Opening a standalone savings account without the requirement of a checking account can be a challenge in most traditional banks. However, if you're seeking the convenience of a savings account without the obligation of a checking account in the same institution, we've got you covered.
In this guide, we present eight banking institutions that offer the option to open a savings account independently, without the need for a checking account. So, if you're eager to embark on your savings journey with flexibility and autonomy, read on to discover these banks that cater specifically to standalone savings accounts.
American Express
APY Savings
Minimum Deposit
Promotion
Fees
American Express, known primarily for its credit card services, has ventured into the realm of banking deposits in recent years. You can open a savings account without needing to carry a checking account.
The main feature of their standalone High Yield savings account is its impressive interest rate, consistently ranking among the highest in the market. The account offers seamless online account management, including convenient transfers and auto-deposits.
Interest is compounded daily and deposited monthly, maximizing your savings potential. Digital statements are the default option, but if you prefer physical copies, American Express is more than happy to mail them to you.
Barclays
APY Savings
Minimum Deposit
Promotion
Fees
The Barclays Online Savings account offers a competitive rate and requires managing the account online or through an app, with no cash deposits or withdrawals. Opening the account is straightforward on the Barclays website.
Also, the account offers the Barclays Savings Assistant, allowing users to set savings goals and test different monthly amounts to reach them. It also provides an attractive interest rate without requiring an initial deposit or minimum balance. However, unlike other accounts, it doesn't come with an ATM card, necessitating fund transfers to access cash.
Barclays is a highly reputable global bank with millions of customers, known for its longevity and strong presence in over 50 countries.
Marcus by Goldman Sachs
APY Savings
Minimum Deposit
Promotion
Fees
Marcus offers a high-yield online savings account with attractive features. Customers can earn a fantastic APY, one of the highest in the nation. The account has limited fees, with no charges for opening, maintenance, service, or transactions.
However, transferring funds to or from a third-party bank may incur fees from that bank. There are no minimum deposit or balance requirements, but maximum limits of $1 million per account and $3 million per account owner apply.
Same-day transfers of up to $100,000 are available to other banks. Additionally, Marcus provides a savings calculator to help users estimate potential earnings for emergency savings or financial goals.
LendingClub
Savings APY
Minimum Deposit
Promotion
Fees
The Lending Club Savings account is designed to benefit savers in various ways. It offers a high APY that surpasses the national average, ensuring favorable returns on your entire balance. After an initial deposit of $100, there are no monthly maintenance fees or minimum balance requirements.
What sets it apart from similar accounts is the inclusion of an ATM card, allowing convenient fee-free withdrawals from MoneyPass and SUM machines.
The account provides 24/7 access through mobile and online banking, enabling features like mobile check deposit, bill payment, and account management. LendingClub also offers a finance toolkit that connects external accounts to analyze budgets, spending, and trends.
Additionally, the account supports customizable alerts, travel notifications, and free internal and external transfers, providing greater control and flexibility.
Citizens Access
Savings APY
Minimum Deposit
Promotion
Fees
Citizens Access, a subsidiary of Citizens Bank, is an online financial institution founded in 2018.
With over 200 years of banking experience and assets exceeding $150 billion, Citizens Access offers a single high-yield savings account. Its interest rate is more than 10 times the national average, and the account is transparent, free from hidden costs or fees.
Opening an account is convenient and fast, requiring minimal time and a penny as an initial deposit. The online-only approach eliminates paperwork and in-person visits, allowing for a streamlined account opening process.
Capital One
APY Savings
Minimum Deposit
Promotion
Fees
The Capital One 360 Performance Savings account is a fee-free option with a competitive interest rate and no minimum balance requirement. Opening a savings account doesn't require you to have a checking account.
While it lacks a welcome bonus, its interest rate remains competitive among online savings accounts. The account's mobile app is highly rated, providing convenient management features, such as check deposits and transfers between Capital One and external accounts.
Opening an account is straightforward, available through various channels, with a quick application process. However, it's worth noting that withdrawals cannot be made at ATMs, requiring funds to be transferred to another account beforehand, whether within Capital One or another bank.
CIT Bank
APY Savings
Minimum Deposit
Promotion
Fees
The CIT Platinum Savings account offers a high APY, but requires a minimum balance of $5,000 for the best rate. If the balance falls below this amount, the APY decreases to 0.25%. You have the option to open a savings account independently, without the requirement of having a checking account.
Despite this, it still outperforms other high-yield savings accounts. CIT provides a convenient mobile app that allows remote check deposits, enabling account management on the go. Pairing this account with CIT e-checking offers the advantages of a checking account along with the Platinum Savings' high APY.
Accessing the account is possible through both the CIT Bank app and a computer, enabling balance checks, fund transfers, and easy mobile check deposits. The entire account opening process is completed online in a few simple steps.
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Top Offers From Our Partners
UFB Direct
APY Savings
Minimum Deposit
Promotion
Fees
UFB Premier savings is an offering from UFB Direct, a digital bank operating under Axos Bank. They specialize in online deposit accounts and mortgages. The current APY for UFB Premier Savings surpasses rates offered by traditional banks and is comparable to other online savings accounts.
Customers receive a complementary ATM card for convenient access to funds, with an ATM locator available through the online banking platform. UFB Direct provides access to a vast network of over 91,000 fee-free ATMs nationwide.
Their user-friendly app allows account holders to manage various aspects, such as reviewing transactions, checking balances, initiating transfers, and depositing checks remotely.
How To Choose A Savings Account?
To choose the right savings account for your needs, there are important factors to consider. Follow these steps for an informed decision:
Define savings goals: Determine if you're saving for a specific purchase, emergencies, or long-term plans like retirement. Clear goals will shape your selection process.
Compare interest rates: Look for savings accounts with competitive rates to accelerate your savings growth. Compare rates offered by various banks or institutions to find the best option.
Consider accessibility: Evaluate how easily you can access your funds. Some accounts have withdrawal limitations or transaction penalties. Balance flexibility with interest rates and fees. Also, some accounts offer ATM card while other not.
Explore account features: Research additional features that may benefit you, such as online banking, mobile apps, automatic transfers, or linked checking accounts. Assess based on your preferences and convenience.
Assess bank reputation: Prioritize a bank's reputation and stability. Research customer reviews, financial strength, and history to ensure reliability and trustworthiness. Banking reputation is one of the most important aspects for savers.
Seek recommendations and compare: Consult friends, family, or financial advisors for their experiences with different savings accounts. Compare options based on the factors mentioned above.
By following these steps, you'll narrow down your choices and find the ideal savings account that aligns with your financial goals, preferences, and circumstances.
FAQs
Can I use a debit card with a savings account without a checking account?
Generally, savings accounts without a checking account don't come with a debit card. However, some banks may offer a separate ATM card that allows limited access to your funds.
Can I set up automatic transfers from my checking account to my savings account?
Yes, you can set up automatic transfers from a checking account to a savings account. This helps facilitate regular savings contributions.
Can I open a savings account without a Social Security number?
It may be more challenging to open a savings account without a Social Security number, as it's a common requirement for identification purposes.
Can I open a joint savings account without a joint checking account?
Yes, you can open a joint savings account without a joint checking account. It allows multiple individuals to share ownership of the savings account.
