Best Savings Account Interest Rate
Best Savings Account Interest Rate To find the best savings account interest rate you have a lot of options. One of the quickest and easiest is to go right online. Online you have access to many sites some of which will actually compile listings of multiple financial institutions and list what their current interest rates are. While everyone is interested in getting the highest amount of interest they can, it is important to remember that interest rate is only one of the things you should take into consideration. There may be other elements to the account that you want to be aware of. In order to choose the best savings account interest rate as well as the best overall savings account for you, look over this list of tips: 1. If you are saving for a long term goal such as a college education or retirement, you may want to find a cd rather than a regular savings account. A cd is limited in how soon you can get your money, but if you are just putting it away for the future you don't need to worry about that. Typically a cd will pay higher interest rates than a regular savings account. 2. With a savings account, many financial institutions will only allow to make a certain number of withdrawals every month. If you go over this allotted number of withdrawals you will be charged a fee. The fee is not usually that big, but this is something to keep in mind. The same thing would happen if you tried to get your money out of a cd before the term was up. The big difference would be that instead of paying a few dollars in fees like you would with a checking account, you will likely lose all of your interest. 3. What, if any, is the minimum amount you can use to open your account? If the amount to open an account is more than you currently have, that will obviously be an issue. This is usually more of an issue when you are opening a cd since the minimum amount will likely be higher than with a savings account. Most financial institutions will require around $100 to open a savings account versus $500 or more to open a cd. Again, this does vary from one bank to another so make sure to find out first. 4. Don't forget about your local credit unions either. Today many of them have pretty lax standards as to who can open an account with them. In some cases you simply need to live or work in a certain county or town. Credit unions can offer the same protection for your money as a bank but they often have more flexibility when it comes to the terms they set. You may be able to get a better interest rate and / or may not need as much money to open the account. It is something to consider, when you are on the hunt for the best savings account interest rate.