That’s Money In The Bank
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” – Ayn Rand
Security, liquidity, and earnings are all benefits to having a savings account. Your money is federally insured up to $250,000 and you can access your money when needed. That doesn’t mean that your emergency fund can’t still be put to work. Here are the current savings account rates for both national and local bank. This link in updated monthly.
In summary, the best savings accounts are:
| BANK/INSTITUTION | INTEREST RATE (APY) | MIN. BALANCE FOR APY | BEST FOR |
|---|---|---|---|
| CIBC Bank USA | 1.90% | $1 | Highest yield interest rate, low minimum balance |
| Radius Bank | 1.86% | $25,000 | High yield rate |
| Goldman Sachs Bank USA | 1.80% | $1 | High rate, low minimum balance |
| Synchrony Bank | 1.75% | $0 | Highest rate with no minimum balance |
| Barclays | 1.75% | $0 | High rate, direct deposit capabilities |
| American Express National Bank | 1.75% | $1 | High rate, not required to switch banks |
| Live Oak Bank | 1.70% | $0 | High rate, no minimum balance |