With life often resembling a roller-coaster ride, financial security can be your ticket to stability. In Montana, residents can find several banks and credit unions offering high-yield savings accounts that can foster an understanding of financing. These accounts typically offer a higher annual percentage yield than standard savings accounts, allowing your money to grow over time.
This blog will present everything there is for you to know about high-yield savings account in Montana. Read to know more…
10 High-Yield Savings Account in Montana
Discover Montana’s top 10 high-yield savings accounts, offering competitive interest rates and flexible features to help you grow your savings faster.
Beem
Beem offers a range of financial services. While it does not offer a high-yield savings account, it provides a platform for checking offers from various banks and lenders. It offers competitive interest rates and a user-friendly interface. Beem eliminates unnecessary fees, ensuring your money grows seamlessly.
| Feature | Details |
| APY Rates | 5.00%, which is higher than the national average. |
| Monthly Fees | Nil. |
| Pros | Enjoy saving without worrying about any monthly maintenance fees. Conveniently manage your account online anytime, anywhere. Watch your savings grow faster, thanks to the high-interest rate. |
| Cons | Majorly dealing online. |
American Express National Bank
American Express National Bank offers a high-yield savings account with competitive interest rates, no monthly fees, and no minimum balance requirements, providing a great option for Montana savers to grow their money.
| Feature | Details |
| APY Rates | 4.25%. |
| Monthly Fees | Nil. |
| Pros | Highly competitive interest rates. No monthly fees. No minimum balance requirements. 24/7 customer service. Easy linking to other bank accounts for transfers. |
| Cons | No checking account option. No ATM or debit cards available with savings. |
Bread Savings
Bread Savings™ (formerly Comenity Direct) offers Montana residents a high-yield savings account with competitive rates, no monthly fees, and easy online management through a user-friendly mobile app.
| Feature | Details |
| APY Rates | 5.15%. |
| Monthly Fees | NIl, but may impose other costs, such as $5 for a paper statement. |
| Pros | No monthly maintenance fees. Free domestic wire transfers. CDs with flexible terms. Easy access to customer support. |
| Cons | No debit cards or ATM network. Funds may not be available within the first 30 days. No checking or money market accounts are offered. You can only make deposits via the mobile app or bank transfer. |
Barclays Online Savings
Barclays Online Savings offers a robust platform for Montana residents, combining competitive rates with user-friendly tools like a savings assistant feature and a mobile app for convenient account management.
| Feature | Details |
| APY Rates | 4.35%. |
| Monthly Fees | Nil. |
| Pros | Competitive rates. No monthly maintenance or minimum balance fees. Mobile app with mobile deposit. Savings assistant feature. |
| Cons | No ATM access for savings accounts. Checking accounts are not offered. |
CIT Savings Connect
CIT Savings Connect provides Montana residents with a high-yield savings account that features competitive interest rates, convenient mobile banking, and reimbursement for ATM fees, making it an attractive choice for online savers.
| Feature | Details |
| APY Rates | 4.25%. |
| Monthly Fees | Nil. |
| Pros | Higher rates than the national average. Low opening balance of $100. Easy access to eChecking via Zelle, Bill Pay, and CIT debit card. ATM fee reimbursement of up to $30 per statement cycle. |
| Cons | No free ATM network. No branch access. |
Ally
Ally Savings offers a high-yield savings account for Montana residents. It features competitive interest rates and a user-friendly mobile app, making managing and growing your savings online easy.
| Feature | Details |
| APY Rates | 4.20%. |
| Monthly Fees | Nil. |
| Pros | Competitive interest rate. No monthly maintenance or minimum balance fees. 24/7 customer service via phone, live chat, or email. Robust mobile app. |
| Cons | No branch access. No cash deposits. A withdrawal fee of $10 per transaction after six withdrawals in one month |
Lincoln County Credit Union
Lincoln County Credit Union, based in Libby, Montana, offers a range of savings accounts tailored to the needs of its members in Lincoln County. While local membership is limited, the credit union provides federally insured options with no monthly fees.
| Feature | Details |
| APY Rates | Varies with account type, other circumstances. |
| Monthly Fees | Nil. |
| Pros | A variety of savings accounts. No monthly maintenance fees. NCUA insured up to $250,000.00. |
| Cons | Lower interest rates than online banks. Membership is limited to those who work or live in Lincoln County. |
Daniels-Sheridan Federal Credit Union
Daniels-Sheridan Federal Credit Union, located in Scobey, Montana, provides multiple savings account options for residents of Daniels, Sheridan, and North Valley counties. With federally insured accounts and no monthly fees, it’s a convenient choice for local savers.
| Feature | Details |
| APY Rates | Depends on the needs. |
| Monthly Fees | Nil. |
| Pros | Several branches throughout the state. No monthly maintenance fees. NCUA insured up to $250,000.00. Several accounts available |
| Cons | Lower interest rates than online banks. Membership required. |
Opportunity Bank of Montana
Opportunity Bank of Montana offers Montana residents many types of savings accounts. Committed to community banking, it provides accessible and convenient banking solutions.
| Feature | Details |
| APY Rates | Depends on the preferences. |
| Monthly Fees | Nil. |
| Pros | Community-focused banking. Flexible account options. Local customer service. Competitive rates |
| Cons | APY rates may vary. Monthly fees may apply. |
Montana Credit Union
Montana Credit Union offers Montana residents savings accounts tailored to their needs. It’s committed to the local community and provides accessible banking solutions for individuals and families.
| Feature | Details |
| APY Rates | Variable |
| Monthly Fees | Variable |
| Pros | Community-focused banking. Range of savings options. Local customer service. Competitive rates. |
| Cons | APY rates may vary. Monthly fees may apply |
Conclusion
Several factors must be considered when choosing the right high-yield savings account in Montana. Opt for an account that serves your needs and take a step towards financial success. Explore the Beem app to compare the latest and best high-yield savings accounts that align with your goals and priorities. Similarly, American Express National Bank offers competitive rates and convenient online banking. Bread Savings™ provides flexibility with no monthly fees and innovative features like savings buckets.
Read Related Article: High-yield savings account in New Hampshire.
FAQs
How do I open a high-yield savings account in Montana?
To open a high-yield savings account in Montana, you typically need to visit the bank or credit union’s website or local branch. You’ll usually need to provide personal information like your name, address, and Social Security number and may need to make an initial deposit.
Are high-yield savings accounts in Montana insured?
Yes. Most banks and credit unions offering these accounts are members of the Federal Deposit Insurance Corporation or the National Credit Union Administration, which insure deposits up to a certain limit (usually $250,000 per depositor per institution).
What are the minimum balance requirements for high-yield savings accounts in Montana?
These requirements can vary with the financial institution and the specific account. Some accounts may have no minimum balance requirement, while others may require a minimum deposit to open the account or maintain a certain balance to avoid fees. It’s important to check the terms and conditions of the account you’re interested in to understand minimum balance requirements.
