There are approximately 200 banks and credit unions headquartered in Alabama. While savings account interest rates are favorable right now, if you’re using a traditional account with a big-name bank, you could miss out on these rates. But, where can you find the best high-yield savings accounts in Alabama? Let us learn more about the best high-yield savings accounts in Alabama and preferable interest rates for your financial needs.
The Best Savings Accounts in Alabama
Here are our top picks for the best high-yield savings accounts in Alabama for those who want to earn the highest interest on their savings:
Beem
Based in San Francisco, Beem offers online high-yield savings accounts with the highest rates. They are motivated to provide the best financial services to their customers and have a rank of #1 in over 27 countries for personal finance management apps. Their innovative approach and high trust network make them modern financial network experts. Some of the impressive features of Beem’s offerings of high-yield savings accounts in Alabama include:
- No late fees
- No setup fees
- No hidden fees
- No annual fees
- No minimum balance fees
Ally
Ally Bank was established in 2004 and is based in Utah. The bank issues only online loans and is insured by the FDIC. It provides money market accounts, CDS, and high-yield online savings accounts to customers nationwide, including Alabama. Ally Savings offers several standout features, including:
- There is no minimum balance requirement
- There is no monthly maintenance fee
- Easy-to-use mobile app with mobile check deposit
- Up to ten buckets for saving your money
Barclays
Barclays Bank is a global bank headquartered in London. A wide range of Barclays products is now available to Alabama residents, including savings accounts, CDs, and credit cards. Among the features offered by its savings accounts are:
- No minimum balance requirement
- No monthly maintenance fees
- Barclays U.S. Savings app is convenient and easy to use
- Term options of three months to five years for online CDs
- Using Barclays Savings Assistant, you can reach your financial goals
Bread Savings™
The Bread SavingsTM bank is a high-yield savings account and certificate of deposit provider formerly known as Comenity Direct. In addition to its high rates, it offers the following benefits:
- Exceptional interest rate
- Neither account maintenance nor monthly maintenance charges apply
- $100 minimum deposit to open a savings account
- Wire transfers within the country are free
CIT Bank
The CIT Bank division of First Citizens Bank and Trust Company is based in Chicago. Residents of Alabama can access online banking through this company. Here are some reasons why a CIT Bank savings account is a great choice:
- Increase your income far beyond the national average
- CIT Bank’s mobile app offers mobile check deposit
- There is no monthly fee for this service
- Savings accounts that are FDIC-insured
- There is a minimum deposit of $100
Family Savings Credit Union
Family Savings Credit Union is the 12th-largest credit union in Alabama. The Alabama counties of Blount, Calhoun, Cherokee, Cleburne, DeKalb, Etowah, Jackson, Madison, Marshall, and St. Clair offer membership to residents, workers, worshippers, and students. Regular Share Savings Accounts give you access to these features once you join:
- Competitive dividends
- eDocuments does not charge monthly service fees
- Opening deposits of $5 are required
- The NCUA insures this to a maximum of $250,000
Pen Air Federal Credit Union
Founded in 1936, they are committed to its members. They continuously improve their service by offering competitive rates, enhanced access and convenience, and more locations. They are one of the trusted names and offer about 2-3% return on savings accounts.
Conclusion
To come up with the best choices, it is necessary to consider market conditions and bank offerings while deciding the best high-yield savings accounts in Alabama. Savings account terms and APYs change regularly, so you should check back here and directly with the banks to find out what’s current. A local credit union or community bank might be a good choice if you’d like to access your Alabama savings account locally. Use Beem to open a High-Yield Savings Account and put your hard-earned money to work for your financial stability.
High-Yield Savings Accounts in Alabama FAQs
How much will $1000 make in a high-yield savings account?
An APY of 4.50% or higher on a high-yield savings account will earn you a minimum of $45 if you hold it for one year.
Is it worth putting money into a high-yield savings account?
High-yield savings accounts are a great place to store and protect your hard-earned money. The interest rates on these accounts are higher than those on regular savings accounts, which can result in more money over time. Also, they are safe, flexible, and often free of fees.
Where can you open a savings account in Alabama?
A bank account can be opened online or at a branch if the bank has one. You must provide the same information when opening a savings or other deposit account.
