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.
- 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.”