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.
Savings rates
Here are this week’s highest yielding savings rates (souce: bankrate.com and bank websites) for accounts with low minimum deposits:
| Bank | APY | Minimum deposit |
| MySavingsDirect | 2.25% | $1 |
| CIT Bank | 2.15% | $25,000 or $100/month |
| Vio Bank | 2.15% | $100 |
| Salem Five Direct | 2.05% | $100 |
| HSBC Direct | 2.01% | $1 |
| Live Oak Bank | 2.00% | $0 |
| Goldman Sachs Bank (Marcus) | 1.95% | $1 |
| Barclays | 1.90% | $0 |
| Synchrony Bank | 1.90% | $0 |
| American Express | 1.90% | $1 |
What are you earning on your savings account?
High yield savings account
