Date: 2020-08-07 16:12:19
Today we’re going to be discussing the best bank accounts of 2020 – that pay you the highest interest rates possible – and you can see which is right for you. Enjoy! Add me on Instagram: GPStephan
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FIRST: Capital One 360 Savings Account
1% interest Rate – No Fees – No Minimums.
The good news with Capital One is that they also have a totally free CHECKING ACCOUNT, as well…which, is slightly different from some of the other banks I’m going to mention here, which only offer a SAVING account. That pays you 0.1% interest.
SECOND: American Express Savings
1% Interest Rate – No Fees – No Minimums
However, with American Express – even though you’re getting a 1% interest rate, this account is JUST MEANT TO BE A SAVINGS ACCOUNT and that’s it. Unfortunately, they do not offer a checking account – so, you’re not getting any debit card, and you’re not getting a checkbook…it’s only a linked account online that you can transfer money into, earn that 1% interest – and then whenever you actually need access to the money, you can transfer it out and to another bank of your choice.
THIRD: Ally Bank
1% Interest – No Fees – No Minimums
Ally Bank is a full on bank – and they have checking accounts. Those checking accounts also pay interest..If you keep less than $15,000 in the account, they’ll pay you 0.1%, which is the same as the Capital One 360 account – EXCEPT, once your balance exceeds $15,000 – they’ll raise your interest rate to .5%.
Ally Bank is also a lender, so you can get a loan through them if you decide to do that. And they’re also an investment platform with $0 stock trades. So, in a way – you can get everything money-related done in one spot, from your checking account, stock trading account, and loan account.
FOURTH: Vio Bank
1.04% Interest – No Fees – $100 Minimum to sign up
HOWEVER…the downside is that, like American Express – this is ONLY an online savings account, which means no debit card, no checks, and if you want to get your money in or out – you have to setup a bank to bank transfer which will likely take a few days to complete.
FIFTH: Redneck Bank
1.1% Interest on first $10,000 – No Fees – $500 Minimum to sign up
They also have – instead of a savings account – a money market account, that pays up to 0.85% on balances up to $50,000.
SIXTH: Varo Bank
1.21% Interest – No Fees – $500 Minimum to sign up
They’ll also LET YOU potentially earn up to 2.8% interest, up to a $10,000 balance….if you meet the minimum criteria. To do that within their savings account, you must make at least 5 debit card purchases in a month – which, most people do super easily just by buying $5 amazon gift cards, FYI. You must also have at least $1,000 worth of direct deposits going into the account. And the account CANNOT EXCEED $10,000. So, OVERAL…this is still a GREAT option, and the 1.21 to 2.8% interest rate makes a LOT of cents for anyone with less than $10,000 and doesn’t mind jumping through a few small hoops to get the higher interest rate.
LAST: T-Mobile 4% Savings Account
First, the 4% interest rate is ONLY available to T-Mobile customers…so, if you’re not with T-Mobile, this rate won’t apply to you. Second, the interest rate is ONLY available for the first $3000 in the account – after that, you’ll earn 1% interest. Which is still REALLY, REALLY good…but it’s far from the 4%. Third, you’ll also need $200 per month in direct deposits into the account to be eligible.
If you can meet all 3 requirements, then YES – 4% is an AMAZING rate to get, even if it’s only up to the first $3000 – and for T-Mobile Customers, as long as you don’t mind opening up an account – this is a good one to get.
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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.