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Low-interest rates have made things very difficult for savers over the last decade since the economic crash of 2008. Banks paid very low rates on savings due to an environment in which the benchmark rates were around zero for most of the time. Fortunately, things are beginning to change and consumers can now find bank accounts offering well over 1% annual percentage yield (APY). For now, these are only "high" rates in comparison to the recent past, but expect rates to inch back up over time.
The first high-interest savings option is the Marcus account by Goldman Sachs. The investment bank is stepping up its bid to attract savers, with a 1.4% APY savings account. This will allow you to earn a higher rate than you might be getting currently at your bank. The good part about banking with the Marcus program is that if you ever need access to capital in the future, the bank could have you covered. Under the same program, It is offering unsecured loans to customers with good credit.
Ally Bank
Ally is among the online banks offering higher compound interest savings. Its 1.60% savings rate is among the best deals for savers. The account comes with zero monthly maintenance charges. Transfers and wires, whether domestic or international, are also free.
There are many reasons to choose Ally's accounts but maybe the best of them is the bank's leading position in the category of online banks.
It has won multiple "Best Online Bank" awards, making it a top performer in the industry. If you are looking for a savings experience that will cost less in fees than other options, it is among the best options to look at.
If you can commit $10,000 or more in savings, PurePoint Financial will offer you the chance to earn as much as a 2.0% APY on a CD. While the minimum deposit requirement will be unattractive for those with less cash to commit, if you have larger amounts of money currently earning very little interest, this becomes a more attractive deal. The online bank offers some of the highest deposit interest rates for those with substantial money to sock away.
If you'd prefer not to tie up capital in a CD, preferring a regular account instead, the bank is still a sound destination for your cash. Its 1.75% interest rate is quite high compared to other options in the market. You will still need to make a minimum deposit of $10,000 to be eligible for these rates.
American Express High Yield Savings
American Express is one of the oldest names in American financial services. It also offers some of the highest interest savings account, with a 1.60 % APY personal savings option. This online savings account integrates seamlessly with your current bank accounts, making it easy to use it alongside your other banks.
You can transfer money online 24 hours a day from your other bank accounts. The account lets you link up to three additional bank accounts. Like with the other best online savings accounts, the American Express High Yield Savings Account carries no monthly charge or minimum balance. This makes it a standout offer compared to your other available choices.
Barclays
Barclays is offering American savers up to 1.5% APY for American savers. This is far above the sub-zero rates you can get at other banks. The British bank has long been making a foray into the American market. Its play for depositors looking for high-interest rate accounts advances this strategy.
Banking with Barclays not only gives you high-interest rates on your savings, but access to a wide suite of banking services as well. The bank has been in business for centuries and is among the oldest in the world. Whether you need investment banking or corporate banking, whatever your future needs, Barclays can help you all the way.
Source: https://www.life123.com/article/top-5-high-interest-rate-accounts-for-savers?utm_content=params%3Ao%3D740009%26ad%3DdirN%26qo%3DserpIndex&ueid=4576267d-bd5f-4501-83d6-8bb2bd20260a
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