7:30
All in all, take a look at the stipulations of each bank and choose the one that works best for you.
Around the end of 2018, the rates for these online savings really began to rise.
Barclays went from 1.8 to 2 to 2.2 percent in just a few months. But these aren't like CDs, where they are locked in for a certain amount of time. As easy as these banks give you great funds, they can reduce the rate and take them away as well.
That doesn't mean you can't take your money elsewhere and get a better rate.
Also there's that annoying thing called inflation. The rate of inflation is roughly around 1.6 right now. What this means is that over time, the value of a dollar falls.
In 3 days, we’ll turn 111 years old. Deposit $111/month into our #SavingsBuilder account, and build a habit of #savings. Now that’s something to celebrate! #HBCIT111
— CIT (@CITgroup) February 8, 2019
If your money is currently in one of these savings accounts, it's outpacing inflation.
But more importantly, these accounts should be for someone just starting to invest who isn't quite sold on stocks and definitely not ready for something more tangible like real estate or investing in a business.
The point is that it's always better to have the bulk of your money in something like an online savings account as opposed to a checking account, not earning anything at all!
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