Grandmas' Savings Accounts Get a Boost with These Top Picks

A friend asked for help setting up her grandma's new savings account after realizing she was earning only $8 in interest per year on her $80,000 cash stash at Wells Fargo. The current APY of 0.01% is well below the national average of 0.37%. By moving to a high-yield account with an APY of 3.75%, Grandma can earn around $3,000 in interest annually.

There are three top savings accounts perfect for older folks: American Express High Yield Savings Account, Barclays Tiered Savings, and CIT Platinum Savings. These accounts offer trustworthy names, no monthly fees, and no complex requirements to unlock the rate.

American Express's account offers a 3.10% APY with no minimum balance requirement or monthly fees. Barclays' Tiered Savings pays 3.50% APY on balances under $250,000, with a $200 bonus for new customers who deposit at least $25,000 within 30 days and maintain that balance for 120 consecutive days.

CIT Platinum Savings offers 3.75% APY, but only if the balance stays above $5,000. New savers can lock in up to a 4.10% APY for six months with promo code CITBoost at sign-up.