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Getting higher interest rates for your savings?

Posted November 3, 2012 by Sara Young to Family Finance 0 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

You can find thousands of bank advertisements trumpeting higher interest rates. You get all excited and deposit a handful of money expecting high rates of interest. But not too soon you realize that the interest rates swindle down to probably 1% or much lesser than that. Maintaining a bank account with low interest rates is frustrating. But if you can get higher interest rates at low risks, wouldn’t it be remarkable?


Shop High Interest Rates

Shopping has become an inevitable factor in today’s world. You shop for clothes, accessories, electronic goods and more. But how many of you stop by to check the interest rates offered in various banks?  The answer is still a no. To get better interest rate on your savings, you have to search for offers on a regular basis. The Internet simplifies your job; it provides information on various online banks that provide best interest rates. The savings bank offers are subjected to change, so keep a close watch on your account. Play wise by moving your money if necessary. Whether you have little money or more, you can make it to grow quickly.

Online Accounts

How many of you are aware of online accounts?  The cash market and savings account yield more interest rates when done online. If you are wondering about the difference between an online saving account and credit union or local bank, there isn’t any. The only thing that varies is the FDIC insurance. Most of the online banks are FDIC insured so there is no reason to refrain from exploring better rates.


Operation of Online Accounts

If you are new to online banking, it might seem odd at the beginning for not making deposits or withdrawing money from a bank. It is possible to do both by means of an ATM that belongs to the online bank network. You can also use other bank’s ATM by rendering a small fee each time you make a transaction. If you are more comfortable with a local bank, you can maintain a checking account with one of them. You can easily transfer the money you want to save from the checking account to the online account. Funds in a saving account can be accessed through check cards or electronic transfer.


How to Locate and Compare saving Offers

Are you wondering where to research for cash market accounts and savings account? You can make use of the websites like money-rates.com, bankrate.com and bankaholic.com. Billshrink.com is a useful website which provides free service and recommends best personal savings account. While evaluating the various offers, you should pay close attention to the following criteria.

• Annual Percentage Yield (APY)
• Check for introductory cost and the duration
• Least amount of opening balance
• The least amount of balance that needs to be maintained regularly
• Monthly service fee
• Amount of withdrawals permitted in a month

Banks that offers best saving rates

There are several banks that offer best rates but as on today, these are a few out of the many banks which you can choose for saving your hard earned money. Listed below are three of the leading banks: 

American Express – I am sure that most of you are aware of the reputation that this financial institution has. The bank is loyal to its customers for several years which convey the message that you’re money is secure. The bank offers competitive savings account by offering the best interest rates. The bank comes with the FDIC insurance and no monthly fee.

UFB Direct – This also offers savings account with best interest rates. The bank comes with FDIC insurance and no maintenance fee.

Ally Bank – Opening a cash market account with this bank is a wise idea. The bank offers you a free check card for the account. The bank comes with FDIC insurance and no maintenance fee.

If you are displeased with the current interest rate of your savings account, it is high time that you realize the impact and switch to a bank that offers better rates. 

About Sara Young: This article has been brought to you by Ethan Millers of bw9.com a site that offers savings and current information on Comcast cable and internet. More info on the best comcast internet speeds and cable providers are also available.

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