originally posted April 2, 2018

As you may have noticed, interest rates have been going up on mortgages, credit cards, and other debts. The positive side is that interest rates have also been going up on bank accounts. Have you noticed? Most people haven’t. And the main reason why is because most of us bank with the big banks. And the big banks are the slowest to increase the interest they pay you. Please explore online banks! Here’s how…

First step is go to bankrate.com. Then organize the rates by the deposit amount and the highest interest rate. (APY) I just checked and the new high savings account rate is 2.00% by Popular Direct. That’s typically 40 times. (yes, you read that correctly) higher than your average big bank. These accounts are internet based and FDIC insured. Do your homework and make your money work better for you!

Need help? Call or email us! We have a great tool to help you stay on top of the best rates.