Emigrant Bank, GE Capital Bank, Barclays Bank Delaware and Ally Bank are some banks that offer the highest interest on savings accounts, as of 2015. Other features include no fees and no minimum required amounts.
Online banks, traditional banks, credit unions and prepaid debit cards offer the highest rates on savings accounts, claims Forbes. Savings accounts usually offer lower returns than riskier alternatives, such as stocks or bonds, reports the Houston Chronicle.
Bankrate publishes a list of the savings accounts offered by banks that have the highest interest rates. As of July 30, 2015, Synchrony Bank's interest rate of 1.05 percent is the highest rate on a savings account without minimum deposit. Credit unions tend to have high-yield savings accounts, recom
As of 2015, the average savings account rate is 0.17 percent, according to U.S. News and World Reports. However, consumers who shop around are often able to find opportunities to earn more on their savings.
To find the highest savings rate, compare rates with multiple banks and be on the lookout for hidden fees, advises Ally.com. Compare online banks to traditional brick-and-mortar establishments to determine which has the best rates to offer.
As of June 2015, personal savings account interest rates are averaging 1 percent per year, according to MoneyRates.com. This means that an individual receives 1 percent of the total he has deposited in a particular account for the entire year.
Consumers seeking the best interest rates on bank savings accounts should look at banks offering online savings accounts. Although annual percentage yield earnings on savings account deposits change frequently, on average, online savings accounts outperform traditional accounts offered at brick-and-
Compound interest in a savings account accelerates interest earnings by paying interest on the portion of the account balance made up of previously earned interest. Interest in a savings account accrues at a rate that varies among banks and may compound daily or monthly.
You can find the current interest rate for ING savings accounts by visiting the ING website at INGDirect.com.au, and clicking on the Savings tab on the menu. Once you are on the Savings page, the current interest rate for each savings account type is displayed.
In general, internet banks offer higher interest rates on savings accounts than brick and mortar banks due to their lower operating expenses, as stated by Forbes. Consumers should also consider credit unions and prepaid debit cards when seeking the highest interest rates for their money.