The Battle of the Best Savings Accounts

There are a few banks that pay 10x the interest of most others, but how do they stack up against each other? Continue reading to find out which one of them truly earns the title of best savings account.

It's a well-known fact that interest rates on savings accounts are incredibly low. In fact, the average savings account is hovering around 0.06%.¹ That's such a far cry from pre-crisis times, it's shocking.
At rates that low one might ask, "Why even have a savings account? Why don't I just place my hard-earned money under the mattress?" We can't blame you. However, if you did that you'd be leaving money on the table (or under the mattress). There are much better options out there; savings account options that earn fifteen times the average rate of 0.06%.
We've scoured high and low to find the best accounts. In our search, we've come across a few that stand above the rest. You'd be in good shape if you had any of these accounts, but after some thorough analysis, one of them truly earns the title of best savings account. Here they are at a glance:
We were just as taken aback when we first saw these numbers. 1.05% and 0.95%? Why didn't I hear of these accounts before I put my money in [large, untrustworthy bank X]? You might be saying to yourself, "Synchrony Bank Optimizer Plus is clearly the winner because their APY is slightly higher."
However, you can't jump to a conclusion as there are other important factors to consider when opening a savings account. So we've broken them each down, piece by piece.

Monthly Minimums

This one's pretty simple. Synchrony Bank Optimizer Plus has no monthly fees regardless of balance. To give you a little comparison, Bank of America requires $300 in your account to avoid a monthly charge. So if you're looking for a great "No Fee" bank, Synchrony Bank Optimizer Plus is a perfect option.
Winner: Synchrony Bank Optimizer Plus

Bank Reputation

This might not have been very important to us before the financial crisis, but times have changed. We need to feel safe with where we put our hard-earned money. Each of these banks are backed by the maximum allowable FDIC guarantee of $250,000. This means if the bank defaults, the US Government would repay you every penny you had in the account, up to $250,000. Bank of America, Chase, etc. all have this same insurance.
More than just the FDIC insurance, we need reliability and value from our bank. So here is how the top banks fare in terms of reputation:

In 2015, Synchrony Bank won awards from both Kiplinger and Bankrate. If you're not familiar with these companies, they are two of the largest personal finance websites with roughly 20 million combined readers every month. Many of the writers for these sites (if not most) are financial professionals.

We’d be surprised if you haven’t heard of Discover. They are one of the largest credit card issuers in the US, and though not really well known for their savings products, in the credit card realm they are highly regarded.

Ok, we're gonna catch some flack for putting Bank of America in here. The point of it is to show you the difference between BofA and the new, improved banks.

It was a close call, but it's really hard to argue with Kiplinger and Bankrate in this scenario. They've spent years reviewing thousands of banks nationwide; and they have arrived at the conclusion that Synchrony is one of the best banks!

Winner: Synchrony Bank Optimizer Plus

Customer Service and Ease of Use

These companies all have good customer service according to online reviews. 3 star reviews don't sound great for a restaurant, but for an industry that's really suffering from an image problem, 3 star ratings are some of the best ratings received. Comparatively, Bank of America had 1.6 stars, HSBC had 1.4 stars and Chase came in at 2.5 stars.
So how did we figure this one out? Members of our team personally opened an account in each and compared notes over a two-week period.
All of the banks' websites are state of the art and incredibly intuitive; and each has an "American English" speaking support team that is very attentive and easy to deal with.

When we compared our notes, there was a slight differentiation as Synchrony seemed to be the most responsive and friendly!

Winner: Synchrony Bank Optimizer Plus

Interest Rate

This one's easy. At 1.05%, Synchrony Bank Optimizer Plus's interest rate is slightly higher. Even though Synchrony Bank Optimizer Plus's rate is slightly higher, really either of these accounts are huge improvements over what Chase, Bank of America, or Wells Fargo would pay you.
Winner: Synchrony Bank Optimizer Plus

Conclusion

When it comes down to it, Synchrony offers arguably the best product out there. They have one of the highest interest rates available, virtually no fees, and a great reputation to boot. So after all of the research, Synchrony Bank was our winner of the best savings account!

Winner: Synchrony Bank Optimizer Plus

*Anti-graft agency acted beyond its powers — LAWMAKERS By Dapo Akinrefon & Rotimi Ojomoyela THE Peoples Democratic Party Governor’s Forum yesterday described the freezing of the personal accounts of Ekiti State Governor, Mr Ayodele Fayose by the Economic and Financial Crimes Commission, EFCC, as gross abuse of the constitution. The forum, which spoke through its Chairman and Ondo State Governor, Dr Olusegun Mimiko has therefore called on President Muhammadu Buhari to call the anti-graft agency to order. This came as the Ekiti State House of Assembly faulted the move by the EFCC, saying it acted beyond its powers. Reacting to the freezing of Fayose’s account by the EFCC, Governor Mimiko noted that EFCC’s action has portrayed the nation as one in crisis. A cross section of PDP Governors Forum A cross section of PDP Governors Forum Expressing his displeasure over the step, Mimiko said EFCC cannot interfere with the account of a sitting governor, adding that, it was contrary to Section 308 of the 1999 Constitution. In a statement, the Ondo State governor argued that if the intention is to suggest any criminal infraction or fraud against the governor, the agency should have sheathe its sword till he (Fayose) vacates office. While he warned that the country is drifting towards totalitarianism, he insisted that the account of any individual could only be frozen after a court of competent jurisdiction has so ruled or an interim order by a court of competent jurisdiction is granted to the anti graft agency. EFCC acted beyond powers — Ekiti Assembly Reacting to the development, the Ekiti State House of Assembly described EFCC’s action as ultra vires. Describing the action as null and void, the Assembly said the order formed part of the resolution of the House, which also witnessed passing of a vote of confidence on Governor Fayose, at its plenary at the Assembly complex in Ado-Ekiti. Speaker of the House, Mr Kola Oluwawole, and Leader of Business, Mr Tunji Akinyele, at plenary, noted that being the second anniversary of Fayose’s election, it was a sad commentary on the nation’s democracy, that after having severally tried unsuccessfully to discredit the election, the All Progressives Congress (APC)-led Federal Government had resorted to arm-twisting to embarrass and cause discomfort for the Fayose-led government in Ekiti State. Passing a vote of confidence on the governor, the lawmakers said “the 26 of us in the House of Assembly are resolutely loyal to the governor and his government and no amount of intimidation or monetary inducement can sway us otherwise.” Strike: Fayose, labour meeting deadlocked Meantime, as the industrial action declared by the Ekiti workers entered its fourth week, the meeting between Governor Ayodele Fayose and the organised labour ended in a deadlock yesterday. The meeting, which was called by the governor to interact with labour leaders in the state on how to resolve the disputes that led to the ongoing strike lasted for three hours and the union leaders were seen wearing long faces while leaving the venue. In a telephone interview, the state chairman of the Nigeria Labour Congress, Mr. Raymond Adesanmi, told Vanguard that the strike would continue because the meeting failed to resolve the contending issues. “The governor listened to us and promised to get back to us. We are also going to have our own meeting on Wednesday to review the situation but the strike continues. It is either three months salary or no talk.”

Read more at: http://www.vanguardngr.com/2016/06/fayoses-account-call-efcc-order-pdp-govs-tell-buhari/