Have You Given Up on Getting a High-Interest Saving Account?
How Savvy Seniors Get 18x More Interest from These High-Yield Savings Accounts1
As you approach retirement, it’s vital to make your money work as hard as possible so you can enjoy the lifestyle you deserve.
You may be tempted to cash in your investments and move your money to ‘safe havens’ like a cash savings account. There is merit to this approach – because it’s essential to have an instantly accessible financial buffer in place in case of emergencies.
Fortunately, many online savings accounts can give you a safe place to park your money while also providing high-yield savings rates.
And since online banks are regulated the same as ‘branch’ banks - you can rest easy knowing your money is safe, sound and insured.
Why Online Banks Can Offer Higher Interest
Because online banks don’t have the expense of maintaining branches, they can offer high-interest savings paying upward of 2.25% APY — many times higher than the national average of 0.10%. That may not sound like much of a difference, but it adds up.
Our Editors did extensive, independent research on dozens of banks to find the best high-yield savings accounts. We looked for the best savings interest rates plus great digital tools, free access to plenty of ATMs and more.
Some of Our Top Choices for 2019 Are…
Marcus by Goldman Sachs, 2.25% APY
Marcus by Goldman Sachs pays a highly competitive 2.25% APY on savings deposits (as well as strong CD rates for longer-term savings goals). This online bank charges no monthly fees2, and the minimum balance required to earn interest is just $1.
CIT Bank Savings Builder, 2.45% APY
Steady savers can earn 2.45% APY when they deposit at least $100 each month in CIT Bank’s Savings Builder account. If you don’t have $100 to deposit each month, you can open a CIT Bank Premier High Yield Savings account and still earn a competitive APY of 1.55%.3There are no monthly fees or daily minimum balance requirements for either account, but the minimum opening deposit is $10.
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 account. Direct Savings also comes with HSBC’s set of online management tools. Customers can set custom savings goals, track income and create email alerts4.
Ally Bank, 2.20% APY
Ally Bank has one of the best savings accounts when it comes to overall digital experience. The website is easy to use, and the bank’s mobile apps are compatible with Apple, Android and Windows devices. It also offers real-time chat support, unlike many of its competitors. The 2.20% APY is among the best on the market, and there’s no monthly fee or minimum deposit requirement5.
Where to Shop Online to Find Higher Interest Rates
There are thousands of banks out there, but online resources make it easy to compare rates to find the best savings accounts
Doing a comprehensive search may help identify banks you are not already familiar with, such as FDIC backed online banks. These often offer higher interest rates and may be especially appropriate for a savings account which doesn't require that you have much regular interaction with the bank.