NerdWallet: For better interest on your savings, look to these banks

This article is reprinted by permission from NerdWallet.

Alternatives to big banks are offering some of the best deposit account interest rates consumers have seen in years. And they’ve made checking accounts, savings accounts and certificates of deposit a worthwhile vehicle for earning interest once again.

In the 1980s, savings accounts routinely paid 5% or higher, thanks to favorable Federal Reserve interest rates. But the economic heyday of the decade slowed, and since then, it has become routine for major banks to pay next to nothing for savings deposits.

Enter online-only banks, which have emerged in recent years.

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