Are you tired of low interests that have been prevailing for years? We may have a good news for you. It is not a hike in the interest rates, no. But, there is an ongoing pricing war over online saving accounts and we would like you to be the beneficiary. Forge the days where you used to get around 0.01% APY (annual percentage yield). Nowadays, upon opening an online saving account, you would get up to 2.05% APY or even more. This is because there is a steady increase in interest rates ONLINE.

1. Discover Savings Account

If you are looking for an option for savings account that offers high interests along with mouth-watering signup bonuses, Discover savings account is an option to consider. Usually known for its credit cards, Discover also has an online consumer bank. They offer up to 2.00% APY and the added benefit is that you could receive up to $150 as a bonus on sign up. The requirement for this is to deposit $15,000 or more by January 28, 2019. You would be eligible for a $150 bonus and if you increase your deposit to $25,000, the reward would be $200.

It is to be noted that you have to sign up for an account on or before January 14, 2019. The deadline date for bringing in your deposit is January 28, 2019. The benefit you receive would be separate from the 2.00% that you would get in any case. [i]Bottom line: easy to sign up, no need to visit a branch and you get to enjoy all the benefits of Discover’s online bank.

2. Capital One 360

Same as the case with Discover, Capital One 360 is more than just a credit cards company. They make it super easy to earn a $25 bonus when you sign up. All you have to do is bring in a deposit of at least $250. As soon as you open a Savings Account with Capital one 360, the reward will be credit to your account. However, there is one downside: you will not be able to withdraw it during the first month. Means that you will have to wait for the first month before you can cash it, seems fair right?

Let’s talk about what you can earn as the interest outcome. Capital One 360 account is known for paying a variable interest rate of 1.00% APY. This is considerably higher as you get to know the market and prevailing interest rates. There is yet another way using which you can earn more money. That is the referral system that Capital One 360 has introduced.[ii] You have the chance to earn up to $1000 when you hit the 50 referrals mark.

3. Chase Savings Account

Chase has made it easier to earn $150 in rewards when you open a Chase Savings account. In order to qualify for the bonus, all you have to do is deposit a total of $10,000 within first three weeks of opening an account. In addition to that, you would also have to maintain a minimum balance of $10,000 for three months. Chase has made it simpler than ever to start earning and saving money with their online banking tools.

In addition to above, you also get to enjoy really good APY on your deposit. The top reason why you should apply for a Chase Savings Account is that it lets you set up a repeating transfer from your checking to Savings account. This gives you all the control over the automatic transfers – change these whenever you like. Set a schedule and arrange it to be transferred to you whenever it suits you best.

4. Bankwest – Hero Saver Account

If you are interested in enjoying an ongoing variable interest rate that would add up to a hefty saving Hero Saver Account is an option to consider. First you need to understand how it works. You have to ensure that there is $25,000 or more in your account and make monthly $200. Also, you have to ensure that you do not make any withdrawals because that would render you ineligible even if you meet the rest of criteria.

On a good note, a relaxed policy is in place. For example, if you do not meet the criteria in any month, you will receive the standard variable interest rate. This is currently around 0.01% and you would still be making money even if you do not meet the requirement in any specific month. [iii]

You can start small as there is no minimum opening balance requirement. Furthermore, there are no account maintenance and transactions fees, so this makes it even easier to start off right away. As in other banks, there is a requirement of linked transaction account. There is no such requirement and you are free to start right away. The best news is that the interest is calculated daily and you are paid on time every month.

Considering these 4 options, you would be able to choose the one that suits your needs. Since all of the aforementioned options have different requirements and benefits, anyone can find an ideal option for themselves. However, it is recommended to get in touch with the related bank first, in order to confirm the details and to check whether the promotion is still in place. This is because some promotions are for a limited period.

Instead of leaving your money in a regular bank and getting a poor interest rate, why not make the best of it with these 4 options? Please remember that these rates change over the time and you may notice a little difference in APY at the time of reading this article.

[i] https://www.discover.com/online-banking/savings-account/

[ii] https://www.capitalone.com/bank/savings-accounts/online-savings-account/

[iii] https://www.bankwest.com.au/personal/savings-accounts/hero