over time and added to the funds in your account. In other words, your money can grow just by sitting in the account.
- APY 2.50%
- Minimum Balance $100
- Monthly Fees Free for Online Statements, $1 for Paper Account Statement