The Best Savings Accounts in New Hampshire for 2022

The best savings accounts in New Hampshire can help you save more money. Learn about online and local banks, compare rates, and start saving.
By Kenya McCullum

Skyline of Manchester, New Hamshire, during the day

 

Since New Hampshire has one bank for every 3,030 residents in the state, there is an abundance of choices for people looking for the best savings account rates to help them meet their financial goals.

But everyone’s needs are different, so it’s a good idea to explore what banks have to offer to choose the best one.

To help you find the right bank to meet your needs, continue reading for information on the best savings accounts in New Hampshire.

The Best Savings Accounts in New Hampshire

  • USAA Bank
  • Fifth Third Bank
  • Truist Bank
  • Busey Bank
  • WSFS Bank
  • Holy Rosary Credit Union
  • One Credit Union

Compare savings accounts and see what rates are being offered today.

Online Savings Accounts Available in New Hampshire

Some of the best savings accounts in New Hampshire are offered by online institutions.

Each individual bank has its own benefits and drawbacks, and below you will find five online savings accounts available in New Hampshire to get an idea of what’s out there.

USAA Bank

USAA Bank caters to the military community, so its customers are active duty servicemembers, members of the National Guard and Reserves, veterans, and their spouses and children.

USAA Bank offers different levels of savings accounts: The USAA savings account which can be opened with as little as $25, and the USAA Performance First account, which allows people to earn a higher interest rate if they open an account with a minimum of $10,000.

Also, the USAA youth savings account, which can be opened with $25, is geared toward children to help them learn about the importance of putting money away.

USAA Bank Pros & Cons

Fifth Third Bank

Fifth Third Bank offers simple solutions that can help consumers reach their savings goals.

When you start a Fifth Third Momentum® Savings account, you won’t be charged a monthly service fee if you already have a checking account at the bank, maintain a monthly average balance of at least $500, or hold a military banking account.

Fifth Third Bank Pros & Cons

Truist Bank

Truist Bank allows customers to earn extra benefits if they have other accounts at the bank.

For example, those with a savings and checking account can link the two to receive overdraft protection.

To open a savings account, you must have a $50 minimum opening deposit.

The bank charges a monthly maintenance fee, which is waived if you maintain a balance of at least $300 or preschedule savings transfers from another account for at least $25 a month.

Truist Bank Pros & Cons

Busey Bank

Busey Bank has been helping consumers with their financial goals for over 150 years.

One way the bank does this is through its Big Change benefit, which allows those with a checking account to have transactions made with their debit card rounded up to the nearest dollar, so all extra change is automatically transferred to the savings account.

Busey Bank Pros & Cons

WSFS Bank

WSFS offers tiered interest rates on savings accounts, which allow you to increase the interest an account earns as you save more. While a robust mobile app is available to help customers manage their accounts and grow their money, this bank requires a minimum opening deposit of $100.

WSFS Bank

A Look at Local New Hampshire Banks

In addition to online banks, there are state institutions where you can open the best saving account in New Hampshire to meet your needs. The following are some of them.

Holy Rosary Credit Union

Based in Rochester, Holy Rosary Credit Union is one of the largest credit unions in the state with over 22,000 members and five locations.

Membership is available to anyone who works, lives, attends school, or worships in New Hampshire. Members who have a savings account can easily access their funds through the credit union’s large network of ATMs, as well as online and mobile banking platforms.

Holy Rosary Credit Union Pros & Cons

One Credit Union

One Credit Union has been providing services to customers who live or work in Sullivan, Coos, Cheshire, and Grafton Counties since 1952.

The credit union offers a high-yield savings account that allows members to earn higher interest rates as they save more. In addition, the tiered rate applies to the entire balance in the account, rather than to only certain amounts of money.

One Credit Union Pros & Cons

How We Picked: Methodology

The best savings accounts in New Hampshire were selected based on an exhaustive analysis of savings accounts offered by online, national, regional, and local banks serving major cities including Manchester, Nashua, and Concord.

We narrowed down our search to savings accounts with low monthly maintenance fees, opportunities to waive these fees, ATM network availability, excess withdrawal fees, ease of online and in-app banking, interest rates, and more.

The best savings accounts 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 New Hampshire

Choosing the best saving account in New Hampshire depends on your needs and goals. The following are some of the characteristics of a savings account that you can consider when making your decision.

Interest rate

First and foremost, you’re probably thinking about what kind of interest rate you can get on your savings account. Be sure to check the websites of the banks you’re looking at to determine what different institutions are offering. Also, think about how much you’re able to save, as some banks may have more attractive interest rates for accounts with larger amounts of money.

Fees

Fees can really eat into your savings account, so obviously they’re a top consideration. Some banks don’t have fees for maintaining an account at all, while others will waive their fee if you keep a minimum balance.

Opening deposit

Some banks have an opening deposit amount of at least $100, while others require a much lower minimum amount to open an account — sometimes as low as $25. This can make a difference if you want to start an account but money is a little tight, so looking around for the best options that fit your budget is important.

Other accounts available

If you want to do all your banking in one place, check to see what other accounts each bank you’re considering offers. Whether you want a checking account, money market account, or IRA, find out what else each bank provides to its customers.

Customer service

Dealing with money can be complicated — and stressful. Finding a bank with good customer service is a must so you can get the help you need when you need it. Look at the phone or online customer service hours, and, if you prefer banking in person, the hours of the local branch. Also, to get a sense of what kind of customer service people receive, read online reviews of the banks you’re considering.

Where Can You Open a Savings Account in New Hampshire?

When you’re looking for the best saving account in New Hampshire, there are several types of banking institutions you can choose from.

Although they are all here to safeguard your money, they’re not all the same.

Learn more about all the places where you can open a savings account.

Online banks

If you feel comfortable banking online, and you don’t think you’ll need to go to a brick-and-mortar branch for any of your banking needs, an online bank is a good choice.

In fact, the lack of physical locations can work to your advantage because online banks tend to have higher interest rates, as well as lower fees or no fees at all.

However, your money is every bit as safe in an online bank as it is in a traditional one since deposits are insured by the Federal Deposit Insurance Corporation (FDIC).

This means your funds are covered up to $250,000, just as they would be in a brick-and-mortar bank.

Banks

From small, local institutions that serve a specific community to large multi-national ones with branches around the world, traditional banks are designed to meet all of a consumer’s banking needs — from savings to checking to investments to loans.

However, the downside is that they have more overhead than online banks, so customers are generally charged higher fees and receive lower interest rates on savings accounts.

Credit unions

Credit unions are financial institutions owned by their members, which are generally made up of people who live in a certain geographic location or are employed in a specific profession.

The money you put in credit unions is protected by up to $250,000 through the National Credit Union Administration (NCUA), which is the credit union equivalent of the FDIC.

Also, credit unions allow you to do the same financial activities you would with banks, so you’re able to open savings and checking accounts and receive credit cards and loans.

New Hampshire Savings Accounts vs. Money Market Accounts

All of the best savings accounts in New Hampshire can help you meet your short- and long-term financial goals, but there are differences depending on the type of account you open.

The following is a look at the differences between New Hampshire savings accounts versus money market accounts.

Best uses

Savings accounts can be used for short- or long-term goals, but since money market accounts typically have higher interest rates and access to funds is somewhat limited, they are a better choice if you have long-term goals that you’re working toward, like saving for retirement or putting a down payment on a home or car.

High interest rates

Although the rates can differ depending on the bank, generally, money market accounts yield higher interest rates than savings accounts. However, that only applies to regular savings accounts. If you get a high yield savings account, interest rates will be more comparable to those of money market accounts.

Access to funds

If you want to write checks to access your funds, you can do it with a money market account, but not with a savings account. And even with that, money market accounts limit the number of checks you can use. If you want to access your funds in a savings account, you’ll need to transfer money to your checking account or make a withdrawal at your branch.

High minimum balance

While each bank has different standards, generally consumers need to have a high minimum balance — in some cases, at least $10,000 — to maintain a money market account. Although you may need a minimum balance for a savings account, it’s generally not as high.

ATM access

Money market accounts do come with an ATM card, while in most cases, savings accounts do not. However, some banks will allow consumers who have a checking account to link it with their savings account to make ATM withdrawals that way.

Frequently Asked Questions (FAQs)

What is the largest bank in New Hampshire?

The largest bank in New Hampshire is the Bank of New Hampshire, which has operations based in Laconia. The bank has 25 branches around the state and $1.2 billion in deposits.

How many bank accounts should I have?

Although how many bank accounts you should have depends on what your goals are, generally it’s a good idea to have a mix of multiple checking and savings accounts.

For example, you may want to have two checking accounts, so there’s one for paying your monthly bills and another for fun things like entertainment and gifts.

When it comes to the best savings accounts in New Hampshire, you can maintain separate accounts to help with different objectives.

One account should be an emergency fund to help with unexpected problems that come your way, while other accounts can be used to save for retirement, as well as pay for things like weddings, vacations, and putting a down payment on a house or car.

What bank has the best savings account plan?

Everyone’s idea of the best savings account plan will differ from one person to the next.

However, when looking for the best savings accounts in New Hampshire, you should consider what different banks have to offer in terms of interest rates, fees, and minimum balances.

Also, you’ll want to think about the customer service that is provided, as well as other types of accounts that are offered.

About Author
Kenya McCullum is a freelance writer with expertise in personal finance. She writes about personal finance, education, and other topics that are important to consumers.