Today, It’s no secret that savings account rates are historically low. There are signs, however, that things are beginning to turn around. Today’s online-only savings accounts offer higher interest rates than their brick-and-mortar counterparts. And the good news is that some of these online savings accounts have recently increased their rates.
Several websites track savings rates, including Bankrate and Consumerism Commentary. I've pulled from these and other resources to find some of the highest rates available nationally. If you’re looking for a new place to stash some cash for an emergency or a specific savings goal, check out these online account options (Note: Financial institutions marked with an astericks advertise on one or more of my websites).
PurePoint Financial
A division of MUFG Union Bank, N.A., PurePoint is a leader in savings rates for a national bank. It currently offers an online savings rate of 1.25% APY. That rate does require a $10,000 minimum deposit to open an account. There are no monthly fees.
Synchrony*
This online bank raised its High Yield Savings Account rate from 1.05% to 1.15% recently. It’s not a big bump, but it’s better than nothing. The FDIC-insured accounts have no minimum monthly balance or service fee. You can withdraw money online or with an ATM card (though fees may apply). And the rate is standard, regardless of your deposit amount or how long you leave money in your account.
Barclays*
The rate on the Barclays Online Savings Account used to be around 1.00%, so they’ve recently seen a big jump to 1.15%. Again, this account has no minimum balance to open and no monthly minimum deposit.
If you’re looking to save big for a particular goal, consider the Dream Account, which now has the same 1.15% APY. You can deposit up to $1,000 per month into this account. When you make consecutive deposits for six months, you’ll get a 2.5% bonus on earned interest. You can get another 2.5% bonus if you don’t make any withdrawals for six months.
Rob Berger founded Doughroller.net, a personal finance website, allcards.com, a credit card and banking website, and Dough Roller Money Tips, a free weekly newsletter.
CIT*
In May, CIT announced a new savings account with a 1.15% APY and up to a $400 bonus. The Spring Savings Account’s limited time offer will expire on June 30, 2017. But the interest rate increase will stick around (hopefully). This account offers no fees to open or maintain an account, and it compounds interest daily for a bit of a bump in total savings.
Ally*
Ally has long been a favorite among online savings account options. And it recently increased its rates from 1.05% to 1.15%. The Ally Online Savings account offers no monthly fees, remote check deposit, and daily interest compounding.
GS Bank*
Goldman Sachs online bank is a relative newcomer in the world of online banking. It only opened GS Bank last April. Early in June, it increased its online savings account rates from 1.05% to 1.20%, putting it near the head of the pack as far as online interest rates go. It has no minimum deposit, interest compounded daily, and no transaction fees.
Discover Bank*
At the beginning of this year, Discover Bank’s online savings account offered .95% APY. Now that rate is up to 1.10%. The account has no minimum deposit, no monthly fee, and no minimum monthly balance. Interest is compounded daily and paid monthly. You can transfer money easily between Discover accounts or between this account and outside accounts, as well.
Making the Best of Still-Low Rates
While these banks have increased rates this year, don’t expect serious spikes anytime soon. It will likely be a while before we get back to the 5%+ APYs we saw a decade ago. With that said, it’s always best to take advantage of the highest interest rate you can.
Keep in mind that rates can and do change frequently. The above rates were as of July 2, 2017. For up to the minute rates, check out my site, Dough Roller.
Rob Berger founded Doughroller.net, a personal finance website, allcards.com, a credit card and banking website, and Dough Roller Money Tips, a free weekly newsletter.
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Source: http://docphy.com/business-industry/banking/7-best-savings-accounts-high-interest-rates.html
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