Don’t settle for a 0.1% rate when you’re saving

It’s been on my to-do list for a while – research high-yield savings accounts. Most savings accounts offer a 0.1% interest rate. Some banks offer competitive annual percentage yield (APY) savings accounts, so why settle for less?

I finally did my research and found some good options that don’t have a minimum balance requirement. Citibank’s Citi Accelerate is currently offering select cities a 2.23% APY. American Express’ Personal Savings account offers a 1.9% APY.

Online banks have become increasingly popular over the years, and the two most popular brands offer great options. Synchrony offers 2% APY, while Ally offers 1.9%.

– Robin Rectenwald, WordWrite