Best Brick And Mortar Money Market Rates - Know The Best Savings Account
If you are interested to know more about the best brick and mortar money market rates, then you are in the right place. If you have had a checking account and/or a savings account at the same bank for a significant amount of time, you may be passing up opportunities to earn higher yields or get services that make it simpler to manage your finances. If this is the case, you should consider opening new accounts at a different bank.
Author:Luqman JacksonReviewer:Liam EvansDec 19, 202312K Shares201.6K Views
If you are interested to know more about the best brick and mortar money market rates, then you are in the right place.
If you have had a checking account and/or a savings account at the same bank for a significant amount of time, you may be passing up opportunities to earn higher yields or get services that make it simpler to manage your finances. If this is the case, you should consider opening new accounts at a different bank.
Although brick-and-mortar banks and online-only banks offer the same basic services to their customers, and although both types of banks are insured by the federal government, there are a few key ways in which they are distinct from one another. The primary distinction lies in the fact that online-only banks do not have physical branch locations. The benefits and drawbacks of each option are listed below.
Customers develop relationships with their banks over the course of many years, as they reach various milestones such as the purchase of a new home or vehicle. The traditional method of banking provides a more personal experience.
Customers have the option to visit their financial institution in person and speak with a representative who can access their accounts and provide answers to their questions. When compared to interacting with a machine, many people find this to be more reassuring.
Best Brick-And-Mortar Savings Accounts
Best At Wells Fargo
Wells Fargo Bank is the largest brick-and-mortar bank in the United States, with approximately 5,400 physical locations and over 13,000 ATMs. Wells Fargo is the best option for those looking to open an account at a bank that allows for the most in-person access.
Wells Fargo provides two types of savings accounts: the basic Way2Save Savings and the more prestigious Platinum Savings. Way2Save was chosen as the better savings account option because it has a lower minimum daily balance requirement to avoid the monthly service fee ($5 for Way2Save and $12 for Platinum).
Account holders must either maintain a $300 minimum daily balance or set up their choice of automatic transfers from their checking to their savings: $25 total, $1 each business day per month, or at least one Save As You Go® transfer.
It's simple to save money with Save As You Go. For each qualifying transaction that is a non-recurring debit card purchase or online bill payment using Wells Fargo Online® Bill Pay, Wells Fargo transfers $1 of a customer's funds from their linked Wells Fargo checking account to their Way2Save account. You can set up additional automatic transfers from your checking account each month to help you reach your savings goals faster.
This savings account requires a $25 minimum opening deposit, and those who link a Wells Fargo checking account can choose overdraft protection. The current APY on this account is 0.01%.
Best At Chase Bank
Consider Chase's savings accounts if you want a large network of ATMs to avoid out-of-network fees and a chance to earn a slightly higher APY.
Chase Bank operates nearly 4,900 branch locations and 16,000 ATMs. Chase, like Wells Fargo, offers two physical savings accounts: Chase Savings and Chase Premier Savings.
Select ranked the latter as one of the best because you can earn better interest rates (what Chase refers to as "relationship rates") on higher balances by linking your savings to a Chase Premier Plus Checking or Chase Sapphire Checking account and making at least five transactions per month with your linked checking account.
The APY is 0.01% if you do not link your Chase Premier Savings account to a Chase checking account. However, if you have a linked account, the APY rises slightly. For example, if you also have a Premier Plus Checking or Chase Sapphire Checking account, you can earn 0.02% APY on balances under $10,000. For balances of more than $250,000, the APY rises to 0.05%.
By linking to a checking account, you also avoid the Chase Premier Savings' monthly $25 service fee. A daily minimum balance of $15,000 is required otherwise. There is no required minimum deposit to open an account.
If you link a Chase Sapphire Checking account, you will be able to take advantage of SapphireSM Banking benefits such as early ticket sales and special access to sports and entertainment events.
Customers can also use the bank's mobile app to help them reach their savings goals through an automatic savings program.
When you make more than six withdrawals from your savings account in a month, including those made at a branch or an ATM, you will be charged a $5 fee. This fee is waived if the account has a balance of $15,000 or more at the time of withdrawal.
Best At U.S. Bank
If you want a no-frills, low-cost savings account at a physical bank, U.S. Bank's Standard Savings Account is for you.
U.S. Bank has a smaller physical presence than the other national banks on this list, with approximately 2,700 branches and 4,500 ATMs located primarily in the Midwest and Western regions of the United States. The Standard Savings Account, on the other hand, is a straightforward option if you live near a U.S. Bank location.
Potential savers can open an account for as little as $25. The monthly maintenance charge is $4. Account holders who have a $300 minimum daily balance, a $1,000 average monthly collected balance, or are under the age of 18 are exempt from the fee.
The APY on all balances is 0.01%, and you can get overdraft protection by linking your savings account to your U.S. Bank checking account.
Best At PNC Bank
PNC Bank is a large traditional bank with over 2,300 branch locations and nearly 18,000 PNC and PNC Partner ATMs. It stands out on our list for its Virtual Wallet savings account, which uses innovative online tools to make it simple to see how you're managing your money on a daily basis.
The account is ideal for those who prefer to do all of their banking in one location because it rewards you for combining your savings and checking accounts into one. Depending on the type of Virtual Wallet they open, new account holders can receive a welcome bonus of up to $200.
Virtual Wallet, Virtual Wallet with Performance Spend, and Virtual Wallet with Performance Select are the three options. The basic Virtual Wallet has basic account features, whereas the other two options provide more premium rewards. A Virtual Wallet Student option is also available for students.
People Also Ask
What Are The Best Money Market Rates?
- TIAA Bank: APY: 1.60%-3.35%**, Minimum balance to open: $500
- Ally Bank: APY: 3.30%, Minimum balance to open account: $0
- Discover Bank: APY: 3.20%-3.25%***, Minimum balance to open: $2,500
- Synchrony Bank: APY: 2.25%, Minimum balance to open: $0
What Bank Has The Highest Interest On Money Market Account?
- Quontic Bank - 3.50% APY.
- Barclays Bank - 3.40% APY.
- TIAA Bank - 3.35% APY.
- Marcus by Goldman Sachs - 3.30% APY.
- Capital One - 3.30% APY.
- Discover Bank - 3.25% APY.
- FNBO Direct - 3.00% APY.
- CIT Bank - 1.55% APY.
Which Bank Is Best For Money Market Account?
- Best overall money market account: Ally Bank Money Market Account.
- Runner-up: Synchrony Bank Money Market Account.
- Best for free checks when you open an account: Sallie Mae Money Market Account.
- Best for ATM access: NBKC Bank Personal Money Market.Final Words
Some people may find that online banks are clearly superior to traditional banks, but you don't have to choose one over the other. It may be worthwhile to keep one account with a local, traditional bank to benefit from branch services and ATM networks, while keeping another savings account or CD with an online bank to benefit from better rates.
Luqman Jackson
Author
Liam Evans
Reviewer
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