We received a neat tip from usccstrategy which simplifies figuring out which card you used when referring a friend to an Amex card:
Look at your rewards transactions showing the referrer bonus. You’ll see there a string of letters/numbers attached to each referral bonus. Example:
See in the above screenshot one of the referrals is described as “K3QE” and one is described as “K3YC”.
Next, check your referral link. Look at the full expanded version of the link. Near the end of the long link you’ll see the 4-digit code which represents the card for referrals. That code will correspond to the code you see in the login.
For example, one code I checked ends with “92-201279-K50U%3A9997&v=1&xl=cp10gx”. If that card would refer a friend, they would see “K50U” in their rewards login. Cool.
This KashKick Review will help you figure out if this rewards site is worth your time or not. KashKick is a rewards platform where you can get rewards for doing things like answering questions and playing games online. You can then turn these rewards into real money through PayPal. To really get how KashKick works,…
This KashKick Review will help you figure out if this rewards site is worth your time or not.
KashKick is a rewards platform where you can get rewards for doing things like answering questions and playing games online. You can then turn these rewards into real money through PayPal.
To really get how KashKick works, it’s important to know all the details. This means knowing what to do from the start, like signing up and getting your money.
Continue reading this KashKick Review to learn more.
Please click here to sign up for KashKick for free.
Key Takeaways
KashKick is an easy way to earn extra cash online through surveys and playing games.
KashKick pays via PayPal cash.
They have games such as Monopoly GO, Yahtzee, Bingo Blitz, Scrabble Go, and more where you can make $100+ per game.
They also have a referral program where you can refer your friends and family to their site and earn 25% of their lifetime earnings.
This is a free site to join.
What is KashKick?
KashKick is a GPT (get paid to) rewards site, which means that there are lots of different ways to get paid on this platform.
It’s aimed at giving you an opportunity to earn some extra cash, and this platform rewards you for completing different tasks. These tasks include taking surveys, signing up for apps, and even trying out new products and services.
They have a PayPal cash-out option with a minimum payout threshold of $10. This makes the platform a good option if you’re looking to supplement your income without spending too much of your time and energy.
Recommended reading: 21 Best Free Surveys That Pay Cash Instantly
How to Make Money on KashKick
KashKick is a money making app with many different ways to make money. Some different ways include:
1. Take surveys
One of the top ways to earn on KashKick is by answering surveys.
These surveys are given by different market research companies or brands who are looking for opinions from normal people like me and you. By paying for surveys, these companies can learn how to improve their product, their advertising, and more.
The amount you can earn per survey depends on its length, but they are typically less than 20 minutes long and you will usually earn around $1 to $5 per survey answered. These surveys aren’t hard either – they simply want to know what you truly think!
To make the most of this type of earning opportunity, you should take surveys as much as you can and pay attention to the survey invitations you receive in your email.
2. Play games
Another way to make money on KashKick is by playing games.
The platform has partnered with different game developers and companies, allowing people like you to try new games and earn rewards for them.
The reason people get paid for playing games on KashKick is because the site partners with advertisers and businesses who are looking to promote their products or services. By playing these games, you help these advertisers reach a wider audience. In return, KashKick shares a portion of the revenue earned from these games with you. It’s a win-win situation where you get to have fun and earn a little extra money, while businesses get exposure for their ads and games.
There are many different games you can play on KashKick such as:
Monopoly GO
Yahtzee
Bingo Blitz
Scrabble Go
MGM Slots
Solitaire Smash
And so much more.
For example, here’s how you can make money playing Monopoly on KashKick: “Install (make sure to accept tracking requirements on your device!) and reach Board 27 within 8 days from the install date to get $30, reach Board 42 within 12 days for $40 more and reach Board 71 within 24 days for another $50 – for a total of $120!”
While playing games, it’s important to track your time spent and calculate your earnings potential to make sure your gaming activities are worth the effort. If you find that you’re spending too much time playing games, then it may not be worth it.
3. Reward offers
KashKick has many reward offers, such as paid offers or app installations. To see their offers, you will want to go to the offers section on the KashKick website and you can find the tasks that suit your interests and preferences.
For example, with KashKick Offers, if you register and select your unique $Cashtag, you will get $4. Or, if you link your bank account to Stash and make a qualifying deposit, you will get $50. Another offer is to sign up for an app that gives cash back at the gas station pump, and then you can earn a $15 reward.
There are currently 85 different offers available to me on KashKick, so there are lots to choose from!
Checking the featured offers regularly can really boost how much you can earn. That’s why it’s a good idea to keep an eye on this section for new chances to make money.
4. Referral bonus
KashKick has a nice referral program to encourage you to bring in new members.
When you invite friends or family to join the site, you can earn a referral bonus in the form of a percentage of their lifetime earnings. This not only helps you boost your income but also creates a way to make passive income over time because you won’t have to do anything extra to earn the 25% referral bonus.
If your friend joins using your referral link, you’ll get 25% of the money they make from doing Offers on KashKick.
You can find the referral link by clicking on the money icon in the top right corner when you are logged in. Then click on “Refer a Friend.”
Note: This bonus doesn’t apply to the money they earn from Surveys or Extra$.
5. Extra$
Extra$ are even more ways to earn cash on KashKick. These may be purchases you can make to save money, free trials, and more.
Some of the Extra$ I have available when I log in include:
Try SiriusXM for just $1 for 3 months and earn $6.54
Sign up for Paramount+, try the trial, and earn $0.60
Place your first order with Uber Eats and earn $7.00
There were over 100 of these available on my KashKick dashboard.
6. Sign up bonus
When you first sign up on KashKick, you may be eligible for a sign-up bonus. This bonus is generally offered in the form of cash that can be added to your account balance. There is not currently a KashKick sign-up bonus, but I will let you know when that changes.
How to sign up for KashKick
Signing up for KashKick is an easy process that can be done in just a few steps. Here’s how you can sign up for KashKick:
Click here to sign up for KashKick for free.
Enter your email address and create a password.
Fill out your profile – Next, you will answer some basic information about yourself, such as your age and location. Keep in mind that you must be at least 18 years old to sign up, and you must live in the United States.
Confirm your email address – Once you have entered your information, KashKick will send you a confirmation email that you will have to click on.
And, that’s it!
Now that you’ve successfully signed up for KashKick, you can start earning cash rewards by completing surveys or playing games.
Ways to cash out on KashKick
To cash out on KashKick, you need to reach a minimum earnings threshold of $10.
When you reach the threshold, you can request your payment through PayPal. It’s the only payment method that KashKick has. So, you will want to have a verified PayPal account before you start a KashKick account.
Once you request your payout, it usually takes around 1 to 3 days to receive your payment, which is completely normal.
It’s important to know that accounts are considered inactive after 90 days of inactivity, and earnings in these accounts may be forfeited. So, don’t forget to continuously participate in the platform and cash out before it’s too late.
KashKick reviews
Below are KashKick reviews from websites such as Trustpilot and Reddit.
KashKick Trustpilot reviews
KashKick has a 3.7 out of 5-star rating on Trustpilot, with around 600 reviews.
Of the negative reviews of KashKick, some people were having trouble with accessing their accounts and this led to a negative experience. KashKick did respond to these complaints with a support email to reach out to them.
If you have issues with KashKick, I highly recommend reaching out to their customer support team at [email protected] or reach out to them via their Facebook page.
KashKick reviews on Reddit
Overall, I found many good reviews of KashKick on Reddit. Many people were earning money mainly by playing KashKick games. I found many KashKick reviews on Reddit where users said that they play the games all the time in their downtime and often reach the $100+ payout for the games.
KashKick vs competitors
Wondering how KashKick compares to its competitors? Whether you are looking for another paid survey site or if you want different ways to earn, then I recommend reading the below.
Swagbucks
Swagbucks is a popular rewards platform similar to KashKick. Like KashKick, you can earn points (called SB) by completing tasks such as watching videos, completing surveys, and shopping online. There are many different ways to earn, and Swagbucks is one of my favorite rewards sites. So, I highly recommend joining this one if you haven’t yet.
You can sign up for Swagbucks here. Also, you can read my Swagbucks Review here.
Survey Junkie
Survey Junkie is one of the most popular survey sites. The minimum cash-out threshold is also $10. Survey Junkie is heavily focused on surveys, though, so if you’re looking for different earning opportunities, it might not be the best match.
You can sign up for Survey Junkie here. Also, you can read my Survey Junkie Review here.
InboxDollars
InboxDollars is another online rewards site like KashKick, and it allows you to earn cash by completing tasks such as online surveys, watching videos, and signing up for offers. InboxDollars has a slightly higher cash-out threshold of $15, meaning it might take longer for you to claim your rewards.
InboxDollars pays via PayPal cash, as well as gift cards to places such as Amazon, Apple, Target, Dunkin’ Donuts, Lowe’s, Barnes & Noble, and Gap.
Sign up for InboxDollars here.
Frequently Asked Questions About KashKick
Below are answers to common questions about KashKick.
Is KashKick a legit way to make money?
Yes, KashKick is a legit rewards site where you can earn cash for completing tasks like answering surveys and playing games. They have a low payout threshold of $10 and pay through PayPal, but keep in mind that sometimes it can take a long time to reach the withdrawal minimum.
Does KashKick pay you to watch videos?
At this time, KashKick does not currently have videos that pay you to watch. However, this is a feature that they may add in the future.
How do I sign up for KashKick?
Signing up for KashKick is simple and free. You can sign up here.
Does KashKick have a mobile app?
Yes, KashKick has an app for Android users to download. However, there is not a mobile app for Apple iPhone users yet.
How long does KashKick take to pay?
KashKick payments take around 1 to 3 days.
Can I use an international PayPal account to withdraw my KashKick earnings?
Unfortunately, no. KashKick only allows a valid United States-based PayPal account for payments.
Is KashKick legit or a scam?
KashKick is a real online rewards site that gives you many different ways to make money, such as playing games online, watching videos, signing up for other apps, and answering surveys.
KashKick Review – Summary
I hope you enjoyed this KashKick review.
KashKick is an easy site to use if you want to make some cash in your spare time. Plus, there are many different ways to make extra money – from playing games to answering surveys, and more.
To sum it up, KashKick is a simple website where you can earn rewards in different ways. If you do things like answer surveys, you’ll also benefit from a low amount needed to cash out.
So, why not give it a shot and see if it’s a fit for you!
Please click here to sign up for KashKick for free.
Chase is offering 65,000 Hyatt points after $5,000 in spend within the first three months when you open a new World of Hyatt Business card and an additional 15,000 bonus points after you spend $12,000 within the first 6 months
Card Details
$199 annual fee (fee is NOT waived the first year)
Card earns at the following rates:
Earn 4x points per dollar at Hyatt properties
Earn 2x points per dollar on your top three categories, from a selection of the following eight categories (they call this “Adaptive accelerator”):
Dining
Shipping
Airline tickets when purchased directly with the airline
Local transit & commuting
Social media & search engine Advertising
Car rental agencies
Gas stations
Internet, cable & phone services
Earn 2 points per dollar on fitness club and gym memberships
Earn 1 point per dollar on all other spend
Spend $50,000 or more on the card in a calendar year and receive 10% of redeemed points back as Bonus Points for the remainder of the calendar year (maximum of 20,000 Bonus Points per calendar year)
Earn $100 in Hyatt credit each anniversary year: Spend $50 or more at any Hyatt property and earn $50 in statement credits up to two times each anniversary year
Automatic Discoverist status in World of Hyatt (typically requires 10 Tier-Qualifying Nights or 25,000 Base Points)
Gift up to 5 Discoverist statuses to their company employees (they do not have to be cardholders)
5 Tier-qualifying night credits with each $10,000 in spend on the card in a calendar year
With World of Hyatt’s 2021 reduced elite status criteria, World of Hyatt Business Credit cardmembers can earn top tier Globalist status with $60,000 in spend on the card now through Dec. 31, 2021.
Access to Hyatt Leverage, Hyatt’s global business travel program that offers special rates to qualifying small and mid-sized enterprises at participating Hyatt hotels worldwide
No foreign transaction fees
No fee for employee business cards
Primary rental car collision damage waiver
Our Verdict
This is the same bonus that the card launched with and an all time high (actually not as good as that only required $5,000 total spend). Hopefully it becomes available as a referral bonus as well. Could definitely be worth it for some people, especially as Chase business cards don’t count towards your 5/24 status (you still need to be under 5/24 to get approved though). We will add this to our list of the best credit card bonuses.
Chase now has an easy link where you can find referral links for all of your Chase cards. You can also find the details on the referral bonus at this page as well.
Direct Link to find all referrals (login required) – toggle cards to get the link for each card
(Note, this page sometimes shows links from older, closed cards as well. Be sure to share with friends the links that are from active cards which can receive the referrer bonus.)
The other options to find referral links are to fish through your email where Chase sends them from time-to-time, or go to this catch-all page and enter the card details one at a time.
Capital One is sending out an offer to some of their business cardholders:
Refer a business to signup for a new Capital One business card and the referrer gets $1,500 once they are approved. Max $7,500 bonus can be earned (5 referrals) per calendar year.
The Fine Print
Image of terms is below, most notable to me:
The business signing up has to be entirely new and have no Capital One Business credit or charge cards. (If the new signup has personal Capital One cards that’s okay.)
Capital One might send you a tax form 1099-MISC for these earnings. (Since it’s more than $600, I’d assume they will send out these tax forms. The form will likely be sent to your business EIN that you used when you originally signed up for your Capital One business card.)
Our Verdict
We’ve seen $300 bonuses before, but this $1,500 bonus is absolutely wild. A lot of people might consider signing up just to get their friend the referral bonus, e.g. if you have a business and your spouse has a business, your spouse can refer you and they’ll get the $1,500 if you’re approved.
The new business signing up can also get the regular signup bonus on the card. There are two cards available via the signup link: 1) the Capital One Spark Cash Plus with a $1,200 bonus after $30,000 spend within 3 months, 2) The Capital One Spark 2x Miles with a 50,000 miles bonus after $4,500 spend within 3 months.
There’s no need for the new business to meet the spend requirement for their bonus; the $1,500 bonus for the referring business is earned as soon as the new business is approved.
Love throwing down your credit card at dinner and regaling your friends with all the details of its perks?
Many credit card issuers have their own version of a referral program that allows current cardholders to recommend, or refer, a credit card to someone else. If the other person is approved for the recommended card, both parties stand to benefit, usually in the form of credit card points or cash.
Chase’s program — aptly named Refer-A-Friend — encompasses cash-back, travel, airline, hotel and business credit cards. Referring friends to one of Chase’s cards can be a pretty easy way to rack up thousands of extra rewards points without spending a dime. However, Chase imposes limits on the number of points or cash you can earn from referrals in a year, and a referral isn’t always the right move for all involved.
Here’s how Chase’s Refer-A-Friend program works.
How to Refer-A-Friend with Chase
The process of referring a friend to a Chase credit card is straightforward: You can send out the referral from Chase’s website or in the app.
To navigate from the website:
Go to https://creditcards.chase.com/refer-a-friend.
Select the “Refer friends now” button for the card that you’d like to recommend.
When prompted, enter your last name, zip code, and the last four digits of your own credit card.
Copy the unique URL, and send it to your friend by email, text or social media.
To navigate from the app:
Log in and select the account for the card that you want to refer.
Select “Refer a friend.”
Copy the unique URL, and send it to your friend by email, text or social media.
What to consider when you’re referring
As with many things in life, just because you can — doesn’t mean you should. When each successful referral results in a windfall of credit card points, it can be tempting to hand out referral links like candy on Halloween, but there are a few considerations to keep in mind.
Is the card a good fit for your friend?
Consider whether the card fits the other person’s lifestyle. For example, if your friend isn’t a frequent traveler, a Southwest card may not make sense. Suggesting a flashy new rewards card may be the wrong move when it comes to friends who are struggling with credit card debt, too.
There are limits
The maximum amount you can earn in referrals is limited per card you hold: The more Chase cards in your wallet, the more potential referral bonuses you can earn. These limits reset each calendar year. Here’s what’s offered as of June 2023.
Chase credit cards with Refer-A-Friend bonuses
Any Disney Visa card. (100 Disney Rewards Dollars for each approved friend up to 500 Rewards Dollars per year.)
Any Chase Ink card. (40,000 points for each approved business up to 200,000 points per year.)
A bonus isn’t a sure thing
It sounds simple enough, but you won’t get the referral bonus if your friend doesn’t apply for the card using your link. Even if you’ve taken the time to patiently explain all the ins and outs of the card’s rewards, if your friend forgets and applies on the Chase website instead of your link, you won’t get the credit. You also won’t earn a referral bonus if your friend’s application isn’t approved, or if you’ve reached the referral limits already.
You may have to pay taxes
In most cases, the rewards you earn from your credit card aren’t taxable — they’re viewed as rebates on spending, not as income. But rewards earned from referral bonuses are treated differently. The credit card issuer may issue a 1099 for the cash value of any rewards you earned for referrals.
How to apply with a Refer-A-Friend link
The process to apply for a card using a referral link is simple. But before you do, quickly compare credit card offers to make sure you’re actually getting the best deal. The value of sign-up bonuses can vary, so check Chase’s website and others like NerdWallet to see how the referral offer stacks up.
Then, if you decide to apply for the card using the referral, you’ll just need to visit the link that your friend sent you. If you’re approved, you may receive a response within minutes of submission. However, it can take up to a couple of weeks to get the physical card in the mail.
When you choose a bank for your daily checking and savings needs, you can choose between a national bank, a smaller regional bank, credit unions of varying sizes, and even online banks and financial technology companies.
Since early 2023, when Signature Bank and Silicon Valley Bank both experienced failures after customers pulled out large amounts of money during bank runs, banking customers may feel more comfortable choosing a national bank.
Although the U.S. government took extraordinary measures to protect the assets of SVB and Signature Bank customers, and deposits held in the accounts were FDIC insured, many customers were still rightfully concerned about gaining access to their money in a timely manner.
After the banking crisis of 2008, the Federal government declared banks like JPMorgan Chase, Bank of America, Citibank, and Wells Fargo as “too big to fail.” But these aren’t the only national banks or credit unions available.
You might think that smaller online banks may have lower fees, while small local banks are known for friendly and responsive customer service. But the national banks on this list blend the best of all worlds: low fees, high marks for customer satisfaction, ways to avoid overdraft fees, convenient ATM networks, and a variety of banking products.
16 Best National Banks
Here are the 16 best national banks that offer exceptional services, excellent customer support, and innovative banking solutions to meet all of your financial needs.
1. SoFi – Best for Digital Banking & High Yields
SoFi became a nationally chartered online bank in 2022, after acquiring Golden Pacific Bancorp, Member FDIC. Originally known for its vast array of loan products, including private student loans, today SoFi has a combination checking and savings account, or a cash management account, with no monthly service fee.
SoFi also has no minimum balance requirements, no overdraft fee, and overdraft protection up to $50 with qualifying direct deposits each month. You can bank for free at any of 55,000+ fee free Allpoint ATMs nationwide.
As an online bank, SoFi offers higher interest rates than you may find at brick and mortar banks. Earn up to 4.20% APY on your savings account balance and 1.20% on money in your checking account. When you use your SoFi debit card at select local businesses, you can earn up to 15% cash back.
SoFi offers two tiers of accounts: SoFi and SoFi Plus. To qualify for the “freemium” SoFi Plus membership, bank customers must have qualifying direct deposits. Plus, when you sign up before December 31, 2023, you can earn a cash bonus of $250 when you set up direct deposits of $5,000 or $50 with a direct deposit as low as $1,000.
SoFi Plus members receive loan rate discounts, bonus rewards, access to special entertainment events and more, making SoFi a unique company when it comes to online banks.
2. Discover Bank – Best for Cash Back
Discover may be best known for cashback and rewards credit cards. But its online banking products are some of the best you’ll find among national banks.
With no monthly fees and no minimum balance, your Discover Cashback checking account pays 1% cashback on up to $3,000 worth of debit card purchases monthly. You’ll never pay overdraft charges, and you can withdraw cash at a network of 60,000+ fee free ATMs.
You can qualify for overdraft protection by linking your Discover Bank savings account. Discover Savings pays a high 3.90% APY with no minimum deposit required.
Other Discover Bank deposit accounts include CDs with terms from 3 months to 10 years, and a money market account that pays 3.80% APY for balances under $100,000 and 3.85% on balances $100,000 and up.
For questions or help with your account, you can reach a U.S.-based customer service representative for Discover Bank by phone, 24/7/365.
3. Chase Bank – Best for Credit Card Rewards & Referral Bonuses
As the world’s largest national bank, JPMorgan Chase Bank doesn’t need to do much to entice customers. People will choose Chase based on its name, reputation, and more than 4,700 convenient branch locations across the U.S.
However, Chase happens to have one of the best bonuses for new customers and a generous referral bonus program when existing customers refer their friends. This, coupled with a robust and easy-to-use mobile app and a variety of checking, savings and investment services, puts Chase on our list of top national banks in the U.S.
Chase is currently offering new Chase Total Checking customers a $200 bonus when they open a new account and set up direct deposit within the first 90 days.
New or upgrading Chase Private Client customers can earn a $3,000 bonus with a deposit of $500,000 or more within the first 45 days of account opening. Deposits of $150,000 to $249,999 earn $1,000 and cash deposits of $250,000 to $499,999 earn $2,000. You must keep the money in your J.P. Morgan Wealth Management or JPMorgan Chase deposit accounts for 90 days to qualify.
In addition to Chase Total Checking, the bank’s most popular checking account, and Private Client services, Chase also offers other checking and savings accounts.
Chase Secure Banking has a $4.95 monthly fee and no overdraft fees. Chase Premier Plus Checking offers a few added benefits beyond Chase Total Checking, including ATM fee rebates up to four times per statement cycle, a linked personal checking account with no monthly fees, and a 0.01% interest rate on balances.
Chase also offers bank accounts for kids, teens, and college students, as well as CDs, savings and money market accounts, mortgages, loan products, and a full array of top-rated rewards credit cards.
If you have multiple Chase accounts, it’s easy to manage them all within the mobile app.
4. Chime – Best for Building Credit
Chime is a financial technology company backed by Stride Bank, Member FDIC, and Bancorp Bank, Member FDIC. It is not a bank, itself, but offers some of the same features, including online banking, a debit card, and direct deposit up to two days earlier than some other banks.
Chime has no monthly service fee, no overdraft fee, and no minimum balance requirements. For customers who need a little boost to make it from paycheck to paycheck, Chime offers fee-free overdraft up to $200 through the SpotMe5 program and a credit builder secured Visa credit card with no annual fees, interest or minimum security deposit.
Use your Chime debit card at any of 60,000+ fee free1 ATMs in the Allpoint, MoneyPass or Visa Plus Alliance ATM networks. Out of network ATM fees may apply, otherwise.
You can qualify for Chime’s SpotMe program with a single direct deposit of $200 or more during any monthly statement period. If you process a transaction that would put you into overdraft, Chime will accept the transaction even if it puts your balance into the negative by up to $200.
The Credit Builder Secured Visa card carries the same requirements of a $200 monthly minimum direct deposit. You can build your credit and raise your credit score with responsible use of the card.
5. Citi® – Best for Large Cash Deposits
The third of the four largest national banks in the U.S. based on assets, Citi, owned by Citigroup, is best for high net worth customers or those with large cash deposits divided among Citi checking, savings, and other accounts.
Currently, you can earn a generous cash bonus of $200 to $2,000 when you open a qualifying Citi checking account and meet specific minimum opening deposit requirements. Your bonus will be determined by your account balance on the 20th day after opening the account. Funds must remain in the account for an additional 60 days after the 21st day.
Citi offers multiple checking accounts to meet various customers’ financial needs, all with monthly fees that are easy to waive if you hold the required minimum balance. The bank accounts include:
Citibank
Citi Priority, which includes travel perks and access Citi Personal Wealth Management advisors
Citigold, relationship banking and investment services
Basic Banking and ATM access
Access Account, a debit account with no paper checks
For the Basic Checking account, you’ll need to maintain a $1,500 minimum balance to waive the fees. The other accounts have larger minimum balance requirements to avoid monthly maintenance fees and take advantage of other perks, up to $200,000 for a Citigold account.
All accounts provide access to personal banking at Citi branches and access to more than 65,000 fee free ATMs across the U.S. All accounts except for Basic and Access accounts also have no fees at ATMs outside the Citi network.
Like all the larger national banks on this list, Citi has a full gamut of rewards credit cards, savings and money market accounts, and high-yield CDs.
6. CIT Bank – Best for High Interest Rates
CIT Bank, a division of First Citizens Bank, has earned awards and accolades for customer satisfaction, rated by American Banker as #1 for “delivering the most humanized experience in banking.”
You should be aware that deposits in First Citizens Bank & Trust Company, Member FDIC, are not separately insured. This only matters if you hold more than $250,000 in any single account type, such as checking or savings, in both First Citizens Bank and in CIT Bank.
CIT is the online only banking arm of First Citizens Bank, with high-yield savings accounts, CDs, money markets, and eChecking, all with no monthly fees and no overdraft fees. You won’t pay any ATM fees at CIT Bank machines, and CIT Bank reimburses up to $30 per month when you use out-of-network ATMs.
CIT offers 0.25% APY on checking when you hold more than $25,000 in your account, and 0.10% APY on balances under $25,000. The bank has high interest rates for savings, offering customers a 4.85% APY on balances of $5,000 or more with the Platinum Savings account.
CIT Bank has two other savings accounts as well:
Savings Connect, with a 4.60% APY
Savings Builder, which requires a minimum balance of $25,000 or a $100 monthly deposit to earn 1.00% APY
You’ll need a $100 minimum deposit to open a checking or savings account at CIT Bank.
7. Bank of America – Best for College Students
As the second largest of the best national banks, behind Chase, Bank of America has the full gamut of banking products, with three checking accounts plus a student account, savings, CDs, and investment products.
It’s easy to waive monthly maintenance fees on a checking account with a minimum daily balance, direct deposits, combined balances across eligible linked Bank of America accounts, or by enrolling in their Preferred Rewards programs.
We like the Advantage SafeBalance banking for kids, teens, and college students under 25 years old. They have no monthly fee and no overdraft fees. Teens ages 16+ can have sole ownership of the account.
For everyone else, the bank offers Advantage Plus and Advantage Relationship checking accounts with easy ways to waive the monthly fees with direct deposit or a minimum daily balance.
When you open a new checking account, you can qualify for a $100 bonus when you receive qualifying direct deposits of at least $1,000 within 90 days of opening the account.
Of course, Bank of America also has CDs, and a savings and money market account. Plus you can invest with Merrill. All of these deposit accounts count toward your Preferred Rewards membership.
When you have a combined average daily balance of at least $20,000 for three months, you’ll qualify for the rewards program.
8. U.S. Bank – Best for Military Members & High Balance Savings
U.S. Bank offers the Bank Smartly checking account so you can earn interest on your money. The current interest rate is just 0.01% APY on all checking balances. You’ll pay a $6.95 maintenance fee, but this is waived if you meet minimum deposit requirements or if you are a member of the U.S. military.
You can link your Bank Smartly checking account to a standard savings account or Elite Money Market to earn even more. To avoid fees on your savings account, you’ll want to keep a $300 minimum daily balance or a $1,000 average monthly collected balance. If you are already a Bank Smartly customer, you can enroll in Smart Rewards to waive savings account fees.
The Elite account is better for those with high balances. You can earn up to 4% APY on balances from $25,000 up to just under $500,000.
The appeal of U.S. Bank is in its high ratings for banking satisfaction across the board from customers. U.S. Bank earned accolades for having the best mobile app, the best digital mortgage tools, the best customer service features, and best mobile check deposit capabilities. These factors all contribute to its ranking as a best national bank.
9. Axos Bank – Best Online Bank
Axos is an online only bank with a rewards checking account that delivers up to 3.30% APY, with no fees and unlimited ATM fee rebates for out-of-network ATMs.
To earn the maximum APY, you’ll need to set up direct deposit and Axos Bank’s free Personal Finance Manager for 0.70% interest. Then, open an investment account and take out an Axos personal loan or auto loan and earn another 2.60% annual percentage yield on your checking account balance.
Axos also offers an Essential Checking account with early direct deposit and no fees, and a Cashback Checking account, which gives you 1% cash back on debit card purchases, along with no maintenance fees and unlimited domestic ATM fee reimbursements.
Voted the best online bank by many top personal finance sites, Axos Bank offers more than just high interest, no fee checking.
Axos Bank offers CDs with terms between 3 and 60 months and a savings account with 0.61% annual percentage yield, with interest compounded daily. You can also find personal loans, car loans, mortgages, and investment products.
Like other national banks, Axos Bank provides FDIC insurance up to $250,000 or $500,000 for joint account holders. But you can expand your coverage up to $150 million with Axos Bank InsureGuard+ Savings from IntraFi Network Deposits.
Axos splits up your large deposit into multiple accounts across several banks, each covered up to $250,000. If you are dealing with a substantial amount of cash and want your savings protected at a single bank, Axos may be a good choice for you.
New customers can earn a $100 welcome bonus by opening an account with just a $50 minimum opening deposit.
10. Truist Bank – Best for Relationship Banking & Innovative Savings Perks
Truist Bank is one of the top 10 largest national banks, formed as a merger between BB&T and SunTrust in 2019. Called “the biggest bank you’ve never heard of” by CNN Business, Truist holds assets of $574 billion and has been growing steadily since the merger.
Truist offers checking and savings accounts, CDs, and credit cards. Truist checking and savings customers can earn perks and benefits. This includes access to Long Game, a savings game app that lets you earn cash when depositing into your Truist savings account. It also includes bonus rewards on your Truist credit cards.
Truist has four levels of relationship banking in its Truist One checking account. This means the more you deposit, the more perks you will receive, up to a 50% loyalty bonus on Truist credit cards, and a discounted annual fee for a Delta SkyMiles debit card. Benefits for relationship banking begin at $10,000 in combined average monthly balances for Truist deposit accounts.
Your Truist checking account has a $12 monthly fee, which is easy to waive with $500 or more in direct deposits each month or a $500 minimum balance across all Truist deposit accounts. Truist personal loan, mortgage or credit card customers also pay no fees on their Truist checking account.
You can also waive the monthly fee with a linked Small Business checking account or if you are a student under the age of 25. You’ll need a $25 minimum opening deposit for a Truist One checking.
Customers with lower income or just getting started establishing their finances can benefit from Truist Confidence checking and savings accounts. The account has just a $5 monthly maintenance fee, which is easily waived.
11. Capital One – Best for High Interest Rates at a Brick and Mortar Bank
Like Chase Bank, Capital One is well known for its top-rated rewards credit cards. The company is also one of the best national banks with a savings account and CDs offering interest rates higher than the national average.
Capital One Performance 360 savings has a 3.90% APY, no monthly maintenance fees, and no minimum deposit to open your account. A Capital One 360 Performance checking account, similarly, has no monthly maintenance fee, overdraft protection through your linked savings account, and early direct deposit.
You can bank with no fees at a network of 70,000+ ATMs nationwide, and can deposit cash easily at CVS retail locations. Although you must open your Capital One Performance account online, you can receive personalized service and deposit cash at any Capital One bank branches or Capital One Cafes.
12. PNC Bank – Best in East and Southwest
PNC Bank is a large, national bank with branch locations across 29 states. Most branches are in the east, south, and southwest, although you will also find branch locations in some Midwest states.
PNC Bank’s online checking account is called Spend and it links to the PNC VirtualWallet. You can add a savings account, called Reserve, or upgrade to the Performance Select product with two tiers of savings and double layer overdraft protection.
When you set up your VirtualWallet with PNC Bank and open your Spend account, you can earn a $50 bonus.
Combining your Spend account with a PNC Bank Reserve account yields even more benefits. Earn a $200 bonus when you qualify. Finally, if you open a Performance Select VirtualWallet, you could earn $400.
Each account comes with a low monthly fee that is easily waived through qualifying monthly direct deposits or by meeting minimum balance requirements.
13. Wells Fargo – Best for Checking Account Options
Wells Fargo, one of the “big four,” is the fourth largest of the best national banks in the U.S. It is known for having many convenient bank locations, with 4,700 branch locations.
The vast number of branches across the country puts it top on our list for in-person banking and customer satisfaction.
Plus, we also rated it best for various checking account choices for everyone from children to retail investors.
Like the other national banks on this list, Wells Fargo has checking, savings, and CD accounts. The bank has four checking account options for consumers at various stages of their financial lives:
Clear Access Banking, with no overdraft fee and a low $5 monthly fee, waived for teens and young adults ages 13 to 24
Everyday Checking, the most popular bank account, with optional overdraft protection
Prime Checking, offering discounted interest rates for loans and higher interest rates for linked CDs and savings accounts
Premier Checking, a relationship banking service with 24/7 support and discounts on investing services
It’s easy to waive the $10 fee on Everyday Checking with a $500 minimum daily balance or $500 in monthly direct deposits. Waive the $25 fee on your Prime checking with $20,000 in linked balances. Similarly, your Premier Checking account will be free with $250,000 in linked balances, including investments with the bank’s Advisors.
You’ll need a $25 minimum opening deposit to open your account.
14. Ally Bank – Best Online Only Bank for Savings
Ally Bank is widely recognized as one of the best national online banks. It has very few fees, including no maintenance fee, no overdraft fee, and no ACH fee (even on expedited transfers). Plus, you’ll earn interest of 0.25% in your checking account and 3.85% APY on savings, including money you have allocated into various buckets.
We rated Ally Bank as the best online only bank for savings, not just because of the high interest rate, but because it offers so many ways to manage your money and ramp up your savings efforts.
You can set up recurring transfers into your savings account for specific goals or just to build up your emergency coffers. You can choose to round up transactions made with your Ally Bank debit card, or even electronic payments and checks. When Ally Bank finds at least $5 in “round-up” savings, it will be transferred automatically to your checking account.
Finally, Ally Bank analyzes your checking account periodically to reveal extra funds that are “safe to save.” Ally Bank automatically transfers that money for you. But you can transfer it back whenever you’d like.
In addition to these savings benefits, Ally Bank lets you access your money with your debit card with no fees at any of 43,000+ Allpoint ATMs. The online bank also refunds up to $10 in fees charged by out-of-network ATMs.
You can avoid stress and overspending with the Overdraft Transfer Service, which automatically transfers money from your Ally Bank savings account into checking. If you exceed six transfers or six savings withdrawals per month, Ally Bank will reimburse those fees, too.
You can also apply for CoverDraft℠ Coverage, which will cover up to $250 in charges that would put your account in the negative. You’ll qualify 30 days after you deposit at least $100 into your checking account. If you receive qualifying direct deposits of at least $250 two months in a row, you can increase your coverage to $250.
15. TD Bank – Best for Overall Banking Satisfaction
TD Bank, deemed America’s most convenient bank for its number of branches, branch hours and excellent customer service, blends the best of brick and mortar banks with easy online banking.
Most TD Bank locations are open seven days a week, including Sundays, with extended hours beyond what most brick and mortar banks provide. Most TD Bank branches are located across the East Coast, with locations in 15 different states and Washington, D.C.
TD Bank is the 7th largest bank in the U.S. based on deposits, with 1,668 branch locations nationwide. You can also reach customer service by phone, 24/7/365, which earns TD Bank high marks for banking satisfaction.
TD Bank offers six checking accounts for customers in various life stages:
TD Essential Banking
TD Convenience Checking
TD Beyond Checking
TD Simple Checking
TD 60 Plus Checking
TD Student Checking (for ages 17 to 23)
Currently, TD Bank is offering sign-on bonuses for new customers who open a TD Beyond or TD Convenience bank account. You’ll need a qualifying direct deposit (or more than one) totaling $2,500 within the first 60 days to earn $300 with TD Beyond, and a direct deposit of just $500 within the first 60 days to earn $200 with TD Convenience.
16. Schwab Bank – Best for Investors
Schwab may be best known as an investment service, but the bank was rated highest in banking satisfaction with checking accounts from J.D. Power & Associates four years running.
If you have a Schwab investment account, or are considering opening one, Schwab could be the best choice in banking for you.
The Schwab Bank Investor checking account has no foreign transaction fees, no minimums, and unlimited ATM fee rebates. Plus, earn 0.45% annual percentage yield on checking. Schwab’s savings account offers 0.48% APY.
Schwab also offers exceptionally high interest rates for CDs, with up to 5.40% APY and terms as short as 30 days. You’ll receive FDIC protection exceeding the federal maximum because you can purchase CDs from multiple banks, all through Schwab investment.
Methodology: How We Chose the Best National Banks
We evaluated a variety of banks and credit cards, taking into consideration the:
Variety of products
Interest rates
Monthly fees
ATM fees and ATM fee reimbursement
Branch locations and number of branches
Minimum deposit requirements
Fraud protection and security
We also looked at consumer reviews, and drew on the general reputation of each bank to find the best national bank.
Finding the Best National Bank
Now that we’ve explored the specifics of the best online banks and brick and mortar banks nationwide, you probably still have questions about which one is really the best national bank.
Let’s compare the three largest in the U.S. based on number of branches, interest rates, and overall banking satisfaction.
Chase vs. Wells Fargo
For the largest nationwide bank, Chase offers excellent banking satisfaction with an A+ rating from the Better Business Bureau, 4,800 branch locations, and an easy and intuitive mobile app. If you are shopping for a bank credit card, Chase also offers some of the best rewards cards available today.
Wells Fargo rivals Chase when it comes to number of branches, with roughly 4,700 locations across the U.S. It’s somewhat easier to waive the checking account fees at Wells Fargo. Wells Fargo offers higher interest rates for savings, with a 0.15% APY compared to Chase’s 0.01%.
Both banks have lower interest rates than you might find at online banks. However, if you are looking for national banks with a solid reputation, many branches, and high marks in banking satisfaction, either Chase or Wells Fargo would be a good choice.
Wells Fargo vs. Bank of America
Bank of America and Wells Fargo are the second and third-largest banks in the U.S. based on assets. BofA only has 4,000 branches compared to Fargo’s 4,700, but BofA boasts more ATMs nationwide.
BofA stands out when you join the Preferred Rewards program because you can waive the fees on your bank account and enjoy perks, bonus rewards on BofA credit cards, and rate discounts on loans.
If you have a large balance or are looking for an investing platform through your bank, BofA may be your best choice. On the other hand, Wells Fargo offers high interest rates on savings and convenient branch locations nationwide.
Common Questions
People have many questions related to whether an online bank is better than a traditional bank or whether a local bank is better than one of the largest national banks. We break it all down here.
Which is better, an online bank or a brick-and-mortar bank?
If you are looking for the highest interest rates and generous rewards programs, you are highly likely to find them at online banks. However, there are some advantages to a brick and mortar bank, including in-person service at local branches, the availability of paper checks, and easy ways to deposit cash in person or at branch ATMs.
You should expect the best national online banks and the best brick and mortar banks to have robust mobile apps, easy-to-waive fees, and fraud protection.
Make sure whatever bank you choose is “Member FDIC,” which means your deposits are insured up to $250,000 per account holder, per account type. That means joint accounts have $500,000 worth of FDIC insurance protection.
Is my money safer in a national bank vs. a regional bank (or a national credit union vs. a regional credit union)?
All banks on this list are Member FDIC, which means they are insured to the maximum allowable limit of $250,000 per account holder, per account type. Credit unions are covered up to the same limits by the National Credit Union Administration.
Many online banks are insured up to $2 million or more. These financial institutions divide cash deposits among multiple partner banks. Each bank insures deposits up to the maximum limit allowed by the Federal Deposit Insurance Corp. Read the fine print to determine your coverage limits when you choose a bank.
Beyond that, your money should be equally safe in a national bank, a smaller bank, or a credit union of any size. Also look for features such as fraud protection, fraud alerts via text, email or in the mobile app, and enhanced website security measures. You should also be able to lock and unlock your debit card in the mobile app if you misplace it or believe it may have been stolen.
What makes big banks different from smaller banks?
By definition, big banks will have larger market capitalization, which represents the total value of a bank’s stocks. Big banks will also hold more assets. For instance, Chase, which is the world’s largest financial institution, holds $3.2 trillion in assets. The second-largest national bank, Bank of America, possesses $2.41 trillion in assets. Larger financial institutions may also have more bank branches.
In many other ways, big national banks and smaller banks are similar, especially today. Customers want specific features and are unwilling to compromise on things like fee-free ATMs, no monthly fees, early direct deposit, and an intuitive mobile app.
How much interest do the best big banks pay?
In general, some of the largest national banks do not have the highest interest rates for savings and very few offer interest earning checking accounts.
Capital One 360 and Discover are two of the best national banks that offer interest on checking. To earn a higher APY with one of the largest national banks, you might want to consider CDs.
Are national banks better than other kinds of banks?
National banks aren’t necessarily better or worse than other kinds of banks. They may have more convenient branch locations, a higher number of branches, and a greater variety of products, but they might also have higher fees. Decide what’s most important to you when you choose a bank.
If you’d prefer to trust your money with one of the largest national banks, with a large market capitalization, high value, and branches nationwide, consider opening your checking and savings accounts with one of the best national banks on this list.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
The Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
If you have a savings account, how much interest does it earn? Probably not enough. And if you don’t have a savings account, why not?
A savings account isn’t meant to make you rich. It’s a safe, if not very sexy, way to plan for your future and protect your money. But things get more interesting when you choose a high-yield savings account instead of a traditional savings account. A traditional account will pay pennies on your balance, but a high-yield savings account can help you earn extra money you’ll actually notice.
But how do you choose a savings account when there are so many out there? We did the research for you. These are the top high-yield savings accounts with the best interest rates, features, and benefits.
What’s Ahead:
Best high-yield savings accounts
The Ally Online Savings Account is our top pick for the best high-yield savings account overall because it consistently offers a competitive interest rate and includes features to help you save. For beginners, the Discover Online Savings Account might be a better option thanks to its simple platform and above-average support. The CIT Savings Account is our second runner-up because it has the highest APY of the bunch but does come with a minimum deposit requirement.
We also considered the Axos Bank High-Yield Savings Account, High-Yield Chime® Savings Account, Capital One 360 Performance Savings Account, and Marcus Online Savings Account for our list. Even though these didn’t make our top three, they’re all good choices well worth checking out.
Best overall: Ally Online Savings Account
Pros
No fees
No minimums
Boosters to help you save faster
Cons
No branch locations
Features
Minimum balance: $0
Minimum deposit: $0
APY: 2.50%
Monthly fee: $0
The Ally Online Savings Account is the best high-yield savings account overall offering a generous interest rate and tons of free features to help you save. And speaking of free, this account really is. There are no monthly maintenance fees, overdraft fees, or transfer fees to deplete your earnings.
This high-yield savings account supports you to save by giving you the option to create buckets for different goals and use boosters to save faster. The boosters are:
Recurring Transfers – schedules automatic transfers from a linked account
Round Ups – rounds up your Ally debit card purchases to the nearest dollar and sends the extra to your savings
Surprise Savings – points out money in your checking account that isn’t being used for anything and moves it to your savings
This account is easy to open. There are no minimum balance requirements to earn interest and you can fund it with as little as $0.01. While Ally technically uses balance tiers (<$5,000, $5000 – $24,999.99, and >$25,000), all positive balances currently earn the same rate.
For help with any issues you might have, Ally offers 24/7 live customer support via chat or phone.
Learn more about the Ally Online Savings Account or read our full review.
Best for beginners: Discover Online Savings Account
Pros
No fees
No minimums
Instant transfers between Discover accounts
Cons
Very few branch locations
No advanced savings features like buckets or round-ups
Features
Minimum balance: $0
Minimum deposit: $0
APY: 4.00%
Monthly fee: $0
The Discover Online Savings Account gets pretty much everything right, from the competitive interest rate to the lack of account fees. We love this high-yield savings account for beginners because it’s easy to use and doesn’t have minimums.
There is no minimum deposit to open or minimum balance required to earn interest or avoid having your account shut down, making this the perfect option for you even if you only have a few bucks to put away right now. You can even open an account with nothing and come back later to fund it.
Although this is a pretty basic account with few bells and whistles, there’s no monthly maintenance fee to worry about and you’ll earn interest on any balance. Plus, the Discover mobile app is notoriously solid, and ditto for customer service.
Interest is compounded daily and credited monthly into your account. If you have a Discover checking account and debit card, you can easily transfer money between this and your savings account. You can also schedule automatic recurring transfers to put your saving on autopilot.
Discover does have some branch locations, but they’re really limited, so you might not have the option to manage your account in person. This account also lacks features to help organize and simplify your saving such as buckets and round-ups.
Learn more about the Discover Online Savings Account or read our full review.
Best for long-term saving: CIT Savings Connect Account
Pros
No fees
No minimum balance
Cons
Minimum deposit required
No branch locations
Features
Minimum balance: $0
Minimum deposit: $100
APY: 4.50%
Monthly fee: $0
For high-interest saving, the CIT Savings Connect Account is an excellent choice. This is a newer account with a really competitive APY of 4.50%. There are no minimum balance requirements to earn this rate and you only need to deposit $100 to open. Plus, there are no monthly fees. See details here.
CIT Bank also reimburses up to $30 in third-party ATM fees per statement period and supports free mobile check deposits and external transfers.
The CIT Savings Connect account currently pays the same interest rate on all balance tiers, so you don’t have to worry about maintaining a certain balance or making regular deposits to avoid fees and earn more (although automating your saving is never a bad idea).
This basic account would be a good fit for most people, especially those looking for a fee-free option with no balance requirements. It has one of the best rates and is one of the most straightforward to open and use, so it could make a great primary or secondary savings bucket. Choose the CIT Savings Connect account if getting the best interest rate is your top priority.
CIT Bank offers a number of other savings products including stand-out money market accounts and CDs, so keep this bank in mind if you have a few different savings goals and want to make sure you’re getting the highest rates.
Learn more about the CIT Savings Connect account.
CIT Bank. Member FDIC.
CIT Savings Builder Account
And if you’re looking for another option from this online bank, you can do worse than the CIT Savings Builder Account. This high-yield savings account offers an interest rate of up to 1.00% with a low minimum initial deposit requirement of $100. There is no minimum balance required to keep your account, but your balance will determine your interest rate. See details here.
The CIT Savings Builder Account uses a tiered rate structure with a loophole. The balance tiers and interest rates are:
<$25,000 – 0.40% APY
<$25,000 – 1.00% APY if you make a monthly deposit of $100 or more
>$25,000 – 1.00% APY
If you can’t afford to put away more than $25,000, no worries. Just schedule an automatic transfer of at least $100 from a linked bank account to get yourself into the higher tier. This can also help you make saving a priority.
Because of the tiered interest rate structure, this high-yield savings account is ideal for people who plan to keep high balances and/or make regular contributions to their savings.
Learn more about the CIT Savings Builder Account or read our full review.
CIT Bank. Member FDIC.
Great alternatives
These accounts didn’t make our top three, but they still have a lot to offer, especially if you’re looking for an online savings account.
Axos Bank High-Yield Savings Account
Features
Minimum balance: $0
Minimum deposit: $250
APY: Up to 0.61%
Monthly fees: None
An Axos Bank High-Yield Savings Account is the right high-yield savings account for anyone looking to keep a low balance. There is a minimum deposit requirement of $250 to open an account, but any amount you save will earn interest. Axos uses a tiered rate structure but actually pays the highest rates on the lowest balances. You’ll earn 0.61% as long as your account stays below $24,999.99.
Each account comes with a free ATM card upon request for easy withdrawals. Plus, you can earn a referral bonus of $20 for every friend who opens an Essential Checking account using your unique link.
Open an Axos savings account or read our full review.
High-Yield Chime® Savings Account
Features
Minimum balance: $0
Minimum deposit: $0
APY:2.00%7
Monthly fees: None2
The High-Yield Chime Savings Account is a great online savings account that does your saving for you. With the Round Up Transfer and Save When I Get Paid features, you can completely forget about your saving and still make progress toward your goals. Round Ups will send the spare change from your purchases right to your savings^ and Save When I Get Paid lets you transfer up to 10% of each direct deposit of $500 or more to your savings account 1. A Chime Checking Account is required to be eligible for a Savings Account.
This account charges no maintenance fees and has no minimum deposit or balance requirements. Check out Chime checking if you like the idea of saving and banking in one place with a platform that’s easy to use*.
Read our full review.
* Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. ^ Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. 1 Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account. 2 There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account. 7 The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
Capital One 360 Performance Savings Account
Features
Minimum balance: $0
Minimum deposit: $0
APY:3.00%
Monthly fees: None
Opening a Capital One 360 Performance Savings account might be the way to go if you’re looking to automate your saving with a familiar consumer bank. This account pays the same interest rate of 3.00% on all balances and doesn’t costanything to open. To stay on track with your saving, you can schedule recurring transfers from a Capital One or external account.
If you already have an account with Capital One, you’ll be able to make quick transfers from the app. Finally, there are Capital One branches and ATMs all over the country if you like the option of banking in person.
Open a Capital One savings account or read our full review.
Marcus Online Savings Account
Features
Minimum balance: $0
Minimum deposit: $0
APY:2.50%
Monthly fees: None
Marcus by Goldman Sachs is an online-only bank owned by investment company Goldman Sachs. A Marcus Online Savings Account is ideal for people who want control over their savings and like to strategize different ways to grow their money. This account offers a variety of tools and extensive research to help you make informed decisions with your savings and track your progress. You can even see exactly how much interest you’ve earned from the app.
You’ll earn 2.50% regardless of your balance and there’s no minimum deposit.
Open a Marcus savings account or read our full review.
What is a high-yield savings account?
A high-yield savings account offers a higher yield than traditional savings accounts. How much higher completely depends on the market and the institution, but may be as much as ten or fifteen times the average. You might also hear the term high-interest savings account used — this is the same thing.
Right now, the national average interest rate on a savings account is 0.37%, according to the Federal Deposit Insurance Corporation or FDIC. The FDIC determines rate caps each month using the average interest rates for savings accounts, checking accounts, money market accounts, and certificates of deposit across all banks and credit unions.
How savings account interest works
There are two different ways interest can work with high-yield accounts. The first is to earn a variable interest rate and the second is to earn a tiered interest rate.
A high-yield savings account with a variable rate will pay the same interest rate on any balance. A savings account that uses a tiered interest structure will determine your rate based on your average balance and pay you according to which balance tier you fall into.
With a tiered interest rate, you often earn more interest the higher your balance is. This is to incentivize people to keep more money in their accounts. With a variable interest rate, it doesn’t matter what your balance is as long as you meet the minimum balance requirements (if there are any).
To make things a little more confusing, sometimes a bank or credit union will use a tiered interest rate structure but make the interest rate the same for every balance tier. All interest rates for online savings accounts are subject to change at any time.
Before you apply for an account, find out what rate you’ll qualify for with your balance and activity. Don’t get tricked into opening a high-yield savings account for the great interest rate unless you know you’ll actually earn that rate.
For example, a bank may advertise a high-yield savings account with an interest rate of 3.00% APY, but this rate only applies to balances over $15,000. The difference between the highest and lowest interest rates can be significant, so make sure you don’t get stuck with a lousy rate.
Read more: How to get the best savings account interest rate
What is the annual percentage yield (APY)?
Annual percentage yield is the rate of return you will earn calculated as a percentage of your savings account balance. You’ve probably noticed that the APY on an account is very slightly different from the interest rate. This is because the interest rate only shows simple interest.
The annual percentage yield or APY shows how much interest you can earn each year if you don’t take any of your money out. We like to look at the annual percentage yield rather than just the interest rate because it factors in compounding interest.
To estimate how much you can earn on a high-interest savings account, multiply the APY by your balance to see how much your account will grow if you don’t touch it.
When is interest calculated?
Interest may be calculated daily, weekly, or monthly for a savings account. This is how often your balance is used to determine how much interest you’ve earned.
This frequency can affect your earnings, and daily calculation is the best-case scenario. This is because the more frequently interest is calculated, the higher your balance will be each time it happens thanks to the interest you’ve already been paid. Interest you earn on interest is referred to as compound interest.
For example, a $1,000 balance earning a 1% interest rate pays you $10 in simple interest over a year. If interest is calculated daily, that $10 becomes $10.05 a year.
Read more: Savings interest calculator
Is interest taxed?
Yes, the interest you earn from your savings account will be taxed alongside your income, no matter how much money you bring in.
How to open a high-yield savings account
The basic process for opening a savings account is pretty much the same anywhere you go.
First, you’re going to provide some personal details including your basic contact information. Once your account has been approved, you’ll choose a funding option. Your options might be:
ACH transfer
Wire transfer
Direct deposit
Check deposit (paper or mobile)
Cash deposit
You need to meet minimum opening deposit requirements for your account when funding. Some banks will let you open a savings account without making a deposit right away. Just make sure you know the rules for your chosen account.
If you already have an account with the bank or credit union you’ve chosen, you can link this with your new savings account either before or after funding. This will allow for easy transfers in the future.
How to use a high-yield savings account
There’s a difference between just having a high-yield savings account and using it for all its worth. Here are some ways to make the most of high-interest savings.
Emergency fund
A high-yield savings account is the perfect place to keep your emergency fund. We recommend you have one savings account where you keep at least six months of your monthly living expenses, completely separate from the rest of your cash. You can take the money out if you get sick, lose your income, or face a large unexpected expense, and your balance will grow until then.
Short-term saving
A high-interest savings account is also a great place to save for short-term goals when you don’t want to put your money on the line with higher-risk investments. These accounts are safe and liquid, so your money is there when you’re ready for it and earning interest when you’re not.
For example, if you’re saving money to buy a new car or for your wedding in the next couple of years, you may be able to get a higher rate of return by investing in a mutual fund or other securities. But in such a short period of time, you may lose money. Investments are best for savings goals more than a few years away. For shorter-term goals, savings accounts are safer.
No matter what you’re saving for, a good rule of thumb is to save as often as possible and think about it as little as possible. If you rely on yourself to remember or feel like putting away money to save, you might have more trouble meeting your goals and start feeling frustrated when you don’t see your balance go up. Instead, take advantage of features that do the work for you. To save automatically, you can:
Set recurring transfers
Split your paycheck
Use booster features like roundups
Read more: The best place for short-term savings
What is the withdrawal limit for savings accounts?
Most savings accounts limit the number of withdrawals you’re allowed to make. This started with Federal Regulation D.
Federal Regulation D was a rule that limited the number of withdrawals or transfers that could be made from a savings account to six per month. This included withdrawals made in person, by phone, online, or through any other type of electronic transfer. If you made more than six transfers or withdrawals in a month, your bank might have charged you an excessive withdrawal fee or closed your account.
In April 2020, Regulation D was suspended, but many banks still choose to restrict transactions and enforce the same penalties.
What to look for in a high-yield savings account
There are certain standout features that can immediately make or break a high-yield savings account.
Here are the main things to pay attention to when shopping for a savings account.
Minimum balance requirements
How much do you realistically plan to save? This is the first question you should ask yourself before signing up for an account. Many savings accounts have minimum balance requirements, and you won’t be doing yourself any favors if you open an account and can’t meet these.
If your account does have balance requirements, you must meet them in order to:
Avoid monthly maintenance fees
Earn interest
Keep your account
Your balance at the end of each day is used to determine if you’re meeting requirements. If you’re not, you might be penalized.
Not all high-yield savings accounts have minimum balance requirements. Especially for online savings accounts, it’s becoming more common to not have any.
Read more: How much money should you save each month?
Minimum deposit requirements
Some banks may require you to make a certain minimum deposit when signing up for your account. Failure to do so may disqualify you from opening an account or result in a fee.
A minimum deposit requirement could be anywhere from $5 to $500. Sometimes minimum deposit and minimum balance requirements are the same, and sometimes not. It’s not uncommon for a bank to have a minimum deposit requirement but no minimum balance requirement or vice versa.
Many high-yield online savings accounts have very low or no minimum deposit requirements.
Interest and APY
You’re naturally going to gravitate toward accounts with the highest interest rates, right? That’s free money that you don’t have to work for. But be sure to pay attention to the requirements to earn interest too, not just the annual percentage yield.
For example, if a bank requires you to maintain a balance you can’t maintain to earn interest, it’s probably not the right bank for you. For your first savings account, you might prefer a variable interest rate over a tiered interest rate so you don’t have to worry about if your balance is high enough to earn interest.
Some banks also reserve their best interest rates for preferred customers. This might mean you need to have another account such as a checking account or loan to qualify for the highest APY, and that might be more trouble than it’s worth.
Monthly fees
Some banks still charge monthly maintenance fees on savings accounts, but many don’t. When your goal is to earn money on your savings, monthly fees you get charged just for having an account can really get in the way.
While you should generally look for accounts that don’t charge fees, you might make an exception if a bank offers a waiver. For example, the fee may be waived if you maintain a certain minimum balance in your account for each statement cycle or make a recurring transfer from another account.
If you feel like you can easily meet the requirements to waive a fee and an account is otherwise a perfect fit, go for it.
Cash access
Most people try to ignore the money in their high-yield savings account when they can to take advantage of compound interest.
But life happens, and sometimes you need to dip into your savings. When that happens, you should have convenient access to your money. You might be able to make a withdrawal via:
ACH transfer
Cash withdrawal
ATM withdrawal
Most savings accounts give you the option to make a transfer from your savings to a linked checking account. This checking account can either be with the same bank or another one entirely. If with the same bank, transfers may be instant.
Some banks also offer ATM cards with high-yield savings accounts, though you may incur a fee for ATM transactions. You can also make cash withdrawals at branch locations.
Any transfers or withdrawals you make will count toward your monthly transaction limit.
Mobile apps
Almost every bank out there offers a mobile app today, but some are far better than others. As you’re researching the features of an account, always look into the app too.
Saving from your phone only works when an app does what it’s supposed to, so functionality and convenience are important. You should be able to easily access your savings account, initiate transfers, and see your balance at any time. Those are the basics. You might also want an app that will let you make mobile check deposits, create savings goals, and chat with customer support when there’s an issue.
As a rule, online banks and larger institutions tend to have the best mobile apps. But while you might be looking for an app that’s simple and straightforward to use, someone else might prefer a robust app with educational resources, features, and a variety of notifications. Check out some customer reviews to see what real users have to say about their experiences.
Sign-up bonus
Many banks and credit unions offer sign-up bonuses when you open a high-yield savings account. These offers change all the time and can be quite enticing. For example, bonuses up to $200 are not uncommon. But while sign-up bonuses are nice, they’re not more important than interest rates, fees, and minimums.
Also, be aware that sign-up bonuses come with restrictions. Typically, you’ll need to maintain a certain minimum balance for a set amount of time to qualify. This may be six months or even longer. If your account balance drops below the minimum requirement at any time during the first six months, you may forfeit the bonus. Many bonuses also come with direct deposit requirements.
If you do qualify, you probably won’t get the bonus right away and may have to wait several weeks. All this to say that sign-up bonuses aren’t a good option for getting quick cash. Consider these after all of the other features we’ve outlined.
Are high-yield savings accounts safe?
Your money can’t get a lot safer than it is when it’s in a savings account.
Almost all savings accounts with banks are protected by the Federal Deposit Insurance Corporation (FDIC) and insured for up to $250,000 per depositor. This insurance coverage protects your money in the event that your bank loses money and is unable to repay its deposits. Almost all savings accounts with credit unions are protected by the National Credit Union Administration (NCUA) for up to $250,000 per depositor. This provides the same protections.
If a bank or credit union is not FDIC- or NCUA-insured, you may qualify for private deposit insurance.
Benefits of online savings accounts
High-yield savings accounts and online savings accounts are often one and the same. Here are some of the top benefits you can expect from an online savings account.
Higher interest
A traditional savings account with your bank or credit union might seem like the best choice, but you can do a lot better. Compared to traditional accounts, online savings accounts tend to offer much better interest rates, plus benefits like fewer fees, extra savings features, and the convenience of opening and managing your account completely online (or from your phone).
Online savings accounts can pay higher interest rates because digital accounts are cheaper to operate, lowering a bank’s costs and passing on the savings to you in the form of better interest.
Fewer fees
Online savings accounts almost always have lower fees than traditional savings accounts for the same reasons they can offer better rates. Many charge no monthly fees at all.
Avoiding monthly fees like maintenance fees, low balance fees, and inactivity fees can save you serious money in the long run. Plus, let you actually keep the interest you’ve earned.
Convenience
Online savings accounts are much more convenient to open and use. You can open your account online and fund it by just transferring the money from another account. Usually, all of this takes less than five minutes.
An online account lets you make deposits, transfer money, pay bills, and see your account activity at any time without the need for a phone call or visit to the bank. You can even view your account statements and track your progress. If you’re not a fan of brick-and-mortar branches, an online savings account either with a fully-digital bank or a hybrid bank could be perfect for you.
Perks and benefits
Online savings accounts tend to come with a lot of great, free features. Automatic transfers into your savings account from your checking account, mobile check deposit, and account alerts are just a few common ones.
Some online savings accounts go above and beyond this. They might offer savings support like boosters and automated tools, help you create a saving strategy with resources and insights, or the option to organize your savings into separate buckets or categories.
Read more: Best online savings accounts
Disadvantages of savings accounts
Although a great tool for saving for your future and protecting your finances, savings accounts in general do have limitations. Let’s talk about some of those here.
Limited withdrawals
One of the main disadvantages of high-yield savings accounts is limited cash access. A lot of this has to do with withdrawal restrictions.
Remember, you’re often restricted to just six transactions per statement period with a savings account. This is a limit that was originally set by the federal government that many accounts still stick to. You shouldn’t use your savings account as a secondary spending account because when you hit that limit, you risk losing the account. This is why savings accounts should be for money you don’t immediately need.
If you’re looking for a place to set aside some extra money you do plan to dip into regularly, consider a high-yield checking account instead of a savings account. While the rates for high-yield checking accounts aren’t usually as good as the rates for high-yield savings accounts, you’ll have more flexibility to spend your money.
Read more: Best high-yield checking accounts compared
Rates can change at any time
Another downside to savings accounts is that the interest rates are always variable. This means the rate you earn on your balance can change at any time, and it definitely will as the market fluctuates. It’s important to remember that you’re not locked into the annual percentage yield you sign up for when you open a high-yield savings account.
And if the rate does change, your bank doesn’t have to give you any sort of warning. Although competitive high-yield savings accounts will, for the most part, stay competitive and continue offering the highest yields compared to other accounts, there’s no telling how much you’ll earn in dividends a year from now.
You should choose a high interest rate but know that it can change and don’t rely on the dividends for income.
Security risks
With any type of financial account, there are going to be certain safety concerns. While these are really minimal with an insured savings account, you can take steps to maximize your personal security.
If an account offers multi-factor authentication, set it up (it’s free anyway). If you have the option to enroll in fraud protection, do it. Set up account alerts to notify you about suspicious activity and check your balance often to make sure everything looks good.
FDIC and NCUA protection will keep you safe from losing all of your money if your bank goes bankrupt, but it’s your responsibility to make sure your account is as safe as it can be from hackers.
Read more: How to make online banking more secure
Are high-yield savings accounts worth it?
The answer to this question is probably, but it really depends on what kind of account you choose. We’ll say it again, we always prefer an online savings account with no minimums and no fees. Even if you can’t yet afford to set much money aside, you can start earning a small amount of interest on your balance and setting those good savings habits with free accounts.
But if you open a savings account that charges monthly maintenance fees, overdraft fees, low balance fees, etc., you’re going to have to work harder to make the account worth it. Keep in mind that all of these fees can eat into and even exceed your interest earnings, causing you to lose money in the long run.
So basically, as long as you don’t make the mistake of choosing the wrong account and letting it drain your earnings, you have nothing to lose.
High-yield savings accounts vs. money market accounts (MMAs)
Which is the better option for your money right now: a high-yield savings account or a money market account?
A money market account or MMA is a special type of savings account. They typically have higher balance requirements to earn interest but may offer better interest rates than high-yield savings accounts. Usually, MMAs pay tiered variable interest rates so the more you save, the more you earn.
MMAs often come with higher fees, higher deposit requirements, and higher balance requirements than savings accounts. While they can earn more depending on the interest rate environment, right now the best rates are really comparable between high-yield savings accounts and MMAs.
Savings accounts and money market accounts have the same transaction limit of six per statement period.
Read more: 9 best money market accounts
High-yield savings accounts vs. certificates of deposit (CDs)
A certificate of deposit or CD is a type of deposit account that usually offers a fixed interest rate for a fixed term. This means that the amount of money you earn on your deposits is guaranteed for the length of the CD term.
CD terms can range from as little as one month to as much as 10 or even 20 years. During the term of the CD, you agree not to withdraw any of the money you’ve deposited. If you do need to access your money before the end of the term, you’ll pay an early withdrawal penalty fee.
Early withdrawal fees are equal to the interest you earn for a set number of days or months. For example, you may pay three months’ interest for taking money out of a one-year CD early.
Because of early withdrawal fees, you risk losing your interest in a CD, so you should only deposit money you’re absolutely certain you won’t need until the term is up.
Stick with a savings account until you have an emergency fund built up before you consider a CD. CDs can be better vehicles for long-term saving but they should not replace your emergency savings account.
We may primarily focus on airline loyalty programmes and air miles here at TPG but there are a ton of other money-saving loyalty programmes that we also love and help us save money and maximise our travel adventures.
There are dozens of U.K. loyalty schemes out there – of which the Tesco Clubcard and the cross-retailer Nectar card are among the best known.
Both of the above work for travellers who use points and miles, albeit in different ways (their points earned from the loyalty programmes can be converted to Virgin Points and Avios respectively) – but there are other loyalty cards and programmes out there that have similar potential, if sometimes small, benefits for holidaymakers. The key thing to remember is that everything is cumulative, and even the smallest reward can eventually add up.
Here are a handful of loyalty programmes that may be worth signing up for, helping you earn on everyday spending, such as grocery shopping, buying toiletries, or even filling up your car with a tank of petrol.
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Tesco Clubcard
Good for: Collecting Virgin Points, earning points on everyday spending, and getting discounts on select items in your weekly food shop Sign up here: Tesco
Tesco Clubcard is perhaps one of the best-known loyalty schemes in Britain– you can read TPG U.K.’s full guide here.
Though you can no longer transfer Clubcard points into Avios (its partnership with BA ended in early 2021), you can turn £1.50 of Clubcard vouchers into 375 Virgin Points, to boost your Virgin Atlantic Flying Club total. Essentially, you can get 2.5 Virgin points for every one Clubcard point.
So, how do you earn Clubcard points? Once you’ve got the card (or have it attached to your online account), you just do your usual grocery shopping at Tesco, picking up one Clubcard point for every £1 you spend. If you drive, fill up your car with fuel at Tesco and earn one point for every £2 spent. Once you’ve earned a certain amount of points, they’ll be collected into Clubcard vouchers, which you can then transfer into Virgin Points. Simple, really.
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Another benefit for Clubcard holders is that it can help save cash on shopping if they keep an eagle eye out for Clubcard Prices (reductions in prices) and various offers, both in-store and online.
Finally, if you’re keen to rack up even more Clubcard points, there is the Tesco Clubcard Credit Card –a no-fee Mastercard (alas with no signing bonus) that offers points for every transaction over a certain amount. Namely, you’ll get five points per £4 spent at Tesco supermarkets, five points for every £4 spent on fuel at Tesco, plus one point per £8 you spend at other shops and retailers. This is on top of the one point per £1 you’ll get from scanning your card, or shopping online.
Say you spend £100 a week (or £400 a month) at Tesco on your family’s food shopping, that’s 400 points (from your loyalty card) and 500 (from your credit card), totalling 900 Tesco Clubcard points, a £9 voucher or 2,250 Virgin Points per month.
Nectar
Good for: Collecting Avios, earning points on everyday purchases and regular food shopping. Sign up here: Nectar
If you’re an Avios collector, then it’s definitely worth also getting a Nectar account. If you’re yet to sign up, you can read TPG U.K.’s full guide here.
Similar to the Tescon Clubcard you can earn Nectar points on everyday transactions. 400 Nectar points can be transferred into 250 Avios, meaning your everyday shopping can contribute to your points-funded dream trip. Until 16 November you can also transfer Avios back to Nectar points at this same rate (250 Avios to 400 Nectar points), after this date this conversion rate will change so you need to convert 300 Avios to get 400 Nectar points. The Nectar to Avios conversion however will remain (for now) set at 400 Nectar points for 250 Avios.
The easiest ways to collect Nectar are to shop at Sainsbury’s (where many purchases, including fuel, will earn you one Nectar point for every £1 spent), as well as at Sainsbury’s Bank, Esso, Argos, Very, even eBay on eligible items. You can also earn by spending with Booking.com, British Airways, DFDS, Expedia and Nectar Hotels (plus more brands, listed on the Nectar website).
To amplify your Nectar-collecting ability, there’s also the Nectar American Express Credit Card, which has a £0 annual fee in the first year (£25 from year two), offers a bonus of 20,000 Nectar points (when you spend £2,000 in the first three months) and a friend referral bonus of 5,000 Nectar points.
Spending on this card gives you two Nectar points per £1 spent on virtually all purchases, but you’ll earn three points per £1 on purchases at Sainsbury’s, Argos and other Nectar partners — as you can double dip for that third point with your loyalty card. Say you spend £100 a week (or £400 a month) at Sainsbury’s on your family’s shopping, that’s around 4,800 Nectar points or 3,000 Avios earned per month.
Related: The ultimate guide to British Airways Avios
Boots Advantage Card
Good for: Buying travel essentials, earning points on regular purchases Sign up here: Boots
With Boots Advantage Card, you collect four points for every £1 you spend in shops, online or via their app, meaning you’ll be racking up points every time you pick up toiletries, make-up, skincare or even a Boots meal deal.
Every point is worth 1p, meaning 1,000 points is £10 to spend. They quickly add up, and though you can’t use your points to get money off a purchase (only to wipe out the full amount), they may well come in handy for frequent travellers. Whether you travel by plane or train, you might find yourself in an airport or station Boots picking up some forgotten sunscreen, travel minis, flight socks, travel adapters, eye masks, or a disposable camera to document your trip… the list could go on.
A range of offers and discounts will be available to holders, too, potentially saving you a bit of money in the long run… though only if you aren’t tempted by sales prices, and only buy what you actually need.
Heathrow Rewards
Good for: Collecting Virgin Points, Avios or other airline rewards Sign up here: Heathrow
In a nutshell: if you spend a lot of time (and money) at London Heathrow Airport (LHR), then you’d be daft not to consider joining Heathrow Rewards.
Generally speaking, you get one point per £1 spent at the airport, as well as one point for every £10 spent at Travelex exchanging money, with a sign-up bonus of 100 points. You’ll even get extra points when you splash out on expensive items from the airport’s designer shops.
You can transfer your points (at a 1:1 rate) to either Virgin Atlantic Flying Club, into Avios points for use with British Airways, as well as Singapore Airlines KrisFlyer and Emirates Skywards, among others. Check out our guide to Heathrow Rewards for the full list.
Related: The best points and miles promotions running right now
Superdrug Health & Beautycard
Good for: Buying travel essentials, earning points on regular purchases Sign up here: Superdrug
Similarly to Boots’ Advantage Card, Superdrug has its own rewards scheme called the Health & Beautycard, which could be useful for travellers in need of a few essentials such as travel toiletries, skincare products, vitamins, etc.
You’ll earn one point per £1 spent, with 100 points equating to £1 to spend in-store – though crucially you can use your points to pay for part of a purchase if you prefer. You’ll also have the chance to earn extra points as you shop, with periods where quadruple points are on offer, as well as receive various offers and discounts.
BPme Rewards
Good for: Collecting Avios, getting money off travel products such as luggage and tech, and earning points on regular fuel top-ups Sign up here: BPme Rewards
Previously, petrol station BP’s rewards scheme was linked to Nectar, but it now runs its own programme called BPme Rewards.
Essentially, you can earn every time you top up your vehicle, wash your car or by nipping into a BP garage for a snack – snapping up two points for every one litre of Ultimate fuel, one point for every litre of regular fuel, and one point for every £1 spent in a BP shop or car wash.
So, how does this help holidaymakers? Well, you can convert 40 BPme points into 25 Avios (though note you can’t turn Avios into BPme points), with an upper limit of 30,000 BPme points being turned into Avios per day. An alternative might be saving them up for Amazon or Marks & Spencer gift cards, to be used for big travel-related purchases such as new luggage, camping gear, clothing, cameras or other handy tech.
Related: British Airways is launching a new wine club where you can earn up to 15 Avios for every £1 spent
Airtime Rewards
Good for: Saving money on your phone bill, earning cashback on everyday spending (even at stores without their own loyalty schemes). Sign up to the app: Airtime Rewards
Airtime Rewards is a bit of an outlier in this list, as though its app rewards you for shopping at around 150 retailers like a traditional loyalty scheme, the reward comes not in point form but as cashback — which can only be used for the specific, immovable purpose of knocking some money off your monthly phone bill.
All you need to do is check if your phone provider will actually let you get the money off your bill (O2, 3, EE, GiffGaff and Vodafone are signed up) and be willing to download the Airtime Rewards app and submit your debit or credit card details, allowing them to track your spending and automatically apply the discount to your account’s wallet when relevant (but P.S. it won’t work for American Express cards).
Retailers signed up to Airtime Rewards offer varying percentages of cashback on your purchases, which could be anything from 1% to as much as 8%. Popular retailers the app lists include Boots (5% back), Argos (2%), Wilko (3%), New Look (2%), Halfords (4%), Currys (1%) and Waterstones (6%). Foodies can get money back from Wagamama, Zizzi, YO! Sushi and Ocado, while people who utilise public transport can get 8% cashback on LNER Trains.
How much you save depends on how often you shop at retailers like these, but it all adds up – and could knock the odd £5 or £10 off your phone bill, perhaps even monthly, meaning more to save for your next getaway. Or to help with any unexpected roaming charges.
Red by Dufry
Good for: Discounts on duty-free shopping, lounge access and even hotels Sign up for the app here: Red by Dufry
Red by Dufry is the loyalty scheme for duty-free shopping at the airport, earning you points when you buy from Dufry shops – such as WorldDutyFree (which we have in the U.K.), ExpressDutyFree, Nuance (Asia, Europe and North America) and Hudson (U.S. and Canada), though tobacco purchases don’t count. You can use the discount and earn points at airport Michael Kors, Gap, Superdry, and Victoria’s Secret stores, too.
Sign up for the app and you’ll immediately get a Silver card (and QR code), which is scanned at checkout to earn five points per €1 EUR spent and get up to 5% off the price of your purchases. Other potential benefits, such as discounts on airport lounge access, various hotels, restaurants, museums and car rentals, are also worth exploring.
Over time, you can increase your discount. Once you’ve spent €400, you’ll have 2,000 and reach Gold status, giving you up to 7% discount – while spending €1,000 EUR gets you 5,000 points and up to 10% off your shopping with the Platinum card. A big bonus is that if your airport of choice is Heathrow, Dufry has confirmed you can also double dip and earn Heathrow Rewards at the same time as Red points – as well as redeem Heathrow Rewards as WorldDutyFree vouchers.
Related: Virgin Red vs BA Shopping: which one is most worth your time?
Waterstones Plus
Good for: Earning point on book purchases, and getting money off your travel guidebooks and holiday reads Sign up here: Waterstones
As far as rewards go, Waterstones Plus is relatively low stakes, but when it comes to maximising your travel, every pound saved is worth the effort. Particularly if you’re an avid reader, who can’t survive a long-haul plane journey without (at least) one book to delve into, need the latest holiday read for a day at the beach, or prefer exploring a new destination with a trusty guidebook in hand.
Simply, you get one Plus stamp for every £10 you spent in Waterstones shops, on the website or in its cafés. When you have 10 Plus stamps, you’ve got £10 to spend in-store. You might also get some useful offers. There’s an option for students, too, which offers the same stamps-to-cash scenario but adds a bumper 5% discount on most purchases.
Texaco Star Rewards
Good for: Earning points on regular fuel top-ups, and getting money off travel purchases such as luggage and tech Sign up here: Texaco Star Rewards
Another rewards scheme for drivers, petrol station Texaco’s offering – called Star Rewards – has another straightforward premise, with one litre of fuel purchased equaling one point. When you have 500 points, you’ve got £5 to spend, either with Texaco or by converting your points into vouchers that can be used with various retailers – plus you get a 200-point sign-up bonus.
Most notably for travellers, Texaco points can be converted into a Love2Shop voucher, which can pay for or be put towards online purchases at Argos, Currys PC World, John Lewis, Marks & Spencer and Sports Direct – potentially saving you money on travel purchases such as luggage, cameras, or even just some new shoes. You can also use a certain value of voucher towards purchases with the National Trust, boosting any U.K. trips you might take.
Costa Club
Good for: Coffee lovers who want regular freebies while in transit Sign up here: Costa Coffee
If you frequently find yourself drawn to the unmistakable mauve exterior of Costa Coffee when at any British train station or airport, then joining Costa Club – the brand’s loyalty scheme – is a no-brainer.
To be fair, there isn’t loads to think about here. When you buy eight (hot or cold) drinks, you’ll get the ninth free, or if you get your beverage in an environmentally-friendly reusable cup, you’ll only need to buy four to get your next freebie. A bonus is a free piece of cake on your birthday, too.
Costs can quickly add up as you wander the airport or while dipping into train station shops to buy snacks for your rail journey, so you might as well make the most of any savings.
Are you a Millennial or Gen-Xer that has contemplated investing but doesn’t know where to begin? Micro-investing apps are a way to get your feet wet and are designed to encourage the younger generation to start investing.
If you are new to or know little about micro-investing, this guide will give you the information you need to get started. It will cover the best micro-investing apps for Millennials and everything you should know about micro-investing including what it is, how it works, and how to choose an app.
What’s Ahead:
Overview of the best micro-investing apps for Millennials
Acorns
This is one of the first and most popular micro-investing apps around. Account portfolios range from conservative to aggressive. This app will recommend portfolios based on your age, the risk you are willing to take, and what age you anticipate you will retire. Acorns takes the hassle out of investing by providing a micro-investing service. With one click, you can get started with any amount and automatically invest it according to your risk tolerance level–no more worrying about saving up money for each separate investment.
And if that’s not enough, Acorns also rewards its customers while shopping at partner stores through their Found Money program; they offer cash back without all the work because you’ll have an extra boost in your portfolio every time you shop online or offline. Acorns makes it easy for anyone to start investing – even kids. You can open accounts on behalf of those under 18 years old and build them up as parents monitor progress from afar via their family plan option.
Acorns has some really fun and interactive educational resources for those who are new to micro-investing, too. No minimum deposit is needed, so you can start investing with just $5. You’ll also get a referral bonus when you refer someone else or find a job offer — Acorns will match your investments up to the first year in which they work there. In other words, it’s free money.
The fees for micro-investing with Acorns are based on the level of account that you sign up for. The monthly fees can be as low as $3 per month or as high as $5 per month. You can choose between Personal and Family account levels:
Personal – $3 per month gives you the benefits from personal services such as a checking account with a debit card and no account fees or ATM fees and the ability to earn up to 10% bonus investments.
Family – $5 a month, and the entire family can invest. You can add any number of kids with no extra fees and access exclusive offers, in addition to the benefits from the Personal account type.
You can sign up for this micro-investing app through their website or by downloading their app on a device that uses iOS or Android operating systems. As with other micro-investing apps, you provide information about yourself, create a username and password, pick the type of account you want to sign up for, fund your account, and begin investing. One drawback of Acorns is that fees can add up for a low-balance account (the relative expense ratio gets smaller as you invest more), and transferring to another provider will cost $50 per ETF.
Learn more about Acorns or read our full review.
Robinhood
Robinhood is a micro-investing app that lets you buy and sell stocks, ETFs, options, and cryptocurrencies with zero trading fees. It’s the best place to start investing online because it’s the only free investment app on the market.
Robinhood was created by a couple of engineers who wanted to make stock trading more accessible for everyone. They had no idea that their little side project would eventually become one of America’s most popular financial apps.
The app is available for iOS or Android devices as well as through a web browser. To sign up for an account, you must be 18, with a valid ID to pass the company’s Know Your Customer (KYC) process. Robinhood also provides $3 – $225 in free stock when you sign up through their mobile app on iOS or Android device or their website.
Robinhood does not offer multiple account types to choose from but doesn’t charge any commission fees. Hence, trades are always at a flat rate of $0 per trade, making it a viable option for newer investors. Note that if you decide to transfer out of Robinhood, you’ll pay $75 – otherwise, there are no fees.
Learn more about Robinhood or read our full review.
Betterment
This app is designed for hands-off Millennial investors. Betterment works similar to other apps, with multiple portfolio options and automatic rebalancing of your portfolio. Betterment is a low-cost, automated investing service that takes care of everything for you. You can invest with as little as $25 and get the help of a financial advisor when you want it. It’s a robo-advisor that offers many different types of investments including index funds and exchange traded funds (ETFs) so your money will be diversified across multiple asset classes to reduce risk.
Betterment was founded in 2008 by Jon Stein who wanted to make investing easy and accessible for everyone. He created an automated system where users could set up their account, choose what type of portfolio they wanted, and then let Betterment take care of the rest – automatically rebalancing every day to keep things evened out.
There are two types of Betterment accounts:
Betterment Digital – 0.25% annually of assets managed featuring no minimum requirements, with the option to purchase a financial advisor package. You receive free automatic rebalancing of your portfolio when it drifts 3% or higher.
Betterment Premium – 0.40% annually of assets managed, and you must maintain a balance of $100,000. In addition to Betterment Digital features, you receive unlimited access to certified financial planners by phone or email.
You can purchase a consultation with financial advisors with packages ranging from $199 to $299 for individuals with a Betterment Premium account.
Betterment makes it easy to get started with your investing. Signing up is quick and accessible through the mobile app or web-based browser, you can link an account for deposits via bank transfer, wire transfers are also available but not recommended due to fees (for example $25 on top of any other charges).
Once signed up Betterment will set up a portfolio that reflects your goals based on questions asked when signing in such as what level of risk do I want? Based on these responses they’ll design a personalized investment plan just for you.
Learn more about Betterment or read our full review.
Twine
This micro-investing app allows you to invest and reach financial goals with a spouse, partner, or friend. Unlike other micro-investing apps, the focus is placed on low-cost ETFs instead of micro shares. Funding your account is done through recurring or one-time deposits, and you need $100 in your account to begin investing, though you can start an investment account with $5.
Twine was founded with the mission of making small, smart investments in people’s futures. They’re a micro-investing company that allows you to set up financial goals and an expected timeframe for these goals so they can reach them quicker than if it were on your own.
To do this, Twine has created three portfolio types: conservative, aggressive and moderate; which are designed specifically based on how much money is needed when investing as well as what time frame someone needs their goal met by.
There are two ways to get started: one being merely setting up a user account online or through an iPhone app (iOS). You can also invite another person to invest alongside you via email invitation – meaning not only will both of your funds grow together but Twine will help you reach your goals faster.
Twine micro-investment accounts are charged either $0.25 per month for every $500 invested or 0.60% annually with no minimum.
The process of signing up is similar to other apps. You provide your information, set a financial goal, invite someone else to invest with you, and begin funding and investing while monitoring your progress along the way.
On the downside, the mobile app is only for iOS operating systems only. It is more costly than other micro-investing apps and lacks the features that most of these apps offer, such as funding options and the option of fractional shares.
Learn more about Twine or read our full review.
Stash
Stash makes it easy and affordable for anyone to utilize and open an account. With Stash, you have more freedom and flexibility than other micro-investing apps.
Stash lets you invest in as little or much as you want and pick the companies, organizations, or causes that you trust. As your holdings grow, so does your potential to invest in what you believe in.
Stash eliminates any fees, commissions, or transaction charges–and they’re always working on adding more stocks to their portfolio for even more possibilities. With the new Stock-Back debit card featuring rewards in stocks opposed to store credit points (which can be converted into cash), it’s just a smarter way to use money every day.
There are two tiers of accounts with Stash:
Stash Growth – $3 a month gives you access to the benefits of Stash Beginner plus Smart portfolio and additional personal features. Smart Portfolio is a Stash feature that builds a custom portfolio for you based on research and risk level.
Stash+ – $9 a month allows you to enjoy the benefits of Stash Growth with bonuses. You can open accounts for your kids (max two kids), receive $10,000 in life insurance, and access additional and exclusive Stock-Back card bonuses.
There are three options you can choose from to add money to your Stash account.
Set recurring deposits to your Stash account.
Round-up purchases are made with your linked debit card, and the difference is invested.
Smart-Stash is a feature where your spending and earnings are analyzed, and money is stashed based on this information. You can then set transfer amounts to $5, $10, or $25 max.
The signup process is easy and straight-forward. You answer a few questions, pick a plan, add money to your account, sign up for the banking services offered to receive the Stock-Back debit card, and begin investing. You have the option to create and track your goals using the Stash app.
One minor drawback is the fees, as with any micro-investing app, are the biggest drawback of Stash. The subscription fees per month can add up if you have a low balance. The annual average expense ratio is roughly .25%.
Learn more about Stash or read our full review.
Public
This is a micro-investing app that incorporates the use of the social networking community with investing. It uses social networking as the basis for swapping strategies and learning from others.
Public is the easiest way to invest. You can invest in stocks, ETFs, and crypto-all in one place with any company and get their take on new money, wrapping up your earnings neatly at monthly intervals so that you don’t have to worry about throwing away all of your cash on material things.
It’s like an investment buffet where all of your favorite individual stocks are united in one easy-to-manage account with no minimum balance requirements and commission fees. All you need is a slice of Public, some greasy fries (tip not included), and the best TV binge ever.
You only pay fees when purchasing shares. There are no membership levels, no account fees, and you can begin using your account when you sign up.
The signup process is easy and convenient. You can sign up through the mobile app available from the Apple Store or Google Play Store.
The biggest drawback of the app is the risk of following advice from strangers about strategy and investing.
Learn more about Public or read our full review.
SoFi Invest
No account minimum and you can start investing with $1? Sign me up!
SoFi (social finance) is a financial planning company formed in 2011 and offers various products, including micro-investing. SoFi allows you to trade online through their app when you want and what you want. This micro-investing app is designed for Millennials looking for a lot of perks.
SoFi Invest is perfect for newbies who want to be hands off without sacrificing returns. You’ll still have plenty of options though – if you’re more adventurous and want control, go ahead and customize how your fund performs by adjusting frequency, risk tolerance, investment view, holdings duration, and cash flow strategy.
With this money-saving feature the only thing that will cost you is an ACAT transfer fee when transferring outside funds into your share class account through an ACH bank-to-bank or wire payment method – seriously easy stuff for any price-sensitive investor out there.
There are no account or asset management fees, and you do not need a minimum account balance to get started.
There are two options for signing up with SoFi Investing:
SoFi Active Investing – Allows you to control what you invest in based on your preferences, including the risk level you are comfortable with. You have access to a community of micro investors like yourself, certified financial planners, and other valuable resources at no cost.
SoFi Automated Investing – This is a more hands-off approach allowing you to use an automated platform to build and manage your portfolio. You receive the same perks offered with SoFi Active without investing time in researching and managing your portfolio.
You can sign up for SoFi Investing using a desktop or their mobile app. You will be asked for basic information. The signup process, including creating your account and scheduling a deposit, takes about 2-5 minutes to complete. It takes 1-2 business days for funds from your deposit to post to your account after your account is approved.
On the downside, SoFi does not offer tax-loss harvesting, and it has a limited track record compared to other micro-investing providers.
Learn more about SoFi Invest or read our full review.
Stockpile
This is a micro-investing app designed for young beginner investors who need something simple to get started with investing. You can access this app through a web-based browser or a device using iOS or Android operating systems.
Stock options can be complicated, but Stockpile makes it easy. With their fractional shares, you’ll have an easier time growing your investment portfolio and don’t have to worry about commissions.
It’s a great option for kids who want to get started early with their own investing or do so on behalf of others as well. When you’re ready to buy the gift that every investor loves, they offer physical stocks in addition to gift cards plus support from their customer service team if you need any assistance along the way.
There are different ways to fund a Stockpile account, link your bank account, and redeem a gift card. You can connect your checking account to move money in and out of your Stockpile account free of charge or use your debit card for a 1.5% convenience fee. If you use your debit card to fund your account, it is done instantly. Using your checking account takes 3-5 business days.
Gift cards cost $2.99 for the first stock. Additional stocks are $.99 each. Purchasing gift cards with credit or debit have an additional fee of 3% of the gift card’s value. Physical plastic cards cost an additional fee ranging from $4.95 – $7.95, depending on the card’s value.
The cost to trade on Stockpile is $0.99 per buying/selling trade. There are no annual or account management fees associated with the account.
The process for opening a Stockpile micro-investing brokerage account is simple. You create an account by providing basic information, fund your account, and begin choosing from the available stocks and ETFs.
Despite the user-friendly interface and simplicity of this app, there are drawbacks. This includes limited account and investment options and minimal tools available to analyze and research stocks.
Learn more about Stockpile.
Summary of the best micro-investing apps for Millennials
App
Minimum to start
Unique features
Acorns
$0
Family plan includes a checking account, retirement account, and custodial accounts for children
Robinhood
$0
Invest in cryptocurrency
Betterment
$0
Tax-loss harvesting
Twine
$0
Shared savings and investment goals for couples
Stash
$0
Get “stock-back” on debit card purchases
Public
$0
Follow and engage with others a la social media, only with investments
SoFi Invest
$0
Ability to connect with Certified Financial Planners
Stockpile
$0
Buy stocks with any dollar amount
How we came up with our list of the best micro-investing apps for Millennials
When we were looking for apps to include on this list, there were a few things we wanted to focus on. Before you decide on an app, you need to compare different brokerages and what they have to offer. That said, we looked at apps that had strong reviews, were easy to navigate, and most of all, had little to no fees, including:
Withdrawal fees.
Cancellation fees.
Transaction or investment fees.
Account opening fees.
Monthly or annual fees.
Expense ratio fees.
You want to make sure that you know the actual cost of micro-investing apps and how fees are charged. This includes a flat rate or percentage of transactions.
What is a micro-investing app?
Micro-investing is a way to invest without needing a lot of money to get started. These apps are designed to get the younger generation involved with investing and overcome barriers that prevent Millennials from investing. The funds placed in these accounts are used to invest in fractional shares or ETFs.
Depending on the micro-investing app you select, you can link your debit card and have purchases that you make with the card rounded up to the next dollar then deposited into your account. You can also have automatic transfers of a specific amount placed in the account. A few apps will monitor and analyze your spending and earnings and set money aside that can be transferred to your account to purchase micro shares of ETFs or fractional shares of stock.
Why should you use a micro-investing app?
Micro-investing is a new platform when it comes to investing. However, it is gaining popularity among Millennials that don’t have a lot of money to invest. The main feature of this type of platform can invest micro amounts of cash. Other features are considered bonuses.
Here are other benefits of micro-investing:
Automated process including rebalancing portfolio and transfers of funds to a portfolio account.
Minimal management fees.
No minimum requirements to begin investing.
Some providers have an option for purchasing fractional shares.
Most apps allow you to manage your account from an iOS or Android device.
Why shouldn’t you use a micro-investing app?
If you’re a more advanced investor and you want more control over the individual stocks you invest in, a micro-investing app may not be the right option for you. Micro-investing apps are designed to make investing easy and accessible to newer investors (or investors who don’t want to deal with the hassle). That often comes at the cost of lacking some features more advanced investors would enjoy – like stock charts and the ability to do intense analysis.
Most important features of a micro-investing app
When you’re looking for an excellent micro-investing app, there a few key features you need to be aware of:
Good reviews
The first thing you’ll notice when you download the app is the number of customer reviews and how well the app is rated. It helps to look through what other customers are saying about the app before you decide on one. For example, some apps get buggy with new versions or newer phones.
Clean interface
The last thing you want when you’re trying to simplify your investing experience is a cluttered interface that makes investing confusing. Look at the screenshots of the app. Download it to play around with it. Watch videos of it on YouTube. Get a sense as to whether it will be easy for you to use before deciding.
Little to no cost
Most micro-investing apps make their money in ways that aren’t hitting you. Meaning, they might not pay an interest rate on your balance (and instead take that for themselves), or they might collect interchange fees when you use your debit card. Either way, micro-investing apps shouldn’t cost you an arm and a leg, so be sure to understand the pricing structure before you sign up.