June 23--Cautious savers disheartened by low interest rates might find beacons of hope in a newly published GoBankingRates survey.
With savings account rates at banks and credit unions averaging less than 0.2 percent, the Los Angeles-based personal finance website determined that the best rates today are from online banks.
According to GoBankingRates, the best ones include: MySavingsDirect MySavings Account; GE Capital Bank Online Savings Account; Synchrony Bank High Yield Savings Account; iGoBanking.com High Interest Savings Account; and Barclays Bank Online Savings Account.
MySavingsDirect MySavings Account has the best online savings account rate, at 1.25 percent APY, GoBankingRates said. It also has no fees and no minimum deposit.
GoBankingRates also studied which local banks and credit unions offered the highest savings rates. Eight of the 10 were credit unions, topped by School Employees Credit Union of Washington. It is offering 6 percent APY on balances of up to $500. None of the 10 was in Illinois.
byerak@tribpub.com
