If you are a big fan of big banks, you will no doubt love the interest they pay on your savings account (0.01%)! But then, let’s also be fair. The interest paid by banks are paltry across the board, not just the big banks.
Then there are some banks that offer an above average interest on your savings account, if you maintain a 5 figure balance! Some banks offer 1% without crazy conditions and this is still better than the average, but now a Credit Union has come forward offering a 3% interest on your primary savings with a modest $5 minimum on your first $500!
Now compare this to what other banks offer:
- Bank of America – 0.01%
- Chase – 0.01%
- HSBC – 0.01%
- Wells Fargo – 0.01%
* Savings rates for the State of California
If I didn’t own a blog, I would be shouting on top of my roof! But thankfully, there are most civilized ways to get the message across!
I can hear you saying…sooo what’s the catch? Since I’m already a member of this credit union, I looked. There really isn’t any. No periodic direct deposits needed, no monthly fees, no requirement to use your ATM/debit card a certain number of times, nothing out of the ordinary!
You can have only one primary account and the interest will drop to 0.05% for balances above $500. (Still a better deal than 0.01%)! This is a credit union and there will be an eligibility requirement, but you can set this up online. I don’t even live in the same state where this Credit Union is located!
Great way to jumpstart your emergency fund!
If you don’t have one already, may be this could be the spark plug to get started! Why let your emergency fund sit in an average savings account earning practically nothing (0.01%) when you could put it to work for 3%? Remember, the really smart folks think in percentages! Be one!
And if you must know, I’m not getting compensated to get the message across! The links are not affiliate links and I’ve been with this credit union, DCU since 2000 and have only good things to say about them.
What interest are you earning on your savings account?