Moving a savings account held with a local bank to a high-interest online savings account keeps slipping to the bottom of my to-do list. Time to stop procrastinating!
Alright, I have an admission to make as I hang my head in shame: I, the personal budgeting feature writer, have allowed my daughter's savings account to languish at a local bank while it collects 0.5% interest.
This week, I will move this savings account to an account at an online bank. Why would I want to use an online bank? Primarily for the higher interest rates these banks are offering - up to 5%, which is a significant difference compared to what a savings account earns at the local bank we are using.
This Week's Best Online Savings Account Offers:
- 5.05% APR
- No minimum balance
- 4.75% APR
- No fees, no minimum balance
- 5% APR
- $300 minimum balance or $4/month service fee
- Avoid minimum balance/fee requirement if you open a WaMu free Checking Account™.
More Info: Online Banking - Get the Facts | How to Choose a Bank
