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New York City is a major financial capital. For this reason, there are great banking options available throughout the state including savings accounts. We are here to assist you with finding one that best serves your specific needs.
The APY determines how fast your money will grow. A higher APY means you will earn more interest on your deposits.
While most high-yield savings accounts offer a high APY, some have extra account fees that significantly reduce the net earnings. For example, you can get an account that offers a high APY but charges a high-interest rate or high withdrawal fees.
Other considerations include the account minimums such as the initial minimum deposits and account balances. You may also want to consider convenience, availability, and security. If you are risk intolerant, go for accounts that are FDIC insured.
We reviewed some of the best savings accounts in New York. Compare the options to find an account that maximizes your savings growth and is the best fit for you.
A Discover Online Savings Account can be a great option for the avid saver where you can take advantage of daily compounding.
This savings 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.
UFB Direct comes with check-writing capabilities and a free ATM card with a national network of fee-free ATMs.
Quontic Bank high yield savings account provides you with the opportunity to accrue interest at a rate 15x higher than the national average. Interest compounds daily and is paid into your account every month.
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.