Best Online Savings Accounts - January 2020
If you have a good sized emergency fund and / or idle cash you have been saving but are not yet ready to invest, it's important to earn the highest interest rate you can. Traditional bank savings accounts generally pay extremely low rates of interest, as you have probably seen.
I did a quick search for online savings accounts. Nerdwallet has a pretty good summary here. But the best summary I was able to find was on Bankrate.com. Here are Bankrate's selections for the best savings account rates from top online banks:
Best Rate: HSBC Direct - 2.05% APY
Runner-up Rate: Vio Bank - 2.02% APY
High Rate: WebBank - 1.95% APY
High Rate: Comenity Direct Bank - 1.90% APY
High Rate: Popular Direct - 1.90% APY
High Rate: Citibank - 1.85% APY
High Rate: CIBC Bank USA - 1.85% APY
High Rate: Citizens Access - 1.85% APY
High Rate: MySavingsDirect - 1.80% APY
High Rate: Synchrony Bank - 1.80% APY
High Rate: PurePoint - 1.80% APY
High Rate: CIT Bank - 1.80% APY
High Rate: FNBO Direct - 1.75% APY
High Rate: Discover - 1.70% APY
High Rate: American Express National Bank - 1.70% APY
High Rate: Goldman Sachs Bank USA - 1.70% APY
High Rate: Barclays Bank - 1.70% APY
High Rate: Ally Bank - 1.60% APY
Charles Schwab's money market account didn't make the list, but it currently yields 1.51%, which isn't too bad. You can also invest directly in 4 week US Treasury bills that yield about the same rate at TreasuryDirect.
I hope you find this post useful as you chart your personal financial course and Build a Financial Fortress in 2020.
To see all my books on investing and leadership, click here.
Disclaimer: I use affiliate links where I get paid a small amount if you buy the service or product. This helps support my blog.