Online Savings Showdown: 9 Top-Rated Virtual Banks

Online Savings Showdown: 9 Top-Rated Virtual Banks

What’s stopping you from growing your savings?

Maybe you feel like those sizeable student loan payments are standing in the way. Or maybe you keep dipping into funds earmarked for your financial goals to beef up your boot collection instead.

But here’s one, seemingly obvious factor you may not have previously considered: The interest rate on your account.

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While the average interest rate on a savings account is about a measly 0.17% APY (annual percentage yield), certain banks offer interest rates up to 10 times higher. And more often than not, those institutions are online, according to new research from GoBankingRates.com.

GoBankingRates ranked the top 10 savings accounts of 2015, based on factors like APY, the minimum deposit to open, and monthly service fees. As it turns out, nine of those best banks were online-only.

Tied for first place were GE Capital Bank and the MySavings Account at MySavingsDirect (part of Emigrant Savings Bank). Both boast a 1.05% APY—about six times the average—and neither requires a minimum deposit or charges monthly account fees. To view the full list of winners, head to GoBankingRates.com.

Of course, it should be noted that even the best interest rates are still pretty low—which means it's more important than ever to sock away regularly to reap the benefits of compound interest, as Stephen Brobeck, executive director at the Consumer Federation of America, told The New York Times.

Wondering how you can boost your savings even more? Make sure to avoid these five blunders that even good savers sometimes make.

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