Let’s be real… with the whole Corona situation taking over the world, the term economy as we know it has changed. The special situation calls for special measures without panicking! If you want to understand how to save money these days in easy terms check out the two-part series on our blog; Money & Coronavirus: How Much Money to Save: Part 1/ Part2. The next step is how to earn through your savings? We are here to answer!

How does it work?

The queries about the money market often use a lot of jargon but hey! sit back and relax and learn about the best saving accounts and the best money market rates with us. High interest- rate saving accounts work like a snowball. They keep adding on the savings that you have put in your account, based on a certain interest rate over a while. Thus, adding to your savings in the form of an emergency fund. It is a very common practice in banks. But these days, the option of online savings accounts also made available by service providers such as American express under the name American express personal savings.

Who provides the best money market rates?

Most high interest- rate savings accounts provide an interest rate between 1%-2%. According to various surveys, the top high-interest savings service providers include 10 Best High Yield Savings Accounts and their APY (rate of return) as of June 2020 are:

1. UFB Direct (1.51%)

2. My Savings (1.00%)

3. CIT Bank (1.30%)

4. Capital One (1.15%)

5. Discover Bank (1.15%)

6. Marcus by Goldman Sachs (1.30%)

7. CIBC (1.35%)

8. American Express (1.15%)

9. Barclays Bank (1.15%)

10. Citizens Access (1.30%)

How can I get started?

In the current stage of the economy of the world, the service providers understand the need of online savings and also providing the customers with the ease thus the details regarding starting up the savings accounts according to the money market rates are available on the websites of the respective service providers mentioned above. So, make a smart decision and enjoy the ride!