The Best Savings Accounts with High-Interest Rates
Finding a safe place to save your money is a priority but, if it can earn you high-interest, it's that much more beneficial. Looking at online savings accounts interest rates will net you the highest interest on your savings accounts because there's no expense of maintaining branches. You'll often see interest rates as high as 2% APY, which is much higher than the offerings at national banks which stands at a national average of 0.09%.
Look for FDIC Security
Opening online savings with monthly interest will not only net you a higher interest rate, but it also offers the best deposit interest rates, convenience, and flexibility. You'll no longer see savings accounts featuring low APYs of 0.01%. However, you must ensure the online bank features an FDIC logo on their website. In doing so, you're sure these online banks are operating under the same guidelines as a brick and mortar bank or credit union.
Look for Names You Can Trust
The top ten banks featuring high-interest rates on savings have well-known names you can trust. Their APYs range between 1.80% and 2.25% which is, on average, thirty-two times higher than the average traditional national savings account brick and mortar banks or credit unions offer. These online banks feature the highest deposit interest rates and, under some circumstances, compound interest savings. When you work with a bank name you can trust, as well as one that's well-known, you can be sure your money is safe and won't disappear. That's one of the challenging things about working with money online. Therefore, doing this preliminary research will save you headaches in addition to providing you with peace of mind.
Do Your Homework
Before opening an online saving account, compare the APYs among all the banks featuring high-interest rate savings. Inquire with each bank regarding the savings interest rates today as they will change. Make a note of the savings best interest. Does this bank offer the products and services you're seeking in addition to highest interest savings? Look at the overall picture in addition to the best savings interest rates. Do you plan on making any other long-term investments? Will this bank be able to help you with those funds and goals?