so if you've got some extra cash laying around and you want to put it in a savings account with
the highest interest rate out there I've done my research and I found the high yield savings
accounts that are paying the highest amount right now so that's exactly what this video is about now
before I get into everything I do want to mention that all of the banks I'm listing are FDIC insured
but they are a little less known out there because typically when we're talking about Banks usually
the big ones like Marcus and Capital One they typically have extremely competitive rates and
I do love those Banks but right now specifically these are other banks that are hitting a higher
Mark and so we are going to be talking about banks that are less known but they are FDIC insured okay
so the first bank that made my list goes to Basque bank and these guys currently have an apy of 3.05
percent on their high yield savings account which is extremely competitive considering the fact that
they don't have a minimum balance it's just zero and then they don't charge any monthly fees as
well and then if you do want to lock up your money with a CD they do have CD accounts that
start at only six months and those ones right now are starting at 3.30 apy so if you do want to lock
it up just for a little bit of time for a little bit more interest you can do that with Basque Bank
they've also got a product called a high mileage savings account where they're actually working
with American Airlines and basically what it is is it's a savings account where you can earn 1.5
a Advantage miles for every dollar that you have saved and they actually pay those out annually
based on your monthly account balance so if you fly a lot and particularly if you use American
Airlines then that is a product that you can definitely look into because I have never seen
something like that as far as a savings account goes and how they reward you now obviously you
are going to have to do the math based on where you typically fly from and where you like to fly
to because those miles might not be as good of a value as what you could get with a three percent
interest rate but if it is a better value then I would definitely look into that now the only con
with Basque Bank in my opinion is that they only offer a few products because you've got the high
yield savings account you've got the mileage savings account and then you have CD accounts
and and that is it so if you're looking to do any checking and you want to have a debit card that's
not going to be happening with Basque bank because they only offer a few products but if that's not a
problem with you you can get one of the highest rates out there by using this Bank even if it's
just a little bit inconvenient now the next bank that made my list goes to CIT bank and they've
got a high yield account right now paying out an apy of 3.0 percent so it's a tiny bit lower
than Basque bank but I feel like these guys are a little bit more well known in the banking world
and they do have a few more products out there so for instance if you do want to have a checking
account you can do that with cat bank and they'll also reimburse any ATM fees up to thirty dollars
per month so if you are using their debit card you are reimbursed and you don't have to worry about
stuff like that CIT Bank also doesn't charge any monthly service fees and then when you do set up
a new account they do require a hundred dollars to get started but that's not really a big deal
and then I also want to mention that they have an 18-month CD account with a current apy of
four percent which is a huge deal so if you can meet their minimum deposit on the CD account of
a thousand dollars then you can actually get a four percent rate for 18 months which is
extremely competitive right now so overall if you're looking for a really high interest rate
and then really good CD accounts then definitely check out cat bank because they've got some good
products to look into right now and then if you ever want to do your own research on which banks
are going to be best for you based on when you're currently looking definitely check
out bankrate.com I've got an affiliate link for them in the description below so check them out
if you have an interest because basically you can just go to one website and you can check
out all of the most competitive rates out there and the banks and what they offer and then you
can make your own decision based on what you're looking for at that current time now the next
bank that made my list goes to Lending Club bank now these guys are mostly known for personal
loans but they do offer savings checking and CD accounts as well and they also have the highest
apy out there that I could find at a current rate of 3.12 percent that's the highest I could find
out there and it goes to Lending Club Bank they also don't charge any monthly fees so you don't
have to worry about that and then when you do set up a new account they do require a hundred dollars
to get started but like I said that's never really a big deal their current CD rates are pretty good
but overall they're not the most competitive out there so I would probably just stick with
their high yield savings account because overall if you're looking for the highest interest rate
without locking up your money then definitely look into Lending Club Bank because currently
they do have the highest rate out there and then if you guys ever do find a higher rate out there
please let me know in the comments because I'm always interested in learning about new
Banks but just keep in mind that some banks do advertise a higher rate well Above the Rest but
then they'll typically have a cap so for instance you might see a seven percent rate advertised but
then you can only have a cap of two thousand dollars before they kick you into another rate
so that's why I don't talk about those really high interest rates because I only want to talk about
the ones that don't really have anything hidden inside of them so overall if you're looking for
the highest interest rates right now they're going to be about three percent but over the
last six to 12 months rates have been going up so hopefully in the future they keep doing that
because that is just a better overall value for your money especially if you just have a basic
savings account now obviously it's never going to beat inflation but it's better than nothing