Getting the best interest rates for your savings account can mean the difference between earning just $20 or $200 extra per year. Annual percentage yields of the best online savings accounts are up to 10% higher than the traditional accounts. The national average last year was around 0.09%, but some online financial institutions are able to give APY rates of 1.70% – 2.0%.What is 2020 looking like so far? Here is a look at some of the top savings account rates:
CIBC Agility Account
Offered by the CIBC Bank USA, the Agility account currently comes with an APY of 1.85% per account. In order to apply, you’ll need a photo ID, minimum deposit of $1,000, to be at least 18 years of old, SS #, and employment details. There are no maintenance fees. You can make limited transfers via CIBC NetBanking.
Alliant Credit Union
Alliant offers a high-rate savings account rate of around 1.65%, and the minimum balance to keep the account open is just $5. However, to earn interest, you must maintain a daily average balance of at least $100. This is a low average amount compared to many of the other top account rates on this list. As long as you select “eStatements”, there is no monthly fee.
American Express Personal Savings
There is a 1.70 APY with a Personal Savings Account through American Express. It’s easy to set up an account and you can even have multiple accounts linked together and move the money between them. There are no monthly balance requirements, although you’ll still need to keep at least $1 in order to earn the APY.
This online bank offers a couple of good account options, including a Savings Builder (up to 1.80% APY) and Premier High Yield Savings (1.55%). With the latter, you can start growing and reach your financial goals more quickly. With the Savings Builder option, you’ll need either a minimum balance of $25,000 or a $100 monthly deposit. As far as customer service goes, CIT Bank is the best option on this list of top savings account rates.
Regardless of which bank you choose, you must be sure to choose one that is backed by the FDIC. All of the financial institutions on this list are. Read reviews as well to see if there are any complaints, and to understand the pros and cons of each bank.
As far as top savings account rates go, CIT Bank is usually at or near the top of everyone’s list.