Exploring Alternatives to Traditional Bank Deposit Savings
Some money market accounts not only pay higher interest than traditional savings accounts, but also offer restricted current accounts. Depending on your risk appetite, one could argue that investing with institutional gamblers who have a cash-positive relationship with platforms such as www.casinoinquirer.com is a good bit of exposure to have. Some banks also offer savings accounts that come with fees and minimum transaction limits and do not allow you to move money in or out as often as you want. The minimum balances in these accounts may be waived, but if a minimum balance is maintained, the accountholder will pay the usual low interest rate offered by a regular savings account and the bank will not levy any penalties or fees.
The most advanced credit unions in the market for digital money management services on a national basis are Signature Federal Credit Union that offer return equivalent to or better than those of online banks. Credit Unions, unlike point banks, operate secure websites that provide basic online money management services, online banking and remote interaction between customers and employees. You can transfer money from one online bank to another and access your money via a network of ATMs.
Online banks such as the Ally Bank and American Express Bank offer higher interest rates on savings accounts. For example, Ally Bank, Cit Bank and Synchrony Bank offer their high-volume online savings accounts with interest rates of 2% or more. It is necessary to maintain the relationship with your local bank in order to make more money with your savings.
If your bank does not tell you, you can quickly google and you will find high interest accounts and their rates online. Alternatives to traditional passbooks that allow you to earn a higher interest rate on your money do not provide the liquidity of a savings account and often come with a range of requirements, including minimum balances, monthly transaction restrictions and lack of federal insurance. Treasury bills are not liquid savings accounts, but money markets at your local bank, where they are short-term and pay much more interest.
High-interest savings accounts have higher returns than other savings accounts offered by online banks. Cash management accounts combine services and functions similar to checking accounts, savings accounts and investment accounts into one product. These accounts tend to have a higher annual percentage return than traditional savings accounts and are a good place to park your savings.
Cash Reserve is a high-yield cash account that is available to customers of Betterment LLC (not a bank) under a cash transfer program with the bank through their broker account or betterment securities. Cash Reserve deposits customer funds into one or more bank programs at the bank, where they earn variable interest rates and are eligible for FDIC insurance.
If you want to tie down your money a little longer and earn more interest, look at the rates offered by online bank for certificates of deposit (CDs). You can get involved at the level of an investor with some of the best payout casinos in USA as well. The average annual returns of municipal bond funds are much higher than conventional bank accounts, and there are many alternatives included in this article. Treasury bills are short-term and pay a lower interest rate, but are still better than traditional banks.
