THE BEST HIGH RETURN, HASSLE FREE SAVINGS ACCOUNTS OF 2017-18
In this post, I’m going to share with you an often under looked way to make extra cash! It is called: online savings accounts.
What are Online Savings Accounts:
Online savings accounts are very similar to brick and mortar banks, however, they are often only online. Instead of having a branch location, if you have an online savings account you will not have the opportunity to speak with people directly and perform transactions in person. However you often will be able to speak with representatives over the phone or live chat and do almost all the same transactions as a normal bank-just online only.
Advantages of Online Banking:
- Over 100% Higher interest rates
- No waiting in lines
- No need for human interaction
- Often improved online and in phone presence/customer service
- Can view your entire account history and transactions online
- Added perks like discount programs or points towards rewards
- No transactions fees (for the following banks stated below, check with each bank to ensure your’s does not have fees)
There are more advantages but these are the main reasons why I choose online banking. These institutions are often ensured for up to $250,000 in losses, so if the banks were to get hacked you are still ensured to cover any potential theft to your money up to $250,000 (which is the max the FDIC will insure).
CONS FOR ONLINE BANKS:
- Increased wait time for your money. Transfers of money may take days vs ATM’s or institutions can provide cash right away.
- Lack of personal touch. You will have to be willing to email or call your bank for questions.
- Potential to get hacked. However, many reputable online banks are certified and insured for $250,000.
How Can Online Banks Provide Higher Interest Rates:
Since online savings accounts do not have to pay for renting brick and mortar locations, the utilities that come renting a location, and often extra employees-this money can they go into your hands instead in the form of increased savings account interest accrual!!
Why is Online Banking So Important?
One the most important keys that all financial gurus’ stress is creating PASSIVE INCOME. PASSIVE INCOME is having money work for you even while you are relaxing, sleeping, and enjoying your life.
PASSIVE and HIGH Income are the Best Ways Towards Financial Independence!
There are many ways to amass passive income, but one of the safest and easiest (although not the most lucrative) ways to start is by establishing a high yield savings account. Standard brick and mortar banks provide only a passive savings interest rate of 0.01%. BUT, these 2 banks below promise 1.30% APY. That’s over 100% more passive earning potential! What’s the catch??
They are internet based. Well-established internet banks are the wave of the future. They can afford to give you higher interest rate because they are on the internet and as result they do not have the extra costs surrounding a brick and mortar location.
These 2 banks have the highest APY (annual percentage yield) that I’ve found on the Internet and they don’t come with additional hoops to jump through. They both take only several minutes to apply and have no minimum balance requirements to open an account. Check out their websites for even further details.
I have personally used Goldman Sachs bank to earn over $800 in interest this year in my high yield savings account. This was $800 that was guaranteed – almost $100 a month, no stress, no hassle. I just deposited my money online in the bank, and watched it grow!
Heres a simple example of your potential saving:
Account Balance: $25,000 Interest rate: 1.3% APY
After 12 months: $25,325 (yes thats only $325 but thats no stress, no risk, no EFFORT!!)
After 5 years (not adding anything more to the account: $26668 ($1668 earned!)
Yes this doesn’t add riches, but thats an extra 200-300 a year that could go to a vacation or loan payment! I have no affiliation to these banks other than that I use them personally and try to help as many people as possible realize that online banking is the best way to guarantee passive income with no risk and no effort and for those people who don’t want to try other ways for passive income.
Make 1.30% APY For The Rest of Your Life With the Following Banks:
SYNCHRONY BANK
➢ 1.50 % APY
➢ NO minimum balance
➢ Travel discounts based on account value
➢ 24/7 assistance
Goldman Sachs Bank
➢ 1.50 % APY
➢ NO minimum balance
➢ Simple to use
SUMMARY
As you can see, in my opinion there is little negative to an online bank. I would recommend that you keep a emergency fund in a brick and mortar bank so that you would be able to withdraw money fast if needed. The rest, I recommend a diverse array of financial institutions, including a high rate savings account, retirement funds such as 401K and IRA’s, and investments.
I have no affiliations with either of these banks. I use both of these banks to earn extra passive income and I have been very satisfied with their customer service and use of their banking system.
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