Hey, Check This Out

Two banks that pay 10x the interest of most others

                       
It's a well known fact that interest rates on savings accounts are incredibly low. In fact, the average savings account is hovering around 0.06% according to the FDIC. 0.06%? That's such a far cry from pre-crisis times, it's shocking.
At rates that low one might ask, why even have a savings account? Why don't I just place my hard-earned money under the mattress? I can't blame you. However if you did that, you'd be leaving money on the table (or under the mattress). There are much better options out there; savings account options that earn 10-15 times the average rate of 0.06%.
We've scoured high and low to find the best accounts. In our search, we've come across two that stand above the rest. You'd be in good shape if you had either of these accounts, but after some thorough analysis, one of them truly earns the title of best savings account. Here they are at a glance:

At a Glance

I was just as taken aback when I first saw these numbers. 1.00% and 0.90%, with no monthly fees? Why didn't I hear of these accounts before I put my money in [large, untrustworthy bank X]? You might be saying to yourself, Synchrony is the clear winner because their APY is higher. However, you can't jump to a conclusion as there are other important factors to consider when opening a savings account. So we've broken them each down, piece by piece.

Bank Reputation

This might not have been of much importance to us pre-2007. Times have changed though and we need to put in a little more thought into where we bank. Both of these banks are backed by the maximum allowable FDIC guaranteed deposit of $250,000; meaning if the bank defaults, the US Government guarantees that you'd receive all of your money up to $250,000.
Synchrony Bank was until recently owned and operated by GE and was formerly known as GE Capital Retail Bank (yea not a great name, hence the change). When most think of General Electric, they think of their kitchen appliances; they think of a trusted, American brand name. GE has parlayed their brand trust into banking, with a solid reputation in the industry for offering high rates and great service.
We’d be surprised if you haven’t heard of Discover. They are one of the largest credit card issuers in the US, in fact they were the 6th largest issuer of credit cards in 2014. Discover is not really yet well-known for their savings products but in the credit card realm they are very highly regarded.
Discover Bank has a solid reputation in the credit card industry. However, Synchrony is the brainchild of one of the most reliable companies in America. They’ve  brought a new culture to banking -- one built on trust. As a testament to the company’s hard work, Money Magazine and Bankrate have both donned them with top banking honors for 2013 and 2014.
Winner: Synchrony

Customer Service and Ease of Use

My wife and I have been Bank of America customers for a while and we were shocked at how much better both Synchrony and Discover were in terms of customer service.
In the end, there was a slight differentiation as Synchrony seemed to be a little more responsive. My guess is they learned a thing or two from their former parent company GE.
Winner: Synchrony

Monthly Minimums & Fees

This is really important - major banks like Chase and Bank of America charge monthly fees if you don’t have crazy high minimum balances! So not only are those banks paying you no interest, they are hitting you with fees!
Synchrony on the other hand has an exceptionally low minimum deposit: just $30! This is much lower than the minimum required at Chase or Bank of America ($300!). Discover doesn’t fare as well because they have a $500 minimum to open.
Winner: Synchrony

Interest Rate

The obvious winner here is Synchrony. The 1.00% APY is given to all account holders regardless of the amount of money you invest. In addition, it looks like things are only going up on the APY side with them as they’ve only been raising their rates over the last year.
Winner: Synchrony

Conclusion

As we said in the beginning, you'd be very well off with either one of these great accounts. When it comes down to it, Synchrony really just can’t be beat. They offer great rates, no fees, and have a great reputation. Try Synchrony for yourself… If you don’t like it, there are $0 fees to close the account!
Winner: Synchrony Bank

Our Recommendation:

At a Glance