Ditch Your Bank: 9 Banking Alternatives That Pay More

There are quite a few different banking alternatives that you can use in order to save more money or make more in interest. Neobank is an online only bank that allows for a much lower overhead. They have a much lower annual percentage yield than traditional banks as well. You also could use an online investment app such as Robinhood which has a very low APY of .30%. Finally, you can invest in Cryptocurrency as although they’re volatile they have high potential for the future.

Key Takeaways:

  • Most experts agree that you should have six months of expenses in your emergency savings as a responsible adult.
  • Neobank is a bank that is only available online and therefore has a much lower overhead compared to traditional banks.
  • Online investment apps such as Robinhood allow you to invest in stocks with a very low APY.

“Fortunately, we don’t have to settle for earning next-to-nothing on our savings accounts. In fact, there are several banking alternatives to earn more on your savings than what a traditional bank will offer.”

Read more: https://www.goodfinancialcents.com/9-banking-alternatives-that-pay-more-than-your-bank/

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