Most of the major high street banks offer savings accounts with some form of compound interest, with Barclay's, CIT bank and Ally some examples, according to The Simple Dollar. Most accounts have different features, meaning that some savings accounts may be better suited to individuals than others, based on their financial circumstances and preferences.
The Barclay's savings account offers a very competitive savings rate (0.90 percent), and has no required minimum amount to open an account. Additionally, A Barclay's savings account offers compounded daily interest and no monthly upkeep fees. The addition of a number of useful online features such as remote deposit and account linking make it a good all-round choice, according to The Simple Dollar.
The CIT Bank savings account offers a tiered system. This means the more the account holder pays in, the more they gain. The account has a very high interest rate for example (0.95 percent), but requires the account holder pays in a minimum of $25,000 a month in order to reap the benefits of the rate. In addition to daily compound interest, the account offers online account management and no monthly fees.
Ally offers a slightly lower interest rate on their account (0.87 percent), but has no opening or monthly fees and no required minimum deposit. Daily compound interest is added, and checks can be deposited into the account using the accompanying mobile app.