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Earn faster with high-interest savings accounts

Posted: 6:00 AM, May 03, 2019
Updated: 2019-05-03 10:15:46-04
Online banking could yield more in savings

PHOENIX — Whether you're saving for a wedding or a new car, if the money is in low-interest savings, you could be missing out.

Arielle O'Shea, a banking expert with Nerdwallet.com, says when interest rates were increased last year, many credit unions and online banks did the same with savings accounts and rates have held steady.

"If you're not making 2 percent on your savings account right now you're leaving money on the table," she says.

Nerdwallet.com lists several banks that offer well above 2 percent.

They include Marcus by Goldman Sachs, Ally Bank, and Barclays.

One of the highest listed is HSBC, paying 2.3 percent.

And that's a lot considering O'Shea says the national average was .08 percent during the recession.

Even better, in most cases, there's no risk, no monthly fees, and no minimum balance. It all adds up to earning more money without really having to do anything.

"It's the best place to keep short-term money for goals," O'Shea says.

Certificate of deposit, or CD, rates have slightly higher interest rates. But you tie your money up for a year or more. With high-yield savings accounts, you can withdraw or transfer up to six times a month.