Nowadays you can find savings accounts with rates as high as 5% and 6%. However, some banks seem happy with their rates exactly where they are. Below are the savings accounts we noticed with super low rates.
Bank of America | 0.01% - 0.04%
Chase | 0.01%
Citizens | 0.01%
Eastern Bank | 0.01%
M&T Bank | 0.01%
Rockland Trust | 0.01%
TD Bank | 0.01% - 4.00%
Wells Fargo | 0.01%
You're probably thinking, rates can't matter that much. Below shows the difference between an account earning 0.01% and an account earning 4%.
With 0.01%, it would take 5 years to earn $1.00 from a $2,000 savings account. This is only if interest is compounded daily. Comparatively, at a bank that offers 4%, your $2,000 would earn close to $100 in the same year. This is without adding any more money to it. It's very easy to see why switching banks (or accounts) can make a huge difference in your yearly earnings.
If you find your bank on this list - don't worry. There's probably a good reason for choosing them. But if you're open to shopping around - here are some of the highest rates we found on savings accounts.
Until next time...
Love The Journey,
