Hello Friends,
So my question is, are you receiving the highest interest rate on your savings that you could be? When is the last time you shopped around?
This post is for those who are earning less than 1% on their checking and savings accounts. Interest rates fluctuate fairly frequently and banks (among other institutions) often offer newer and higher interest accounts in order to attract new business.
Below are a few options you might want to look into:
- Marcus by Goldman Sachs – 1.90% APY*
- Ally Bank – 1.85 APY*
- Synchrony Bank – 1.85% APY*
- Discover – 1.80% APY*
(*APY rates are as of this writing and may not be current)
Now we’ll delve a little deeper into the pros and cons of each.
Marcus by Goldman Sachs
Marcus currently offers one of the highest rates of 1.9% APY for their online savings accounts. Also, check out their CD rates if you have some cash you’re not planning to need for 12 months +.
Pros
- Competitive rate
- Low minimum balance of $1.
- No monthly fees
Cons
- No ATM access
- No checking account
Ally Bank
While not the strongest rate at 1.85% APY, Ally Bank makes up for it by having one of the best overall user experience ratings.
Pros
- No monthly fees
- Low minimum balance of $1
- Access to over 43,000 free ATMs
- Great mobile apps
Cons
- Charges $10 for outbound transfers after your sixth one
Synchrony Bank
Again, not the highest rate offered but still strong at 1.85% APY. Plus Synchrony offers other travel rewards.
Pros
- ATM access
- Reimburses $5 for out of network ATMs
- Low minimum balance of $1
- Travel discounts available for accounts of $10,000+ and that have been open for 1+ years
Cons
- No checking account
- No branches
Discover
If you like working with a more well-established name, Discover’s 1.80% savings account might be a good fit for you.
Pros
- No minimum balance required
- No monthly fees
- Mobile app available
- Deposit checks directly
- First-time customer bonus of $150 or $200
Cons
- Lower rate
Will you be changing where you keep your savings?
Whatever the answer to the above question is, I hope you found some of this information helpful.
Where do you keep your savings to maximize returns?
All the best!
Andrew
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be financial or investment advice. Please seek a professional advisor for personal financial advice.
