If you reside in Pennsylvania and are in search of an ideal savings account, you'll find numerous options to choose from. To assist you in making a decision, we have gathered a list of some of the finest options available in Pennsylvania.
These accounts are well-suited for various savings goals, such as home improvements, funding your children's education, or saving up for a down payment on a new house. They offer competitive interest rates, low or no fees, and convenient features.
Ally High-Yield Savings Account
Savings APY
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Pennsylvania customers can benefit from the Ally High-Yield savings account, which offers several appealing features. Firstly, it provides an interest rate over 10 times the national average, making it an advantageous savings option.
Secondly, there are no monthly maintenance fees, ensuring that additional charges do not reduce your savings. Moreover, there are no minimum balance requirements so you can earn interest regardless of your account balance.
The account provides 24/7 customer support, ensuring assistance is available whenever needed. Ally also offers savings organization tools, allowing you to categorize your savings goals within a single account.
The “Round Ups” feature automatically transfers funds from your Interest Checking account to the High-Yield Savings Account when your transactions are rounded to the nearest dollar.
Wealthfront
Savings APY
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If you live in Pennsylvania and find it a hassle to move money between your bank and investment platform, Wealthfront has a solution for you. It's not a regular bank, but Wealthfront offers a special account that lets you earn a high-interest rate while considering your next investment move.
This account is like a mix of a checking and savings account. It gives you a debit card and lets you use over 19,000 ATMs without fees. You can also pay bills online and get your direct deposits up to two days earlier. The best part is that the account earns you a high-interest rate, currently 4.55% on all the money you have.
And guess what? You can also invest your extra money quickly by transferring it instantly to your connected Wealthfront Investment Accounts.
Barclays Online Savings
APY Savings
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Suppose you're comfortable using the internet or a mobile app to manage your account and don't need to deposit or withdraw cash. In that case, the Barclays Online Savings account is a reliable choice. You can earn a good interest rate without putting in any money upfront or maintaining a minimum balance.
People living in Pennsylvania can also benefit from the Barclays Savings Assistant. You can set a savings goal and play around with different amounts of money to save each month to see how long it will take you to reach your goal.
It's important to know that the Barclays Online Savings Account doesn't give you an ATM card like other savings accounts. So, if you want cash, you'll have to move your money to another account and then withdraw the cash.
Barclays is a bank that is trusted by a lot of people and has a great reputation. They serve nearly 50 million customers all around the world. They are one of the biggest and oldest banks and operate in more than 50 countries.
CIT Bank Platinum Savings
APY Savings
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The CIT Platinum Savings account is available to residents of Pennsylvania and offers one of the highest APYs on the market. However, to enjoy this high APY, you need to maintain a minimum balance of $5,000 or more. If your daily balance falls below that amount, the APY will decrease to 0.25%. This rate is highly competitive compared to other leading online savings accounts. Additionally, there are no monthly fees associated with this account.
You can access your CIT account not only through a computer but also through the CIT Bank app. This allows you to conveniently check your balance, transfer funds, and easily deposit checks using the mobile deposit feature.
Since CIT is an online bank, you can complete the entire account opening process online. It's a simple and straightforward procedure that can be finished in just a few steps.
UFB Premier Savings Account
APY Savings
Minimum Deposit
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The UFB Direct Savings Account is a decent choice due to its high APY of Up to 5.25%, one of the highest rates you can find. Also, there are no annoying fees or requirements for a minimum deposit. Pennsylvania customers and other savers enjoy ATM cards with some pretty cool features.
With that ATM card, you can easily get your money from fee-free ATMs all over the country, and some of them even let you deposit cash, which is not something you often see with online accounts. You can do everything from checking your transactions to moving money around and depositing checks without going to a physical bank.
The UFB Premier Savings Account is provided by UFB Direct, a digital bank good at online accounts and helping people with mortgages. They're part of Axos Bank, a well-known digital bank that does all sorts of banking services.
Rising Bank High Yield Savings
APY Savings
Minimum Deposit
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The Rising Bank high-yield savings account offers Pennsylvania residents a competitive savings rate of 4.50% APY, which is one of the highest rates available in the market. To earn the APY, you need to maintain a minimum balance of $1,000, which is slightly higher compared to other savings accounts.
To deposit funds into your account, you have three options: you can connect your external account, make a wire transfer, or send a check. Managing your savings is convenient and easy through Rising Bank's user-friendly online and mobile banking platforms. If you need assistance, you can rely on Rising Bank's dedicated support team for customer service.
Rising Bank is an online division of Midwest BankCentre, a well-established community bank headquartered in St. Louis with a history of over a century. Unlike traditional banks, Rising Bank operates solely online, which means there are no physical branches to visit.
Bank5 Connect
APY Savings
Minimum Deposit
Promotion
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With Bank5 Connect's Jumbo Savings account, you can earn an impressive 5.10% interest rate on balances of $100,000 and above. This account is perfect if you have a lot of money to save, as it rewards substantial deposits and guarantees full FDIC protection. The main downside is that it requires a very high minimum deposit.
On top of the great interest rate, the Jumbo Savings account offers the same benefits as other online savings. You can easily manage your account online or through the Bank5 Connect mobile app. If you need assistance, you can contact customer support via chat, phone, or video.
The Early Deposit feature allows you to arrange direct deposit, which means you can receive a portion of your paycheck up to two days earlier, straight into your Jumbo Savings account.
Could You Find Better Savings Account In Pennsylvania?
The savings account mentioned earlier is just one example among numerous account options available in Pennsylvania and nationwide. Various banks and credit unions offer multiple choices for individuals seeking such accounts.
When opening a savings account, comparing interest rates and considering other essential factors is advisable. If you already have a banking relationship, it would be prudent to inquire whether special promotions or incentives are available.
That being said, the above top-tier savings accounts are some of the top options. These accounts offer competitive interest rates and typically do not impose monthly fees. Each account possesses unique features tailored to cater to the needs of different types of savers.
These options can prove highly advantageous for individuals, including youngers, families seeking convenience, and those who prefer online banking over traditional brick-and-mortar branches.
How To Smartly Compare A Savings Account
When you're comparing savings accounts, it's not just about the interest rates and minimum deposit requirements. If you're considering less popular online banks that offer high yields compared to well-known banks, there are a few other important things to think about:
Customer Service and Support: Check how good the online bank's customer service is. Make sure they have easy ways to get in touch, like phone, email, or live chat, so you can talk to them if you have any problems or questions.
Online Banking Features: Take a look at what the online banking platform can do. Some banks have cool features like mobile banking, bill payment, and budgeting tools that can make your banking experience better and help you manage your money.
Reviews and Reputation: Read reviews from other customers and see what they say about the online bank. It's good to know if other people have had good experiences with things like reliability, customer service, and overall satisfaction.
Account Accessibility: Think about how easy it is to get your money when you need it. Check if the online bank lets you withdraw money conveniently, like through online transfers or ATMs, so it fits with what you want.
