APY = Annual Percentage Yield

After the 2008 financial crisis many of us lost faith in traditional banks. High fees, high penalties, minuscule interest rates on our savings. Enter the internet. The rise of online banking has changed the game. Capitalizing where traditional banks have let us down. Without the overhead of brick and mortar locations, online banks can offer better rates and lower fees. Listed are some banks, online banks, and prepaid accounts that all have interest rates of around 5%. Bank of America's Platinum Honors rewards - their highest tier program - only offers 0.06%. Wells Fargo only offers 0.05%, and Chase will only give you 0.01%. Each bank has it's on stipulations, but with %5 interest versus 0.01% is significant, especially for passive money.