Online banks offer a great way to not only save your money in a safe spot but to accumulate interest and earn even more time. Letting your money grow in a safe place is one of the smartest things anybody can do. Whether it’s an emergency fund, saving for a new home or college, or just earning a bit of extra money in interest over a long period. It’s a great, safe way to diversify an investment portfolio as well. What are the banks with good savings interest?
Here is a rundown of some of the online banks and credit unions that offer not only good interest but other benefits too:
Marcus by Goldman Sachs
You don’t have to be on Wall Street to benefit from the 0.50% savings rate – go online, create an account and make a digital deposit through Marcus by Goldman Sachs. It’s FDIC-backed, and there are same-day transfers up to $100,000.
This institution is a highly rated credit union that offers savings products ranging from high-rate savings to kids’ savings accounts. Get around 0.50% for the rate. Alliant is a member of the NCUA, so your money will be secure. There are no monthly fees.
The Chime online bank is another with a 0.50% rate. There is no minimum deposit required and no maximums on the amount of interest you can earn. There are also no fees to worry about. This service is among the more comfortable banks with good savings interest to open up an account with.
Live Oak Personal Savings
This bank offers competitive interest rates (currently 0.60%) for its personal savings accounts. There are no minimum account balance requirements and no maintenance fees. It’s easy and safe to link your savings account with Live Oak with other bank accounts.
Not to be confused with CitiBank, CIT Bank is an online bank that offers high-yield savings accounts and other products such as Money Market Accounts. The current APY ranges from 0.29% – 0.45% depending on which savings tier you start with. A Money Market or CD account with CIT Bank is worth looking into as well.
All of these banks with good savings interest listed here are FDIC-backed. Of the options, CIT Bank might be your best bet overall, even if the APY% isn’t as high as what the others offer. The excellent customer service, the security of your money, and other types of accounts with high APY %s put it high up on any list.