account interest rates

If your money is still sitting in a standard savings account, you are missing out on so much more free money. We’ve already covered the importance of having a high-yield savings account, offered mostly by online banks. Now, we’re going to share some of those savings accounts with the highest interest rates offered right now. Some of these accounts do require minimum balances, but most of them don’t. Evaluate the best account for you, and start earning more interest immediately!

BankPurely with 1.30% APY

A newly launched bank, online bank BankPurely tops out our list of savings accounts with the highest interest rates. BankPurely is the online version of New York-based Flushing Bank. In an attempt to bring bank “back to its roots”, BankPurely is offering the highest interest rate we’ve seen in a long time.

Stats:

Opening Balance Requirement: $1

Monthly Fees: None

Minimum Balance Requirement: None

PurePoint Financial with 1.25% APY

PurePoint Financial comes in second place, thanks to its 1.25% APY. However, to open the account, a minimum of $10,000 is needed. If you have this already in your savings, the 1.25% APY certainly makes it worth it. What’s important to note is if your account falls below the $10,000 minimum, the APY drops to .25%.

Stats:

Opening Balance Requirement: $10,000

Monthly Fees: None

Minimum Balance Requirement: $10,000 to receive 1.25% APY

CIT Bank with 1.15% APY

CIT Bank has recently announced the launch of its “Spring Savings Account”, which earns 1.15%. CIT Bank is also offering a bonus to anyone who opens the account. Maintaining a balance of $15,000-$99,000 results in a free $100. Maintaining a balance of $100,000-$299,999 results in a free $250. Any balance above $300,000 results in a free $400.

Stats:

Opening Balance Requirement: $100

Monthly Fees: None

Minimum Balance Requirement: None

Synchrony Bank with 1.05% APY

Synchrony Bank pays a hefty 1.05% APY year-round. While the banks above may fluctuate their interest rates based on specials and promotions, Synchrony Bank’s rate isn’t going anywhere anytime soon. What makes this account unique is that it comes with an ATM card, making access to your funds easier than other online savings accounts.

Stats:

Opening Balance Requirement: None

Monthly Fees: None

Minimum Balance Requirement: None

Ally Bank with 1.05% APY

Although Ally Bank offers the same interest rate as Synchrony Bank, the account has its own advantages. The opening of a savings account with Ally Bank also opens a free checking account. The checking account has no minimum balance requirement, and makes access to your savings account incredibly easy.

Stats:

Opening Balance Requirement: None

Monthly Fees: None

Minimum Balance Requirement: None

GS Bank with 1.05% APY

GS Bank, the new consumer bank of Goldman Sachs, offers a 1.05% interest rate on deposits. There is no minimum balance and no transaction fees. Similar to the accounts listed above, you can deposit funds via electronic transfer, wire transfer or deposit by check. You can also access your funds via electronic or wire transfer.

Stats:

Opening Balance Requirement: None

Monthly Fees: None

Minimum Balance Requirement: None

Maximum Balance Requirement: $250,000

 

All of the savings accounts listed above are FDIC-Insured for up to $250,000 (like most standard banks, as well). They are all great options for getting the most interest for your money. There are plenty of online banking options available, so make sure you do your research and ask around. Feel free to leave any questions you have about these accounts, or online accounts in general, in the comments section below.

Do you have an online savings account? What fears or reasons do you have for not opening an online savings account? Share your thoughts below! Also, check out the 28 Days to Becoming a Super Saver eCourse, where we dive into online savings accounts and why you need one!

-The CGS Team