Is my money safe in an online savings account?

Yes, as long as you pick a bank that’s FDIC-insured. That provides up to $250,000 in insurance per depositor. In addition, setting up multi-factor authentication on your account and regularly changing your passwords can add an extra layer of protection.

What is a high-interest savings account?

High-interest rate savings accounts are accounts that offer customers a higher-than-average APY. The national average is around 0.04% to 0.06%, so 8x to 10x less than a high-interest rate account provides.

Where can I put my money to earn the most interest?

A high-interest savings account is a great place to start. You can also consider a money market account, CD, or invest in stocks. Savings accounts are a great option if you want more accessible access to your funds, and there are typically zero penalties for withdrawing money.

Which bank is best to open a savings account online?

Varo , Marcus , Synchrony , and the rest of the banks on this list are strong contenders. When comparing savings accounts, look at the fees and features to determine which is the best fit for you.

Are online savings accounts worth it?

Online savings accounts are worth it if you want to earn at a higher-than-average APY. Online banks can offer such great rates because they don’t have the same overhead as traditional brick-and-mortar banks.

Millennial Money Man

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