The Five Best Savings Accounts For Freelancers In January 2020
/This is your year, darling. You are going to reach your money goals with ease, grace and elegance. Whether it’s saving up for a big purchase or growing your freelancer business, Money & Mimosas has got you covered with all the information and inspiration you need to make this your richest year, yet!
To help you get started, I rounded up a list of five savings accounts that are the best bang for your buck. In order to be on this list, the savings account had to meet the following criteria:
No minimum balance requirement
No fees
The average savings account at a traditional bank hovers around a 0.09% interest rate. In order words, the average bank is making loads of money off of your account balance and not sharing any of the earnings with you. The following savings accounts offer interest rates that are 10-20X greater than the average account.
Keep in mind that interest rates do fluctuate. The listed rates are as of January 2020. Check back each month for updated information on each account.
The five best savings accounts for freelancers in January 2020
Patelco’s Money Market Account - My fiancé absolutely loves his money market account with Patelco. Most money market accounts have a high minimum balance. Not Patelco! Their money market account has no minimum balance and rewards you for starting your savings journey by offering the highest interest rate on the first $2,000 in your account. Most money market accounts do the opposite and increase the interest rate as the balance increases. Patelco offers 3.0% on the first $2,000 in the account, 2.0% on $2,000.01- $5,000 and so on. Click the link above for all the details.
Ally’s High-Yield Savings - I’ve been banking with Ally for years and they have exceptional customer service. Currently their interest rate on a high-yield savings account is 1.6%. This is lower than last year, but relatively high compared to other accounts.
Capital One High-Yield Savings - My one credit card is with Capital One and they have always been a joy to bank with despite being a large institution. Their high-yield savings account is currently at a 1.7% interest rate.
Marcus by Goldman Sachs - While I don’t have personal experience with this bank, they are consistently at the top in terms of the interest rate they offer on their savings account. It is currently at 1.7%.
Barclay’s Savings - I also don’t have personal experience with Barclay’s, but their name always sounds so luxurious to me. Almost like Barneys. Maybe that’s just me. Either way, their savings account currently offers a 1.7% interest rate.
When choosing a savings account, consider the interest rate as well as other factors such as customer service and their impact on the community. For example, Patelco is a credit union that heavily reinvests in the local community.
Also, I do not recommend interest rate hopping. For example, although Ally Savings’s interest rate is lower than in previous years, I’m not going to switch to a higher interest account because they have won my loyalty through incredible customer service and fantastic branding. Happy saving, darling!
About Money & Mimosas: Money & Mimosas was started as a passion project by Danetha. A former NFL cheerleader turned entrepreneur, she started blogging as a way to combine all of her passions into a career. Money & Mimosas is now enjoyed by tens of thousands of readers in over forty countries with the same dream of achieving financial freedom without living frugally.
