Bankrate writes "The average American forgoes nearly $​2,​000 in interest via low-​yield savings accounts." Their article explains, "The average savings account balance is $​8,​863, according to the Federal Reserve. If your savings is in a liquid bank account for many years -- kept there in case of an emergency -- then it should earn the highest yield. If $​8,​863 sits in the average-​yielding 0.​10 annual percentage yield (​APY) savings account or money market account for 10 years, it will earn approximately $​89 of interest based on daily compounding based on prevailing average rates. If that same amount is in a savings account or money market account earning 2 percent APY -- easily attainable if you shop around -- it will gain $​1,​941 in interest over 10 years." The piece adds, "People are routinely earning around the national average of 0.​10 percent APY or far less. For instance, at Chase, the Chase Savings account earns 0.​01 percent APY on all balances. Chase does also have a Premier Savings account that has relationship rates as high as 0.​11 percent APY. But it requires a minimum balance of at least $​250,​000. There are several savings accounts over 2 percent APY that require little or no minimum balance."

Your Name:
Your Email:
Recipient Email(s):

Use a comma or a semicolon to separate

Please retype symbols from the image:

Optional Message

Daily Link Archive