Are you a millennial looking to save for the future, but don’t know where to start? The good news is that there are many options available to you, including savings accounts. But with so many different savings accounts on the market, how do you choose the best one for your needs? In this article, we’ll take a look at the best savings accounts for millennials, so you can make an informed decision on where to store your money.
Before we dive into the best savings accounts for millennials, let’s first talk about what you should consider when selecting a savings account. The first thing to think about is the interest rate. This is the amount of money you will earn on your savings, so it’s important to find an account with a competitive interest rate. Additionally, you’ll want to consider the fees associated with the account, as some accounts may have monthly maintenance fees or minimum balance requirements.
Now that you know what to look for in a savings account, let’s take a look at some of the best options available to you as a millennial.
1. Capital One 360
Capital One 360 is a great option for millennials who want to earn a high interest rate on their savings. With no monthly maintenance fees and no minimum balance requirements, this account is perfect for those just starting to save. Plus, you can easily manage your account online or with their mobile app. Capital One 360 offers a 0.75% interest rate, which is one of the highest rates on the market.
2. Ally Bank
Ally Bank is another great option for millennials looking to save. With no minimum balance requirements and 24/7 customer service, this bank is perfect for those who want the convenience of online banking. Additionally, Ally Bank offers a competitive interest rate of 0.60%, making it a great option for those looking to earn a little extra on their savings.
3. Discover Bank
Discover Bank offers a savings account with no monthly maintenance fees and no minimum balance requirements, making it a great option for millennials just starting to save. Additionally, they offer a competitive interest rate of 0.50% and 24/7 customer service. You can also easily manage your account online or with their mobile app.
4. Marcus by Goldman Sachs
Marcus by Goldman Sachs is a great option for millennials who want to earn a high interest rate on their savings. With no monthly maintenance fees and no minimum balance requirements, this account is perfect for those just starting to save. Additionally, Marcus offers a competitive interest rate of 0.50% and 24/7 customer service.
In conclusion, there are many great options for millennials looking to save for the future. Whether you’re just starting to save or looking for a new savings account, consider one of the options listed above. With a high interest rate and no monthly maintenance fees, you can’t go wrong. Start saving for your future today and watch your money grow.