With interest rates climbing, you may be able to earn a lot more by switching banks.
When you are shopping for a savings account, don’t be afraid to go with a bank you’ve never heard of before. The proliferation of upstart online banks and so-called neobanks mean these can be great options, with much more attractive interest rates than traditional banks., and read the fine print to make sure your earnings won’t be eaten up by monthly charges or sneaky fees.
. The APY is what you’ll earn on a yearly basis once the effect of compounding interest is included in the equation.The Federal Deposit Insurance Corp. protects consumers’ deposits in the event of a bank failure. FDIC insurance means that your deposits will be covered up to $250,000 per account type, per bank.
We also searched for rates that are available in most of the U.S. While geographic restrictions tend to be relatively uncommon among online-only banks, we’ve run across them at some smaller community banks and credit unions. Some savings accounts make our cut might still not be the best option for some customers. The very best high-yield savings rates often come with trade-offs. For instance, you might not be able to easily transfer funds to an outside institution, or be able to contact customer service via phone. Since most top-yielding savings accounts are offered by online banks, in-person customer service tends to be the exception rather than the rule.
One final note: Some of the top APYs are offered by divisions of other banks. While not problematic in and of itself, we’ve noted these instances because this could have ramifications for FDIC coverage if you already have money deposited with the parent bank. FDIC insurance protects customers’ deposits up to $250,000 per institution including subsidiary brands.
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