These banks pay 20x the national average on savings accounts

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Interest rates are rising and while that translates to bad news for your credit card, mortgage, student loan and other variable interest rate loans, it means your savings could get a major boost.

Many FDIC-insured banks, online banks and credit unions are now offering up to 20x the national average interest rate of 0.10 percent on savings accounts. The bottom-line: your money could be making more money and working harder for you if you deposit it in a high-interest savings account.

Below is a list of financial institutions offering interest rates of 2 percent or more on savings accounts. There are pros and cons to each of the accounts. So, before socking away your money, dig a little deeper and choose an account that takes into account your long- and short-term financial goals, as well as factors such as ATM access, minimum balance requirements, fees and ease of withdrawals.