It’s been a long time since interest rates have been this good (and they’re not even THAT great). If you haven’t began taking advantage of this, I suggest you get on it ASAP! There are various ways to benefit from higher interest rates, such as treasury bills, money market accounts, certificates of deposit and, my personal favorite, online high-interest yield savings accounts.
While I don’t think ALL your money should be stashed into a savings account (because why forego gains/dividends from investing in the stock market and you need a checking account because we all have bills), everyone should have some money put away in a savings account. Below are some of the best yields I have seen from reputable banks with online savings account options.
Marcus by Goldman Sachs
Goldman Sachs is a well-known name in the finance world, so you can feel comfortable trusting them with your money. Marcus by Goldman Sachs tops my list for the highest APY (annual percentage yield) at 1.60% on savings deposits.
Other things you can expect from your savings account with Marcus by Goldman Sachs: a minimum balance of $1 to earn interest and no fees. As is typical with most online savings accounts, the bank doesn’t offer a checking account or an ATM card. One down-side to this bank is it does not offer a mobile app.
Synchrony High Yield Savings
Synchrony is at a tie for second with an APY of 1.55%. Unlike Marcus by Goldman Sachs, Synchrony offers an ATM card AND a mobile app. Expect no monthly fee, no minimum balance requirement and various perks, such as ATM fee reimbursements and discounts on car rentals and hotels. Synchrony has one branch in Bridgewater, New Jersey, but mainly you will want to conduct your business by phone, online or via mobile.
American Express National Bank
Also offering a 1.55% APY is the American Express National Bank. Like with Synchrony, there are no monthly fees or minimum balance requirements. However, like Marcus by Goldman Sachs, the bank does not give you an ATM card. While American Express does have a mobile app, it is designed for credit card customers, rather than banking customers, but the website is great.
Barclays Online Savings
Barclays offers a 1.5% APY to its U.S. customers via a high-yield savings account accessible through their website. Like above, there is no monthly fee or minimum balance requirement. There is no ATM network, branches or mobile app, so business must be conducted through the website and support is available by phone, as well.
Discover Bank
Discover Bank has an APY of 1.5% like Barclays Online Savings. It also offers one branch in Delaware, along with an app for iOS and Android users. In addition to the mobile app, the bank offers an easy-to-use website and customer support is available by phone 24/7.
Ally Online Savings
While Ally Bank’s APY is slightly lower than those above at 1.45%, it is one of the best savings accounts when it comes to total digital experience. The website is extremely user-friendly, customer service is available by phone and the bank offers a mobile apps for Apple, Android and Windows devices. In addition to the phone support, Ally Bank also offers real-time chat support. If you’re looking for a great yield with an even better digital experience, Ally is likely your best choice.
