It’s no secret that the interest rates on savings accounts are abysmally low, but a new study has found that some banks are still offering rates that are 20 times the national average. The study, conducted by GoBankingRates, looked at the interest rates being offered by the 50 largest banks in the United States. They found that while the national average is 0.06%, some banks are offering rates of 1.2% or more.
You could be getting 20x the interest on your savings account!
In the United States, the average interest rate on a savings account is 0.06%. However, there are a few banks that offer much higher rates. For example, at American Express Bank, the interest rate is 1.00%. At Synchrony Bank, it is 1.05%. And at Ally Bank, it is 1.10%. These banks pay 20x the national average on savings accounts.
Are You Leaving Money on the Table By Not Banking With These Banks?
Banks are offering interest rates on savings accounts that dwarf the national average. For example, the online bank Synchrony is currently paying 20 times the national average on deposits of $25,000 or more. Customers of Ally Bank, another online bank, can earn a yield of 1.85% on balances of $15,000 or more. Even Huntington Bank, one of the largest regional banks in the country, is paying over 2.
High-Yield Savings Accounts
1. High yield savings accounts are a great way to save money and earn a higher interest rate on your deposits.
2. These accounts offer a higher yield than traditional checking or savings accounts, and can be a great way to grow your money while keeping it safe.
3. High yield savings accounts are perfect for individuals who want to earn a higher return on their savings without taking on too much risk.
4. These accounts can be opened with most banks, and typically require a minimum deposit of $100.
5. In order to get the best return on your high yield savings account, it is important to shop around for the highest interest rate offered.
6. Be sure to read the terms and conditions of each account before opening one, as some may have restrictions on how you can use the funds deposited in the account.
In conclusion, it is important to do your research and find banks in your area that offer high yield savings accounts. This will help you to earn more money on your savings, which can be helpful in the long run. Thanks for reading!
