Best Savings Accounts in Alabama of October 2021

Victoria Daniel

Once you have set your savings goals and included them in your budget, the next step is to find the right tools to help you keep on track. One of these tools is a savings account, and it makes sense to hold your savings where they can earn a competitive high-yield.

Alabama has over 156 banks operating within it. Residents have a wide range of high-yield savings account options available to them. 

Whether you prefer online or offline options, shop around for an account that offers a high annual percentage yield (APY). Apart from the APY, consider other features, account fees, security, and customer service.

To determine the features that will be important to you, start by identifying your individual preferences and habits. For example, it is easier to spend money you have than the money you don’t. So if you find it hard to save money physically, look for an account that allows you to make automatic transfers to it. 

With so many options available, it can be quite challenging to make a decision. But don’t worry, we are here to make your work easier. WalletBrain reviewed some of the available savings accounts based on the APY offered, account fees, and other features. Here are our top picks for some of the Best Savings Accounts in Alabama.

Use this review to choose an account that is the best fit for your needs today.

Axos Bank High Yield Savings Account

axos bank logo

$0

Monthly Fee

$250

Min. To Open

0.60%

Est. APY

Overview

This savings account will provide a flat APY regardless of your balance, and you won't worry about monthly fees. A great perk with this account is you can request a free ATM card.

What we like

  • No monthly fees
  • Interest compounded daily
  • Free ATM card

What we don't

  • No physical branch
  • No sign up bonus
  • No rate tier, APY same regardless of balance

APY ranges

Range APY
$0.01+ 0.60%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$250
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Debit Card UseAllowed

CIT Bank Savings Account

cit bank logo

$0

Monthly Fee

$100

Min. To Open

0.45%

Est. APY

Overview

This savings builder account is unique where you need to deposit $100 a month to get the highest APY. If you don't deposit $100+ a month, then you need to maintain $25,000 in the account.

If you don't do either, you won't receive the higher end APY. It's best to go by depositing $100 a month because you will have accumulated a significant balance in a few years without realizing it.

What we like

  • No monthly fees
  • Deposit $100 a month to receive higher APY
  • One of the top APYs around

What we don't

  • No sign up bonuses
  • No physical branch locations
  • No ATM card

APY ranges

Range APY
$1 - $24,999.99 0.30%
$25,000+ 0.45%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$100
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Debit Card UseAllowed