Who offers the best checking account Rates?

[a.trainer]

While I will never get rich with my money in a savings account or checking account, are there any places people keep their money to earn a tad more interest than their local bank or credit union?

[disneysteve]

There are numerous online accounts that beat the local banks. Ally is one of the best. Discover is also good. Capital One is worth checking out. But I'm pretty sure Ally currently has the best rate. I think they are around 1.5% now.

If you have cash you don't need immediate access to like an emergency fund that you probably won't touch, you could also consider a 12-month CD. I've seen those going for a bit over 2%. I don't think I'd tie money up for more than a year at this point.

[james.hendrickson]

While I will never get rich with my money in a savings account or checking account, are there any places people keep their money to earn a tad more interest than their local bank or credit union?

Bonds - consider a bond fund. I am partial to Vanguards VBMFX myself.

[disneysteve]

Bonds - consider a bond fund. I am partial to Vanguards VBMFX myself.

Just keep in mind that every time you take money out of a bond fund, it is a taxable transaction. If you are putting money in and out regularly, the record keeping can get cumbersome. So if you just want a place to park a lump sum, the bond fund can be a good choice. If, however, you want an account that you will be using actively, an online money market is a better choice.

ETA: VBMFX also has a $3,000 minimum investment requirement.

[msomnipotent]

Capital One is also paying 1.5%. I was just checking on interest rates the other day and Goldman Sachs was paying the highest at 1.6% for savings. But you also need to consider bonuses. I was paid $200 for opening the Cap 1 account. I didn't see a bonus with GS, so that tiny increase in interest wouldn't be worth it for me. I think you could get $250 easily, depending on how much cash you have to open a new account.

[Like2Plan]

NWFCU has 2% on the first 15k, but there are a lot of strings attached to getting this rate. One (of several requirements) was to have 12 debit purchases
in a month!

https://www.nwfcu.org/compare-features-our-checking-accounts