These are Best Savings Rates 2020

curing the best savings interest rates can mean the difference between earning $200 or $10 in a year. Annual percentage yields, or APYs, of the best savings accounts are significantly higher than the national average of 0.09%, so you can grow your money faster without much effort on your part.

With a rate of 2% APY, a balance of $10,000 would earn about $200 after one year. An average account would earn just about $10. Over time, these additional savings can help boost an emergency fund or finance your next big adventure.

Here are some of the highest interest rates on savings accounts for January 2020.

Benefits of the best savings account rates

The best savings rates are much higher than the national average rate, which is just 0.09% APY.

Money in a high interest rate savings account grows faster over time. A deposit of $10,000 would earn about $10 after a year in an account with a 0.10% APY. But that same deposit would earn about $180 in an account with a 1.80% APY.

Here’s how to choose the highest interest rates

Look for accounts that have the best interest rates for your account balance. Some accounts require deposit minimums to get the best yields. Others might charge monthly fees if the balance falls below a certain amount. If possible, choose an account that minimizes charges. Bank fees cancel out the benefits of high interest rates.

 

https://www.nerdwallet.com/best/banking/savings-rates