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Experts from Nerdwallet are sharing the best savings rates currently available on the market in the USA. This full list of top accounts comes following the Federal Reserve’s decision to hike interest rates by 0.25 percentage points.
Here is a full list of the banks which are offering the best savings interest rates, alongside the names of the accounts:
- CIT Bank – Savings Connect – 4.20 percent interest rate
- LendingClub – High-Yield Savings – 4.25 percent interest rate
- Synchrony Bank – High Yield Savings – four percent interest rate
- Discover Bank – Online Savings – 3.60 percent interest rate
- American Express® – High Yield Savings Account – 3.75 percent interest rate
- Citi® – Accelerate Savings – 3.85 percent interest rate
- SoFi – Checking and Savings – four percent interest rate
- Citizens – Online Savings Account – 4.25 percent interest rate.
What are the best savings accounts?
Notably, one of the accounts which provides the best savings interest rate for the week beginning March 20, 2023, is Lending Club’s High-Yield Savings.
This particular account pays an interest rate of 4.25 percent APY with a no minimum balance after an initial $100 to open it.
There are no monthly service fees attached to this savings account and a free ATM card with the High-Yield Savings is available.
The application for this Lending Club account only takes three minutes to complete and applicants need their Social Security Number.
Furthermore, the other top interest rate on offer comes from Citizen’s Online Savings Account.
Savers are able to earn a rate of 4.25 percent APY which is 21 times the national rate of 0.19 percent.
There are no promo and teaser rates, or hidden costs and fees linked to this particular savings product.
Applications for this account can be made via the Citizen’s website and take around five minutes to complete.
Following these banks on the list is CIT Bank’s Savings and Conncent product which awards customers with a 4.20 percent interest rate.
SoFi’s Checking and Savings Account, and Synchrony Bank’s High Yield Savings product, both pay four percent to savers.
Citi®, American Express® and Discover Bank are linked to interest rates of 3.85, 3.75 and 3.75 percent, respectively.
Following the Federal Reserve’s most recent intervention, the central bank’s target rate range is between 4.75 to five percent.
After last week’s rate hike, David Goebel, associate director of investment strategy at Evelyn Partners, shared why the Fed chose to raise rates at this time.
He said: “Less than two weeks ago Fed chair Powell was suggesting that it may be appropriate to increase rates by 50 basis points at this meeting if the data continued to show strength.
“Since then, February’s 300k job growth and 0.5 percent monthly core CPI inflation reading bolstered this case, and the meeting may have delivered it were it not for problems in the banking sector.
“The failure of Silicon Valley Bank in the US and Credit Suisse in Europe caused market participants and the Fed alike to reconsider the path for interest rates in the US.”
Further information on the best savings accounts for March 2023 can be found on Nerdwallet’s website.
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