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One Easy Way to Make Your Money Work Harder for You

Consider these alternatives instead

Is the money you have in your savings account earning you any additional money? Are your funds sitting idly, generating little to no income? If so, it may be time to move your money to a different savings account.

You may have set aside cash in a savings account earmarked for specific goals such as a “rainy day fund,” home savings, or a new car. If your goal is to easily and quickly access your savings within a two to three year time period but don’t want to take on any investment risk, consider opening a high interest-bearing savings account with an online bank or credit union. They typically offer interest rates that are at least 6x more than most common, more well known banks such as Wells Fargo or Bank of America.

These popular banks offer on average interest rates ranging from 0.05% to 0.30% in today’s market environment, if that. To put it into perspective, if you have $1,000 in your account, you are making a measly $3 per year on the higher end. If you set aside that same amount in a high interest savings account that is offering at least 1.80% interest annually, you would make six times as much money.

Most banks offering high interest savings accounts do not have physical branch locations or ATMs, but that doesn’t mean you won’t be able to access your money quickly and easily. Technology has made banking so much more efficient nowadays, allowing you to tap into your money more readily and timely than actually having to drive to the bank or local ATM.

Save time by linking your checking account to the high interest online savings account; this way, you can electronically transfer money directly from the online savings account to your checking account whenever you need it.

To help you get started on your search to switch accounts, below is a list of three high interest online savings accounts that are currently offering rates of 1.80% or more.

Goldman Sachs Marcus Savings
Pros: Earn 1.80% APY. No monthly maintenance fees or minimum balances. Daily compound interest
Cons: There are no local banks to deposit cash.

CIBC Bank USA Agility Savings
Pros: Earn 1.90% APY. No monthly maintenance fees or minimum balances.
Cons:  Minimum deposit of $1,000 to earn rate. $10 charged if you process more than 6 transactions monthly.

NorthPointe Bank Ultimate Savings
Pros: Earn 2.05% APY. No monthly maintenance fees or minimum balances. Remote mobile check deposit available.
Cons:  Must maintain a minimum daily balance of $25,000 to receive this rate. If it drops below $25,000, then the APY is 1.12%.


You work hard to earn and save money. So, wouldn’t it make sense that it works hard for you too? Put it to work. Take advantage of this rising interest rate environment and capitalize your money.

I'm Helen

Having worked in finance for over a decade, I know what matters most to clients. Here, I share with you what you really need to do to stay on top of your money and retire rich.
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This data is for informational purposes only and Capital Benchmark Partners, LLC (“CBP”) is not affiliated with any of the businesses mentioned nor endorses them. CBP is not endorsed by any third party entities for their inclusion in this article nor is compensated for mentioning them. *Past performance is not a guarantee of future results. The information contained herein has been obtained from sources believed to be reliable but the accuracy of the information cannot be guaranteed.


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