Best Savings Accounts With High Interest Rates To Grow Your Money

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Saving money is easy, but knowing where to stash that cash can be hard. Brick-and-mortar banks just aren’t what they used to be. Yes, they offer the convenience of having access to a local ATM, plus online and mobile banking. But they just can’t compete with online banks when it comes to great interest rates.

Switching banks can be scary at first, but it could literally pay off in the long run. The average traditional bank offers an APY (annual percentage yield, or the amount of money you could earn every year for having your money in that account) of 0.09 percent. So if you had $1,000 in a savings account at a traditional bank with 0.09 percent APY, and the interest is only calculated every 12 months, you’d earn just 9 cents per year.

However, online banks offer much higher rates, sometimes as much as 40 times the amount of a traditional bank. That means you could be earning dollars every year, rather than measly cents, by switching.

If you’re ready to have your money do some of the work for you, consider switching to a savings account that offers a higher APY. To help you decide which one you should try, we rounded up some of the best savings accounts for every budget that will help your money grow. All are FDIC-insured and offer a variety of interest rates that may be best for your savings situation.

Good Free Photos/Gabrielle Rose

1. CIT Bank

2.45 percent APY
Required monthly deposit of $100 to earn interest
No monthly fees

2. MySavingsDirect

2.4 percent APY
Required minimum balance of $1 to earn interest
No monthly fees

3. Vio Bank

2.39 percent APY
Required minimum balance of $100 to earn interest
No monthly fees

4. CIBC Bank USA

2.39 percent APY
Minimum $1,000 deposit to open an account
No monthly fees

5. Citizens Access

2.35 percent APY
Required minimum balance of $5,000 to earn interest
No monthly fees

6. PurePoint Financial

2.35 percent APY
Required minimum balance of $10,000 to earn interest
No monthly fees

7. Northpointe Bank

2.3 percent APY
Required minimum balance of $1 to earn interest
No monthly fees

8. Salem Five Direct

2.3 percent APY
Required minimum balance of $100 to earn interest
No monthly fees

9. Marcus by Goldman Sachs

2.25 percent APY
No minimum deposit to earn interest
No monthly fees

10. Customers Bank

2.25 percent APY
Required minimum balance of $25,000 to earn interest
No monthly fees

11. HSBC Direct Savings

2.22 percent APY
Required minimum balance of $1 to earn interest
No monthly fees

12. Barclays

2.2 percent APY
Required minimum balance of $0 to earn interest
No monthly fees

13. Synchrony Bank

2.2 percent APY
Required minimum balance of $0 to earn interest
No monthly fees

14. Ally Bank

2.2 percent APY
Required minimum balance of $0 to earn interest
No monthly fees

15. IncredibleBank

2.2 percent APY
Required minimum balance of $25,000 to earn interest
No monthly fees

16. FNBO Direct

2.15 percent APY
Required minimum balance of $1 to earn interest
No monthly fees

17. American Express National Bank

2.1 percent APY
Required minimum balance of $1 to earn interest
No monthly fees

18. Discover Bank

2.1 percent APY
Required minimum balance of $1 to earn interest
No monthly fees

19. E*Trade

2.1 percent APY
Required minimum balance of $100 to earn interest
$10 monthly fee, unless balance exceeds $1,000

20. Radius Bank

2.05 percent APY
Required minimum balance of $25,000 to earn interest
No monthly fees

21. Cross River Bank

1.92 percent APY
Required minimum balance of $1 to earn interest
No monthly fees

22. Colorado Federal Savings Bank

1.9 percent APY
Required minimum balance of $1 to earn interest
No monthly fees

23. DollarSavingsDirect

1.80 percent APY
Required minimum balance of $1 to earn interest
No monthly fees

24. Capital One 360

1.00 percent APY
Required minimum balance of $1 to earn interest
No monthly fees

Pexels/Bich Tran

Depending on your financial situation, you could earn some serious interest on your money. For instance, putting $1,000 away in one of these accounts could earn you up to $25 in annual interest. If you put $5,000 away, you could earn up to $123 per year. Having a balance of $10,000 could earn you $245 per year, while $25,000 in an account could amount to over $612 per year in annual interest.

In the long run, all of this interest could really make a difference in the amount you have saved for your future. So do yourself a favor and make the switch now so you have more money later.

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