FTC: This post is not sponsored. All weird thoughts and comments are my own. 

millennial in debt

Savings accounts and CDs just aren’t what they used to be. I’ve had a Citibank account for as long as I can remember, and up until recently I’ve always been extremely happy with them as a financial institute. However, after doing some in depth research (because I’m always looking to make more money), I realized that my money wasn’t working to the best of its ability while sitting in my Citibank savings accounts.


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It is absolutely time to make your money work it the best of its ability. It doesn’t have to sit in one place getting barely any interest. If I work.. then my money has to work too. Here are the most reliable and trustworthy banks with the highest interest rates. (side note: I found out that Sallie Mae offers competitive savings account interest rates… which comes at no surprise. But out of respect for you and myself.. .you’ll have to look up the info on your own… I’m not supporting that hoe). 

banks with the highest interest rates

Top 5 Banks With The Highest Interest Rates For Your Money

1. Capital One 360: I’ve had a Capital One 360 savings account for almost three years. I opened this account when I wanted to save an extra 5,000 dollars to pay off my car note and afford Christmas presents. I kept it open as a means of continuing to save for Christmas, and to make larger principle payments on my student loans. The Capital One 360 account is the digital version of Capital One. So you don’t get a debit/credit card, which is a great thing for me so I can avoid spending the money frivolously. They do have a checking, savings and money market option. So I’ll stop blabbing and give you what you came for:

APY (Annual Percentage Yield): 1.00%
Minimum Balance To Earn APY: any amount will earn the 1.00% (however if you have 10K or more open a Money Market account to earn 1.50% APY)
Monthly Fees: $0
Minimum Balance To Keep Account Open: $0

2. CIT Bank: I thought this bank had some affiliation with Citibank… well because obviously the name duh… but they don’t.

APY (Annual Percentage Yield): 1.75%
Minimum Balance To Earn APY: any amount will earn the 1.75%
Monthly Fees: $0
Minimum Balance To Keep Account Open: $100 (you also need 100.00 to open the account itself)

3. Synchrony: What I like about Synchrony is they are similar to Capital One. I don’t like when banks charge me money to hold on to my money. That defeats the purpose of me trying to save coins! You won’t run into that problem when it comes to Synchrony. Here’s the info on how they stack up in comparison to Capital One 360.

APY (Annual Percentage Yield): 1.55%
Minimum Balance To Earn APY: any amount will earn the 1.55%
Monthly Fees: $0
Minimum Balance To Keep Account Open: $0

4. Discover: My brother has been using Discover for his savings and credit card since he turned 18, and 7 years later he is still a happy customer. And I for one can see why. I’ve always known Discover as more of the credit card company that most people don’t have (sorry… didn’t mean to be shady) but I’m absolutely here for their APY rates.

APY (Annual Percentage Yield): 1.50%
Minimum Balance To Earn APY: any amount will earn the 1.00%
Monthly Fees: $0
Minimum Balance To Keep Account Open: $0

5. Popular Direct: If you do a quick Google search you will see that Popular Direct is at the tippity top of everyone’s list when it comes to their APY interest rate. Here’s why it’s at the bottom of mine: 1) I never heard/saw Popular Direct before but that could just be due to a lack of my prior research. Popular Direct is strictly an “online” bank, similar to a few others mentioned.  2)They have fees and a minimum you have to meet in order to reap the benefits from their high APY interest. Let’s dive into the deets

APY (Annual Percentage Yield): 2.00%
Minimum Balance To Earn APY: $5,000 dollars needed in order to earn the 2.00%
Monthly Fees: $4.00 dollars charged if you do not have over $500.00
Minimum Balance To Keep Account Open: $0

The only account I can wholeheartedly recommend 100% percent is Capital One 360, because it is one that I have personally. I can get behind Discover 90% because my brother uses them. All the other banks or any banks you run into in your own research, you want to make sure to ask many questions to see if it is right for you. You don’t want to simply go for the bank with the highest APY if you won’t meet the minimum requirement to achieve that interest rate. Choose what works best for you and your money.

Let me know how your bank search goes in the comments below! Always open to new ideas! Until next time!

millennial in debt