Finding the right savings account can get you an extra $200 for free this year.
Depending on your balance, it could make you a lot more money.
Let’s say you have $10,000 to put into one of the best online savings account.
How much would that turn into at a big bank savings account? Most big banks have an APY (annual percentage yield) of 0.15% or less. After a year, your account would be worth $10,015. Not much of a gain there.
I love getting money for nothing, but even I have a hard time getting excited over an extra $15.
Now let’s say you take that same $10,000 and put it into an online high-yield savings account with an APY of 2.25%.
After a year, you’ll have $10,225.
That’s $225 for doing absolutely nothing. Everyone needs some extra cash on hand for an emergency fund anyway. Why not get as much as you can while it sits there? All it takes is opening the right account.
The best online savings accounts
We’re going to do a deep dive into what to look for, which accounts are best, how to get the highest APY, and tricks for optimizing your savings accounts.
Here’s a breakdown of what we’ll cover:
- User Experience and Company Reputation
- FDIC Insurance
- APY Rates
If you want to skip all of that and open an account right now, these high interest online savings accounts were our top rated:
You’ll be happy with any of them. My personal favorite is Ally.
What matters when picking an online savings account
Here’s how we evaluate these accounts.
User experience and company reputation
Good online and mobile apps make a huge difference these days, but it doesn’t…