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 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.
When investing into High Yield Savings Accounts, you will receive many benefits.
Security – the maintenance of High Yield Savings Account is usually performed online and by this, the bank is essentially assuring the safety of your money. Furthermore, you will be able to access your account at any time. Whether you take out your fund or not is all up to you;
Guarantee – the fact that this is a... [Read more about this property...]
Here are the critical factors that you should consider before opening a High Yield Savings Account:
1. Can you afford to make the required initial deposit?
2. How much interest is to be paid (APY)?
3. How long will the interest rate last?
4. How is the interest calculated (daily, monthly, quarterly, semi-annually or annually)?
5. Can you maintain the minimum balance required?
6. Does the bank allow... [Read more about this property...]
Zions First National Bank is a subsidiary of Zions Bancorporation. Zions serves 10 Western States: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington.
APY is varible
This account is a great way to begin to prepare for your future. There is a $50 minimum opening deposit. You will incur a $3 monthly service fee if your balance falls below $200.... [Read more about this property...]
TD Bank is among the top 20 largest commercial banks in the US providing a variety of retail, small business, and commercial banking products to millions of clients in the Northeast. Headquartered in Portland, ME, TD Bank, “America’s Most Convenient Bank,” has been around for over 150 years.
APY depends on geographic location and amount deposited
Savers will enjoy... [Read more about this property...]
Wells Fargo, who now owns Wachovia, is a diversified financial superpower via thousands of locations worldwide. Wells Fargo is the fourth largest bank in the US.
Wells Fargo Goal Savings
These savings account rates are a fantastic way to start off your savings. There is no monthly fee if you maintain a $300 minimum balance, sign-up for direct deposit or set up an automatic transfers from a... [Read more about this property...]
Although the current times are tough, Univest hasn’t felt the heat. Univest. founded in 1876, is a conservatively run bank holding company that is “safe & sound.”
Univest’s Anytime Online Savings Account
This account is great for all reoccuring savings transfers and a compliment to Univest checking accounts as overdraft protection. Interest is compounded daily... [Read more about this property...]
With assets totally approximately $93B, KeyBank is among the nations largest “bank-based” financial organizations. However, Key.com only offers great interest rates directly to consumers and businesses in 14 states including AK, CO, CT, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, or WA.
Key Saver Savings Account
APY is dependant on location
Open your account with $50. You will not incur any... [Read more about this property...]
Watch your savings grow with ING. ING Direct conducts their business via the internet, telephone and snail mail. ING Direct is ING Bank, a Dutch financial services institution. ING is a global company serving 40 countries worldwide.
Orange Savings Account
“High Interest, No Fees, No Minimums” Your money works for you with this high yield savings account. Sign up for this online... [Read more about this property...]
HSBC, a top 10 financial services company in the US, is dedicated to helping its clients meet their financial goals. HSBC Direct is only online, however they are part of the HSBC Bank USA that has approximately
470 locations and a part HSBC group that has 9,500 offices across the globe.
Online Savings Account
This online savings account allows you access to your money anytime any where. There... [Read more about this property...]
First National Bank of Omaha is a subsidary of First National of Nebraska. The bank opened in 1857 and is currently the largest, privately owned banking institution in the US, employing more than 6,000 employees in 35 states.
FNBO Online Savings Account
This convenient, secure online savings account will help you reach your financial goals faster! No monthly fees. No minimum balance requirements.... [Read more about this property...]
EverBank Family of Companies, founded in Jacksonville, FL, has a long-standing commitment to deliver industry innovative banking, lending, and investment services.
High Interest Checking Account
2.25 APY (bonus rate)
This account is a simple, high interest checking account. EverBank does not require a minimum balance in the account and offer rates competitive to BOA, Chase, Citi and US Bank. They... [Read more about this property...]
EmigrantDirect is the online operation of Emigrant Bank. The bank, founded in 1850, offers freedom, and assurance that is unparalleled in consumer banking.
The American Dream Savings Account
This savings account has no fees, service charges or minimum balances. The APY is always subject to change. No minimum deposit. FDIC insured.
Rates always are subject to change. These rates were updated... [Read more about this property...]
E-loan is a financial services company based out of Illinose. They strive to offer the best saving and lending services available–at finest interest rates. E-loan currently only offers CDs and savings accounts, mortgages, bad credit loans, home equity and auto loans.
All of E-Loans savings accounts are FDIC insured, have no fees, and can be completed in an simple online process. However, for... [Read more about this property...]
Citibank is the consumer banking branch of financial institution powerhouse Citigroup. Citibank,founded in 1812 as the City Bank of New York, is the third largest bank holding company in America with over banks in over 100 countries worldwide.
Citi Ultimate Savings Account
There is a $100 minimum deposit required for this basic savings account. You do not need to have an account with Citibank... [Read more about this property...]
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 exists to help you save time and money.”
Bank of Internet offers standard banking and loan services entirely over the Internet cutting the cost of a branch network.BOI is able to offer competitive and often higher rates because they do not incur branch expenses.
Bank of Internet Advantage Savings
This account is for those seeking a deeply competitive rate. $100... [Read more about this property...]
Bank of America Corporation is a financial services company. It is the largest bank in the United States. The institution provides unparalleled convenience to millions of consumers, businesses, corporations and institutions. Bank of America assists clients in over 150 countries. Many of their consumer savings accounts are dependent on geographic location.
BOA Regular Savings Account
The BOA... [Read more about this property...]
AmTrust, founded in Cleveland, OH, is a rapidly growing and successful financial institution. AmTrust is a part of the NYCB community of banks and has over 16B in assets. AmTrustDirect.com features CD’s and e-Money Market accounts.
AmTrust Premium e-Money Market Accounts
.499 APY (rate fluxuates with balance tiers)
$500 Minimum deposit required. No minimum balance. The AmTrust Direct Premium... [Read more about this property...]
Ally is an online bank that doesn’t have monthly feees or require a minimum balance. They strive to keep their rates high and market competitive. Ally compounds their interest daily–maximizing growth potential.
Ally’s Online Savings Accounts Rates
You’ll earn an even better rate on your savings with the added convenience of online access. Open you account with $0.... [Read more about this property...]
American Express is a global financial services company, headquartered in New York City. The company is best known for its credit card and traveler’s cheque businesses.
High-Yield Savings Account
A Personal Savings Account from American Express has competitive rates to get your money start working for you. There are no fees. 24/7 service gives you the opportunity to access your account... [Read more about this property...]