We all know we get pennies from the banks in our savings account, but there are much wiser options out there in the market to remove the middle-man. And when we are talking pennies, it’s because of a 0.05% APY (Chase Bank) or even a 0.01% APY (Wells Fargo Bank).
APY = Annual Percentage Yield.
What I love about these different high-yield online savings account is that it’s easy to set up, you can access your money 24/7 with unlimited transfer, no minimum deposit, and no fees. Crazy right? Yeah, it’s not a scam. This is real life in 2020!
So, for example, if your APY is at 1.80% with an initial deposit of $10,000 with you depositing every month $1000 for five years, you will receive $3443 in interest rather than at your standard bank that will accrue at $756 at average.
As of November 25, 2019 – here are my top recommendations:
Honestly, I wish someone told me about these high-yield savings account sooner. I thought my only option for my money to grow was to be at a substantial amount to invest in a property or other assets.
So yes, screw the major banks, here we go with the 21st century modern way of everyday banking!