Who Is Paying The Highest Interest For A Money Market Savings Account

Could Your Savings Business relationship Be Netting You lot More Money? Get the Best Deal On Your Involvement Rate

Syda Productions / Shutterstock.com

As the U.S. Federal Reserve projects interest rate hikes to bring the prime rate up to 2.25% or even 2.5% by the finish of this twelvemonth, it could pay to revisit your savings business relationship and come across if your money could be earning more than, experts say.

Read More: Here's How Much Cash You Need Stashed if a National Emergency Happens
Discover: 20 Genius Things Mark Cuban Says To Exercise With Your Money

Martin Lewis, a money saving expert in Britain, told The Independent, "If you've non switched savings business relationship in the terminal couple of years, yous're likely earning just 0.1% or less. Exercise bank check now."

The same advice holds true for Americans in low-cal of recent interest rate hikes by the Fed. That doesn't mean your money will necessarily earn the prime number rate of 0.25%, but you could be earning that or more.

POLL: Exercise You Call up States Should Suspend Their Gas Taxes?

GoBankingRates recently shared the best high-yield savings accounts, and most of the highest rates can exist found with online banks.

Top picks included:

Bread Savings: 0.75% APY, no monthly fees, $100 minimum deposit to open

Quontic Depository financial institution: 0.75% APY, no monthly fees, $100 minimum deposit to open

Sallie Mae Bank SmartyPig Account: 0.70% APY on balances up to $10,000, no monthly fees, no minimum balance

Monifi Salve: 0.lxx% APY, no monthly fees, no minimum balance

TAB Depository financial institution: 0.65% APY, no monthly fees, no minimum opening balance

When yous're shopping around for a savings account, make sure to check for monthly fees, which can eat into your interest earnings, minimum rest requirements, and savings caps to earn the highest interest rates.

Read: ten Things You E'er (and Never) Should Buy at the Dollar Store
Learn: half-dozen Household Staples That Are a Waste product of Money

All these factors, combined with the interest charge per unit, tin influence your decision equally you choose the best savings account for your short-term and long-term financial goals.

More From GOBankingRates

fifteen Best Things To Buy With SNAP at Target
Women & Coin: The Complete Guide
Simple Ways To Start Investing for Any Upkeep
The Tiptop Purchases You Should Always Brand With a Credit Card

Dawn Allcot is a full-time freelance writer and content marketing specialist who geeks out about finance, e-commerce, technology, and real estate. Her lengthy list of publishing credits include Bankrate, Lending Tree, and Hunt Banking company. She is the founder and owner of GeekTravelGuide.net, a travel, technology, and entertainment website. She lives on Long Island, New York, with a veritable menagerie that includes 2 cats, a rambunctious kitten, and three lizards of varying sizes and personalities – plus her ii kids and married man. Discover her on Twitter, @DawnAllcot.

Newsletter background image