Many banks, especially online banks, are competing for customers' business by offering high-yield savings accounts.
– If you have money sitting in a savings account, now is a good time to help it grow.
High-interest rates affect more than your credit cards and car loans. There’s a flipside. Banks’ competition means many are now paying you more to hold your savings. “The rate of return at Apple is attractive, 4.15%, but there are 20, literally, 20 that pay more than that and are at federally-insured financial institutions nationwide,” McBride said.
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