High Interest Rate Savings Accounts: Get One!?

Answer 1

High interest rate savings accounts make a lot of sense. Here are some common-sense tips for finding the best high interest rate savings accounts.

1. Shop around. Banks are notorious for yielding low interest on their savings accounts. This is why you may want to try alternatives to the traditional route of investing your money in savings accounts with a bank. There are a few online alternatives which work well. Ally has high interest on their checking, savings, and other financial products, the highest in the industry in fact. So, it pays to shop around. Basically, you won't find a higher interest rate on savings accounts anywhere other than Ally; everything else, however, is negotiable. By doing a bit of research on the internet, you can easily find whose interest rates are the best. Just pick the one you like best, which brings me to my next point.

2. Pick your savings account carrier. When shopping around for high interest rates on savings accounts, you are going to notice that some banks and online banking organizations have different perks than others do. For example, at ING Direct, you might get a one-hundred dollar sign-on bonus for starting a savings or checking account if they are having one of their promotional deals. You have to shop around before you decide to choose--but choose you must, and let's hope that the savings account you choose to open will have a high interest rate, if not the highest.

3. Invest. Once you have chosen which carrier you would like to go with, then invest your money into your savings account at that particular institution or organization. One nice aspect about online banking is that your money isn't immediately accessible, therefore you can sock it away and never touch that money. That is part of the beauty of saving money in an online bank--out of sight, out of mind, so you can't spend it. That is ideal, but unfortunately many people need immediate access to their savings nowadays, with the economy continually tanking and rising, tanking and rising, and so forth.

Use these particular tips to find high interest savings accounts, and you will be well on your way to assuring that you have a prosperous and financially sound future. Finding high interest rate savings accounts will help you save as much money as you possibly can, and make money from your savings to boot.