After I Bonds, Here Are The Best Places To Stash Your Cash

I bond interest rates are setting records. They now pay 7.12% and will jump to 9.62% next month. That’s the good news. The bad news is you can’t invest more than $10,000 in I bonds each year (plus another $5,000 with a tax refund). So if you still have money left to save, here are some of the highest interest bank accounts available today.

6 Best Account Rates

If there’s any good news about raising inflation it’s that savers will slowly start to earn more money. While savings and money market accounts are still at historic lows, they are on the rise.

SoFi Checking

One of my personal favorites. SoFi is best known for helping graduates refinance their student loans. It also offers an excellent checking and savings account combination. The SoFi account pays up to 1.25% APY

PY
on balances in both its checking and savings account. To get this rate, customers must set up direct deposit, otherwise the rate drops to a still respectable 0.70% APY.

SoFi is also offering up to a $300 cash bonus for new customers. Direct deposit is required, and the bonus amount depends on the amount of your direct deposit.

SaveBetter

SaveBetter is not a bank. Instead, it works with FDIC-insured banks to package multiple savings productions into one account for its customers. Currently, it’s offering a money market account from mph.bank that pays 0.85% APY. That’s the highest APY on a MMA I’ve been able to find.

SaveBetter also offers other accounts. Currently its accounts include Ponce Bank (0.75% APY), Patriot Bank (0.70% APY), and others. The accounts at SaveBetter are FDIC-insured through its partner banks.

Bask Bank

According to its website, Bask Bank launched the first online-only savings bank in the U.S. in 1999 as Texas Capital Bank. It is an FDIC-insured institution and has partnered with American Airlines to help customers earn miles. To that end it offers the Mileage Savings Account. Customers earn one American AAdvantage mile for every $1 saved annually in the account.

If you prefer to interest, Bask’s savings account currently pays 0.80% APY.

OnJuno

Visit the OnJuno website and a traditional bank is not the first thing that comes to mind. One thing that stands out is OnJuno’s move into crypto. With direct deposit, one can have their paycheck converted into Bitcoin

BTC
. As I type these words, I’m at a loss to come with why anybody would think this is a good idea.

So why did OnJuno make my list? Through its FDIC-insured partner bank, it offers a traditional checking account that pays 1.20%. Note that this rate is limited to deposits up to $50,000 and my have other restrictions.

Northpointe Bank

As an Ohio State Buckeye fan, I don’t normally recommend things from Michigan. Northpointe Bank is an exception. From Grand Rapids, MI (at least it’s not Ann Arbor), the bank is paying 0.90% APY on its Ultimate Money Market account. A minimum of $100 is required to open an account.

Quontic Bank

The last on our list comes from Quontic Bank. It’s currently offering 0.75% APY on savings accounts and up to 1.01% APY on checking accounts. Beyond the rates, Quontic is making some interest moves with technology and the community.

For example, it has introduced the Pay Ring. It’s a black wearable payment ring. Rather than taking your phone or debit card out at the register for tap and pay, the Pay Ring on your finger does the job.

Quontic is also a Community Development Financial Institution. The CDFI certification is awarded to organizations “that provide financial services in low-income communities and to people who lack access to financing.” (Source). According to Quontic’s website, the bank “connects eligible consumers with cost-assistance program and frequently provides educational assistance until a person is loan-ready.”

Final Thoughts

Keep in mind that the above rates do change frequently. I keep track of a growing list of bank rates that you can check out for the latest offers.