These High-Yield Saving Accounts Offer More Bang For Your Buck
Want to learn how to get the most out of your savings? Upgrade your life and your finances by opening a high-yield savings account. According to the FDIC, the average national interest rate on savings accounts is presently 0.04%. This national average includes savings account holders with average to larger account balances. Before the Great Recession, local banks offered rates that were larger than 3%, but that is not the current reality.
These days you're more likely to find a better interest rate for your savings accounts at an online bank, plus these banks usually provide higher interest rates independent of your account balances. Below is a list of 7 online banks that offer some of the highest interest rates and benefits around.
1.Varo
Varo
Varo helps you to save money effortlessly and boasts an insanely high APY of up to 3%, which is higher than the majority of high-yield savings accounts. You don't even need a minimum balance to open an account and there aren't any fees. It's hard to beat Varo's benefits.
Initially, a savings account holder earns 0.2% APY, but that number can quickly rise to a 3% APY when at least five qualifying purchases are made using the Varo Bank Visa Debit Card and account holders receive total direct deposits of $1,000 or more. The only catch is your account balance can not exceed $5,000 for the entire calendar month.
2.Consumers Credit Union
Consumers Credit Union's (CCU) high-yield savings account or "Smart Saver" account gives you the potential to earn 1.50% APY, as long as you have a CCU checking account. But, you're required to deposit a $500 minimum into your CCU checking account every month. If you don't want to be bothered with the checking account, you can still open a CCU checking account and earn 0.25% APY.
Unfortunately, there are a few fees and requirements for their high-yield savings account. The Smart Saver account requires a minimum deposit of $50 and a maximum deposit of $1,000 into your savings account monthly. The fees to become a Consumers Credit Union member and open accounts through their credit union is an extremely low fee of $5 per member.
3.SmartyPig
SmartyPig
SmartyPig by Sallie Mae is a free-of-charge piggy bank that helps you to save for financial goals, like retirement, vacays, or holiday gifts. SmartyPig offers great APY rates, so you can crush your savings goals quicker. Earn up to 0.70% APY if you have under $10,000 in your savings account, and 0.45% APY if you have over $10,000 in your account.
The best part is that there are no fees to join, no fees to save, no fees to withdraw, no minimum fee and you can open multiple savings accounts for specific savings goals!
4.Nationwide by Axos Bank
Nationwide by Axos Bank provides a 0.70% APY when you have a "My Savings" account and a checking account through their bank. But, if you don't have a checking account through them, you can still benefit from a 0.40% APY on your savings account.
Fortunately, with Nationwide, you don't have to worry about any pesky fees because the online bank doesn't have any monthly maintenance fees, nor a minimum balance requirement after the initial $100 deposit.
5.Ally Bank
Ally Bank
Ally Bank allows you to divvy up your savings to reach separate financial goals, without the hassle of multiple bank accounts. Also, they offer a 0.50% APY when you have at least $5,000 deposited. Assign portions of your savings for up to 10 savings buckets in your online accounts, while still earning interest on your total balance. Ally Bank makes it easy to save by offering automatic recurring transfers from your checking into your savings account.
Even though Ally Bank provides incredible features, it still offers zero dollars in monthly maintenance fees and doesn't require a minimum opening deposit. Although, it's good to note that you can only make 6 transactions a month before you're charged $10 per transaction.
6.Synchrony Bank
Save for tomorrow with Synchrony Bank's high yield savings account that offers 0.40% APY. They provide convenient withdrawals because they're a bank that never closes, so you can bank anywhere and anytime.
Head over to their website where they have a free calculator that will calculate your high-yield savings earning potential in comparison to other major banks. Synchrony Bank has no minimum balance requirement and no withdrawal fees. If you need to withdraw from an out-of-network ATM, they'll even refund you up to $5.
7.Vio Bank
Vio Bank
Vio Bank currently provides high yield savings accounts with a strong 0.57% APY, but they claim to adjust this to stay competitive. To open a saving account, there is a $100 minimum initial deposit. If you need access to your account frequently, this may not be the account for you, since you're only allowed six withdrawals every month before you're charged $10 for each withdrawal. But, if you're looking for an account with no monthly fee, then Vio Bank could be your perfect match.
Online savings accounts offer higher interest rates to increase your savings, but they lack physical branches. Keep in mind banks that aren't online do not offer rates that can keep up with inflation as online savings accounts can. It's up to you to determine if the trade-off is worth it.
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Aaliyah Sydonie Williams is a lover of pomegranates, intimate concerts, fluffy socks and all things R&B. She's a founder of a college advice blog, Her Little Corner, where she dishes helpful advice for college students to slay their college experience. When Aaliyah isn't eating at Starbucks, she's studying for her courses in finance, discovering new spots in the city, and brushing up on her photography skills. Keep up with her at Aaliyah Williams (@aaliyahsydonie).
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This $15 Handheld Fan From Amazon Will Be Your New BFF For The Rest Of Summer
As someone who has spent the larger part of her life in the South, I have never felt heat and humidity quite like New Orleans, Louisiana.
Last year, I visited ESSENCE Fest for the first time, and with little context as to what the weekend of events would entail, one thing I did know — for a fact — was that I would be sweating from head to toe. While prepping for the trip, I was advised by a festival expert that if I was going to make it through Bourbon St. and beyond, one item I needed by my side was a compact, handheld fan to serve as my personal central air, on hand. And with two summers down, it’s been my greatest cooling companion ever since.
The JISULIFE Handheld Fan has guaranteed my personal cooling experience, and I can’t help but stan this fan.
Amazon
The device boasts an impressive amount of endurance, delivering a remarkable 46 hours of battery life at speed one, 35 hours at speed two, and 13 hours at speed three, and might I add that’s all on a mere 3-4 hours of full charging. It provides micro wind power that’s sure to make this fan your ultimate BFF in the battle against heat.
Not only is this fan adorable in its design, but it’s also compact enough to fit in your clutches and pocketbooks that meet bag size restrictions at concerts or for when you want to drop it in your bag or pocket while making moves this summer.
It’s whisper-quiet, and as if its design wasn't already impressive, it comes with a built-in flashlight, that activates with a simple long press of the power button when the fan is stationary. I wasn’t kidding when I said it truly has it all.
I’ve personally found my JISULIFE Handheld Fan to have the extra perk of being a conversation starter when I’m out running errands through the city or keeping the sweat at bay while at a summer night function.
I recently attended a party that attracted a noticeably large crowd and an even more notable layer of heat in the midst of all the dancing. Being quick on my feet, I remembered that I had packed my handheld fan along with me and pulled it out to come to my rescue. When my little pink propellers started twirling in the dim club, I soon began to get requests from suitors looking to bask in my personal cooling experience.
I obliged some for a moment and politely declined the request to share with others, but in both cases, it was fun to see my little cooling BFF work overtime as my ventilation system and party trick for the night.
Now, I’m not forcing you to open your purse and add another item to your Amazon wishlist, but if by chance you had the time and coin to spare, I can assure you it would be $15 well spent. So if you’re looking to upgrade your self-comfort and keep that good air flowing while you’re out and about, I highly recommend grabbing this fan for the rest of this summer and the next.
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