With my tax refund on its way, I figure that I should get my savings account going again. I logged onto my online savings bank, and noticed that I was getting 1.85% APY. This is much smaller since the last time I looked. My balance of 3.47 is small as well. I thought it would be well over a million by now(that was a joke!). There was a time not long ago where online banks could have interest rates upwards of 5.00%. This is not the case nowadays. Online banks are averaging around 2.00% today. Still much better than the average savings rate of 0.42% that you can find at normal brick and mortar banks. Below is a list of three banks that I've been recommended, outside of the one I have open now.
- Gmac Bank: APY of 2.75. Only $1.00 to open, and no minimum account balances.
- Igobanking.com: APY of 2.00. Only $1.00 to open, and no minimums.
- Bank of Internet USA: APY of 2.50. $100.00 to open, no minimums as well.
I have no experience with none of these banks myself. I have heard good reviews about each of them, and these 3 seem to help me out as far as minimums and start up balances. All stats were pulled from Bankrate.com. Hopefully soon the banks will be able to bounce back from this mess, and we'll all be able to benefit once again from high savings rates.
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