Who says it’s low? 5 cents on $3878.! At that rate, I can afford a trip to Vegas in about a million years.
It seems the monster mega banks or those with brick-and-mortar sites are the banks which pay the least interest. I have been using online banks for many years. The checking accounts at the online banks pay a little more interest and the savings accounts at the online banks pay a lot more interest. The savings interest is currently between 4.0 and 5.0 percent. The fees for using the online banks are typically zero. If they are not zero, there are typically ways to eliminate the fees very easily by meeting some basic requirements.
Many people think that changing banks is too difficult. It is actually quite easy to do. It takes a little bit of time to make sure items have cleared and that automatic deposits and payments are moved over, but I think it is well worth it.
Over the years, I have fired several banks due to fees. If a person is paying fees for bank accounts or for ATM withdrawals, serious consideration should be given to changing to another bank.
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You should switch to my daughter’s credit union. She earned $0.57 last quarter on about that same balance.
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You want to focus on banks or investment houses with high yield savings and money market accounts. Most decent ones pay around 5%.