BEST SAVINGS ACCOUNTS 2020 (High Yield Savings Accounts)

Chances are you already have a standard savings account with one of the large banks like Wells Fargo, Bank of America, JP Morgan Chase, Citibank, etc. Click "Show More" to see Ad Disclosure. But here’s the thing… The interest rates on those savings accounts are AWFUL. Seriously…log in and look for the current interest rate they’re giving you. It’s likely 0.01%. That’s ONE one-hundredth of ONE percent! (Translation: basically nothing) 💳👉VIEW CREDIT CARD OFFERS! https://markscreditcards.com/offers 🛍 RAKUTEN - Earn Cash Back! http://markscreditcards.com/rakuten ‼️ GET FREE STOCKS FROM WEBULL when you open an account & deposit $100: http://markscreditcards.com/webull According to the FDIC, even the average national savings rate is currently at 0.06% as of August 2020, so all those savings accounts are worse than the AVERAGE. On the other hand, there are high yield savings accounts (HYSA) that are WAY BETTER. These accounts are currently earning about a full percent per year. (In full disclosure, most of these accounts were earning around 1.6% - 2.1% APY barely a year ago, but due to the economic climate we’re all going through at the moment, the rates for these accounts at nearly every bank have been decreasing every month. It’s temporary, though, and we’ll see a rebound to higher interest rates at some point in the future.) ------------------------------ Here’s my Top 5 List of High Yield Savings Accounts as of August 2020: FIRST PLACE: Affirm (1.3% APY) https://www.affirm.com/savings SECOND PLACE: Varo (1.21% APY) https://www.varomoney.com/savings-account/ THIRD PLACE (3-way tie): Ally, CIT*, American Express (1.00% APY) https://www.ally.com/bank/online-savings-account/ https://www.cit.com/cit-bank/bank/money-market-account/ https://www.americanexpress.com/personalsavings/customer.html *NOTE: The account from CIT Bank is a money market account, which is still a good option for saving money and keeping it liquid for easy access. FOURTH PLACE: Discover (0.95% APY) https://www.discover.com/online-banking/savings-account/ FIFTH PLACE (3-way tie): Capital One, Marcus by Goldman Sachs, Barclays (0.8% APY) https://www.capitalone.com/bank/savings-accounts/online-performance-savings-account/ https://www.marcus.com/us/en/savings https://www.banking.barclaysus.com/online-savings.html ------------------------------ All of these accounts offer a GREAT way to save money with a multiplier on top. Of course, the BEST way to increase your net worth is to wrap your money in assets that appreciate and/or spin off cashflow each month. However, for the portion of your funds that you keep on hand, a high-yield savings account is a fantastic option compared to the ‘normal’ savings accounts most of us are used to. Earning $1.00…$5.00…$20.00…or MORE per month instead of $0.08 is A LOT MORE REWARDING! Start saving more money today by opening a high yield savings account, connecting your current checking account or savings account to it, and transferring your funds (all of which will be FDIC insured). Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor. #savemoney #savingsaccount #bestbanks