For residents of Ohio who want to leverage the higher interest rates by putting money in a savings account, numerous options are available for your consideration. To help you make an informed choice, we have compiled a good list of some of the best favorites accessible in Ohio.
These accounts are designed to meet various savings goals, such as financing home improvements, funding your children's education, or saving for a down payment on a new property. They offer competitive interest rates, flexible terms, and convenient features.
Marcus by Goldman Sachs
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The Marcus by Goldman Sachs High-Yield Online Savings Account is one of the most lucrative high-yield savings accounts. Right now, it's paying an impressive 4.40% APY on all balances (up to limits).
Marcus doesn't charge any one-time fees to open a savings account, and there are no ongoing fees for account maintenance, service, or transfers. You don't need to worry about meeting minimum deposit or balance requirements.
In 2016, Goldman Sachs made a significant foray into the consumer banking domain with the introduction of Marcus by Goldman Sachs. This strategic move aimed to diversify their offerings beyond investment banking and provide valuable financial management solutions to individuals across the United States.
Capital One 360 Performance Savings
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Customers in Ohio have access to Capital One 360 Performance Savings, a savings account that offers some great benefits. First is the high APY, which means you can earn more on your savings compared to other options in the market. As of September 2023, the account has an APY of 4.30%, which is much better than the average rate.
Capital One has made banking easy and user-friendly. One cool feature they have is the automatic savings plan, where you can set up transfers to happen automatically. This way, your online savings account keeps growing steadily without any effort.
You'll love the mobile check deposit feature if you don't visit physical bank branches often. Take a picture of your check with your phone, and you can deposit it into your account conveniently.
Live Oak Personal Savings
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Live Oak offers Ohio customers a savings account with a competitive APY and user-friendly features. The account earns interest that compounds daily, and there's even a savings calculator to track the growth of your savings. You can add a co-owner to your account and create a joint account.
While cash deposits are unavailable, and there's limited in-person and phone support, Live Oak stands out with no monthly maintenance fees, minimum account balance requirement, and higher transfer limits.
As an online bank, Live Oak provides a great website platform and a mobile app for convenient account management, accessible to Android and iOS users. The bank serves small business owners in all 50 states.
SoFi High Yield Savings Account
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SoFi covers you if you're in Ohio and looking for savings and checking accounts. They have this cool combo deal that offers both features in one account, so you don't have to juggle multiple accounts. Also, SoFi Bank won't charge you extra fees for cash withdrawals or payments, giving you a hassle-free banking experience.
It's got a sweet up to 4.50% APY, which is pretty attractive if you ask me. And if you're a new customer, they have a promotional offer where you can score some bonus cash by depositing a certain amount.
SoFi also got these nifty savings Vaults that let you divide your funds for different goals. It's like having separate piggy banks, but digital! You can use the Roundups feature if you've got at least one Vault. SoFi automatically rounds up debit card purchases and puts the spare change into your Vault.
SoFi started as a student loan refinancing company back in 2011. But now, they offer many financial products, including banking services. They've come a long way!
UFB Premier Savings Account
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The UFB Direct Savings Account presents an unparalleled opportunity for individuals seeking a lucrative financial solution. With a Up to 5.25% APY, it outshines conventional banks and competes with leading online savings accounts. Moreover, there are maintenance fees or obligatory minimum deposits.
You also get an ATM card with the account, so you can easily access your money at ATMs nationwide without any fees. Some ATMs even let you deposit cash, which is cool because few online accounts offer that. And the UFB Direct mobile app is very convenient – check your transactions, transfer money, and even deposit checks without leaving your house.
UFB Premier Savings is another offering from UFB Direct. They're a digital bank that's all about online accounts and mortgages. UFB Direct is a part of Axos Bank, which is widely known in digital banking.
Synchrony High Yield Savings
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Ohio residents can avail themselves of the exclusive features offered by The Synchrony High Yield Savings account.
This exceptional account caters to the needs of diligent savers, surpassing the national average APY by over tenfold. Plus, you don't need to stress about having a minimum balance. No strings attached!
Synchrony also offers an ATM card that you can get if you want. With that card, you can take money from ATMs with the Accel or Plus logo without annoying fees. Oh, and they even cover up to five bucks per month for domestic ATMs. Sweet deal, right?
Synchrony is a well-respected bank with roots reaching back to 1932. They are also a top player in the United States for providing private-label credit cards.
Prime Alliance Bank Savings
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Prime Alliance Bank Personal Saving offers a competitive APY of 4.50% and provides various features to manage your money effectively. The account has no monthly maintenance fees or minimum balance requirement, setting it apart from other banks.
Convenient online and mobile banking services are available for Ohio customers, allowing you to monitor your account easily, check balances, view transaction history, and transfer funds between accounts.
Prime Alliance Bank, a financial institution founded in 2004 and headquartered in Utah, offers an extensive selection of financial products. These include personal checking and savings accounts, money market accounts, certificates of deposit (CDs), and retirement accounts.
Is There A More Competitive Savings Account In Ohio?
In all probability, the savings account mentioned earlier is just one example of numerous account options accessible in Ohio and across the nation. A multitude of banks and credit unions present a diverse selection of accounts that cater to various requirements.
When preparing to open a savings account, it is advisable to carefully assess the interest rates and consider other crucial aspects. In the event that you already hold a bank account, it may be worthwhile to inquire about any special promotions or rewards that are available.
However, it is worth noting that the previously mentioned top-tier savings accounts are considered among the most exceptional choices. They boast highly favorable interest rates and generally do not levy monthly charges. Each account provides different features that are advantageous for distinct categories of savers.
These options can prove exceedingly valuable for individuals from all walks of life, including young individuals, families seeking simplicity, and those who prefer the convenience of online banking rather than visiting a physical branch.
How To Find The Best Savings Account For My Needs?
When searching for the optimal savings account for your needs, it is advisable to consider the following inquiries:
- What is the bank's reputation and customer service like? It is advisable to conduct thorough research on the bank's reputation, read customer reviews, and assess the quality of their customer service to ensure a positive banking experience.
What are my savings objectives? It is crucial to determine the purpose and timeline of your savings in order to find an account that aligns with your specific needs.
What are the accessibility options provided by the account? It is essential to assess whether the account offers convenient online banking features, ATM access, mobile app capabilities, or in-person branch services.
Are there any additional savings features or benefits? Exploring perks such as automatic transfers, rewards programs, or overdraft protection can significantly enhance your savings experience.
Does the bank offer supplementary financial products or services? If you have additional banking requirements, such as loans or investment accounts, it is important to check if the bank provides a comprehensive suite of financial products.
Have I compared multiple options? Taking the time to compare different savings accounts from various banks allows you to make an informed decision and find the best fit for your financial goals and preferences.
