Highest APY savings accounts for 2020. Best interest rate no monthly fees online savings accounts from largest banks in the U.S.

CIT Bank Savings Account

CIT Money Market Account

  • 1.25% APY
  • Earn over 25X the National Savings Average
  • $100 minimum opening deposit
  • No fees to open or maintain
  • Daily compounding interest
  • 24/7 secure online banking
  • FDIC insured

BBVA Compass ClearChoice Money Market Account

BBVA Money Market Account

  • Less than $10,000 - 0.05% APY
  • $4,999,999.99 - 1.00% APY
  • $5,000,000+ - 0.25%
  • Available for Alabama, Arizona, California, Colorado, Florida, New Mexico, Texas.
  • Minimum opening deposit: $25
  • Earn tiered interest rates to grow your money faster
  • Monthly Service Charge: $15. No Service Charge when the minimum daily collected balance of the quarter is $10,000 or more. No Service Charge if you have an automatic, recurring monthly transfer of $25 or more from a BBVA Compass checking account to your BBVA Compass ClearChoice Money Market account in effect at the time the service charge would be assessed

Who Needs A Savings Account?

When your savings outgrow your piggy bank, it's time to put those greenbacks in a real bank. Much safer and more convenient than hiding your money under your mattress, bank accounts also help you build your savings (often with interest) as you learn the basics of banking. Because everyone has to start somewhere, the most common type of bank account is a personal savings account. With a focus on long-term growth, these accounts allow no more than 6 withdraws per month under federal law.


Wells Fargo Business Market Rate Savings Account Interest Rates and Minimums

Wells Fargo Business Market Rate Savings Account is an interest-bearing FDIC-insured savings account designed specifically for small businesses to help them manage and grow savings. The interest is compounded daily and paid monthly using a 365-day year.

As of October 2020, the interest rate (APY) is only 0.03%. The rate is neither more nor less than the rates offered by other well-known large banks in the country; however, it is significantly lower than the rates offered by online banks. Wells Fargo requires only $25 to open a savings account and does not require its clients to maintain a minimum balance. On the other hand, online banks might ask anywhere from $1,500-$2,500 to start an account.


Wells Fargo Business Market Rate Savings Account Fees

Whether it is a personal or business account, it is always important to know the fees that come with an account as those fees and charges can potentially decrease savings. The following is a list of fees applicable to the Wells Fargo Business Market Savings Account and their description/review:

  • Monthly fee - $6
  • Deposit items fee (any combinations of deposited items, including paper and electronic) - no charge for the first 20 per month, $0.50 each for over 20 per month
  • Cash deposited fee - no charge for the first $5,000, over $5,000 per month - $0.30 per $100
  • Excess activity fee - $15 per withdrawal or transfers

A monthly fee is always a big drawback when it comes to savings account. There is a $6 monthly fee that comes with the business savings account. However, the fee can be avoided with a minimum balance of $500 each billing period or a total amount of $25 or more of automatic transfers each month from a Wells Fargo business checking account into this savings account.

Other two fees that business owners need to be aware of are deposited items and cash deposited fees. A $.50 deposit item fee is charged on any paper or electronic deposit over 20 deposits per month. The first $5,000 monthly cash deposits are free; thereafter, a cash deposit fee of $0.30 per $100 deposit will be applied. $0.30 of $100 is 0.3% meaning that all monthly deposits over $5,000 are not applicable for an interest rate until the next billing period. Hence, the maximum monthly limit of interest on new deposits is only $15.3 ($0.3% on $5,000) without any other fees being applied.

A $15 excess activity fee is a regulatory fee, which applies to all United States banking institutions. The fee is charged on each withdrawal or transfer exceeding the limit of six monthly transfers per month from savings or money market accounts.

A check image program is available for an additional monthly fee.

  • $2 per month - 10 checks per page. Image includes the front of checks only
  • $3.50 per month - 5 checks per page. Image includes the front and back of checks .

Wells Fargo Business Market Rate Savings Account Additional Benefits

  • ATM access with a business ATM card or business deposit card at 13,000 Wells Fargo ATMs and more than 6,000 Wells Fargo banking locations
  • Secure online access
  • Unlimited telephone access to Business Banking Center 24 hours a day, 7 days a week
  • Check writing capability (Limited to six free transactions per month)

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