Best Savings Accounts as of February 2015

Are you in your thirties and still keeping all of your savings in an account that offers a .03% or less interest rate? Or worse yet, do you not have a savings account at all?

If you’re still keeping your spare change under your mattress, it’s time to open up an account for your savings! And if you already have a savings account, are you getting enough of a return from it? Even if you barely have any extra money sitting around, you can still have some of your money making you money with a better interest rate. You can open a savings account at all the places I’m going to list below with no minimum deposit required. So even if you only have $5 to save for a rainy day, you can still open up a savings account.

Sometimes people ask me: “Shouldn’t I be investing my extra money?” You can do that, but you need to have a savings account first. A major reason to put extra money away in a savings account and not simply invest it all is that you need to have liquid money at your disposal in case of emergencies.

For example, the other day a seltzer water exploded on my computer and killed my keyboard. A bunch of very important keys (spacebar, delete, tab, etc) on my laptop just stopped working, and I ended up having to go to the Apple store and pay 70 dollars for a remote bluetooth keyboard. If the seltzer had gotten to my circuit board and my laptop wouldn’t turn on at all, I might have had to buy a whole new laptop for $1000- $1300!

You never know when emergencies will come up. Sudden layoffs, surprise medical bills, new laptops, parking tickets, surprise taxes and the like all happen, so it’s very important to be financially prepared. Suze Orman recommends having an up to 8 months in an emergency fund. Many other financial advisors recommend even more!

So while you’re saving, get your money to make you more money! This is done by putting your money in a savings account with the best APY, or Annual Percentage Yield (interest rate).

Here’s a list of the best interest bearing, no minimum savings accounts as of February 11 2015. These are all accounts I’ve researched and they have very good reviews. I personally use Synchrony (I started my account when it was called GE Capital) and it’s been great. Again, none of these are sponsored… Haha, I wish :p

Synchony Savings Account (formerly GE Capital) – Current Interest: 1.00% (I know that sounds low, but it’s actually amazing right now. Many banks are at .03% at most.)- Click to start an account for free here!