10 ATMs That Pay 5.00% APY or Higher

Are you tired of earning next to nothing on your savings? If so, you're not alone. In today's low-interest-rate environment, it's hard to find a savings account that pays a decent return.

But there is one type of savings account that still offers competitive interest rates: ATMs. That's right, you can now earn up to 5.00% APY on your savings by using an ATM.

Here are 10 of the best ATMs that pay 5.00% APY or higher:

1. Ally Online Savings Account (5.00% APY)
2. Capital One 360 Performance Savings Account (5.00% APY)
3. Discover Bank Online Savings Account (5.00% APY)
4. Marcus by Goldman Sachs High Yield Online Savings Account (5.00% APY)
5. SoFi Checking and Savings (5.00% APY)
6. CIT Bank Savings Connect Account (5.05% APY)
7. Axos Bank High Yield Savings Account (5.06% APY)
8. American Express High Yield Savings Account (5.20% APY)
9. Barclays High Yield Online Savings Account (5.25% APY)
10. Synchrony Bank High Yield Savings (5.30% APY)

As of March 8, 2023

These rates are subject to change at any time. Please visit the banks' websites for the most up-to-date information.

Why should you use an ATM?

There are several benefits to using an ATM to save money. First, ATMs offer competitive interest rates. As you can see from the list above, many ATMs now offer interest rates of 5.00% APY or higher. This is significantly higher than the national average savings rate of 0.06%.
^ FDIC

Second, ATMs are convenient. You can access your money at any time, day or night. You can also deposit and withdraw money at ATMs, which makes it easy to manage your finances.

Third, ATMs are safe. ATMs are regulated by the Federal Deposit Insurance Corporation (FDIC), which means that your money is insured up to $250,000.

How to choose the right ATM

When choosing an ATM, it is important to consider the following factors:

• Interest rate: The interest rate is the most important factor to consider when choosing an ATM. The higher the interest rate, the more money you will earn on your savings.
• Fees: Some ATMs charge fees for certain transactions, such as withdrawals and deposits. Be sure to compare the fees of different ATMs before you choose one.
• Convenience: It is important to choose an ATM that is convenient for you to access. Consider the location of the ATM and the hours of operation.
• Security: The security of the ATM is also important. Be sure to choose an ATM that is well-lit and has a security camera.

FAQs

1. What is the difference between an ATM and a savings account?

An ATM is a machine that allows you to access your money at any time, day or night. A savings account is a type of bank account that allows you to save money and earn interest.

2. How do I open an ATM account?

To open an ATM account, you will need to provide the bank with your personal information, such as your name, address, and Social Security number. You will also need to make a deposit into your account.

3. How do I access my money from an ATM?

To access your money from an ATM, you will need to insert your debit card into the machine and enter your PIN. You can then withdraw or deposit money from your account.

4. Are ATMs safe?

ATMs are safe. They are regulated by the Federal Deposit Insurance Corporation (FDIC), which means that your money is insured up to $250,000.

5. What are the benefits of using an ATM?

There are several benefits to using an ATM, including:

• Competitive interest rates
• Convenience
• Safety

6. How do I choose the right ATM?

When choosing an ATM, it is important to consider the following factors:

• Interest rate
• Fees
• Convenience
• Security

Conclusion

ATMs are a great way to save money and earn interest. By following the tips in this article, you can choose the right ATM for your needs and start earning more money on your savings today.

Additional Resources

• FDIC
• Bankrate
• NerdWallet