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Best Online Savings & Money Market Account Rates 2024

Best Online Savings & Money Market Account Rates

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Examining the Banks’ Climate Policies Critically

It is pretty clear at this stage that those of us alive today and our children, grandchildren and their descendants are facing a climate crisis unlike anything the inhabitants of Earth have ever faced. It is also very clear that this crisis largely emanates from our addiction to fossil fuel over the last half century.

As we begin to grapple with the challenges we face, there is an increasing desire to blame the major money center banks for their continued funding of fossil fuels. In fact, if you drive down the west side of Manhattan you will see advertisements for a smart-up mobile app that will keep deposits away from fossil fuels (and but pay a rate below leading online savings rates).

We have all made mistakes in our reliance on fossil fuels in the past. That includes the banks. I myself worked for major European banks that were funding BP and Royal Dutch Shell’s exploration around the world. I also practiced law in Russia where I advised Exxon on Sakhalin 1. If I had understood the consequences of those operations, I would have refused to do the work, and that is true of everybody who I worked with. We are all guilty of recognizing the crisis much too late. The banks too.

But, our path to transitioning out of fossil fuels to renewable energy is also going to rely on established banking systems. There is such an extraordinary amount of investment that is going to need to made immediately to effect this transition that there simply is no other source that can lead in this arena.

I performed a little bit of research recently to learn more about the progress that major global banks are making in their lending to renewable projects worldwide. I came across multiple reports on the banking industry’s current loans to the fossil fuels industry. These reports all slam JP Morgan Chase, which is now the largest bank in the US and hence the largest covered by BestCashCow, for its outsized and outstanding loans to companies like Chevron and Exxon without, at the same time, recognizing the history of these loans (i.e., when these loans were placed). None of these reports asks whether the bank can even divest itself of these loans. One report (Banking on Climate Chaos by the Rainforest Action Network) goes so far as to attack Chase for lending to Iberdrola, Orsted and Siemens Energy. Iberdrola and Orsted, of course, are now the largest offshore wind operators in the world and will be vital in the US’s efforts to transition away from fossils. Siemens Energy, likewise, is a manufacturer of solutions relating to wind, solar and energy storage and transmission. Quite simply, it would be irresponsible for Chase not to be increasing its lending to these three companies right now.

The point is simple. We need leadership from the banks on the climate crisis. Rather than rushing to judgment, we need to give them the opportunity to outline their actions and their forward plans to address the climate crisis. Banks are now free to outline their policies on BestCashCow for their customers and potential customers. Read what they have to say on their bank pages on this site or ask them directly for their policy, if they haven’t outlined it. Examine their actions critically, looking at the investment to renewable companies as well as fossil fuel companies. And, only then should we hold them to account.


Bask Bank Launches New Online Savings Account Paying 0.60% APY, but There is a Catch

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Bask Bank, a division of Texas Capital Bank, has launched a new online savings account. The account, called an Interest Savings Account, is paying 0.60% APY. The rate is clearly among the best online savings rate available at the moment (compare rates here), and is above the 0.50% APY currently offered by BankDirect, which is also a Texas Capital Bank subsidiary.

The catch here is that this account is only available to those customers of Bask Bank who have first opened an account that earns American Airlines AAdvantage® Miles. We’ve written previously about Bask’s primary offer before, most recently last December here.

Bask Mileage Savings Account pays 1 AAdvantage® mile for every dollar on deposit per year. In other words, $250,000 on deposit as Bask for 12 months will earn 250,000 American miles. Anyone who travels by air at all values these miles at well over a penny each and therefore this account is especially compelling as long as rates remain below 1% (and arguably remains compelling even when savings and CD rates are around 2%, as they were when Bask launched in early 2019).

Today, the 0.60% APY rate on its face is compelling, but there are other places where you can this rate or close to this rate, and those who are not interested in Bask Bank’s core mileage earning account should probably seek out one of these accounts. But, for those who recognize the value in AAdvantage® miles and are interested in earning AAdvantage® miles as long as savings rates remain low, Bask’s new Interest Savings Account may represent an interesting development. Bask Bank is now indicating that it will offer a cash interest-earning alternative as rates rise (so you may not need to move accounts when rates eventually go higher) and it is already enabling customers the ability to toggle between American miles and cash interest. And, that just may be enough of an incentive to jump over to earning AAdvantage® miles from Bask Bank as long as savings rates remain so low.


What I Still Remember 20 Years After September 11, 2001

I was not in New York on 9-11. I was living in London at the time and I was in my office. I remember a woman coming down the hall and saying: “Aren’t you from New York?” and then telling me that the World Trade Center had been hit by a plane. I remember calling an ex-girlfriend in the South Tower and my best friend from high school in the World Financial Center. Both told me that the first attack had just occurred moments earlier and described seeing a body falling from the towers. I told both to get the hell out of there and I am glad that I did. My best friend from high school certainly would have been trampled in the commotion that followed had he not followed my advice.

My other memories relate mainly to a day exactly seven months earlier, February 11, 2001, when I interviewed for a job at Cantor Fitzgerald on the top floor of the North Tower.

I vividly remember going through security unlike anything I had previously experienced to get into an office building. I was given a badge at reception with my photo on it (this later became commonplace in office buildings worldwide, but was a procedure that was only in place at the World Trade Center in 2001).

I also remember needing to change elevators at the 72nd floor in order to get to the top of the building. Somehow in my mind that felt odd and uncomfortable as if the building was built higher than technology would allow. Once at 105, looking out the narrow windows and seeing helicopters flying over lower Manhattan below me also seemed odd. So too did the unusual sound the urinals and sinks made in the bathroom because of the way in which water was being sucked up to that height.

I remember walking by the Cantor trading floor at 8:30AM and being amazed by the frenzy of activity that was occurring in the clouds before the market open. I remember the faces. I remember walking down the hall to get water and encountering a grey haired trader emphatically describing a play from his son’s baseball game to a large group of his colleagues. They all made eye contact with me as I walked past and wished me a good day. I imagine that they would have all been there by 8:30AM some seven months later.

I also remember the smiles and the kindness of the assistants and receptionists who greeted me that day. One receptionist explained to me that the man with whom I would be meeting next was one of the gentlest and nicest people I would ever meet. In the weeks that followed 9-11, I read both of their obituaries in the New York Times.

I kept the photo badge that I was given in the lobby on February 11, 2001 for many years, but I threw it out later when I decided it was an inappropriate keepsake. Now, I have finally written my memories here. This is better.