FYI: my fave daily-use bank is now paying 4.3% interest, my other fave banks are paying 14%
4.3% interest is good, especially for an insured account that gives you daily access to your money... but 14% is amazing
FYI: my fave international “daily use” bank is now paying 4.33% interest
I have mentioned a few times (eg, Nov 14, 20211) that I have been consistently happy with the service from the international/transfer bank Wise.
FAST AND EASY: Recently, delays from my [American bank] cost me $360 in late fees because they failed to process a transfer from my verified account that I have had with them for 25 years to another business account in the same bank which obviously they have already verified; I had to submit the transfer request twice, interview to “verify identity” twice, and they failed to send the transfer twice over the course of 2 weeks. Their delays and inefficiency cost me $360 in fees. So I made a transfer to my Wise account and then transferred to the business and everything was completed within 50 minutes. Obviously, next time I will go straight to my Wise account, even for transfers within the USA, even for transfers within the same bank.
GOOD INTEREST RATE: Making Wise even more attractive is that they are now paying 4.33% interest on active balances without the usual “locked in” time restraints of traditional CDs (certificates of deposit) that are generally locked for 6-12 months. Most checking accounts pay zero interest; so, getting 4.33% is certainly better than 0%. Plus, the money is FDIC insured just as you’d get in most American banks.
In summary: In my experience, Wise is awesome; I started using Wise when we were living in Europe; but even for use and transfers within a single country (not international), Wise is awesome, easy, and fast.
FYI: my other fave banks are paying 14% or more!
Virtually unheard of within Europe and the US, several banks outside of USA and EU are consistently paying ~14% or more.
You’ll need some international mobility to take advantage of these rates; the more you invest, the more interest they pay.
I am not going to tell you which banks I use, but if you’re internationally mobile and interested in making good interest, then I will give you some hints, bank names, and resources: