Goldman Sachs, Sallie Mae: These savings accounts offer the highest interest rates
With the average annual percentage yield on savings accounts in the U.S. at less than one percent, most customers have to be willing to deposit significant sums of money in order to see any meaningful growth to their savings.
Though these accounts often do not come with the services provided by traditional banks, such as ATM withdrawals and mobile banking apps, the lack of frills allows these companies to transfer the savings on to consumers and offer interest rates significantly higher than the national average.
So before opening a new savings account, these are the four savings accounts with the highest annual percentage yield, according to Bankrate.com.
1. Customers Bank:
Customers Bank offers an industry-leading annual percentage yield of 2.25 percent, exactly two-and-half times the national average. Consumers, however, will need to deposit a minimum of $25,000 in order to earn this interest rate, a hefty sum for many.
2. Sallie Mae:
Sallie Mae, the company well-known for servicing student loans, also provides savings accounts with extremely competitive interest rates at 2.12 percent. Unlike Customers Bank, Sallie Mae does not have a minimum deposit requirement in order to achieve this APY.
3. Citizens Access:
This online offshoot of Citizens Bank offers an interest rate of 2.12 percent. While this rate equals that offered by Sallie Mae, Citizens requires a minimum deposit of $5,000.
4. Marcus by Goldman Sachs:
Thought opening an account with Goldman Sachs was only for the super wealthy? Think again. The white-shoe Wall Street firm offers savings accounts with interest rates of 2.05 percent with a minimum required deposit of only one dollar.