Finance

Make sure you have a High-yield savings account! The great ones and not so great ones!

There are many reasons why to have a savings account. Sometimes you may not be ready for investing, you could be saving for some financial goal you want in the near term, like a car downpayment or house. Or you could just be starting out and need a safety net just incase something bad happens that’s out of your control. Job loss, recession, this pandemic we’re in now. Whatever the reason for having a savings, the one you choose is important as it gives you some money back.  And some are almost worthless, you’d have better luck finding money on the ground, you might actually make more than some of the savings accounts some banks are offering.

Low savings account tries to give you the smallest fraction of a percent. Save $1,000 for a year at 0.01% APY, and you’ll end up with $1,000.10. Save $1000 for a year at 0.40% APY, and you’ll end up with $1004.00. That’s a big difference – 4 dollars to 10 cents. Or 20k in your savings, that could be the difference between $80 or $2. Which would you rather have if it’s doing the same thing, sitting in an account….

Shopping for a safe place to put your money is important.

Here’s a quick list of some banks and the types of savings they’re offering (As of August 2021):

High Interest Savings Accounts 🙂

Capital One 360 Performance Savings = 0.40 APY%

Marcus by Goldman Sacs = 0.50 APY %

One Finance = 1.00 APY%

 

Low Interest Savings Accounts 🙁

Wells Fargo Platinum Savings Account = 0.01 APY

Bank of America Savings Account = 0.01% APY

Citibank – Account Package Savings = 0.04% APY

 Chase Premier Savings Account = 0.02% APY

Anyways – there’s probably dozens of savings accounts out there, but I’ve selected a few to showcase a comparison and gaps in what banks are offering to people.  If you are an account owner of one of these banks, comment below with your thoughts with these or if you have a better savings account that’s not listed here, let the world know and provide your thoughts.

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