Turn Your Tendr Gifts Into Ones that Keep Giving with These High-Interest, Online Savings Accounts
One of the things we often see people saving for with Tendr is a ‘Future Fund’ of some kind. Call in a nest egg, a rainy day fund or savings. Whatever it's called, there are lots of people who are using the gifts they receive on Tendr to save for their future.
And while it may not be a glamorous way to use gift money, it’s a smart call if you need to build up your savings. And, given that a recent survey by The Federal Reserve found that 47% of respondents would struggle to cover a $400 emergency if one came up, it’s one that could help people pretty significantly if something unforeseen came up.
Right now, with interest rates sitting pretty low, it’s tough to find a savings account that’s going to earn you a heck of a lot more than 1% in interest. But, that doesn’t mean it’s not worth trying!
To help you make the most of your money, we’re rounded up 5 high-yield, FDIC-insured savings accounts. While we’re not financial planners, we think these a good place to start when it comes to finding the right place for your money to live once you’ve received it as a gift.
1. Ally Bank’s Online Savings Account from Ally
The Online Savings Account from Ally is one of the only ones offering an interest higher than 1% (it’s at 1.05% effective as of 4/21/2017) and only requires you to keep $1 in the account to earn interest. It also has no monthly maintenance fee and 24/7 live customer support. Learn more on NerdWallet.
2. Synchrony Bank’s High Yield Savings Account
This account offers an interest rate of 1.05% and has no minimum balance to open your account. Two other perks of this account: no monthly service fee and mobile check depositing to your account. Learn more on NerdWallet.
3. Barclays’ Online Savings Account
The Barclays Online Savings Account offers a 1% interest rate and is a good choice for someone who may want a more brand-name bank holding their funds. Like the above offerings, there’s no minimum balance and no monthly maintenance fees for this account, which also offers mobile check deposit. Learn more on The Simple Dollar.
4. GS Bank’s Online Savings
The GS Online account offers an interest rate of 1.05% and no minimum deposit to open your account. One of the more unique features of this account is that you can direct deposit funds to it to this account. Learn more on NerdWallet.
5. FNBO Direct’s Online Savings Account
If you’d like to go with a smaller institution that still offers a competitive interest rate (at 0.95%) and FDIC-insured deposits, the Online Savings Account from FNBO is a strong contender. Offered by the community bank First National Bank of Omaha, this online account offers the same perks of no monthly fees or minimum balance. Learn more on NerdWallet.