Savings Account | Increased Monthly Interest by $137

Back in June 2019, I spent about 15 minutes and increases the interest I was earning from having money sit in my savings account by 6 times. You can do it too! Simply look for at high yield saving accounts, choose the bank you want to go with, open an account and move your money.

I grew up using a local bank for the past 20 years. At the time I closed my accounts with that bank, their savings account’s interest rate was 0.35%. I had about $80,000 in my account for my emergency fund and a down payment on my future house. At that rate, I was earning $23 each month in interest. I decided switch from a local bank to Citi who offered an interest rate of 2.36% for their savings account. My interest payment immediately increased to $160 for June. That was an extra $137 in my pocket! It makes me upset thinking about the money I could have earned if I had only done this way sooner. Interest rates have since declined since. My current rate is 1.8% at Citi, but this is still more than what my previous bank was offering. 

I used NerdWallet and Bankrate to compare different high yield saving accounts. After I ruled it down to 2 banks, I read about how each account works, what services the banks offered, and if there were any maintenance fees associated with those accounts. 

I hope you'll spend a couple of minutes to see how much your interest rate is for your savings account and consider moving banks if doesn't offer a high interest rate and what you want. Also, see if you are paying maintenance fees on your accounts. There are many banks that offers savings and checking accounts that do not have a maintenance fee or offers the option to have them waived if you keep a certain balance in your account.