The Best Savings Accounts in Louisiana for 2022

The best savings account in Louisiana is one that suits all your needs and helps your money grow. There are plenty of options, so finding your favorite bank or credit union can be tough. We've narrowed down the field to get you started.
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By Shannon Lee

New Orleans Skyline, Louisiana, at night, Mississippi River Bridge

 

Where you invest your money is an important decision. The best savings accounts in Louisiana offer a wealth of opportunities to make the most of your cash by allowing you to earn interest while keeping your money readily available in the event of an emergency. If you’re ready to make your money work for you, these banks and credit unions in Louisiana can help.

The Best Savings Accounts in Louisiana

  • Marcus by Goldman Sachs
  • SkyOne Federal Credit Union
  • Synchrony Bank
  • UFB Direct
  • Ally Bank
  • Crescent Bank
  • Concordia Bank & Trust Company

Compare savings accounts and find the best rates being offered today.

Online Savings Accounts Available in Louisiana

When you choose an online bank, you are ensuring you can control your money from anywhere. Here are some of the best savings accounts in Louisiana through online banks.

Marcus by Goldman Sachs

Though Goldman Sachs has a strong brick-and-mortar presence, Marcus is the online-only option for those who want to be hands-on with their money.

This high-yield savings account requires no minimum deposit and no minimum balance, has no monthly fees, and has strong online banking and mobile access. There are no tiers, so you earn the stated interest rate no matter how much money you have in the account. However, accessing your money might be tough, as there are no ATMs or debit cards available for this savings account.

You can make six withdrawals a month without penalty, and you can transfer up to $125,000 at a time with no penalties.

Marcus by Goldman Sachs Pros & Cons

SkyOne Federal Credit Union

This unique credit union requires only one dollar to begin saving, has no monthly fees, and offers access to ATMs across the country with no surcharges. The Sky-High Savings Account can be handled through online or mobile options, and once you have an established direct deposit, you might actually get your money ahead of schedule. Keep in mind, however, that if you use a non-branded ATM you are responsible for the fees; SkyOne doesn’t offer refunds for this fee as other banks do.

SkyOne Federal Credit Union Pros & Cons

Synchrony Bank

There’s no minimum deposit to start the high yield savings account at Synchrony Bank and no minimum balance to maintain, as well as no fees. However, those who deposit more receive higher returns, as the savings account is based on a tiered system. Surcharge-free ATMs are easy to find; as long as they have the Plus or Accel logo, you’re good to go. If you can’t find one of those, the bank refunds up to $5 per month in fees associated with using other ATMs. Online calculators and other tools help you figure out what you need to do to reach your financial goals.

Synchrony Bank Pros & Cons

UFB Direct

UFB Direct is the online division of Axos Bank. The Direct Savings account offers a competitive interest rate for accounts holding $10,000 or more in a daily balance, and there is no minimum deposit requirement. Expect no maintenance or service fees with this account.

Direct deposit is always free, and there are no fees for using branded ATMs. There are numerous fees for other things, however, such as a fee for getting a paper statement, sending an outgoing wire transfer, or a fee for withdrawals in excess of six each month.

UFB Direct Pros & Cons

Ally Bank

With no monthly minimum balance requirements and no maintenance fees, Ally Bank offers unique tools to help you save money, even if the interest rate on your savings account changes.

By organizing savings into “buckets” that focus on your spending and saving priorities, you can have more control over your money at a glance. Goal trackers with target dates, unique boosters that are then transferred automatically from a checking account to your savings, and 24/7 customer service with a live person make this an online bank with a more personal touch.

Ally Bank Pros & Cons

A Look at Local Louisiana Banks

National and online banks might have a lot to offer, but they often can’t match that unique hometown feel or strong customer service you get from a local bank, or even those that have robust local branches.

Perhaps the best savings account in Louisiana will be found at one of these local banks.

Crescent Bank

With three locations and headquarters in New Orleans, Crescent Bank offers robust online banking after opening a savings account with a minimum $100 deposit. A minimum daily balance of $200 is required to avoid the $3 monthly service fee. Known as Jumbo Savings, this account can be opened in minutes online from anywhere — you do not have to be a resident of Louisiana — and offers easy transfers between banks to fund the account.

As an added bonus, there are no fees to obtain paper statements.

Crescent Bank Pros & Cons

Concordia Bank & Trust Company

Established in 1903, Concordia Bank & Trust Company is growing; as of this writing, there are nine locations across the state, including the headquarters in Vidalia.

There are two savings accounts that draw interest, including the popular Blue Chip Savings. Interest is compounded and credited quarterly after a minimum opening deposit of $100; to avoid the $9 quarterly fee, you must keep at least $300 in the account at all times. However, the service charge is never accessed for those under the age of 18, students up to the age of 25, and those over the age of 62.

Statements are provided monthly or quarterly, depending upon your account activity.

Concordia Bank & Trust Company Pros & Cons

How We Picked: MoneyRates Methodology

MoneyRates found the best savings accounts in Louisiana by analyzing savings accounts at online banks, local credit unions, national banks, regional banks, and local banks in the state. We looked at the most recent interest rates being offered on savings accounts at over 25 banks along with accessibility, requirements for opening and maintaining an account, fees, ATM access, flexibility, availability, and ease of use of mobile banking.

The best savings accounts in Louisiana reflect market conditions and bank APYs at the time of our analysis. Banks can and do change their rates and terms on a regular basis, so you should check with banks directly to see what they currently offer.

How to Choose a Savings Account in Louisiana

When you’re trying to choose the best savings account in Louisiana, you’re going to find quite stiff competition. That’s why it’s so important to compare the banks side-by-side based on the same criteria for each, such as interest rates, access to your money, and fees.

Here are the things to look for when choosing the savings account that’s right for you.

Interest rate

This might be the single most important aspect of a savings account, especially if you’re serious about putting a great deal of money into a high-yield account and racking up the interest.

Interest rates that seem too good to be true probably are, so look at the national average and judge accordingly.

Also, keep in mind that some banks offer a tiered system of interest rates, so you might not get the highest advertised rate until you hit a high daily balance, such as $25,000 or more.

Fees

What sort of fees does a bank charge? For some, the fees might be very straightforward, such as a fee for making more than six withdrawals in a month or using an out-of-network ATM. But others might be a bit hidden, such as maintenance fees or a cost for obtaining a paper statement or sending a wire transfer.

Look at the fee schedule and see how the banks compare.

Opening deposit

The opening deposit for the account is often quite low, or there might not be one at all.

However, the minimum balance to earn interest or avoid fees is often higher than the opening deposit. For instance, you might open an account with $50, then have a grace period of one statement period before you must have the $500 minimum balance in the bank to avoid a monthly maintenance fee.

Other potential accounts

What if you choose to move your money from the savings account to a CD in the hopes of getting more interest? Look for a bank that offers more than just checking and savings accounts so you have a wider range of possibilities to make your money work harder for you.

Do you need more access to your money than the savings account will allow? Look for banks that also offer high-yield checking accounts.

Accessing your money

Though a savings account is designed as a place to keep your money for longer periods of time, you still want to be able to get to that money if the need arises.

Look for a bank that offers an ATM card and a network that will allow you to withdraw your money with no fee — or with waived fees if you meet certain requirements. At the very least, you need a bank with a strong mobile app and easy online access to move your money when you please.

Customer service

How much customer service you want is a matter of personal preference. If you’re looking for a bank that provides the opportunity for a face-to-face discussion at a local branch or at least getting a live person on the line in a reasonable amount of time, a local bank or credit union is a good bet. If you’re okay with handling it all yourself online, a big nationwide bank could be your best option.

Where Can You Open a Savings Account in Louisiana?

In every state, there are three main options for banking: online banks, traditional banks, and credit unions.

Online banks

Opening an account with an online bank can take only a few minutes and funding it can take a few days. From there, you choose what to do with your money through a robust online presence or mobile app.

Online banks allow you to move your money around at will, but if you want to talk to a customer service representative, you might not have much luck — many of these banks use automated systems. Therefore, there’s no opportunity to build a relationship with a banker.

However, you might see fewer fees. These banks are usually FDIC insured but do your research to be sure.

Traditional banks

When you think about a large, imposing bank in the middle of town, that’s likely a traditional bank. These banks often have a large headquarters, many branches sprinkled throughout the state or even the country and offer everything from basic checking accounts to mortgages and investment vehicles. Some even have a strong online presence.

You could have the opportunity to build a good relationship with a banker at one of these locations, which might help you realize your financial goals. Traditional banks are insured by the FDIC.

Credit unions

Credit unions are usually local establishments that serve a smaller area than a national or traditional bank.

This strong community presence allows you to build a strong relationship with the credit union, and that can lead to the negotiation of rates, fees, and other essentials of doing business.

Interest rates might be higher at credit unions since the members actually own the bank, and thus aren’t beholden to a larger bank. However, you might not find as many branded ATMs and have more limited access to your cash. Credit unions are insured by the NCUA.

Louisiana CDs versus Savings Accounts

When researching where to put your money to get the best possible interest, there’s no doubt you will come across certificates of deposit. These often tout much higher rates than even the high-yield savings accounts through a bank or credit union. That’s because when you choose a CD, you agree to lock in your money for a set amount of time in exchange for that rate. This means you put your money into the CD and then agree not to touch it for anywhere from a few months to a few years.

When you opt for a savings account, this is what happens:

  • You get a competitive interest rate
  • You might have fees (but those can be waived if you meet certain requirements)
  • You can get your money anytime you want through an ATM (in most cases)

When you choose to put your money into a CD:

  • You agree to a set period of time to leave the money there
  • You get a higher interest rate (usually) than with a savings account
  • You can’t withdraw your money at will, as there is no ATM card associated with a CD
  • If you break the agreement and withdraw money early, you will face a penalty that can negate the interest earned

Here are a few other points to ponder on the difference between CDs and savings accounts in Louisiana:

How do you get your cash?

If it’s in a CD, you can get your money by closing out the CD. This usually happens during normal business hours and with the help of customer service, so it can take a few days to get your money. If it’s in a savings account, you can simply use the ATM (if the bank provides an ATM card for savings accounts) or transfer the funds easily online.

What are the interest rates like?

CDs usually offer a higher rate of interest than savings accounts do. However, there is a catch: The interest rate of the CD is locked in for a specific period of time. Let’s say you choose a CD for three years at an interest rate of 1.25%. If the interest rate on a savings account goes higher than that, you’re still stuck at the lower rate.

The best thing to do is to compare the interest rates over time and speak with a banker or financial advisor about what they expect the market to do in the near future. (Keeping in mind that interest rates can fluctuate quickly, especially in today’s economy.)

What are the fees and penalties?

There are both pros and cons here. A CD charges no fees — the only thing you pay is a penalty if you choose to withdraw the money early. However, that penalty can be enough to erase your interest earnings. With a savings account, there might be fees, but those can usually be waived through certain actions, such as maintaining a minimum balance in the account.

Frequently Asked Questions (FAQs)

What about mutual funds or money market funds?

Mutual funds and money market funds (not to be confused with money market accounts) can be excellent options for those who want to aggressively invest their money. These accounts rely not on interest rates, but on what the stock market is doing. That means that the returns can be more impressive, but the market can also be quite volatile, and you could lose money if you cash out too quickly.

Why do some banks not offer ATM cards with their savings accounts?

Many banks take the stance that a savings account is just that — for savings. That means you shouldn’t be withdrawing money on a regular basis. However, it’s good to have an ATM card for your savings account in the event of a sudden emergency that occurs outside of normal business hours (as emergencies somehow tend to do!).

I’m on the fence between a credit union and a bank. Which one is best?

Whether you choose a bank or credit union depends on what you want out of your banking relationships. Do you want solid customer service and the opportunity to get to know a banker? A credit union is your answer. But if you’re looking to simply keep your money in an account that draws interest and handle it your way online, a bank is the way to go.

About Author
Shannon Lee is a freelance writer and occasional novelist who has spent over twenty years writing about personal finance, home improvement, education, relationships, and medical and health topics.