10 Sites That Help You Compare Savings Accounts Online
Everyone needs to save money, but it’s not easy to find the best savings accounts. Banks love to obfuscate their real interest rates and fees, and the deals on offer change on a seemingly hourly basis. If only there was some way to find and compare all the various savings accounts out there…
Luckily, there is — it’s called the Internet! Here are ten sites that’ll help you understand which is the best savings account for you.
MoneySuperMarket specializes in UK-based providers and has offerings from all the leading banks, such as Barclays, NatWest, Lloyds, and Halifax.
Naturally, it lets you compare rates, minimum/maximum account opening amounts, terms, and ease of access to your money. However, it also helps you search for accounts for a specific purpose — for example, saving towards your children’s trust fund or their college education .
It also has a lot of specialist advice for UK savers, including how to maximize your Individual Savings Account (ISA) allowance and its various tax implications. Finally, it covers lots more aside from simple savings accounts, including mortgages, loans, credit cards, and insurance.
The Simple Dollar started life in 2006 as a blog for people who were fighting to get out of debt while simultaneously trying to save for their futures. It’s since expanded into one of the best personal finance sites on the web, part of which includes a regular look at savings accounts.
They recently published their article on the best savings accounts available in 2016, which divides the accounts into various categories such as “Best All-Around Best Savings Account,” “Best Savings Account/Checking Account Combo,” and “The Best Savings Accounts for Check Writing.”
Each category has a winner and its pros and cons are presented in a simple list, so you don’t have to know a lot of financial jargon to understand the differences.
Like MoneySuperMarket, CompareTheMarket is a UK-based direct comparison site that pulls data from numerous providers and displays it all on an easy-to-digest page.
Interest rates and account features are shown prominently, and each listing includes a “More Details” option that can be expanded to illustrate additional information along with the account’s various benefits.
CompareTheMarket also has details on other types of banking accounts, many types of insurance, electricity, broadband, and mobile phone plans, as well.
NerdWallet lets you search for both national and local banks in the US, and includes filters to help you determine the best account based on how much you want to save. There are also lots of detailed explanations concerning fees, variable rates, and transaction limits.
The site offers guidance on how to find the accounts with the highest yield, including information on community banks, credit unions, and online-only providers. It’s also one of the best places to find great credit card deals online .
Canstar is one of the best comparison sites for people who live in Australia. It lets you search by state, opening amount, and account type. All of Australia’s biggest banks are present, and like the other sites on this list, it shows information concerning interest rates and features.
Canstar also boasts one of the most in-depth “More Info” sections, which includes data on all the bank’s fees, the cards and checks available, and whether or not you can get overseas access.
Money Rates in another US-based site. They monitor rates from more than 200 banks to find the best savings account rates available. All that information is then displayed on an easy-to-understand list that has lots of specific details.
One of the best features is the “Learn More” option; it’ll take you to a profile page for each provider that summarizes the institution’s history, lists current facts and figures, and highlights the various accounts that it is currently offering.
You can also get information on mortgage rates, credit cards, checking accounts, and other types of banking products from Money Rates.
Advisory HQ specializes in independent reviews of financial firms, advisors, products, and services from around the world.
With regard to savings accounts, they split their site into five sections:
- Best Online Banks
- Top Brick-and-Mortar Banks
- Best Banks for Small Businesses
- Top Credit Unions in the US
- Biggest/Largest Banks in America
Each category lists their top ten picks and has a detailed article dedicated to it. The lists are updated on a frequent basis.
Consumerism Commentary is a well-known financial site that has been featured in both the Wall Street Journal and Money magazine, among others.
They update their list of high-yield savings accounts on a monthly basis, keeping rates and fees current. As their name suggests, they also offer a running commentary of observations and opinions on the various banks’ accounts.
The site also covers credit cards, investments, taxes, debt reduction, and real estate with comparisons and useful articles.
Like Advisory HQ, Magnify Money also splits their website by category. They announce a winner in each section every month. Categories include “Highest Rate Without A Minimum,” “Highest Overall Rate,” and “Top Choice.” Each winner has a paragraph or two dedicated to it, with details on rates, fees, benefits, and features all included.
Another useful feature is that each bank is rated with regards to the complexity of its terms and conditions, from Very Transparent (“A”) to Way Too Complex! (“F”). There are a number of useful calculators on the site as well, which can help you look at paying off credit cards, refinancing student loans , and comparing debt payoff methods.
MoneySavingExpert is perhaps the most well-known consumer financial site in the UK. Its author, Martin Lewis, has become something of a TV celebrity, and his website is packed with deals, vouchers, and money-saving ideas .
Unsurprisingly, the site also offers lots of comparisons, covering everything from car insurance to telephone providers, including savings accounts.
Aside from the comparisons, there is also a handy guide to 12 need-to-knows before you pick a savings account, which covers tax implications, account tips, and ideas to help you maximize the offers available.
Which Sites Do You Rely On?
There are thousands of websites dedicated to account comparisons, so it’s impossible to cover them all. What we’ve tried to do is give you a flavor of what’s available, both in terms of information and presentation.
Which site do you use most frequently? Did it make our list? If not, what makes your preferred choice stand out? Why should your fellow readers head there? Let us know your tips, opinions, and thoughts in the comments below.