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People rebuilding credit need high-interest savings accounts for bad credit

  • Banking

Savings accounts for bad credit can earn high-interest while you get your credit back on track. People with problem credit don’t have to miss out on high-interest savings accounts for bad credit that can grow their money faster.

Emergency funds should be part of your goal when rebuilding credit. A savings account for bad credit is the perfect place to stash cash for emergencies, build wealth and earn high-interest on your money.

Everyone needs a safe place to save money. Because credit has crept into just about every aspect of our financial well-being, you may as well take a two-prong approach to enhance your personal finances by earning high-interest on a savings account while working to improve credit scores.

Having an emergency fund that earns high-interest is just as important as rebuilding credit. Most credit issues arise from a lack of money to pay bills in a timely manner. Life lobs emergencies at all of us on a regular basis. Savings accounts for bad credit can help you be prepared for those emergencies. Even if you already have a checking account for bad credit, setting aside money separate from your everyday transactional account is beneficial.

Savings Accounts for Bad Credit

1. CIT Bank Savings Builder Account

Earn 0.40% APY on all balances as long as you make a $100 monthly deposit or when balance your balance is at least $25,000. Minimum opening deposit is $100, and there is no monthly maintenance fee.

  • Current rate offer: up to 0.40% APY
  • Your deposits are FDIC Federal Deposit Insurance Corporation–insured up to $250,000 per depositor.
  • No account opening or maintenance fees
  • Daily compounding interest
  • Free online & mobile banking with Bill Pay
  • Minimum opening deposit is $100, and there is no monthly maintenance fee.

2. CIT Bank Money Market Account

Earn 0.45% APY regardless of your balance. Money market accounts combine the best features of both checking and savings accounts while earning interest. With money market accounts you enjoy easy access to your money plus the ability to write checks. Interest compounds daily and is credited monthly to your account.

  • Earn tiered interest rates to grow your money faster.
  • Your deposits are FDIC Federal Deposit Insurance Corporation–insured up to $250,000 per depositor.
  • Mobile Banking: Deposit checks from anywhere using your mobile smartphone or computer.
  • Direct Deposit: Set up direct deposit for some (or all) of your check.
  • Free online bill payment.
  • Open a Money Market account online today with a $100 minimum opening deposit.

3. Chime Savings Account

The Chime Savings Account earns 0.50% APY on all balances. However, you’ll need a Chime Spending Account to be eligible for the savings account. The Chime Spending Account is free, along with the free savings account. Plus, applying for will not impact your credit score or ChexSystems record.

Chime Savings Account Details

  • Save by rounding up every purchase to the nearest dollar
  • Automatically transfer 10% of every paycheck to your savings
  • No monthly fees
  • No minimum to open or maintain
  • 0.50% APY

Why open a savings account for bad credit

Set your goals and put saving on automatic pilot with a savings account for bad credit. Online banking is an important tool for those who want to manage their finances easily and efficiently. Customers of online banks tend to benefit from lower overhead costs compared to traditional banks. Online banks that offer savings accounts for bad credit can pass these savings onto you in the form of higher interest rates and no monthly maintenance fees.

Set up automatic transfers to your account

Saving any amount of money on a regular basis can really add up – even if you just stash a little away every week. With an Automatic Savings Plan, you can choose the amount you want to save and transfer money to your account when you want to save it. Make changes to the amount you transfer whenever you want.

Your money is safe in a savings account for bad credit

Your money is FDIC-insured up to the maximum allowed by law, plus we have $0 Liability Protection so you are never responsible for unauthorized debit card, online, or mobile banking transactions. Saving money takes practice and it’s much easier to practice saving money when you have a bank account.

What a savings account for bad credit can do for you

Build wealth – When you get into the habit of saving money, you start wealth building. Simply set it up so you make automatic deposits, and start building those good savings habits.

Emergency fund – An emergency fund is one of the most important tools you can have in your financial toolbox. Online savings accounts are a great place to stash cash. It’s easier to get in the habit of saving money when your savings is kept separate from your general funds kept in a checking account.

Save for a major purchase – Maybe you’re trying to save for a new house, a new car. By stashing your savings in a separate, online savings account, you lessen the temptation to dip into your savings. Having a separate high-interest savings account can motivate you to save even more. Online management tools give you access to keep a watchful eye on your accounts and see exactly how much you have saved toward your goals.