Our current savings accounts are with:
Offering a staggering 0.05% interest rate! (bout knocks your socks off, doesn’t it?) Last year, we earned .50 of interest.
This one is at 0.20%. And, last year, we made .81 on interest. Icky poo.
These rates are pretty bad. Who knows the untold gobs of money banks are making by it sitting in their coffers – but they seem pretty stingy here.
And, let’s be honest too. Rates everywhere right now are pretty poor. I remember several years ago when you could get a rate at about 4/5%. Now, you’re lucky to get one over 1%.
My criteria for search was primarily focused around getting the best interest rate. However, I didn’t want a high minimum to open an account or to hold the account ($0 to open and $0 to maintain balance), nor did I want any monthly fees.
Here’s what I discovered from my research. This is by no means exhaustive – and you may very well have found a better rate. If that’s the case, I’d love to hear where it is!
|American Express High Yield Savings Account||0.90%||$0|
|Ally Bank Online Savings Account||0.84%||$0|
|ING Direct Orange Savings Account||0.80%||$0|
|FNBO Direct Online Savings||0.70%||$1|
|SmartyPig Savings Account||0.70%||$25|
I’ve found most of these through Google Advisor. Pretty handy tool that gives you a great snapshot and comparisons from mortgage rates to checking rates.
Of course, these rates may change in a day’s time – but they are a good reference. While I have an American Express credit card – the only experience I’ve had is with SmartyPig. It’s a fun company that allows you to post savings goals and are often found giving money away through their Twitter account – but they seem to be on a downward slide with their APY (although I grant this could be economic-related).
So there you have it. Let me know if there are other saving accounts* out there you’ve found of good value and with a decent yield. You’re not going to get rich with these, but they are a good place to encourage savings and help you to plan ahead.