You’re probably not saving as efficiently as possible.

Written By Justin Huynh

And also getting screwed over by big name banks.

If you have a savings account from one of the big banks — Chase, Wells Fargo, BoA, etc — you’re probably earning 0.00001% interest on your money or 0.001% if you’re a preferred member (with lots of money).

But did you know you can switch over to an equally comparable online bank (that is still FDIC insured) and earn upwards of 2.5% interest (versus your 0.00001%)? There isn’t any catch, big banks are just not sharing the money they make with our money.

For context, that means on a $20,000 savings account, you would earn $500 in interest alone in 1 year (which is more than you would earn over the next 30 years at X big bank).

Here are my favorites:

  1. Marcus (by Goldman Sachs) — 2.15%

  2. Ally Bank — 2.25%

  3. Sofi Savings+Checkings — up to 2.5%

The best part is that it take 5 minutes to set up your account and about 2 business days for your money to transfer over.

#TheMillionImpactMission

Justin Huynh
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