{"id":18195,"date":"2023-01-06T12:15:00","date_gmt":"2023-01-06T17:15:00","guid":{"rendered":"https:\/\/wealthbytes.co\/?p=18195"},"modified":"2023-01-06T12:18:44","modified_gmt":"2023-01-06T17:18:44","slug":"best-online-savings-accounts","status":"publish","type":"post","link":"https:\/\/wealthbytes.co\/best-online-savings-accounts\/","title":{"rendered":"The Best Online Savings Accounts in 2023 – Where to Stash Your Cash"},"content":{"rendered":"
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The secret to becoming wealthy is spending less than you earn, but what do you with that extra money? You can keep it under your mattress or a free checking account. However, you might not earn passive income with either of these two options so you can make money while sleep. Instead, you should consider parking your cash in an online savings account. There are so many great options for online savings accounts in 2023.<\/p>\n\n\n\n

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<\/span>Key Takeaways<\/span><\/h2>\n\n\n\n

Did you know that the average brick-and-mortar bank only gives around 0.13% interest on their savings accounts? If you have cash in a big bank, you need to move it to an online savings account. These banks are still covered by the FDIC insurance so your money is protected. While there are many banks, we list some of the best in the business that have been around for years and have solid financials. The average online savings account rate is around 3.5% which is substantially more than a big bank offers.<\/p>\n<\/div><\/div>\n\n\n\n

The best online savings accounts currently offer an annual interest rate of around 4.00% APY so you can expect to earn $40 in annual interest for every $1,000 you deposit. As savings account interest rates continue to increase, you will earn more each month.<\/p>\n\n\n\n

You won\u2019t be able to live off the savings account interest exclusively but keeping your extra cash in the bank is one of the necessary steps to become a millionaire<\/a>.<\/p>\n\n\n\n

<\/span>Why You Need an Online Savings Account<\/span><\/h2>\n\n\n\n

Let\u2019s be honest, savings accounts aren\u2019t the most exciting things in life. Especially when interest rates are often very low for most savings accounts at big banks. But that doesn’t mean there aren’t other options. If you follow our rules to help you save more every month<\/a>, then you should be focusing on stashing your cash in an online savings account. But really, you just need a savings account.<\/p>\n\n\n\n

You need a savings account for the following reasons:<\/p>\n\n\n\n