Where to Find The Best Savings Rates

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Two people gave me hives this week! They told me how miniscule, dare I say puny their interest was on their savings. I broke out in a rash. I couldn’t fix this fast enough for them. So I’ll spread the news to you. Savings interest rates are high these days – at or above 5% range. You are not getting that at your brick and mortar bank.

For example, as of today, you can get 4.9% APY on the CIT Bank No-Penalty 11 Month CD. Full disclosure: If you click on that link and open an account with at least $1,000, I’m supposed to a commission. Thank you kindly. The good thing is that you’ll lock in the 4.9% APY rate for 11 months. If you need your money prior to the maturity date, you can withdraw it — including any interest earned. That’s mighty flexible and why it’s called a “No-Penalty” CD. And yes, funds are FDIC insured.

If you are wont to do a deep dive on rates, and other options for the best places to stash your extra cash, check out DepositAccounts.com. Before I renew a CD or wanna go rate shopping for a savings account that pays the highest interest, that’s where I go.

A few things to keep in mind:

  • Your best rates will be at an online bank – not your brick and mortar bank down the street. That’s okay! Don’t close your existing accounts. Once you find a high rate online savings account, you will fund it from your existing checking or savings account at the brick and mortar bank via the online.
  • According to Federal law Regulation D, you are only allowed six withdrawals or transfers per month from a savings account. Plan accordingly. It is a savings account, not a checking account.
  • If you are super cynical (like I can be), you can confirm that your chosen online bank is FDIC insured here.

I’m a rate-chaser from way back. I have or have had online savings accounts at over 20 different banks. It’s safe, people!

My main brick and mortar bank (can you tell I like saying “brick and mortar”?) is Wells Fargo. Their savings account pays .01% interest. Don’t be fooled, that’s not 1%. That’s 1/100ths of 1 percent. Don’t believe me? Ask a 6th grader. Compare that to the CIT Bank No-Penalty 11 Month CD which pays 4.9%. That rate is 490 times higher than .01%. Whatever your branch down the street is, it also has terrible savings rates.

So get in on some of that hot 4.9% APY CIT Bank No-Penalty 11 Month CD action, or check out DepositAccounts.com.

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