Over the past few years, the pandemic it’s taken a toll on people, including me. I sat there and wondered if there are any high-interest savings account for low-incomers. I know they have ones for people who can put in $1,000 plus, but what happens to us who cannot afford to put in our life savings?
I looked into the top 3 high-interest savings accounts for low-incomers. However, before I begin, many high-interest savings accounts are out there, but I decided to narrow it down. I picked the top 3 APY that a low-incomer like yourself can easily open without needing a stash of thick cash on hand.
Please note this is current information from March 2023.
We All Have To Start Somewhere
As I previously mentioned finding a savings account for low-incomers I thought would be a challenging feat, but it wasn’t. You have to know where to look because some out there do not require much money to put in at once.
The more money you put in, the more money your money will make you in the long run. You shouldn’t use a high savings account if this is the money you pay your bills with. Your high savings account will do much better if this is the savings you do not plan to touch for the foreseeable future.
Bread Savings
Bread Savings, once known as Comenity Direct, is an online banking institution offering customers a high-interest savings account. However, they do not offer checking accounts, which makes this a perfect bank if you want to save money without being tempted into spending it.
Since Bread Savings is an online banking institution, there is no branch you can enter to deposit, withdraw, or sit down with a bank representative. Everything is done online or over the phone.
To open their 4.25% APY savings account, there is a $100 minimum opening deposit. You should also remember that the only way to withdraw money from your savings account is to transfer to a linked (your primary bank account) account.
CIT Bank
Many of us have heard of CIT Bank, but did you know they also offer high-interest savings account for us low-incomers? I was pretty shocked when I learned about this.
Like Bread Savings, they are a fully online banking institution, meaning everything is done online or over the phone. This is how they can pass down a lot of good deals to you.
To open a savings account with them, you must have the $100 minimum opening deposit to open their Savings Connect account with a 4.05% APY.
CIT Bank is free and doesn’t charge you monthly fees for this account either, which you should always look for when choosing any bank account.
Panacea Financial
Panacea Financial offers a bit more than the other two options on this list. Panacea Financial offers checking accounts and an ATM card, while the other two do not.
Also, what is pretty nice about Panacea Financial is if you want to open your 4.00% APY savings account, you only need a $25 minimum opening deposit. Again like the other banks on this list, there are no monthly fees involved either.
Unlike the others on the list, you can get money out of your account with your ATM card. While this can be seen as a great thing, if you have issues with saving money, I do not recommend getting the ATM card as this is to be treated as a savings account that you do not plan to touch for a while to let your money grow.
Other Savings Accounts
Of course, there are other savings accounts out there; there is probably one you currently use that did not make the list! But, for today, I decided to go through and pick the ones with the best interest rate for people who may not have enough money to open an account.
Over the next few weeks, we’ll discuss more about how you can make your money work for you rather than work for your money.
But for now, I would like to know, what savings account do you currently have?
Leave a Reply