Here are the best high interest savings accounts in 2020 and where you can get the top interest rate - Enjoy! Add me on Instagram: GPStephan
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My number 6 choice: Discover Bank - 1.5% Interest
They don’t have any hidden fees, they don’t have any maintenance fees, they don’t have any minimum balances…and they make that VERY clear as soon as you go to their site. They also have free ATM access, free debit cards, free checks…the list goes on.
My number 5 choice: Ally Bank - 1.5% Interest
They’re a bank that, in the middle of the FED reducing interest rates, and everyone else racing to the bottom - Ally actually barely budged, and they remained REALLY competitive because they knew that this was their chance to probably get more business. And hey, it worked.
Right off the bat, they’re offering you a 1.5% interest rate on your money with - just like Discover Bank - absolutely no minimums, no hidden fees, no “catch” - just a solid 1.5% interest rate. Ally has really been the only bank that I’ve consistently come back to after trying almost every bank out there. I also highly recommend their no penalty 11 month CD.
My number 4 choice: Marcus by Goldman Sachs - 1.55% Interest
This company is fairly similar to the previous two I just mentioned, in the sense that they have no minimums, no hidden fees…the usual. HOWEVER…The only downside with this account is that, at the end of the day…this is just a high interest savings account, without access to any additional banking services, like a checking account.
My number 3 choice: American Express Savings - 1.6% Interest
With their account, there are no fees, no minimum balances, and the customer service with American Express has always been topnotch. HOWEVER…just like my last example, keep in mind that this is NOT a full service bank account, so you won’t be getting access to a checking account, checks, or anything else like this. BUT…if you’re JUST looking for a place to stash your cash with a solid, reputable company…that gives you a reasonable interest rate…this one is great.
My number 2 choice: CIT Bank - 1.7% Interest
The minimum deposit for their savings account, to get that rate, is a $25,000 deposit. However, you can use their Money Market account which pays 1.75%. This is essentially the exact same thing as their savings account, except .. no minimums and it pays more…for now.
My number 1 choice: HSBC Bank - 1.7% Interest
Unlike a LOT of the other banks I’ve mentioned - HSBC has some physical branch locations, so if you ever actually need to walk into a bank to talk to someone. Now, I will say - the ONLY downside I’ve experienced with them is that their app and actual website are REALLY difficult and confusing to use.
Those are the BEST savings accounts as of right now, that have still managed to keep a reasonable payout - even though the FED has reduced its interest rates down to almost nothing. Do remember, though - that these rates are subject to change at any time, and most likely - I just jinxed it because I made a video talking about it. But, assuming I didn’t ruin it just now - feel free to use these banks and enjoy that sweet, sweet interest.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

By Stock Chat

where the coffee is hot and so is the chat

24 thoughts on “The fed just ruined savings accounts”
  1. Avataaar/Circle Created with python_avatars Pacific NW Carpenter says:

    Need an updated version

  2. Avataaar/Circle Created with python_avatars Ben L says:

    Would love to have an updated version of this video. Thank you so much for your guidance Graham. You’ve helped me tremendously.

  3. Avataaar/Circle Created with python_avatars Angel Prado says:

    Marcus is at .60% APY

  4. Avataaar/Circle Created with python_avatars Ginsederp Derpy says:

    2021:

    Autosave with Chase! Now at only -0.011% p.a.

  5. Avataaar/Circle Created with python_avatars leefinthewind says:

    HSBC is now 0.70% lol. AMEX is 1%. Crazy how far they dropped

  6. Avataaar/Circle Created with python_avatars Todd Mullen says:

    Saturday, August 1, 2020
    1% – Ally
    1% – Capital One 360
    1% – Popular Direct ($10k min 5yr CD)
    .95% – Discover
    .8% – Barclays
    .75% – CIT Bank
    .75% – Synchrony
    .75% – Popular Direct ($5k min)
    .7% – HSBC
    Note: I did not dig for fine print etc. I just found what they put up & noted the minimums that Popular Direct mentioned. Many/most others explicitly say no minimum though.

  7. Avataaar/Circle Created with python_avatars tai ji says:

    instead of smashing the like button, how about depressing the like button, slowly, calmly, with poise, care and attention.

  8. Avataaar/Circle Created with python_avatars ok says:

    Do a quick google search for ECOM BAZZOID someone posted your courses Graham

  9. Avataaar/Circle Created with python_avatars bio Ghalm says:

    Do a quick google search for ECOM BAZZOID someone posted your courses Graham

  10. Avataaar/Circle Created with python_avatars Robin Moody says:

    Stop these YouTube ponzy scheme adverts at the beginning of videos.

  11. Avataaar/Circle Created with python_avatars Toxic says:

    Image if it was 1.7% they pay you out every month instead of 1.7% for the year

  12. Avataaar/Circle Created with python_avatars Robin Hood says:

    The banks are pushing savers into investing their money to ever hope for any real postive return

  13. Avataaar/Circle Created with python_avatars Maika Le says:

    Cit bank is now 1.75%

  14. Avataaar/Circle Created with python_avatars Roberta Samson says:

    Please make a video on your thoughts on Digital Credit Union Savings Account.

  15. Avataaar/Circle Created with python_avatars Shannon Reilly says:

    Yeah, the feds did ruin savings accounts. That's why I moved all my money into Outlet Finance. You earn 6% on their app. And they have great customer service. Both shocking… I know. I think you should do a video on them, it could help a lot of people at this unprecedented time.

  16. Avataaar/Circle Created with python_avatars J_misinterpreted_Relephant says:

    Not only that but for most people they've ruined the dollar.

  17. Avataaar/Circle Created with python_avatars Kimmy Kim says:

    HSBC down to 1.01%

  18. Avataaar/Circle Created with python_avatars Kimmy Kim says:

    Seems like my rate goes down everytime I make a decent deposit.

  19. Avataaar/Circle Created with python_avatars Faris Sheikh says:

    Am I crazy? I'm seeing HSBC at 0.15%. Discover and others are doing the best at like 1.10%. Why is HSBC so much lower…

  20. Avataaar/Circle Created with python_avatars Alexander Bombita says:

    Now that all interest rates have been crushed, assuming all interest rates were the same which bank would YOU go with?

  21. Avataaar/Circle Created with python_avatars fire2box says:

    the intrest rates across the board seem to be down to like 1.00 to 1.10 across all I've seen. 🙁

  22. Avataaar/Circle Created with python_avatars Dave H says:

    I don't understand why you would want to lock in a chunk of your money in a 1.5% interest rate? Isn't it a great time to put your money in a money market-Linked fund which guaranteed your principle?

  23. Avataaar/Circle Created with python_avatars Joshua A. says:

    June 18, 2020: Capital 360 is at 1% and Discover is at 1.01%.

  24. Avataaar/Circle Created with python_avatars Graham Stephan says:

    ATTN EVERYONE: In a previous video, I said I would test out an episode of Extreme Cheapskates by cooking Lasagna in the dishwasher. Well, I did that and filmed it, so the video is coming out on my second channel soon (The Graham Stephan Show) – and for anyone who wants to see the result, it's on my Instagram Story @ GPStephan

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