Online Savings Accounts That Earn You Interest
Are you an avid saver? If you are and you save your money in a non-interest-bearing account or very low interest-bearing account, then you are basically doing one of the worst things you could do with your money despite your seemingly good habits.
Not putting your money in some type of interest bearing account will leave your money to deteriorate in value because of rising interest rates every year. Don’t be afraid of investing; there are some very low-risk but guaranteed ways to grow your money.
Consider putting your money in a high-interest savings account. This is an easy and guaranteed way to get a return on your hard-earned savings. Plus, you’ll be able to stave off the depreciation of your money through inflation. Here are Three online savings accounts that offer interest.
Marcus Online Savings Account – Goldman Sachs – 1.40 APY
Goldman Sachs has an online savings account with their high-yield online savings and personal loan company, Marcus by Goldman Sachs. The Marcus savings account has one of the highest interest rates around with a 1.40 APY. In addition to their large savings rate, they also allow you to bank with them with no transaction fees, no minimum deposits, and a maximum savings of $1,000,000.
However, this savings account is not perfect. Some negatives of using this savings account is that you can’t access your savings via an ATM and you cannot easily deposit money into your account either. In order to deposit money into this account, you’ll have to use an electronic transfer, wire transfer or deposit by check. In any case, difficulty accessing your savings account may not necessarily be a bad thing, as it will deter you from spending your savings in the first place!
Synchrony Bank – 1.30 APY
If you want all the benefits of a Goldman Sachs savings account but want ATM access, check out Synchrony Bank. They pay an impressive 1.30 APY which is comparable to Goldman Sachs. Like most online banks, you can only deposit your money via electronic transfer, wire transfer, or deposit by check. However, you can obtain an ATM card to easily access your money. The only downfall is that they don’t have an app and the digital experience isn’t the best.
Ally – 1.30 APY
Ally is a popular bank without physical branches that has been making many waves in banking as of lately. Like the other two banks above, there is no minimum deposit when you open a free savings account. They pay an impressive 1.25 APY and you can easily transfer money to your account through their app. What’s most impressive is that you’re able to access your money via checks, debit cards and ATMs.
If you’re an avid saver or if you’re looking to start saving more money, what’s stopping you from opening up your free savings account at one of these savings accounts? Most bank accounts only give you a 0.01% interest rate, which is nothing, compared to the high interest rates you could be receiving. Saving in these high interest savings takes no additional work on your part so why not save in these accounts and get free money? Open up a high-interest savings account today.