High Savings Rates

How to Find the Best Savings Account Rates

There are several things a person can do in order to find a bank with the best savings account rates for their needs. This article outlines several things that an individual would to know to make an educated decision about the bank they choose to open an account with. Read below to learn more.

Saving Account Terms: There are several banks that will offer you a fantastic interest rate for the first few months after opening account. However, after this initial honeymoon period, it is likely that the savings account rates will drop substantially based on the terms of the account. This is why it is very important to read over all paperwork provided to you and make sure that you understand all of the terms.

Compare Saving Account Rates: You will want to go to banking institutions to find the best APY and APR. It is important to check both the annual percentage yield and annual percentage rates that are offered before you make your decision. Imagine you have around $2000 to deposit into your new savings account initially and plan on making weekly deposits of $100. In three months time, you will have accrued $3200 total in the account. Most banks in the United States will accrue interest quarterly. In this case, the total amount of interest accrued is $169.80 if the interest rate was a nice 5.3% APY. This is measured by the amount that has accrued upon maturity.

Value Added Services: Most of the larger banking institutions in America will offer several value added services with their savings account rates. A good example of this is Bank of America’s ‘Keep the Change’ program. This program works when you spend money by using your debit card. The amount spent is rounded up to the next dollar and the difference is then moved to your savings account. In this way, many small deposits are made into your account that receives high savings account rates.

Another popular value added service is when banks allow you to automatically deposit a certain percentage of your pay check into your savings account. This is a great for feature for people who have a hard time remembering to put money into their savings account regularly. Users no longer have to worry about saving, because it is done automatically for them.

Customer Service: Customer service is a huge thing that you will want to consider while searching for the best savings account rates. It may not be worth it to go with the highest interest rate if the customer service is very poor. It is in your best interest to check on reviews of the bank before you open up an account. You will be saving yourself a headache.

Once you have evaluated all these areas, you will simply choose the bank with the highest savings account rates. Account terms, value added services, and customer service are all important, but your return on investment is what matters in the end.

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Savings Accounts | Money Markets | CDs

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Critical Factors to Consider Before Choosing a Savings Account

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Zions First National Bank Statement Savings

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TD Bank, “America’s Most Convenient Bank”

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Wells Fargo Online Banking

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Univest Direct Online Banking

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KeyBank Saver Savings, Silver Savings and Key4Kids Accounts

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ING Direct: Go Orange!

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HSBC Direct Online Banking

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FNBO Online Savings Account

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EverBank Online Banking

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Emigrant Direct Online Banking

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E-loan’s Saving Options

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CitiBank Online Savings Account Offerings

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Chase Savings Accounts: Basic, Money Market & Plus

JPMorgan Chase & Co is a premier financial instituion that operates in approximately 50 countries worldwide. It is one of the “Big Four Banks” of America with Wells Fargo, CitiBank and Bank of America. In addition to savings, Chase offers checking, credit and loan services. To receive great rates from Chase, you might need to have a large sum of money to deposit or choose them as your... [Read more about this property...]

Bank of Internet: Money Market, High Yield & Advantage Savings

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Bank of America Standard Savings Account

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AmTrust e-Money Market Accounts & e-Savings Account

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Ally Online Savings Account

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American Express High-Yield Savings Account

American Express High-Yield Savings Account

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High Savings Rates