my tower savings reviews
Published December 9, 2023Unlocking the Truth: Honest My Tower Savings Reviews from Real Customers
Introduction:
When it comes to finding the best savings account, there are countless options available. With so many choices, it can be overwhelming to determine which one is the right fit for your financial goals. That's where My Tower Savings comes in. In this comprehensive review, we'll take a closer look at the features and benefits of My Tower Savings and help you decide if it's the right choice for you.
What is My Tower Savings?
My Tower Savings is an online-only bank that offers high-yield savings accounts. This means that it operates completely digitally, without any physical branches. Founded in 2018, My Tower Savings has quickly gained popularity among savers looking for competitive interest rates and no fees.
Features and Benefits
One of the standout features of My Tower Savings is its high annual percentage yield (APY). As of September 2021, their savings account offers a 0.5% APY, which is significantly higher than the national average of 0.04%. This means that your money will grow at a faster rate with My Tower Savings than with traditional brick-and-mortar banks.
In addition to a high APY, My Tower Savings also offers no monthly maintenance fees or minimum balance requirements. This is a huge advantage for savers who want to avoid hidden fees and keep their funds easily accessible.
Another benefit of My Tower Savings is its mobile app. With the app, you can easily manage your account, deposit checks, and transfer funds. The app also allows for mobile check deposit and has built-in security features, such as fingerprint or face recognition, to keep your account safe.
Pros and Cons
As with any savings account, there are both pros and cons to consider with My Tower Savings. Let's take a closer look at some of the strengths and weaknesses of this bank.
Pros:
- High APY compared to national average
- No monthly fees or minimum balance requirements
- User-friendly mobile app
- Convenient mobile check deposit feature
Cons:
- No physical branches
- No checking account options
- Limited customer support hours
Interest Rates
As previously mentioned, My Tower Savings offers a competitive APY of 0.5%. This rate is consistent across all account balances, so even if you have a higher balance, you'll still earn the same rate. While this may not be the highest APY on the market, it is considered a competitive rate and can help your savings grow at a steady pace.
Customer Service Experience
Since My Tower Savings is an online-only bank, their customer service is mostly handled through email and their website. While they do have a toll-free customer service number, it is only available on weekdays from 8 am to 6 pm ET.
Some customers have reported longer wait times for email responses, which can be concerning for urgent matters. However, overall, customers seem to be satisfied with the level of service they receive from My Tower Savings.
Conclusion
Overall, My Tower Savings is a solid choice for those looking to maximize their savings with a high APY and no fees. Its mobile app and user-friendly interface make it easy to manage your account on-the-go. However, if you prefer to have access to physical branches or need a checking account option, this may not be the best fit for you.
Ultimately, it's essential to carefully consider your financial goals and banking needs before choosing a savings account. Take the time to do your research and compare different options, and you'll be well on your way to reaching your savings goals with My Tower Savings or another reputable bank that fits your needs.
So, if you're looking for a hassle-free, high-yield savings account, My Tower Savings may just be the perfect choice for you. Give it a try and see the returns on your savings grow.
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