What is the National average on savings?
The National average is 0.06%.
Online banks have a lower operating cost and can offer a more competitive interest rate, which is currently up to
16.7 times higher than the national average.
1.00% doesn't seem that high, is it worth it?
Absolutely! It may not seem that much, though with $2,000 in the bank for emergencies or other savings, you'll earn $20.00 a year. For a 15 minute investment, that's making the equivalent of
$80.00 an hour. Your money will now work for you forever. Invest more and the return just gets better.
What is an online bank?
All banks we represent are online banks. This means you interact with the bank via your browser or smart phone. Most online banks don't have physical locations they staff for members. They offer support via phone, email, or instant message. The benefit of this is that online banks offer higher interest rates, earning you more money over time.
I like my current local bank, why should I change?
You shouldn't. There's no reason to drop your local bank, just as there's no reason you can't have more than one bank. Each bank has different benefits. Local banks offer physical locations you can go for a number of useful services. Online banks offer the most interest on deposit accounts.
The banks we represent are a perfect choice for your savings. Keep your rainy day fund, emergency fund, vacation fund, etc. in an online high yield interest account and have your money work for you.
What is the FDIC? And what is no-risk investment?
The FDIC (Federal Deposit Insurance Corporation) is a US government corporation that insures the money in your accounts up to $250,000. This doesn't cost you anything!
All of the banks on our list are FDIC insured. This means there's no risk, unless you invest more than $250,000 with a bank. If you need to invest more, use our list to find a third bank. Each bank is insured up to the full amount, so saving your money in multiple banks is the best way to ensure a no-risk gain on your money.