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5 Best Bank Accounts for 2014

Find out which bank accounts pay high interest, have no fees, provide better service, and offer cutting-edge technology that makes managing your finances a breeze.

By
Laura Adams, MBA,
January 1, 2014
Episode #339

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Bank #3: Ally

If you want to earn interest on your checking account, but don’t want to jump through all the monthly hurdles of a rewards account, consider Ally Bank. They were founded in 1919 as the General Motors Acceptance Corporation (GMAC), to make car loans. Since then, they’ve expanded into other financial services.

Ally Interest Checking is a free online account that pays 0.40% APY on balances up to $15,000 and 0.75% for higher balances. There are no monthly fees or minimum balance requirements. You get free online banking, bill pay, and a nice mobile app for Apple or Android devices that allows you to make remote deposits.

Bank #4: American Express

If you’re happy with your current checking account, but want to earn more on your savings, check out American Express. Many people don’t realize that in addition to credit cards, they also offer a high-yield savings account.

The American Express Personal Savings offers a competitive APY on any balance amount. The fastest way to make deposits or withdrawals is to link it to one of your bank accounts at another institution. You can manage this savings account online or using a mobile app.

Bank #5: Discover

Just like American Express, Discover also offers savings. The Online Savings Account pays 0.80% APY for all balances. You can fund it or make withdrawals using an existing bank account and manage it online or using a mobile app.

Each of these 5 banks has deposit insurance through the FDIC, or the NCUA for the credit union, so  your money is safe up to certain limits.

Remember that interest rates for both checking and savings accounts are subject to change, so your rate may eventually go down. Always be on the lookout for better options that can help you earn more interest or cut annoying bank fees.

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Bank stamp image courtesy of Shutterstock.

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