Credit Card Companies Offer Savings Accounts

6:13 PM, Jun 11, 2013   |    comments
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Greensboro, NC --  Interest rates are pretty good if you're buying a house. But when it comes to savings accounts, the rates aren't so hot. 

2 Wants To Know checked the interest rates of five banks in our area. High Point Bank and Carolina Bank tied for the highest interest for a regular savings account: .10%.

BB&T came in second with .05%. Bank of America and Wells Fargo are at .01%.            

But there are companies giving out .85%  interest. Yes, it's not even a point, but more money on your money is, well, more money!

If you put $1,000 in over five years at .10%, you make $5. That same $1000 at .85% is $8.50.

It's not going to make you rich, but it's your money making a little more money. So, who is offering these higher rates? Discover and American Express.

Yes, credit card companies are now in the savings account business. You don't need to have a card with them to cash in. There's no minimum balance and you can make mutiple transactions in the month.

The interest rate can change at will, Discover's rates for the last 3 months held steady.

How do they offer such a high rate? No brick and mortar store front helps them save money and pass it on to you. And while they do have customer service, it won't be a face to face teller like a bank.



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