High yield savings accounts are a great way to grow your savings, but most people have their money in accounts with low rates. Unfortunately, that means many of you are losing out on some easy cash!
If you’re like most people, you probably don’t even know what interest rate you’re getting on your checking and savings accounts. You were probably told that when you opened your account, but that could have been years ago.
Savings accounts at brick and mortar banks are known for having really low interest rates. For example, here are some of the lowest savings rates I’ve seen:
- Bank of America’s standard savings rate is 0.03%
- Wells Fargo Platinum Savings has an APY of 0.05%
- U.S. Bank has a standard savings rate of 0.01%
Those rates are crazy low, which means your money just isn’t growing as quickly as it could. [Read more…]