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Only some have a variety of funds on reserve when planning for emergency funds or long-term savings. With the rise in inflation, making any purchase, like buying a home and saving for your child’s education, can be daunting. Thus, investing in family saving plans to safeguard your family members and meet your financial and other goals becomes essential.
Moreover, a family savings account can be a phenomenal option for low-income families to create a savings pot.
What are Family Saving Accounts?
Family saving accounts are accounts where family members can merge their savings accounts into one account. Here, each family member is offered the login details so that they can freely manage their family savings accounts.
Family members, including spouses, in-laws, parents, grandparents, children, grandchildren, or siblings, are free to open and manage accounts. Family members will get benefits like opening R.D., F.D., lockers, family saving accounts,demat accounts, forex options, and many more at a reduced cost.
9 Best Family Saving Accounts
1. Ally Bank
Overview
Ally Financial, headquartered in Detroit, Michigan, the U.S., is a digital financial services organization that is continuously reinventing itself. Ally is creating a huge impact on its customers by offering award-winning products and services in financial services, wealth management, home loans, and online banking.
Why Choose It?
Ally family saving accounts provide innovative saving tools to its customers. “Boosters” and “Buckets” are the two saving tools integrated into the mobile application.
Its online saving account offers a competitive APY and stands out with its saving tools. The digital saving buckets allow customers to divide their savings into ten categories. Moreover, Ally Bank offers a smart saving tool named Boosters that features:
Surprise Savings: Ally is responsible for monthly analyzing your checking account for funds that are considered “safe to save” and transferring the amount to your family’s savings accounts.
Recurring Transfers: Ally Bank manages to schedule recurring monthly transfers from your checking account.
Round Ups: It manages automatic round-up transactions to the nearest dollar and then transfers these amounts to your savings account.
Pros
- No requirement for a minimum deposit
- No fees for cashier’s checks, incoming wires, or overdrafts
- 24*7 customer support
- Saving buckets tools make it easy to track and visualize savings goals
Cons
- No mortar and brick locations
- Limitation of withdrawal up to 10/statement cycle
- No ATM access
2. Bread Savings
Overview
Bread Savings is a famous tech-forward U.S. financial institution. It thrives in contemplating outside the bank by providing personalized and simple saving solutions at your doorstep via the Bread Savings financial app. Their CD and high-yield savings accounts encourage you to save more with competitive APY. You’ll enjoy excellent customer service and a simplified banking experience, offering the best financial security, services & products that could lead life according to your wish.
Why Choose It?
The reasons why one should choose Bread Savings amongst the best family saving accounts are:
- Provides a strong APY and is categorized
- Requires $100 as a minimum opening deposit
- Easily fund your account via mobile check deposits or electronic transfers
- No requirement for an ongoing minimum balance
- No monthly fees
- There are no transfer limitations to external savings accounts.
Pros
- Unlimited transfer to external accounts
- Mobile check deposit
- No monthly maintenance fees
Cons
- No availability of ATM cards
- A $100 opening deposit might be too expensive for some customers
3. Barclays
Overview
Barclays is the partner of America’s best brands, experts in delivering award-winning banking services and products to its customers to help them achieve financial stability and goals. Barclay is a team empowered by core values and driven by customer needs, which allows it to thrive among various stakeholders, partners, and customers.
Why Choose It?
One should choose Barclays as the best family saving account because:
- Provides competitive CD or saving account rates
- No monthly fees or minimum deposit required
Pros
- No minimum deposit is required for C.D.s or savings
- No monthly fees on CD or savings accounts
- Competitive APYs on C.D.s
Cons
- Saving account, APY is comparatively lower than other banks or companies
- No ATM card
4. CIT Bank
Overview
CIT Bank is a division of First Citizens Bank – an online bank with customers across 50 U.S. states. They offer C.D.s, echecking, and saving accounts, keeping competitive rates in mind to escalate your savings. CIT Bank protects your money with the help of the Federal Deposit Insurance Corporation (FDIC). You can easily access the services, tools, and information that benefit you in account opening and management.
Why Choose It?
Several eye-catching reasons that CIT Bank offers are:
- Competitive APY on $5,000 and more
- There are no transfer limits and monthly fees
- There is no requirement for an ongoing minimum balance
Pros
- High APY for accounts funded with $5,000 or more
- No balance cap is available on the highest APY
- Mobile check deposit through the CIT Bank application
- No restrictions on external bank account transfers
- No overdraft fees
Cons
- No availability of ATM cards
- Must maintain $5,000 or more to get the highest APY
5. Capital One
Overview
Capital One is the largest financial bank headquartered in Tysons, Virginia, with operations mainly in the U.S., with approximately 750 branches and 2,000 ATMs. It is an American Bank holding organization that specializes in banking, saving accounts, auto loans, and credit cards. They are the third largest Mastercard and Visa credit card issuer and fall under the largest car finance organizations in the U.S.
Why Choose It?
The reasons for choosing Capital One in the list of best family saving accounts are:
- Provides custodial savings account
- No monthly fees
- Competitive APY
- No minimum deposit
- Provides multiple savings products that include kids’ savings accounts
- No minimum balance required
- No extra charges
Pros
- There is no requirement for a minimum deposit
- No excess withdrawal fees
- No account maintenance fees
Cons
- Lower APY as compared to other banks
- No ATM card
6. Discover® Bank
Overview
Discover® Bank is an online bank headquartered in Riverwoods, Illinois, a Chicago suburb. It offers checking, family savings accounts, student loans, personal loans, credit cards, and home equity loans. The bank also owns and operates the Discover and Pulse networks and Diners Club International. With nearly 50 million cardholders, it is the third-largest credit card company in the U.S.
Why Choose It?
Here are some reasons why to choose Discover® Bank:
- High customer satisfaction
- Offers 24*7 customer support
- Online transfers are restricted to six/cycle
- Doesn’t charge for overdrafts
Pros
- No minimum balance or monthly maintenance fees required
- 24*7 customer support
Cons
- Limitation of withdrawal up to six/cycle
- No ATM card available
7. Raisin
Overview
Raisin Financial Services is headquartered in Germany and continuously serves many states in the U.S. Raisin is breaking down all the hedges and benefits from a single yet transparent market for investment and saving products. With a simple login into Raisin, savers like you can fund and accordingly manage saving products with the network of credit unions and federally insured banks.
Why Choose It?
The reasons why you should consider Raisin are:
- Partners with over 50 financial industries to provide a wide variety of savings products with competitive APYs
- Online marketplace to shop and compare high-yield savings accounts
- You can also add additional accounts from your partner’s bank
Pros
- No monthly account fees
- Compare saving accounts from over 50 distinct banks & credit unions
- You can add other savings products to your Raisin family saving accounts
Cons
- Account features and requirements vary across different financial industries
- You must register with Raisin to access the accounts
8. Synchrony Bank
Overview
Synchrony Bank is an American financial services company headquartered in Stamford, Connecticut, U.S. It offers its customers savings accounts featuring FDIC safety and award-winning products, including savings accounts and money market accounts. Customers can easily open their online accounts via a mobile app with no or minimum monthly fees.
Why Choose It?
The several reasons why you should choose Synchrony Bank amongst the best family saving accounts are:
- Provides ATM access
- Free ATM withdrawals at in-network ATMs
- Saving goals calculator for proper assessment
Pros
- No monthly restrictions on ATM transactions
- No monthly fees or minimum deposit required
- Virtual calculator for a savings goal
- ATM access via debit cards
Cons
- $1000 is the daily withdrawal limit by ATM
- $500 is the daily point-of-sale transaction limit
- ATM fee reimbursement is $5/statement cycle
- Six transfer limitations to external accounts/month
9. SoFi
Overview
SoFi Technologies, Inc. is an online American financial company and bank with its headquarters in San Francisco, California, U.S. It offers several financial products to its customers, including personal loans, investing, banking, refinancing, mortgages, and credit cards, via desktop interfaces and mobile applications. It is much easier to open an online savings account with SoFi Bank.
Why Choose It?
- Provides a strong cashback opportunities and savings APY
- Competitive APY
- Automated round-ups (saving tools)
- $300 signup bonus
- Direct deposits of $5000 during the qualifying period
Pros
- Various saving tools like Vaults for individual or specific saving goals
- Earns interest via checking account
- Direct deposit to checking account
- Signup bonus of up to $300
Cons
- Must set up direct deposit to a checking account (SoFi) to sign up for the bonus and qualify for the highest APY.
Also, check out 9 Best Family Saving Plans
Comparison Chart of Top 9 Family Saving Accounts in the USA
Comparison always makes things simpler and easier for you, and to support this statement, we’ve prepared a comparison chart of the top 9 family saving accounts. So, let’s have a glance at it:
| Bank Name | APY(%) | Minimum Deposit | Other Fees |
| Ally Bank | 4.20% | None | $7.50 is returned deposit item,$10/ is excessive transactions fee,$15 is expedited delivery,$20 is outgoing domestic wires |
| Bread Savings | 5.15% | $100 | $25/outgoing wire transfer,$15/official check request,$5/paper statement request |
| Barclays | 4.35% | None | No limitations on the number of transfers and withdrawals,No monthly maintenance fees |
| CIT Bank | 5.00% | $5000 | $10 outgoing wire transfer fee for accounts with less than $25,000,$10 return deposit item fee |
| Capital One | 2.50% | None | No monthly maintenance fees |
| Discover® Bank | 4.25% | None | No monthly fees |
| Raisin | 5.26% | $1 | Varies by bank |
| Synchrony Bank | 4.75% | None | None |
| SoFi | 4.60% | $300 | None |
What Else?
We have jotted down the best family saving accounts mentioned in the blog; choosing between the available manifold options will be much easier. Compare the different banks’ savings accounts, considering features along with their pros and cons, which will surely help you pick the best out of these best-listed savings accounts.
So, what are you waiting for? Get the best savings accounts for yourself and take advantage of the top-notch products and services different banks offer.
