Multiply Your Money With These 10 High Interest Savings Accounts

With interest rates at record lows – but rising – don’t expect your savings account to give you the high-interest rates you were used to before the financial crisis. But, who hates getting ‘free’ money from his bank?

Below, I review some of the best high-interest savings accounts you can have.

Dollar Savings Account | Dollar Savings Direct

Interest Rate: 1.49%
APY: 1.50%

This account is offered by Dollar Savings Direct, a division of Emigrant bank which was founded in 1850. It is the ninth largest bank in the United States and the oldest savings bank in New York.

The account’s features are:

• No fees.
• No hidden fees
• No account minimums.
• You can link the account to your checking account.
• You can access the account online at any time.

You can learn more or open this account here.

eOne Savings | Salem Five Bank

Interest Rate: 1.50%

This account is offered by Salem Five Direct, an online division of Salem Five Bank, a 150-year old FDIC Insured bank.

Its features are:

• A high-interest rate of 1.50%.
• An opening balance of $100.
• No minimum balance and no monthly fees.
• No commitment meaning you can move money in and out at any time.
• Mobile and email alerts when transactions happen in your account.

You can learn more about this account here.

Premier High Yield Savings Account | CIT Bank

Interest Rate: 1.35%

This account is offered by CIT Bank. Its features include:

• A minimum deposit of $100.
• APY of 1.35% on amounts up to $250,000 and 1.30% on amounts more than this.
• No account opening and maintenance fees.
• Daily compounding interests.
• Secure bank with multiple security features which can be found here.
• Free online banking platforms.

Create your account here.

High Yield Savings | Syncrony bank

Interest Rate: 1.30%

This account is offered by Synchrony Bank, an award-winning institution.

Its features are:

• Easy to create an account.
• No monthly fees.
• Monthly rebates of ATM withdrawals.
• No minimum balance.
• Multiple ways of depositing money including personal or cashier’s check, wire transfer, mobile check deposit, and electronic funds transfer.

More details can be found here.

Online Savings Account | Barclays

Interest Rate: 1.30%

This account is offered by Barclays Bank, one of the largest banks in the world. The account’s features are:

• No monthly maintenance fees.
• No minimum balance to open.
• Secure online access to your funds.
• Tools to help you save more.
• Multiple ways to deposit funds.

You can open an account here. Make sure you read the F.A.Qs here.

Online Savings Account | Ally Bank

Interest Rate: 1.25%

This account is offered by Ally Bank, the largest online-only bank with a market capitalization of $11.2 billion. The account offers the following features:

• No monthly maintenance fees.
• Interest is compounded daily.
• Deposit checks remotely using your mobile phone.
• No minimum balance.
• Six transactions per statement cycle.
• Unlimited deposits.
• No charges on international and domestic incoming wires.

You can open an account or learn more here.

American Express Savings | American Express

Interest Rate: 1.25%

This account is offered by American Express, one of the largest financial institutions in the world.

Its features include:

• ATM Cards, debit cards, and checks are not provided.
• You start earning interest the moment you deposit.
• Fund your account by linking the account to your current bank account or mailing a check.
• No minimum deposit.

You can read more or open your account here.

Quick Note.

American Express’ website does not offer details about its fees and penalties. Before you open your account, I recommend that you talk to the bank for more details.

High-Rate Savings | Alliant Credit Union

Interest rate: 1.154

This account is offered by Alliant Credit Union. Being a credit union, Alliant does not offer the account to all people. You must meet the following five conditions: Be a member of Foster Care to Success, be a member of a qualifying organization, be an employee or retiree of certain companies, immediate family members being members, and being a resident of certain communities.

• A $5 initial deposit (and Alliant pays it for you).
• Make ATM withdrawals nationwide.
• No maximum balance limit.
• Mobile check deposits.
• Easy ways to transfer money.

The good thing is. Even if you do not meet the qualifications above, Alliant can accept you if you become a member of Foster Care to Success by making a $10 donation.

You can learn more about this account or open an account here.

360 Savings | Capital One

Interest Rate: 0.75%

The 360 Savings account is offered by Capital One, one of the biggest banks in the country. Its features are:

• Easy process to create an account.
• An attractive interest rate.
• No monthly fees.
• No fee to open or maintain your account.
• Easily link your account to other accounts.
• Multiple ways of depositing money including checks and phone calls.
• You can open up to 25 accounts.

For more details about the account, follow this link.

Discover Savings Account | Discover Bank

Interest Rate: 1.25%

This account is offered by Discover Bank, a leading American financial institution. The account offers the following features.

• High-interest rates (usually 5X the national savings average).
• No monthly payments.
• No monthly fees.
• No hidden fees.
• Fees include $15 excessive withdrawal fees, $15 stop payment order for 6 months, $30 insufficient funds, and $30 for outgoing wire transfer.
• US Based customer care specialists 24/7.
• Create an account within minutes.

To read more or open an account, follow this link.

With interest rates so low, the return you get from your savings account will not be very high, but it will be worth it. The secret to savings success is to do several things. First, start saving early in life. Second, avoid the temptation of withdrawing money in your savings account for discretionary spending. Third, have a savings account in two or more FDIC-Insured banks. Finally, make it a habit to deposit money to your savings account regularly.

Doing all these will help you improve your financial life while enjoying every part of it.