savings

More Bad News for Savers

Savers searching for top yields should look to online banks, which offer significantly higher rates than brick-and-mortar institutions.

Interest rates on savings accounts have been falling since the Federal Reserve started lowering the federal funds rate last summer, and they continue to slide in the wake of the Fed’s March rate cuts. Savers searching for top yields should look to online banks, which offer significantly higher rates than brick-and-mortar institutions. At DepositAccounts.com, you can see the best interest rates available in your area based on the type of account you’d like to open and the amount you intend to deposit.

Among savings accounts, consider the SFGI Direct Savings Account, which recently yielded 1.86%. It’s noteworthy for having a long history of strong rates, says Ken Tumin, of DepositAccounts.com. The savings accounts from Live Oak Bank, yielding 1.75%, and PurePoint Financial, yielding 1.70% on a $10,000 minimum balance, have also had outstanding yields over the past few years. For strategies to invest in certificates of deposit, see Strategies for CD Savers.

Some high-yield checking accounts offer better rates than savings accounts—but you have to jump through hoops. The Consumers Credit Union (Illinois) Rewards Checking account (pay a $5 fee to the Consumers Cooperative Association to join) yields up to 5.09% on balances of up to $10,000 if you meet certain requirements, such as using your debit card 12 times monthly (purchases must total at least $100) and surpassing spending minimums on one of its credit cards.

Most Popular

Dying Careers You May Want to Steer Clear Of
careers

Dying Careers You May Want to Steer Clear Of

It’s tough to change, but your job could depend on it. Be flexible in your career goals – and talk with your kids about their own aspirations, because…
September 13, 2021
5 Top Dividend Aristocrats to Beef Up Your Portfolio
dividend stocks

5 Top Dividend Aristocrats to Beef Up Your Portfolio

The 65-member Dividend Aristocrats are among the market's best sources of reliable, predictable income. But these five stand out as truly elite.
September 14, 2021
7 Best Commodity Stocks to Play the Coming Boom
commodities

7 Best Commodity Stocks to Play the Coming Boom

These seven commodity stocks are poised to take advantage of a unique confluence of events. Just mind the volatility.
September 8, 2021

Recommended

How to Calculate Your Net Worth
savings

How to Calculate Your Net Worth

Run an inventory of your assets and liabilities to find out how much you're worth.
September 20, 2021
Complain and Be Heard
Smart Buying

Complain and Be Heard

Getting our money back for the extended warranty and gap insurance we didn't want took patience and persistence.
August 31, 2021
10 Things to Know About Hurricane Insurance Claims
Becoming a Homeowner

10 Things to Know About Hurricane Insurance Claims

Know what's covered, what isn't, and how to make the most of your policy if you need to file a claim.
August 30, 2021
13 Reasons to Shop at Walmart (Even If You Hate Walmart)
spending

13 Reasons to Shop at Walmart (Even If You Hate Walmart)

If you haven't shopped at the world's largest retailer in some time, here's some of what you've been missing.
August 4, 2021