The Best Deposit Savings Account

If you're the type of person who stashes his money under the mattress, it's time to put your money to work. By depositing your money into a bank's savings account, you help keep it secure -- the federal government provides automatic insurance should your bank shut down -- and also earn interest on the money you deposit. 
 
With dozens of banks available, finding the best savings account can stress you out. Don't worry; financial experts have identified some of the best bank accounts out there, whether you want a traditional savings account or a checking account that lets you save and spend wisely.
 

  1. Evantage Bank

    • The "Kiplinger" financial magazine called Evantage Bank the best bank for those who want a high-yield savings account. Although it's based in Oklahoma, its services are available nationwide thanks to online banking. As of March 2011, its checking and savings account offers 3.75 percent interest, although this will drop to 3.25 percent in April 2011. Because it's a small local bank, the bank occasionally "sells out," meaning it stops accepting new applications once it reaches its account limits until existing members close or move their accounts. A standout feature that "Kiplinger" loved: the bank refunds any ATM charges you might incur while using your bank card anywhere in the world.

    Ally Bank

    • CNN Money named Ally the No. 1 least evil bank in America, and praised its zero-fee standards paired with its high interest rates, noting that it gave you returns on your savings that were much higher than the national average. As of March 2011, customers earn 0.50 percent on savings account balances under $15,000, and 1.05 percent on balances of $15,000 or more. Additional features include the waiving of ATM fees no matter where you use it globally, plus a free MasterCard-backed debit card.

    Bank of America

    • Keynote Systems' financial services scorecard analyzes national banks using four factors -- security, ease of use, functionality and availability -- as well as five additional task-specific indicators, such as the ease of carrying out a banking transaction. Bank of America was ranked as America's top bank for savings accounts and all other general banking purposes. It scored 89 out of 100, closely followed by Wells Fargo at 85 out of 100.

    ING Direct

    • For a savings account that has no fees and no hidden strings attached, "Kiplinger" loved ING Direct. For its traditional savings accounts, ING Direct offers 1 percent interest rates as of March 2011. The financial magazine specifically praised its checking account -- it offers variable interest returns ranging from 0.25 percent of 1.15 percent, depending on your savings balance -- thanks to a nationwide ATM network and free paper checks.

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