Interest rates aren’t at pre-recession levels yet but you can take advantage of online savings accounts with high interest rates in 2018. We all know the sad reality that savings accounts interest rates are historically low today. Trying to slowly edge up to pre-recession levels, the rates have a long way to go before the payoff is what people were witnessing 10-years ago today. There are signs that things are beginning to turn around, and online-only savings accounts are part of the movement to offer higher interest rates than their brick-and-mortar competitors. Some of these online accounts have recently increased their rates, making them a wise solution for those looking to open accounts in 2018.
Best Online Savings Accounts in 2018
Savings accounts, which offer stability, security, and emergency funds to those in need, are always a lucrative financial option. If you’re looking to invest in an account that pays off with a respectful interest rate, stick around for the predicted top accounts for the year ahead.
1. PurePoint Financial
PurePoint is a leader in savings rates for national banks today. As part of MUFG Union Bank, N.A., this account offers a savings rate of 1.40% APY. To get in on the action, account openers need to put down a $10,000 minimum deposit to open the account. But once it’s open, there are no monthly or hidden fees.
Another online bank, Synchrony, made headlines recently for raising their High Yield Online Savings Account rate to 1.30% APY. Though it’s not necessarily a huge bump, it’s an indicator that they are doing well and likely to introduce another hike in 2018. It’s possible to get FDIC-insured accounts with Synchrony, requiring no minimum balance or service fees, as well as online money withdraws with an ATM card (some include fees).
Barclays is another account that announced a jump from 1.00% to 1.30% APY this past month. With no minimum deposit or balance required each month, Barclays is offering a dependable way to get in on some savings. The online bank also has a Dream Account, which is now at 1.15% APY, providing a 2.5% bonus on earned interest when you make deposits for 6-consecutive months.
You can get savings of 1.35% APY with CIT today. They require at least $100 to open the new account, but after that, there are no fees to open or maintain the account in the future. Additionally, interest compounds daily.
Online bankers are all familiar with Ally, as it was one of the first online banks to offer an online savings account option. Ally recently bumped its rates to 1.25% APY, including no monthly fees, remote check deposit, with daily compounded interest.
Online Savings Accounts
If you’re looking to stay ahead of the savings account interest rates, always check Bankrate and Consumerism Commentary to track rates as they fluctuate throughout 2018. Though we are seeing hints of bumped interest rates towards the end of 2017, it’s a good omen that this trend will continue throughout the next year.
Consider opening a savings account through an online bank today.