Getting a great interest rate for your savings account can have a substantial impact on your financial future. The best interest rates on savings accounts aren’t always found at the neighborhood brick-and-mortar banks — they are frequently offered by online banks. This article provides an overview on how to find the best interest rates in the marketplace.
No matter what your financial goals are, selecting a savings account with a great interest rate is a crucial step in making the most of your funds. Technology has made it simple to find the best interest rates in the marketplace; researching your savings account options online is an easy way to find solid options.
When researching your account options, note that online banks frequently offer better interest rates than traditional neighborhood banks. Online banks have lower overhead than physical bank branches and are able to pass this savings through to their customers. Be sure to review your online bank options when shopping around for your savings account.
Interest rates may feel impersonal when you are researching your savings account choices. Try calculating an interest rate’s impact on your account balance to make its actual effect easier to appreciate.
For help calculating your savings account’s yield, check out our online calculator. We’ll show you how your money can develop over various time frames up to 60 months.
Synchrony Bank offers award-winning high yield savings accounts with interest rates that go well beyond the national average.+ In addition to great interest rates, Synchrony Bank customers have no minimum balance obligations and no monthly maintenance fees. With a savings account from Synchrony Bank, you’ll have peace of mind knowing your savings account is insured by the FDIC up to $250,000 per depositor, per insured bank for each ownership category.
+National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed.
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 06/21/2018.
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.