It’s no longer difficult to find a great interest rate for a savings account, as the Internet guarantees a quick search can bring you the types of results you’re looking for.
So with a little work and little time you can in some cases double or triple your savings account rates.
The reason for doing this is to build up a good financial base to work from, where you have about six times the amount you make in your regular check, so you have approximately six months of income available in case of being laid of or other unforeseen circumstances.
There are a number of place online you can search to find comparison high yielding savings accounts, and with just a few clicks will have all the information you need to make a decision.
All you need to do to get there is to type in the words savings accounts or high yield savings accounts into your browser and some web sites will appear where you can then get a list of financial institutions offering you the highest rates.
What you’re looking for at this point is a link tab which is usually located at the top of the web page called Checking & Savings, or something very similar to that. Simply click on that and a list of the best savings account interest rates will appear.
Another thing to consider is whether it’s a local or national search. Usually those two options are available, and unless you only want to bank locally, go for the national search as you’ll obviously get the best results there.
To save some time don’t just click on any savings or MMA account, as there will be parameters like minimum amount to open an account and things like that to choose from. If you only want to open an account with a small amount, it doesn’t do any good to click on options you won’t qualify for.
Normally a simple savings account search option will be offered, and that will be the way to go with most banks. Money Market Accounts usually ask for more upfront to open, so that may not be the option you’re looking for.
The next step when a list of banks or financial institutions are listed, is to find where it says APY. When you click on that the good sites will list the best rates in a descending order so you can quickly get the best results.
Understand that the highest interest rate may not be best for you because of the additional terms of the savings account. Things like monthly fees, minimum balances to keep from getting fees, minimum balances and introductory rates. All of these need to be considered before making a decision.
What looks good because of a high rate can quickly become a very average rate if all sorts of fees start to be applied. So know your habits and needs, and if you don’t fit into the parameters of a higher savings account yield, go for a lower one which will bring about the same interest rate when all things are taken into account.
Finally, you want to know if the saving account is insured by the FDIC, and how soon you can withdraw funds following an electronic transfer. Sometimes this can take more time than another bank, and that could be a problem if you need the money quickly.
Concerning the FDIC thing, you should have this will all normal savings accounts, as this will offer additional protection if things go wrong, like they have been doing a lot lately.
When this can be ignored is if you want to get some really high savings rates with a high risk account which may yield as high as 10 percent. As long as you understand the risks and you aren’t using foundational money, this would be ok.
High Yielding Savings Account