The FED Just Ruined Savings Accounts

Welcome back!

In the last few weeks you might have noticed a significant difference to your high-earning interest rates bank accounts…and that is that there is a lack of sweet,sweet interest.

Therefore,I wanted to take this opportunity to talk about the FEW banks that actually offer the HIGHEST interest rates.

You can take a look at Bank of America for example ,that is the norm, that offers an interest rate of 0,05% for example …That is not a LOT!

Why did the FED do that?

The answer is quite simple,to make people put their money from this type of accounts BACK into the economy.

So ,let me tell you about the banks that actually offer the highest rates!

My number 6 choice:

Discover Bank

– 1.5% Interest They don’t have any hidden fees, they don’t have any maintenance fees, they don’t have any minimum balances…and they make that VERY clear as soon as you go to their site. They also have free ATM access, free debit cards, free checks…the list goes on. Also, they offer a great beginner credit card,of which I talked before!

My number 5 choice:

Ally Bank

– 1.5% Interest They’re a bank that, in the middle of the FED reducing interest rates, and everyone else racing to the bottom – Ally actually barely budged, and they remained REALLY competitive because they knew that this was their chance to probably get more business. And hey, it worked. Right off the bat, they’re offering you a 1.5% interest rate on your money with – just like Discover Bank – absolutely no minimums, no hidden fees, no “catch” – just a solid 1.5% interest rate. Ally has really been the only bank that I’ve consistently come back to after trying almost every bank out there. I also highly recommend their no penalty 11 month CD.

My number 4 choice: Marcus by Goldman Sachs – 1.55% Interest This company is fairly similar to the previous two I just mentioned, in the sense that they have no minimums, no hidden fees…the usual. HOWEVER…The only downside with this account is that, at the end of the day…this is just a high interest savings account, without access to any additional banking services, like a checking account.

My number 3 choice:

American Express Savings

– 1.6% Interest With their account, there are no fees, no minimum balances, and the customer service with American Express has always been topnotch. HOWEVER…just like my last example, keep in mind that this is NOT a full service bank account, so you won’t be getting access to a checking account, checks, or anything else like this. BUT…if you’re JUST looking for a place to stash your cash with a solid, reputable company…that gives you a reasonable interest rate…this one is great.

My number 2 choice:

CIT Bank – 1.7%

Interest The minimum deposit for their savings account, to get that rate, is a $25,000 deposit. However, you can use their Money Market account which pays 1.75%. This is essentially the exact same thing as their savings account, except .. no minimums and it pays more…for now.

My number 1 choice:

HSBC Bank – 1.7%

Interest Unlike a LOT of the other banks I’ve mentioned – HSBC has some physical branch locations, so if you ever actually need to walk into a bank to talk to someone. Now, I will say – the ONLY downside I’ve experienced with them is that their app and actual website are REALLY difficult and confusing to use.

Those are the BEST savings accounts as of right now, that have still managed to keep a reasonable payout – even though the FED has reduced its interest rates down to almost nothing. Do remember, though – that these rates are subject to change at any time, and most likely – I just jinxed it because I made a video talking about it. But, assuming I didn’t ruin it just now – feel free to use these banks and enjoy that sweet, sweet interest.

Thinking about what you entered……..
You are in!

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David Mead 

Freelancer for Structural/Civil Engineering projects 
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