Savings Accounts with High Interest Rates

Savings accounts are an excellent way to save money and earn a little interest. However, not all savings accounts are the same. Some banks, like Customers Bank, offer savings accounts with high interest rates, which can significantly impact your savings over time. Read further to learn about some of the financial institutions that offer high-interest savings accounts and the pros and cons of each.

Traditional Banks

Traditional banks are also called brick-and-mortar banks because they have a physical location you can visit in person. These financial institutions typically offer a wide range of products and services, such as checking and savings accounts, loans, mortgages, and credit cards.

Customers Bank’s Ascent Money Market Savings Account is a savings account that provides you with a top-tier rate. Interest on your Ascent Money Market Savings Account will be compounded monthly and posted to your account monthly. This account offers you the following:

• Top-tier APY (which may change at any time) for balances of $25,000 or more
• Convenient online account management
• Maximum balance is unlimited
• FDIC-insured account

Our new Yield Shield Savings Account automatically adjusts with the Federal Funds Rate, so you get a rate that’s up to date. It’s easier to manage and can be opened in minutes with a deposit of $25,000 or more.

Credit Unions

Credit unions are member-owned financial cooperatives that offer various financial products and services, including savings accounts.

Credit unions can be a great option when you want to earn more on your money because they typically offer higher interest rates than traditional banks. This is because they operate under a not-for-profit cooperative business model and enjoy lower operating expenses, enabling them to pass on the cost savings to their members through higher interest rates.

The primary disadvantage of credit unions is that membership can be very restrictive, and not everyone is eligible to join.

Online Banks

Online banks operate completely online and offer higher interest rates on savings accounts than traditional brick-and-mortar banks. Like credit unions, online banks have lower overhead costs and can afford to pass those savings on to customers through higher interest rates.

Online banks make it easy to check your balance and manage your savings through 24/7 access via their website or mobile app. However, they may not offer the same level of security as traditional banks, so be sure to research their security measures to protect your personal information.

Key Takeaways

When looking for the best savings accounts with high interest rates to meet your needs, think carefully about what each bank has to offer. With Customers Bank, you’re just one click away from growing your savings. We can help you keep your finances in order and provide access to a variety of business loans and other financial products.