It’s very hard to figure out when and how to discuss money with your children. It’s almost as difficult, surprisingly, as talking with them about sex. But there is an easy way, one that also gives them at the same time an unusual introduction to math, especially fractions and multiples.

Today, banks (and there are an unusually large number of both online banks and brick-and-mortar banks) compete with one another to offer the best interest on both short and long-term money accounts and CDs. In fact, there is a dizzying array of offers out there of constantly changing rates.

For parents and children the new environment and competing banks offer a perfect opportunity for introducing easy to grasp but highly important skills in money management concepts and division and fractions. Equally, bank interest rate competition also provides an environment of very low risk, making things both fun and safe. Many online banks – including Ally and CIT – make it particularly easy to open a savings account for minors. Such a savings account is a far safer place to put allowance, presents or earnings than trying to teach your kids to experiment with small stock purchases as a way to introduce concepts of income generation and the like.

What makes it all even better for introducing math and money matters to children is that there are a number of sites, including BestCashCow, where the primary focus is on tracking and making easily available changes and fluctuations of interest and CD rates over short periods of time and across the spectrum of the nation’s banks.

In particular, this site and RatesAndInfo.com have great calculators that offer a real resource to demonstrate to your kids the value of compounding money throughout their lifetimes, and the importance of incremental improvements in a savings rate when compounded over time.

JP Morgan Chase has always been a torchbearer in the banking arena. Under Jamie Dimon’s leadership, it has become a pioneer in mobile banking, provides some of the most valuable credit card offers for consumers and small businesses, and does everything better than other major money center banks.

I, however, would note that it remains quite remarkable that people still keep savings or CD monies with any of the major money center banks. Savings and money market rates are just much higher with online banks and even some local banks and credit unions. Money center banks do sometimes entice people with aggressive promotions.

When I learned that Chase was introducing a new online brokerage, I was intrigued. As I indicated in an early article when Chase first announced this intention in August, I thought Chase could instantly become a leader in this space by making discount brokerage services available to its vast clientele, giving away free trades and making the account easy to open online.

At launch in October, Chase's online brokerage was branded as You Invest. Since the launch coincided with Chase's launch of Sapphire Checking, many were also told through credit card forums and other blogs that they could meet Chase’s 60,000 Sapphire point bonus for Sapphire Checking through a You Invest account. (I suspected and have now confirmed that was incorrect.) I nonetheless wanted to see if I was right that Chase would instantly be a leader among discount brokerages with You Invest, so I was quick to try out the platform. Experiences can differ, but my view is that Chase produced a product which wasn’t even 1/10^th baked and that never should have seen the light of day. I would almost call it disastrous.

The interface is awful. It is completely bare bones and lacking in functionality. Finding anything in the interface – such as a trade or balance history - is basically impossible. For a company that has always focused like a laser on getting the user experience right, Chase seems to have just completely left it out of the equation here.

Placing a trade in this program is difficult and cumbersome, requiring many more time-consuming steps than Schwab, Fidelity or TD Ameritrade. Active traders will find managing or adjusting a trade to be frustrating. There is no options trading or after-hours trading. Chase didn’t seem to involve anyone who knows anything about what an active trader looks for or expects during the trading process.

The absolute worst experience, however, comes if and when you need to reach someone by phone. The first and second line customer support representatives are completely unable to figure out their own system or answer even the simplest questions about either the interface or account activity. Online brokerage CSRs are generally well trained and can field simple account and interface questions. My own hunch after one series of phone interactions is that Chase has not trained its staff specifically for YouInvest, and is using the same phone staff that fields checking and savings account queries. Getting an answer about your account will take 30 or 40 minutes, and then may be inaccurate or outright incorrect.

Surprisingly, but true, Chase has introduced a product that is just grossly unfit for any market, much less for the one that they are addressing.

Chase desperately needs to pull back its You Invest product.

Until they do, view it is as “You Avoid”.

The Federal Reserve moved in September 2018 to a 2 – 2.25% Fed Funds rate, and savings and money market rates are now firmly above 2%.

Interest rates are poised to go up again in December 2018. Unless Trump fires Jay Powell, the Federal Reserve will likely continue to raise rates in 2019 until it reach its stated 3% + neutral rate by end of the year.

Not everyone checks BestCashCow.com, or a competing site, every day in order to get the best savings rates. In fact, there are people who don’t even check monthly or quarterly. And, most people just don’t like the hassle of moving around large amounts of cash in order to continue to get a competitive rate as rates rise.

For these people, BestCashCow has developed our Best Bets in Online Savings and Money Market Accounts for 2019. On this list, you will find the five online bank accounts that have correlated the strongest with each Federal Reserve move (the highest beta). For each of these accounts, we have recorded a savings or money market rate increase either just before or within days of each Fed Funds rate increase over the course of 2018.

If interest rates continue on their current trajectory, we believe that with these 5 online savings and money market accounts, you are most likely to wake up on December 31, 2019 and learn that your savings rate has increased with each Fed move over the course of the year.

Excluded from this list are those banks that have maintained rate competitiveness over the course of 2018 but have exhibited a tendency towards requiring existing depositors to move their money between accounts (from savings to money market or vis-a-versa) or from one brand to another in order to get the best rate. It isn’t that we don’t like these banks and these rates, but this list is designed for those depositors who want to go to sleep for 2019 and do not want to worry about whether they are earning a very competitive savings or money market rate.

Here is BestCashCow's list:

Citizens Access

CIT Bank

Sallie Mae Money Market

Marcus Savings

Purepoint

See the best online savings and money market rates today.

Advertiser Disclosure: This list contains advertisers and non-advertisers. No bank, advertiser or non-advertiser, has provided any consideration for inclusion in this list. Please read our advertiser policy here.