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Simple Savings Account Interest Rate

by Jen
(New Mexico)

Is 5 % annual interest good for a simple savings account?

Comments for
Simple Savings Account Interest Rate

A few years ago you could find online savings accounts that paid 5% APR. However, since the economic meltdown most of them have drop to less than 3% APR.

So if you can find a 5% APR simple savings account that is great, but it may take awhile for the rates to ever get that high again. You may have to look into CDs or money market accounts instead. They usually pay higher interest rates, but they also have a lot of restrictions on your money.






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