Money Management

[[{“value”:”Image source: Getty Images
If you opened a bank account around the time you got your first job and haven’t really thought about it again, you’re not alone. But you’re likely leaving hundreds or even thousands of dollars on the table.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. Many big banks offer rock-bottom interest rates on savings accounts — the national average savings account rate is only 0.41% — while charging monthly maintenance fees and requiring high minimum balances.The good news is that online banks are shaking things up with high-yield savings accounts that earn 10x the national average APY, have no hidden fees, and are easy-to-use digital platforms.If you’re ready to make your money work harder for you, here’s why switching to an online bank is a smart move.Why online banks are a better dealOnline banks don’t have the overhead costs of brick-and-mortar locations, allowing them to pass those savings on to customers. That means higher interest rates, fewer fees, and better perks.Here’s what makes online banks stand out:High-yield savings accounts — Many online banks offer APYs of 4.00% or higher, about 10x the national average of 0.41%.No monthly fees — No more paying $10-$15 a month just to keep your money in the bank.No minimum balance requirements — Traditional banks often require you to maintain a high balance to avoid fees. Online banks don’t.24/7 access and mobile banking — With robust apps and online tools, you can manage your money anytime, anywhere.If you’re thinking about making the switch, here are some of the best online banks currently offering top-tier rates and no fees:How to make the switchSwitching banks is easier than you think. Follow these simple steps:Open your new online account. Pick the online bank that best suits your needs and apply online. Approval usually takes just minutes.Transfer your money. Move your funds to your new account, but keep your old account open until all transactions clear.Update direct deposits and bills. Make sure your paycheck, subscriptions, and bill payments are linked to your new account.Close your old account. Once everything is switched over, contact your old bank and officially close your account to avoid lingering fees.Make the switch todaySticking with a traditional bank is likely costing you money in low interest and unnecessary fees. Online banks offer better rates, fewer fees, and more convenience — all without sacrificing security.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

If you opened a bank account around the time you got your first job and haven’t really thought about it again, you’re not alone. But you’re likely leaving hundreds or even thousands of dollars on the table.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

Many big banks offer rock-bottom interest rates on savings accounts — the national average savings account rate is only 0.41% — while charging monthly maintenance fees and requiring high minimum balances.

The good news is that online banks are shaking things up with high-yield savings accounts that earn 10x the national average APY, have no hidden fees, and are easy-to-use digital platforms.

If you’re ready to make your money work harder for you, here’s why switching to an online bank is a smart move.

Why online banks are a better deal

Online banks don’t have the overhead costs of brick-and-mortar locations, allowing them to pass those savings on to customers. That means higher interest rates, fewer fees, and better perks.

Here’s what makes online banks stand out:

• High-yield savings accounts — Many online banks offer APYs of 4.00% or higher, about 10x the national average of 0.41%.
• No monthly fees — No more paying $10-$15 a month just to keep your money in the bank.
• No minimum balance requirements — Traditional banks often require you to maintain a high balance to avoid fees. Online banks don’t.
• 24/7 access and mobile banking — With robust apps and online tools, you can manage your money anytime, anywhere.

If you’re thinking about making the switch, here are some of the best online banks currently offering top-tier rates and no fees:

How to make the switch

Switching banks is easier than you think. Follow these simple steps:

• Open your new online account. Pick the online bank that best suits your needs and apply online. Approval usually takes just minutes.
• Transfer your money. Move your funds to your new account, but keep your old account open until all transactions clear.
• Update direct deposits and bills. Make sure your paycheck, subscriptions, and bill payments are linked to your new account.
• Close your old account. Once everything is switched over, contact your old bank and officially close your account to avoid lingering fees.

Make the switch today

Sticking with a traditional bank is likely costing you money in low interest and unnecessary fees. Online banks offer better rates, fewer fees, and more convenience — all without sacrificing security.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

[[{“value”:”Image source: The Motley Fool/Unsplash
Many people don’t realize just how bad their savings account is. They may not even know the interest rate they’re earning on their deposits.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. If that describes you, then you may be costing yourself hundreds of dollars each year — and thousands in the long run.If your bank pays a low annual percentage yield (APY), let’s look at how much interest you could be earning elsewhere — and how you can easily switch to a better account.The cost of a low APYMost big, traditional banks offer savings accounts with very low APYs. The national average APY is just 0.41%. Meanwhile, the best high-yield savings accounts have APYs of about 4.00% or more.Here’s how much a deposit of $10,000 would earn over time in 1) an account paying the average rate and 2) an account paying 4.00%.YearsInterest Earned (0.41% APY)Interest Earned (4.00% APY)1$41$4005$207$2,16710$418$4,80220$853$11,911Data source: Author’s calculations.The 4.00% APY account would earn $359 more in the first year alone. Over the course of years, the difference is astronomical.Want to earn 10 times the national average APY? Check out our list of the best high-yield savings accounts and open a new account today.Why do some banks offer much higher APYs?Many big, traditional banks have physical bank branches. This increases their costs, so they tend to have lower APYs — and more fees. On top of that, they know that many customers will never bother to switch bank accounts, so they don’t feel the need to pay more.The banks that pay the highest APYs tend to be online-only. This saves them a lot of money, so they can pass those savings on to their customers through higher interest rates and low (or no) fees.What to look for in a savings accountIf you’re ready to switch, here are some key features to look for:High APY. Look for accounts offering at least 3.75% APY to maximize your earnings.No monthly fees. Avoid banks that charge fees just to keep your money there.Easy access to your money. Ensure the account allows quick transfers when needed. The best banks have user-friendly apps and websites that make it fast and easy to manage your money.FDIC insurance. Make sure your bank is insured, so your money is protected up to $250,000.Good customer service. Read reviews and choose a bank with helpful support.A good checking account. You’ll probably want to link your new savings account to a checking account at the same bank. The best checking accounts pay interest and have other perks like no overdraft fees and a large ATM network.How to switch to a better accountSwitching to a high-yield savings account is simple. Just follow these steps:Research your options. Compare APYs, fees, and key features.Read the fine print. Some banks require you to deposit a minimum amount to earn their highest APYs, for example.Open a new account. This should only take a few minutes online.Transfer your money. Move your savings from your old account to start earning more interest.Update automatic deposits and withdrawals. If you have direct deposits or automatic bill payments set up, update them ASAP.Close your old account. Once everything is moved over, close the old account to avoid unnecessary fees.I recently switched bank accounts, and I completed all the above in about an hour. Not bad for thousands of dollars in future interest payments!Don’t delay — it’s easier than you thinkMoving your savings to a high-yield savings account is an easy, surefire way to start earning more money now. Don’t settle for a stingy bank just because you think switching will be a headache. With competition more heated than ever, banks have made it incredibly easy to open and fund a new account.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

Many people don’t realize just how bad their savings account is. They may not even know the interest rate they’re earning on their deposits.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

If that describes you, then you may be costing yourself hundreds of dollars each year — and thousands in the long run.

If your bank pays a low annual percentage yield (APY), let’s look at how much interest you could be earning elsewhere — and how you can easily switch to a better account.

The cost of a low APY

Most big, traditional banks offer savings accounts with very low APYs. The national average APY is just 0.41%. Meanwhile, the best high-yield savings accounts have APYs of about 4.00% or more.

Here’s how much a deposit of $10,000 would earn over time in 1) an account paying the average rate and 2) an account paying 4.00%.

The 4.00% APY account would earn $359 more in the first year alone. Over the course of years, the difference is astronomical.

Want to earn 10 times the national average APY? Check out our list of the best high-yield savings accounts and open a new account today.

Why do some banks offer much higher APYs?

Many big, traditional banks have physical bank branches. This increases their costs, so they tend to have lower APYs — and more fees. On top of that, they know that many customers will never bother to switch bank accounts, so they don’t feel the need to pay more.

The banks that pay the highest APYs tend to be online-only. This saves them a lot of money, so they can pass those savings on to their customers through higher interest rates and low (or no) fees.

What to look for in a savings account

If you’re ready to switch, here are some key features to look for:

1. High APY. Look for accounts offering at least 3.75% APY to maximize your earnings.
2. No monthly fees. Avoid banks that charge fees just to keep your money there.
3. Easy access to your money. Ensure the account allows quick transfers when needed. The best banks have user-friendly apps and websites that make it fast and easy to manage your money.
4. FDIC insurance. Make sure your bank is insured, so your money is protected up to $250,000.
5. Good customer service. Read reviews and choose a bank with helpful support.
6. A good checking account. You’ll probably want to link your new savings account to a checking account at the same bank. The best checking accounts pay interest and have other perks like no overdraft fees and a large ATM network.

How to switch to a better account

Switching to a high-yield savings account is simple. Just follow these steps:

1. Research your options. Compare APYs, fees, and key features.
2. Read the fine print. Some banks require you to deposit a minimum amount to earn their highest APYs, for example.
3. Open a new account. This should only take a few minutes online.
4. Transfer your money. Move your savings from your old account to start earning more interest.
5. Update automatic deposits and withdrawals. If you have direct deposits or automatic bill payments set up, update them ASAP.
6. Close your old account. Once everything is moved over, close the old account to avoid unnecessary fees.

I recently switched bank accounts, and I completed all the above in about an hour. Not bad for thousands of dollars in future interest payments!

Don’t delay — it’s easier than you think

Moving your savings to a high-yield savings account is an easy, surefire way to start earning more money now. Don’t settle for a stingy bank just because you think switching will be a headache. With competition more heated than ever, banks have made it incredibly easy to open and fund a new account.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

[[{“value”:”Image source: Getty Images
When planning for retirement, choosing the right account can make a huge difference in how much money you get to keep. While 401(k)s and traditional IRAs offer tax advantages, the Roth IRA stands out as one of the most powerful retirement tools available.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. A Roth IRA allows your money to grow tax free, gives you more flexibility with withdrawals, and doesn’t force you to take out funds in retirement. For many savers, these benefits can add up to significant long-term advantages.Here’s why the Roth IRA might just be the best retirement account of all time.1. You enjoy tax-free growth on your moneyOne of the biggest perks of a Roth IRA is tax-free growth. Unlike a traditional IRA or 401(k), where you’ll eventually have to pay taxes on your withdrawals, a Roth IRA lets your money grow completely tax free.Here’s how it works:You contribute after-tax dollars, meaning you don’t get a tax break upfront.Your investments grow over the years without being taxed.When you retire, every dollar you withdraw is 100% tax free (as long as you follow the withdrawal rules).This can be a game-changer, especially if you expect to be in a higher tax bracket in retirement.Don’t miss out on growing your retirement savings tax free. Check out our list of best Roth IRA accounts today.2. No required minimum distributions (RMDs)Most retirement accounts, like traditional IRAs and 401(k)s, come with required minimum distributions (RMDs). That means once you hit age 73, the IRS forces you to start withdrawing a set amount each year.But with a Roth IRA? No RMDs. Ever.This gives you complete control over your money in retirement. You can leave it untouched for as long as you want, let it keep growing tax free, and even pass it down to your heirs without forcing them into large, taxable withdrawals.3. You can withdraw contributions anytimeMost retirement accounts lock up your money until age 59 1/2, hitting you with penalties if you withdraw early. But a Roth IRA is different.Since you contribute after-tax dollars, you can withdraw your contributions (not your earnings) at any time, for any reason, without penalties or taxes.For example, if you’ve contributed $30,000 over the years, you can take out up to $30,000 whenever you need it. This makes the Roth IRA a flexible option in case of emergencies or unexpected expenses.4. It’s an incredible tool for wealth transferIf you’re thinking about leaving money to your loved ones, a Roth IRA is one of the best ways to do it. Since there are no RMDs, you can let your account grow for decades, and your heirs can inherit the money tax free.Even though non-spouse beneficiaries now have to withdraw the funds within 10 years, they won’t owe taxes on the withdrawals. That means your Roth IRA can become a multi-generational wealth-building tool.Is a Roth IRA right for you?A Roth IRA isn’t for everyone. Since contributions are not tax deductible, high earners who expect to be in a lower tax bracket in retirement may benefit more from a traditional IRA or 401(k). There are also income limits to qualify for direct Roth IRA contributions ($153,000 for single filers and $228,000 for married couples in 2024).But for those who qualify, the Roth IRA’s tax-free growth, flexible withdrawals, and lack of RMDs make it one of the most powerful retirement tools available.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

When planning for retirement, choosing the right account can make a huge difference in how much money you get to keep. While 401(k)s and traditional IRAs offer tax advantages, the Roth IRA stands out as one of the most powerful retirement tools available.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

A Roth IRA allows your money to grow tax free, gives you more flexibility with withdrawals, and doesn’t force you to take out funds in retirement. For many savers, these benefits can add up to significant long-term advantages.

Here’s why the Roth IRA might just be the best retirement account of all time.

1. You enjoy tax-free growth on your money

One of the biggest perks of a Roth IRA is tax-free growth. Unlike a traditional IRA or 401(k), where you’ll eventually have to pay taxes on your withdrawals, a Roth IRA lets your money grow completely tax free.

Here’s how it works:

• You contribute after-tax dollars, meaning you don’t get a tax break upfront.
• Your investments grow over the years without being taxed.
• When you retire, every dollar you withdraw is 100% tax free (as long as you follow the withdrawal rules).

This can be a game-changer, especially if you expect to be in a higher tax bracket in retirement.

Don’t miss out on growing your retirement savings tax free. Check out our list of best Roth IRA accounts today.

2. No required minimum distributions (RMDs)

Most retirement accounts, like traditional IRAs and 401(k)s, come with required minimum distributions (RMDs). That means once you hit age 73, the IRS forces you to start withdrawing a set amount each year.

But with a Roth IRA? No RMDs. Ever.

This gives you complete control over your money in retirement. You can leave it untouched for as long as you want, let it keep growing tax free, and even pass it down to your heirs without forcing them into large, taxable withdrawals.

3. You can withdraw contributions anytime

Most retirement accounts lock up your money until age 59 1/2, hitting you with penalties if you withdraw early. But a Roth IRA is different.

Since you contribute after-tax dollars, you can withdraw your contributions (not your earnings) at any time, for any reason, without penalties or taxes.

For example, if you’ve contributed $30,000 over the years, you can take out up to $30,000 whenever you need it. This makes the Roth IRA a flexible option in case of emergencies or unexpected expenses.

4. It’s an incredible tool for wealth transfer

If you’re thinking about leaving money to your loved ones, a Roth IRA is one of the best ways to do it. Since there are no RMDs, you can let your account grow for decades, and your heirs can inherit the money tax free.

Even though non-spouse beneficiaries now have to withdraw the funds within 10 years, they won’t owe taxes on the withdrawals. That means your Roth IRA can become a multi-generational wealth-building tool.

Is a Roth IRA right for you?

A Roth IRA isn’t for everyone. Since contributions are not tax deductible, high earners who expect to be in a lower tax bracket in retirement may benefit more from a traditional IRA or 401(k). There are also income limits to qualify for direct Roth IRA contributions ($153,000 for single filers and $228,000 for married couples in 2024).

But for those who qualify, the Roth IRA’s tax-free growth, flexible withdrawals, and lack of RMDs make it one of the most powerful retirement tools available.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More