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My savings rate is pitiful. What can I do?? | IncomeMark - Welcome

My savings rate is pitiful. What can I do??

My savings rate is pitiful.  What can I do??

Yes, I know.  Ever since the 2008 – 2009 market correction, savers like us have been taking it hard on the chin.  The average savings rate at a traditional bank is around $0.10%.  At a Credit Union, it’s really not that much better.  You have a few options.  Since I consider my savings my emergency fund, I rather not take any risks.  Therefore, I keep my emergency fund at Discover Bank.  It comes with a low $500.00 minimum balance to open, and earns $0.90%.  Since I use their Cashback Checking Service, this is where I keep my emergency fund.  Here are some other options to consider:

1. Synchrony Bank – High Yield Savings – 1.00%

2. CIT Bank High Yield Savings – 1.00%

3. Barclays Bank – Online Savings – 1.00%

4. Ally Bank – Online Savings – 0.99%

5. UFB Direct – UFB Savings Account – 1.25%

6. American Express – High-Yield Savings – $0.90%

7. GE Capital Bank – Online Savings – 1.05%

8. MySavingsDirect – High Interest Savings Account – 1.05%

9. iGObanking – High Interest Savings Account – 1.00%

10. Alliant Credit Union – Regular Savings – 0.90%

As you can see, there are several options to choose from.  The choice is yours.  There really isn’t much difference from 0.90% to 1.25%, so I am sticking with Discover right now.  Over the next year, we’ll all see most of these rates rise a marginal amount as the Federal Reserve raises rates ever so slightly sometime this year or next.  As long as the money is FDIC insured, you should have no issues in sleeping sound at night.

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