High APY savings accounts you didn’t know were connected to legacy banks

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There are plenty of solid reasons to keep some cash accessible in a savings account, including the prospect of surprise expenses like unforeseen medical bills or pricey home repairs. Many financial advisors even suggest keeping three to six months of emergency expenses tucked away in a savings account just in case you lose your job or face a loss in income.

By and large, having a cash cushion in savings is pretty much always a good idea. The problem is, hardly anyone is earning a lot of interest on their savings these days — and that’s particularly true for those who use a brick-and-mortar bank.

Thanks to the internet and the fact consumers can shop around among several banks with the click of a mouse, high-yield savings accounts are more competitive than ever. Many online banks offer rates that are up to 20 times higher than the national average — and with no fees or hoops to jump through.

Even better, some of the top online banks are tied to legacy banks you’ve probably grown up with over the years. Before you let your money sit idle in an account that’s paying pitiful interest, consider these legacy banks and all they have to offer.

Written by
Holly D. Johnson
Author, Award-Winning Writer
Holly Johnson began her career working in the funeral industry, which may make you wonder why she works in personal finance now. Yet, the funeral industry taught the author everything she needs to know about the value of one's money and time. Johnson left the mortuary business a decade ago in order to explore her passion for personal finance and travel the world, and since then, she and her husband have built a debt-free lifestyle that has them on the path to retire very wealthy in their 40s. Holly's love of budgeting also led to the creation of her debt payoff book, “Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love."
Edited by
Megan Harney
Audience development editor