Are you looking to boost your savings?

Look no further than online banks!

If you are like most people and have your savings account at a brick and mortar traditional bank you are probably missing out on possibly huge returns.

Ok ok, so not huge returns.

But significant returns, especially if you have a lot of money parked in a savings account.

Currently most brick and mortar savings accounts are offering about .2% annual returns on average across the US.

Some, significantly less. I am looking at you Bank of America and Chase.

There has got to be a better way!

However, if you were to open an account with an online bank you could earn something in the neighborhood of 1.5-2.0% without really breaking a sweat.

And yes, the vast majority are FDIC insured.

The catch is that many of these banks don't offer checking or ATM services, so you would need another bank account to do EFTs in and out.

Which is also the reason they are able to offer such high interest rates.

Some examples of such banks would be Barclays, Marcus, Cit, Capital One... just to name a few.

(Source: https://clark.com/personal-finance-credit/look-online-banks/)

It just makes sense.

It just makes cents.

If you are saving for a large purchase or just like keeping a large amount of cash set aside for a rainy day, why not park that cash in an online bank instead and earn a little something for your time?

Unfortunately 1.5% still won't beat inflation, on average, but it's a lot closer to keeping your purchasing power as opposed to a traditional bank.