What's Your Level of Interest? (in your savings account)

Don't expect banks to pay you much in order for them to use your money. First of all, it's hard to find their posted rates. On three national bank websites, it took me several clicks of hunting to find their savings account rates. And for good reason, they are nothing to brag about! Try 0.05%!!. It looks better with the % sign after it. In reality, it's 0.0005.  So, if I put $100 in my savings account today, I should have about a nickel more a year from now.

There are a few banks that will pay you considerably more interest in order to use your money. They are  Ally Bank, CapitalOne360, and Emigrant Direct. Their posted rates (9/2016) are easy to find on their websites at 1.0%, 0.75%, and 0.5%, respectively.  So, if I put $100 in an Ally savings account today, I'll have a dollar more after 1 year. Big deal, right?  Think of it as a scale. If it were $10,000 you had in a savings account, then you would have $100 vs $5. 

All of the banks I looked at are FDIC insured. You should weigh all of the advantages and disadvantages of dealing with any financial institution, such as fees and access to funds. 

Brycast Financial Planning in Austin Texas --- We Can Help
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(Updated Sept. 6, 2016)