Long gone are the days where financial institutions throw you great incentives and high yields (interest rates) to open a savings account.
I can recall opening my first savings account after college in 2004 by investing my savings in a money market with an investment company (that shall remain nameless) and at one point receiving a 4.76% rate! After a time period of me simply ignoring my savings account, I realized that rate dropped significantly! Today, that same fund pays a 0.1% interest rate!
One thing is clear, receiving a high interest rate of return on your savings are in the rear view mirror (for now), BUT in keeping with the internet trends, some banks are being consistent with the times and are moving to being solely web-based which has played in the consumers favor! If you’re a wife and mom (like me), it’s important to keep a good savings and to maximize your return, so I’ve highlighted 3 companies with accounts that have competitive interest rates! Thanks me later 🙂
- Ally Bank– Online Savings Account
- Current savings rate-1.00% (as of June 2016)
- No minimum opening deposit
- No monthly maintenance fees
- Discover Bank– Online Savings Account
- Current savings rate-0.95% APY (as of June 2016)
- Minimum opening deposit-$500
- No minimum required balance to maintain after account opening
- No monthly maintenance fees
- Barclays Bank– Online Savings Account
- Current savings rate-1.00% (as of June 2016)
- No minimum opening deposit
- No monthly maintenance fees
*Discover is my personal favorite on the list. When I created my savings account, I also opened a checking account with Discover Bank for easier access to my savings in case of emergency. If I need to quickly access funds, I can make a transfer to my Discover checking account and (simply) use my Discover debit card (which is accepted almost everywhere).
If you’re wondering how these online savings accounts can provide you with higher rate of returns than what you may be receiving today, it’s largely due to the savings in overhead costs these financial institutions avoid by being web-based.
Like many things in life, there are some cons to having your savings account with a web-based company. In general, it may be difficult to access your funds immediately in case of an emergency.
I am certainly not in the capacity to offer any advice, so my only advice is that you research this information independently or seek the advice of a professional financial counselor. I’m just a wife that loves her coins and is always looking for a way to not only save a dollar but to also maximize the dollars I save!
Budgetnista’s sound off! Please share your tips for maximizing your savings to the Fab Wives community today!
~ Rhea
Rhea
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I also love Digit it’s a savings app that looks at your checking account daily and find ways to save you funds. It transfers money to your Digit account and it grows. One thing I love is it can save you more or less at your discretion. Another thing I love about the app is out of site out of mind, and your money is always accessible. If you need money you transfer back into your account at no cost. Love and Blessings
This is awesome! I can’t wait to check Digit out. Thanks for sharing ~Rhea