Have you looked at your savings account recently and felt discouraged? Despite soaring inflation, returns are at rock bottom and watching your money being wasted month after month is brutal. It would help if you worked harder for every dollar you invested to avoid earning interest.
But what if we told you it doesn't have to be this way? Believe it or not, high-yield savings accounts can still pay huge returns starting at 3% APY. With a balance of $10,000, you would earn between $300 and $311 per year instead of $6.
In this blog post, we'll introduce six high-interest savings accounts that are perfect for protecting your money from inflation. We also reveal who's paying 15 to 30 times more returns than the average bank, with interest rates as high as 3.11% APY.
Read on to learn where you can finally get the rewards you deserve from your emergency fund. It's time to say goodbye to meagre interest payments!
Let's do some quick math. A regular savings account with one of the major banks can pay around 0.06% APR on a balance of $10,000—only $6 per year! But if the account earns 3% APR, you could earn $300 per year on the same balance.
There is a difference of $294. Sticking with a low-income account with a larger balance can result in thousands of dollars in potential lost interest.
Here are some reasons why maximizing interest on your savings can improve your financial situation:
● Fight inflation that eats away at your savings
● Earn an extra monthly income that grows over time
● Grow your savings faster with simple compound interest
But where do you find these unicorns in a high-interest savings account? Learn about six top options that pay over 20 times more than regular accounts.
High-interest online savings accounts offer well-above-average returns compared to old-school banks.
Now, let's explore the interesting details of six specific high-yield savings accounts with outsized returns. Get ready for the living unicorn you've been waiting for!
From the nation's leading banks to small credit unions, these players may offer solutions to grow your savings.
Let's find out which accounts can help you maximize your money.
This newer online bank may have become a household name, but it's making a splash in the banking world by offering one of the highest interest rates—over 3% APY!
No monthly fees or minimum balances make it easy to start building savings. You can even use over 32,000 ATMs nationwide to withdraw money for free when you need it. Regarding convenience and high returns, XYZ Savings can't be beat.
Next up is ABC Bank's Ultimate Savings Account, currently offering 3.09% APR with no monthly maintenance fees. While the minimum amount to open this account is $100, no ongoing balance is required.
ABC Bank has been around for over a decade and is insured by the FDIC. If you want an established brand with great interest rates, consider the Ultimate Savings Account.
Are you looking for a significant credit union that offers high-interest savings for free? Saving a lot of money could work to your advantage. Their current APR is a healthy 3.05%.
There is no minimum balance, and there is a $5 monthly membership fee. You also have access to over 30,000 shared branches and ATMs across the country. This is worth a look for credit union members looking for maximum returns.
Don't let the name scare you—this savings account from Money Market Bank pays interest like a high-yield option! With 3.01% APR on balances up to $250,000, you can grow your savings quickly here.
There are no monthly fees for online statements, although the minimum opening balance is $100. It's easy to earn over 15x more interest than a traditional savings account!
Find out how rich your savings can become with this authentic account from Wealthy Bank! They offer about 3.00% APR on balances up to $1 million, which is pretty good.
The minimum opening deposit is $500, which is higher than some banks, but no monthly maintenance fees exist. It's a reliable (and top-rated) savings option in the country.
Last but not least on our list is Lucky Savers by Lucky Bank. As the name suggests, you're lucky to get a 3.00% APR, which the company has maintained for over two years.
If your balance falls below $300 at any time, a $25 monthly fee will be charged, but there is no opening deposit requirement. Overall, this is an excellent savings option with high returns.
As you can see, you have a solid chance of earning 15 to 30 times more interest than a traditional low-yield savings account. Interest rates continue to rise above 3% per year but are unlikely to stay that high forever.
Why delay earning more interest? Start growing your money faster now, whether you're saving for a big purchase, an emergency fund, or retirement.
Interest rates will fall again, so now is the time to act. We know changing banks sounds scary, but technology is making it easier to transfer money these days.
What are you waiting for? Open a high-interest savings account this week! Your future self will thank you when your savings stop gathering dust and grow nicely enough to keep inflation in check.
