- The Finance Gourmet

A Savings Account Paying 10% Interest

September 27, 2024 by Finance Gourmet

Many banks and credit unions offer outlandish offers to get attention and make their products stand out in a crowded marketplace. Credit cards offer 0% interest transfers to get new card applications, banks offer $400 bonus for opening new accounts. and high yield savings account online offer interest rates that can be double or even triple normal savings account interest rates at most banks. How You Can Earn 10% Interest On a Regular Savings Account A small credit union in Colorado is offering member 10% interest on what they call a Reverse Tier Savings Account. Whereas most savings accounts or money market accounts pay you higher and higher interest rates based on having more money in the account, this Reverse Tier Savings Account flips that paradigm on its head. So, how does that work? It works just like any other account that pays a different interest rate based upon how much money you have int he account, except it pays the most on the lowest balance. From $0 to $2,000, this account pays 10% interest. When you go over that lowest balance tier, the interest rate drops to a still very respectable 3.50% interest. From $2,001 to $5,000 this second …

When Will My Savings Interest Rates Go Up?

March 18, 2022 by Finance Gourmet

Waiting for your bank or credit union to raise the interest rate they pay you on your savings or money market accounts? Don’t hold your breath. Better Savings Interest Rates While the Fed kept interest rates at zero, most banks followed suit with their basic interest-bearing accounts, getting as close as their computer software allowed, 0.01% interest or APY if you prefer. A quick search of big bank websites shows mostly the same. Sure, you can grab a little bit more interest on a little bit more money if you meet certain terms and conditions, but the basic savings accounts all look like this. Bank Interest Rate Chase Savings Interest Rate 0.01% US Bank Standard Savings Interest Rate 0.01% FirstBank Regular Savings Interest Rate 0.01% Bank of America Advantage Savings Interest Rate 0.01% USAA Savings Account Interest Rate 0.01% Wells Fargo Way2Save Interest Rate 0.01% According to company’s website as of 3/18/22 You get the idea. Most of these banks have a way to earn more interest if you perform certain steps like setting up direct deposit or keeping a minimum balance, but even then, the rates are nothing to write home about. The best high-yield savings accounts online do …