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How to Get the Best Interest Rates on Your Savings Accounts

Tips to find the highest interest rates for your savings.

By
Laura Adams, MBA,
Episode #150

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: 

  1. APY, which stands for annual percentage yield

  2. Any introductory rate and the length of time it’s offered

  3. Minimum opening balance

  4. Minimum daily balance to avoid fees

  5. Monthly service fees

  6. Number of withdrawals allowed per month

Which Banks Have the Best Savings Rates?

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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!

Administrative

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I’m glad you’re listening. Chi-Ching, that's all for now, courtesy of Money Girl, your guide to a richer life.

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About the Author

Laura Adams, MBA

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a trusted and frequent source for the national media. Her book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show. 

 

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