If you have cash saved up for emergencies or for a rainy day, it’s very likely that you have a savings account. Savings accounts are a great tool to ensure that you have enough cash for unplanned emergencies or situations. Back in the day, savings accounts used to earn a good deal of interest. Things are very different now though as some national banks may pay as little as 0.01%!
There are a couple of options to help increase the amount of interest that you earn from your savings account. Here is a list of banks that currently have savings account interest rates that are above the national average:
- Ally Bank = 1.65%
- American Express = 1.65%
- Capital One = 1.00%
Here is a list of some of the national banks and their corresponding interest rates:
- Chase Bank = 0.01%
- PNC Bank = 0.01%
- Wells Fargo = 0.01%
SOURCE: ALLY BANK, 6/21/18 (https://www.ally.com/bank/online-savings-account/)
Every single bank has pros and cons. Features, fees, rates, and convenience can all affect which savings account will work best for you. But the bottom line is this: You could probably be earning more than you currently are on your savings account. It is important to do your research and ensure that your money is working for you! If you have any questions about using one of the savings accounts mentioned above, please let us know. We would be happy to help you!