If you would like to find highest interest rate for online savings accounts you are in the right place. All listed online savings accounts are FDIC insured at least up to 250K.
Origin of this Websitetl;dr Some guy was looking for the best Online Savings account and built a website to easily compare Rates from most of the Online Accounts. THE END.
Stock Market vs the RestOnce upon a time I was looking for online savings account to put some money in. I already had some money in Stock market and considering market volatility and therapist bills, I needed a safer alternative. Something less volatile then stock market, but with higher interest rate than my mattress, which has been paying very high rate in bed bugs lately, but not enough even for one meal.
Safe alternatives to Stock MarketSo what are some safe forms of investments? There are treasury bonds, but considering FED shenanigans, you will need to save for about 10 years to buy a cup of coffee. There are CDs which have stable rate, but you usually can't take the money out for a while. There are also high-yield savings accounts which have descent rates (considering FED shenanigans once again), but work like regular savings accounts. Those accounts were the best option for me so I started researching them.
High-yield savings accounts and Why I love theeWith high-yield savings accounts you deposit and retrieve the money as you want. Also these accounts are FDIC insured up to 250K which is very nice. You can open as many as you want as long as they are in different banks. These high-yield savings accounts are usually subsidiaries of much bigger banks, like Marcus is subsidiary of Goldman Sachs. Registration usually takes 3 mins. As a part of registration you make your first deposit which takes 2-3 days and you start earning that sweet sweet interest. There are dozens and dozens of such accounts on Internets. So how do you pick the one that works best for you?
The ONLY thing that Matters when picking Online Savings AccountThe main thing you will look at is of course the Interest Rate which can fluctuate like crazy between banks and even over time for same bank. Other options like writing checks and other BS are really secondary, since most people will also have checking account in local bank for those. To find the best rates you have to go to each Account web site, look for THE RATE and then compare to other accounts. There are sites that aggregate this information, like Doctor of Credit, which is a very nice site, but sometimes it takes weeks to update the rates, and I was looking for something a bit more frequent.