ZelphinaSavings accounts: APY, FDIC insurance and what to compare
How to read a savings account offer and check that your money is protected.
Key points
- Compare savings accounts by APY, which reflects both the interest rate and how often interest compounds.
- Deposits at FDIC-insured banks are insured up to at least $250,000 per depositor, per bank, for each ownership category.
- Check fees, minimum balances and withdrawal rules, not just the rate.
- Rates on most savings accounts are variable and can change after you open the account.
What APY means
APY (annual percentage yield) is the percentage rate that reflects the total interest you would earn on an account over a year, based on the interest rate and how often interest is compounded. Because it includes compounding, APY is the number to use when comparing savings accounts from different banks.
Types of savings products
| Product | How it typically works |
|---|---|
| Savings account | Flexible deposits and withdrawals, variable rate. |
| High-yield savings account | A savings account, often online, that pays a higher APY than average. Rates are still variable. |
| Money market account | Often has higher minimum balances and may include check-writing or debit access. |
| Certificate of deposit (CD) | A fixed rate for a fixed term. Withdrawing early usually costs a penalty. |
Is my money protected?
The FDIC insures deposits at FDIC-insured banks up to at least $250,000 per depositor, per bank, for each ownership category, such as single or joint accounts. Checking, savings, money market deposit accounts and CDs are covered. Stocks, bonds, mutual funds, annuities, crypto assets and other investments are not covered, even if a bank offers them. Credit union deposits are insured separately by the NCUA. You can confirm a bank is FDIC-insured with the FDIC's BankFind tool.
What to compare
- APY and whether it applies to your whole balance or only up to a limit.
- Monthly fees and how to avoid them.
- Minimum deposit or balance requirements.
- Access: transfers, ATM access and how fast you can move money out.
- Insurance: FDIC (banks) or NCUA (credit unions).
Looking for a savings account?
Choose Bank account and then Savings account on Zelphina to see partner offers. Each provider sets its own terms.
Explore options on Zelphina