If you are you a Texan looking for the best savings account, we have curated a list of the top savings accounts available in Texas.
Whether you're saving for a down payment, an emergency fund, or a dream vacation, these accounts offer competitive interest rates, low or no fees, and convenient features.
American Express Savings Account
Savings APY
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The American Express High Yield savings account offers an impressive interest rate without requiring a minimum deposit or maintaining a specific balance. It has no monthly maintenance fees and provides easy use with quick setup and the ability to link multiple accounts.
With 24/7 customer support and FDIC insurance, it ensures security and assistance. However, it lacks ATM access, and mobile deposits are not available, requiring a third-party bank account.
You can open a savings account easily through the Amex website, and you shouldn't be a former customer of American Express.
CIT Bank Platinum Savings
APY Savings
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The CIT Platinum Savings account is perfect for Texas residents who want to earn one of the highest interest rates available. To enjoy this great rate, all you need to do is maintain a minimum balance of $5,000 or more. If your balance falls below that amount, the interest rate will drop to 0.25%.
When compared to other top online savings accounts, this rate is very competitive. Best of all, there are no monthly fees to worry about. With the CIT Bank app, you can easily manage your account, check your balance, transfer funds, and conveniently deposit checks using the mobile deposit feature.
Opening a CIT account is a breeze since it's an online bank. The entire process can be completed online with just a few simple steps. CIT is an internet-based branch of First Citizens Bank, a prominent U.S. financial institution ranked among the top 30. With over $100 billion in assets
Citizens Access
APY Savings
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Customers in Texas can also take advantage of Citizens Access, which offers a high rate of 4.50% APY, much above the average national rate. It has a straightforward online account opening process that takes less than five minutes and requires just one penny. The account allows direct deposits and recurring transfers, enhancing convenience for customers.
However, it doesn't offer ATM access, limiting withdrawals to transfers and check requests. The account stands out with minimal fees and charges, with no monthly maintenance fees or hidden costs. Citizens Access prioritizes transparency, avoiding promotional or teaser rates to attract customers.
Citizens Access is a digital-only financial institution that operates under the umbrella of the Citizens Bank group. Although Citizens Access is a relatively new player since its establishment in 2018, its parent company boasts nearly two centuries of banking expertise and holds assets exceeding $150 billion.
SoFi High Yield Savings Account
APY Savings
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SoFi savings and checking accounts, which also work in Texas, offer a convenient hybrid solution for individuals seeking both savings and checking capabilities in a single account. With no additional fees for cash withdrawals or payments, SoFi Bank aims to provide a comprehensive banking experience for its customers through its Checking and Savings Account.
The savings account offers an attractive up to 4.60% APY, and new customers can take advantage of a promotional offer by depositing a specified amount. Additionally, the savings account includes savings Vaults, which allow customers to allocate funds for different savings goals.
Customers with at least one Vault can utilize the Roundups feature, where SoFi rounds up debit card purchases and deposits the difference into a chosen Vault. Originally focused on student loan refinancing, SoFi has expanded its services since its establishment in 2011 and now offers a range of financial products, including banking services.
UFB Premier Savings Account
APY Savings
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The UFB Direct Savings Account offers a highly competitive APY, surpassing rates provided by traditional banks and rivaling online savings accounts. What's more, there are no maintenance fees or minimum deposit.
With an accompanying ATM card, you'll have convenient access to your funds through a vast network of fee-free ATMs across the country, some of which even accept cash deposits—an uncommon feature for online accounts. UFB Direct's exceptional mobile app allows you to seamlessly manage your account, including checking transactions, transferring funds, and depositing checks remotely.
UFB Premier Savings is provided by UFB Direct, a digital bank specializing in online deposit accounts and mortgage services. UFB Direct operates as a division of Axos Bank, an established digital bank offering various banking services.
My Banking Direct Savings
APY Savings
Minimum Deposit
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If you are a Texas resident who is looking to maximize your savings rate, with My Banking Direct savings account, you can enjoy a competitive APY.
The account comes with convenient features such as monthly interest crediting, no monthly or maintenance fees, and no minimum balance fee. To open the account, a minimum deposit of $500 is required.
Interest is calculated using the daily balance method, ensuring that you earn interest on your principal amount each day. However, if you close the account before interest is credited, you won't receive the accrued interest.
My Banking Direct is a service provided by Flagstar Bank.
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 5.00% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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The product offers that appear on this site are from companies from which this website receives compensation.
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Could You Find Better Savings Account In Texas?
Absolutely! The savings account mentioned above is just a small sample of the many options available in Texas and nationwide. It's important to remember that when choosing a savings account, comparing rates and considering other key features is beneficial.
That being said, the selected savings accounts provided are unquestionably among the top choices available. They offer competitive APYs and do not have any monthly fees. Additionally, each account has unique features tailored to different types of savers.
These options can be particularly beneficial for various individuals, including young investors, families who need convenience, or those who prefer the convenience of online banking rather than visiting a physical branch.
Choosing Best Savings Account For My Needs
When you're on the hunt for the best savings account, it's important to ask yourself these simple questions:
What are my savings goals? Figure out what you're saving for and how long you want to save. This will help you find an account that matches your specific needs.
- Did I research enough? Take the time to compare savings accounts from different banks. This will help you make an informed decision and find the perfect account for your financial goals and preferences.
How can I access the account? Check if the account offers online banking, ATM access, a mobile app, or in-person branch services. Make sure it's convenient for you.
How's the bank's customer service and reputation? As one of the top factors for customers, do some research to find out what others think about the bank. Read customer reviews and see if their customer service is top-notch.
Does the bank have a variety of products? If you need things like loans or investment accounts, see if the bank has a wide range of financial products to meet your needs.
- Are there savings features? Look for extras like automatic transfers, rewards programs, or overdraft protection. These can make your savings experience even better.
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Best Savings Accounts In Texas: Ranking Methodology
The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in Texas. We focused on essential factors such as interest rates, minimum deposit requirements, and fees. Here's how we rated them:
- Rates And Terms (40%): We examined the savings rates offered by Texas-based banks and credit unions, considering any unique terms and conditions. Institutions offering competitive rates, reasonable minimum deposit requirements, and minimal fees received higher scores in this category.
- Savings Account Features (30%): This category assessed the range of features tailored to Texas savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of Texas-centric options earned higher scores.
- Customer Experience (20%): We evaluated the ease of opening an account, the responsiveness of customer service, the usability of mobile apps (tested by our team), and the bank's policies for assisting Texas customers. Savings accounts offering seamless account opening processes, efficient customer service, and user-friendly digital platforms received better ratings.
- Bank Reputation (10%): We considered the reputation of each Texas-based bank or credit union, taking into account ratings from JD Power, TrustPilot, and local Better Business Bureau reviews. Institutions with positive reputations and satisfied Texas customers received higher scores.
