How to Earn More Interest With an Online Savings Account

Banks are no longer just brick and mortar buildings!

Rate: (8 Ratings)

Is your local bank offering poor interest rate percentages on savings accounts? Do you need the security of FDIC insured savings? Read on to learn how to research and obtain a new savings account using the Internet.

Flag Article

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

Computer
Money
Time
Internet service
Interest rate information
Personal information
Credit report

How to Earn More Interest With an Online Savings Account

Step1

Tune in to the financial talk show hosts using the websites below on your computer, or your local radio stations. They often will give you the best reliability picture of online savings accounts and their interest rates.

Step2

Use a search engine such as Google to find online banks quickly. Click the links below to research the more well-known institutions.

Step3

When you arrive at the banking websites, they generally have a link that states current APR or interest rate they offer. This will vary over time and could potentially change overnight. Have in mind your goals for the money you will invest.

Step4

Shop around on at least two of the websites for the highest interest rates as well as benefits or perks they offer. Choose one that has been around for a few years and has a sound reputation. You could ask your business associates if they have heard of the bank as well. Check out the minimum age, often times they do not have children's bank accounts.

Step5

Do not forget to check the weekly newspaper business section for the latest interest rates and special offers just to compare with what you have found online.

Step6

When you do decide, you should be able to complete most of the sign up process by phone, Internet or by postal mail.

Tips & Warnings

Check online for reviews of the particular banking institution you are interested in.
Do not invest in any online savings account that is not FDIC insured.

Resources

Photo/Video Credit

soundbiteblog.com

Comments

CCrock said

Flag This Comment

on 1/26/2008 This is a great article. I use a WAMU savings account for this same purpose. Maximize year earning potential by putting all your money in your 5% savings account, and make all your regular purchases with your credit card. (just make sure you pay off the balance every month). If you have a credit card with the same bank as your savings account, you can do a really quick and easy balance transfer to pay your card each month. I've been trying to tell all my friends to get a WAMU savings account like this.