How to Find the Best Savings Account Interest Rates

You're working hard for your money, so make it work hard for you!

Use the tips in this article to find the best savings account interest rates. Most banks now offer fee-free savings accounts that require no minimum deposit, so there is nothing to worry about, except how much more money your money can make for you in interest.

Difficulty: Moderately Easy

Instructions

1. 
    
   It's all about the interest rate

   It is always a good idea to visit your local banks and speak to someone in person about the best savings account interest rates they currently have available. However, in this modern age, the best interest rates can often be found by searching online.
   
   Visit each major bank's website to view their current savings account interest rates. They will always have their best and most current rates posted.

2. 
    
   Bankrate.com is a great resource

   Another great resources is a website called bankrate.com. This site allows you to compare the best published savings account interest rates from all of the major banks, as well as some local ones. It should also include details about any fees or minimum deposit/balance requirements associated with each rate.
   
   Doing your search this way can save you a lot of time since you skip the step of walking into each individual bank to ask about their interest rates.

3. 
    
   Ally is an 'online' bank

   Another option to consider is choosing a bank that is online only. This means that you apply for the account online or over the phone, and transfer money into it online or by mailing in a check. Some people are uncomfortable with not having a physical branch that they can walk into, but the reality is that by saving tremendously on the overhead associated with maintaining branches and separate staff all across the country, these banks are often able to pass those savings on to you.
   
   One that I am currently working with is Ally Bank. The service is exceptional, and the savings account interest rates are the best I've been able to find. I am able to speak to someone on the phone about my account any time I need to, but for the most part I just manage my account online without any hassle.
   
   I highly recommend this option. As long as you choose a bank that has a good reputation and is FDIC insured, there is nothing to worry about. Not only will you be more likely to find the best savings account interest rates... but, also, by banking online, you will be doing your part for the environment by saving paper and electricity resources associated with traditional banks.

Tips & Warnings

• Do your due diligence and, chances are, you'll find a much better rate than the one you currently have.
• It's worth the time and effort, because once you've done your research, you can sit back knowing that your money is working as hard for you as you did for it.
• Always read the full terms and conditions before opening any account.
• You want to find a great interest rate, but if something truly seems too good to be true, be weary.

[pamelaa75]

on 8/25/2009 Really good article on how find the best savings account interest rates 5*s and rec

[michaelinasmom]

on 6/28/2009 Good article 5*

[tachic]

on 6/23/2009 Interest rates keep decreasing lately- good tips to find a good savings account.