Interest rates are rising. If you are earning anything less than 2% APY on your savings account, it might be time to reevaluate your savings account and bank. According to a recent Wall Street Journal article, many banking customers are pulling their deposits from no-interest accounts. In total customers withdrew $30B in the past year that ended June 30th. With many higher-yielding options available it’s no surprise that customers / investors are withdrawing their deposits.
Here are this week’s highest yielding savings rates (souce: bankrate.com and bank websites) for accounts with low minimum deposits:
|CIT Bank||2.15%||$25,000 or $100/month|
|Salem Five Direct||2.05%||$100|
|Live Oak Bank||2.00%||$0|
|Goldman Sachs Bank (Marcus)||1.95%||$1|
What are you earning on your savings account?