How Savvy Seniors Get Up To 18x More Interest from High-Yield Savings Accounts1
Have you given up trying to get a high-interest savings account?
As you approach retirement, it’s vital to make your money work as hard as possible so you can enjoy the lifestyle you deserve. And traditionally, one of the safest places to put your money was in a bank savings account.
However, traditional savings accounts have been paying little to no interest over the last few years making it harder for you to grow your money.
But that’s not the case anymore…
Fortunately, the Internet has Changed all That!
The internet has positively transformed banking in many ways, and online savings accounts offering higher interest is just one.
An online savings account gives you a safe place to park your money while also providing much higher-yielding savings rates. In some cases, those rates are 18x more than what you can get with a traditional ‘brick-and-mortar’ bank.
Why Online Banks Can Offer Higher Interest Rates
Similar to Amazon.com – online banks don’t have to maintain expensive ‘brick and mortar’ branches throughout the United States. This means they can pass along the ‘savings’ to its customers – in the case of banks – this ‘savings’ translates into increased interest rates!
But don’t think of online banks as ‘small’. Many have been started - or are backed by – large financial institutions. And since online banks are regulated the same as your local ‘branch’ bank - you can rest easy knowing your money is safe, sound and insured.
Online Banks That Offer High Interest Include…
Marcus by Goldman Sachs, 2.25% APY
Marcus by Goldman Sachs pays a highly competitive 2.25% APY on savings deposits. Marcus also charges no monthly fees2, and the minimum balance required to earn interest is just $1.
HSBC, 2.25% APY
HSBC’s Direct Savings account is an online option from a well-known international bank. It pays a competitive 2.25% APY and has no monthly fees. Also, you need only $1 to open an account4.
Ally Bank, 2.20% APY
When it comes to overall digital experience, Ally Bank has one of the best savings account programs... Their website is easy to use, and the bank’s mobile apps are compatible with Apple, Android and Windows devices. Plus, the 2.20% APY is among the best on the market, and there’s no monthly fee or minimum deposit requirement5.
But don’t look at just these banks… there are many other online banks for you to choose from.
Shop Online Now to Find High-Interest Savings Accounts
Online resources make it easy to compare rates to find the best high-interest savings accounts.
And when you get right down to it, the higher interest rates an online savings account pays you is a huge improvement over what Chase, Bank of America, or Wells Fargo would pay.
So, go ahead and search the online bank that best suits your needs.