Tips to find the highest interest rates for your savings.
How to Find and Compare Online Savings Offers
Some great sites to research current offers for both savings and money market accounts are bankrate.com, money-rates.com, and bankaholic.com. I also like to use billshrink.com, which is an independent, free service that provides personalized savings account recommendations.
Here are the most important criteria to consider when evaluating different savings offers:
APY, which stands for annual percentage yield
Any introductory rate and the length of time it’s offered
Minimum opening balance
Minimum daily balance to avoid fees
Monthly service fees
Number of withdrawals allowed per month
Which Banks Have the Best Savings Rates?
So, are you ready to hear my recommendations on where to find the highest interest rates right now? Here it goes:
American Express now offers a very competitive online savings account at personalsavings.americanexpress.com. Not only are they one of the best-known financial institutions, but they’re offering the best rate--1.7%. That comes with no monthly fees, no minimums, and FDIC insurance.
UFB Direct at ufbdirect.com is also offering a savings account at 1.7%. It also comes with no monthly fees, no minimums, and FDIC insurance.
The next best offer is from Ally Bank at ally.com. It’s a money market account at 1.55% with no monthly fees, no minimums, and FDIC insurance. Ally also offers a free check card for this account.
So if your current savings rate isn’t as high as these offers, I encourage you to check them out. You work hard for your money and now’s the time to make your money work harder for you!
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