In today’s low-interest-rate environment, you won’t get rich by stashing your cash in a savings account. But it still pays to shop around for the highest rate so your money can grow a little faster.
“Consider switching to an online bank account that offers a high-interest savings and checking account, ” Rowan said. For example, she said Synchrony Bank offers a 1.05% APR on its savings accounts, and Ally Bank offers a 1.00% APR on checking accounts. The national average for savings accounts is just 0.06% APR and 0.04% for checking accounts, according to the Federal Deposit Insurance Corporation.
