A Savings Account That Is Actually Worth It!
Are you sick and tired of getting .01% back in interest on your hard earned money? Obviously safety should earn you less than more risky investments but .01%? If you had a million dollars you’d have $100 lousy dollars..that’s just darn pathetic. Especially when the banks are making much more off that money every month than they are paying us every year! The average savings account offers that crappy return that’s not even worth putting money in to.
Online Bank Savings Accounts
There is a whole lot going online – silently. Most people have no clue just how badly they are getting screwed by their banks. For instance you can get an account with an online bank and easily find a savings account that offers .4% or more! Now that’s still not a lot but it’s definitely no bad with the prime rate near zero and completely risk free! That million dollar now turns into $4,000 which is definitely less laughable.
Rates change all the time but currently the best rate i’ve seen is by EverBank at 1.60%! It’s a 6 month introductory price and over the first year you’ll net 1.11% APY. So that cool million dollars now spits out $11k a year! That darn good for a risk free investment (though 1 million might be risky since it’s over the FDIC guaranteed insurance).
In more real terms, lets say you have a $25,000 emergency fund and liquid savings.
Over 1 year you’ll receive:
- $2.50 at your typical bank offering you .01%
- $100 at your typical online bank offering 0.4%
- $277.50 with Everbank at 1.11%!
Which would you choose? Obviously it’s a no-brainer! If i’m going to let the bank lend my money out for huge profits, I at least want some small sliver back in my money market or savings account.
What Makes Money Market (Savings) Account Better?
The account is through EverBank, they are the leading online bank that offers MASSIVE interest on savings accounts and has amazing deals on other banking products. Typically online banks offer better interest rateson your money, and better loan rates than traditional banks. Everbank is even better, they put a lot of other banks to shame.
Lets look at the account a bit
- Introductory rate goes down to .61% after year 1, but they pledge to be in the top 5% of banks, price checked every month.
- No Minimum Balance
- No monthly fee
- Mobile Check Deposit
- Can Move Money From Account 6 Times (Maximum amount of transfers a month banks are allowed)
Why This Is Awesome!
The bank I use to keep my money was at a credit union. These offer better rates than the “mega” banks, but even still I only got 0.3% APY on my money market account. This was also a tiered rate which was the best they offered…Also if my balance dropped below $5,000 at any time during the month then I forfeited my interest for that month…
The high yield savings account at ever bank only takes $1500 to open, and has no minimum balance! They don’t charge you a monthly fee and you can do most banking from it.
I would highly recommend opening the account, it doesn’t hurt you and it’s free. Take advantage of their amazing 6 month introductory rate of 1.60% and put your money to work.
After the 6 months if you wish take your money and find another great account if you can. I personally keep my money in the account because of their yield pledge and the fact that they are still the best.
I go more into detail in my review, if you need more information read it HERE. I strongly encourage you to open an account with them, I have really fallen in love with them. They offer many other great things it’s hard to look back.
Also, make sure you jump onto their introductory rate right this second because it could easily be gone very soon! Don’t miss out on free money – you only need $1,500 to open an account!