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Tips on finding a savings account with a great interest rate

By Lena / April 20, 2012

Tips on Finding a Savings Account with a Great Interest Rate

Having savings is important if you’re a responsible adult. You never know when that rainy day money is going to be needed. However, a lot of savings accounts out there aren’t offering any return on your money, so you would do well to find an account that pays interest.

Most people aren’t really sure how accounts work beyond the two major types most banks offer: checking and savings. But within those two basic types of accounts, you can find a wide assortment of different account types that pay out different interest rates, that charge different interest rates, and that require different amounts of money to stay open. You should be looking for an account with a fair rate that doesn’t cost you a lot to keep open. Speaking to your bank about your personal options is the only way you’re going to find a good account.

Credit unions are generally smaller in size than most banks and aren’t too worried about milking you for every penny. They’re blue-collar, middle-class institutions that strive to treat customers fairly. Your credit union might not have all the perks that those big banks do in terms of ATM cards and rewards, but in terms of starting a high-yield savings account, a credit union is probably your best bet. It’s a great step to take, even if you’re only diversifying.

Much of the banking system in today’s world is modernized to the point where some banks won’t even have physical locations. Other than a main office, banks can do the entirety of their business online. By searching for banks via the internet, you can broaden your search to include other states around the country and you can ultimately find dozens of banks that you wouldn’t have known about otherwise. However, you still need to be careful here. An online bank without a lot of physical locations can easily pay for positive reviews and high placement on the search engines. This means you have to put each bank through a thorough review process, speaking to real users and finding out about the bank’s practices.

With so many different options available out there today, it’s a safe bet that not everyone you know uses the same bank. Perhaps your mother uses a different bank than you, as well as your cousin, your sister-in-law, your best friend, etc. You should be asking them for their recommendation in terms of a great bank to choose. They don’t have to be involved in finance to recognize fair treatment when they receive it.

Banks want your business, so it’s imperative that you always recognize that the ball is wholly in your court. If you’re not being treated fairly enough by a bank, or if you simply want an account that pays off better, then you’re free to move wherever you so choose. This gives you the power and leverage to pick the best account, and there’s no reason that these tips shouldn’t help you do just that.

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Brigida - February 7, 2015

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