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:

Best Savings Accounts
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

 

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