I did research on how to earn higher interest rate on savings accounts that are FDIC insured. I used NerdWallet to help me find the higher interest rate savings accounts that suited my needs. I found a ton of the online savings accounts with good offers but I will only list the candidates that stood out the best that fit my criteria.
My criteria:
- FDIC member
- Interest rate > .99%
- No account fees
- Low minimum balance
- Online Bank or National Bank
- Savings Builder by Cit Bank: Cit Bank savings offers 2.45% APY (annual percentage yield) with a minimum balance of $100. Account Details: In order to earn 2.45%, you must either maintain a a minimum balance of $25,000 or make a monthly deposit of $100 or more.
- Marcus by Goldman Sachs: Marcus savings offers 2.25% APY with no minimum balance and no transaction fees
- Barclays: Barclays is very similar to Marcus, no minimum balance, no transaction fees and offers 2.20% APR
- Discover Bank by Discover: Discover Bank has no minimum balance, no transaction fees and offers 2.10% yield. Deposit a total of $15,000 to earn a $150 Bonus or deposit a total of $25,000 to earn a $200 Bonus by 3/18/19. Maximum bonus eligibility is $200. Also Discover has a large network of ATMs and 24 hour customer service. To get bonus use code from NerdWallet website.
- Personal Savings by American Express: Amex savings offers 2.10% APY with no transaction fees and minimum balance. Also Amex has 24 hour custom service.
My pick was Discover Bank because of the bonus which pushes the total yield to 3.1%. and large ATM network.
Comments