A savings account is used to set money aside for use in the future and allow the money to collect interest. Many people regularly place some of their money into savings accounts rather than spending it in order to achieve financial goals, such as buying the latest gadget or game, without having to go into debt to do it. Savings Accounts are federally insured up to $250,000 of the money in your account.
A typical savings account at a brick and motor big bank only pays 0.01% APY. The best online banks offer perks like no minimum balance, ATM access and much higher interest rates than the average savings account.
The best savings accounts should come with great customer service, online access, and higher-than-average interest rates, and they should have low or no fees.