In a competition to increase the number of account holders, many banks are offering high interest savings accounts. Offering these accounts to customers benefit banks because they are able to lend out more money. Consumers are attracted to high interest savings accounts because they offer competitive rates, and are safe investments compared to stocks. However, there are some drawbacks to high interest savings accounts that have not been made known to some consumers.
There are costs included with high interest savings accounts that consumers may not have taken into consideration. Most accounts are accompanied by various costs, including monthly maintenance fees, annual fees, and withdrawal fees.
Some high interest savings accounts require a minimum fee to open an account, and minimum monthly contributions into your account. While this may not seem like a big deal, remember that you may lose that high interest yield if you fail to meet the minimum monthly contributions. You may still be locked into the account even if you lose the yield.
Some accounts that offer high interest rates include the advertised rate for a specific introductory time. After that time expires, the rates decline. For example, a bank may offer a rate of 5 percent, but after 6 months that rate disappears. That is why it is important to read the fine print.
You may be required to sign an agreement limiting your access to your money for a specified time. The period of time varies per bank. Although your interest yield is guaranteed, it limits you from accessing your money and moving it to higher yielding accounts. You may be penalized if you move your money, which makes the account very similar to a certificate of deposit.
High interest savings accounts typically have variable rates, causing your return to fluctuate. It is important to understand the interest rate that is offered on your account. This will ensure you’re receiving what you expect and deserve.
High interest savings accounts are very beneficial to consumers. Many online banks offer better rates than brick and mortar banks. Investors that are not very risk tolerant find themselves more comfortable putting money in high interest savings accounts.
It's exactly like low interest savings accounts except this time it's high. This way you can save more money in a high interest savings accounts. You have got to be high not to get this account.
High interest savings accounts are savings accounts that banks give you that let you earn lots of interest with benefits. They usually are the toughest to get because you need to deposit a certain amount of money.
One can find the highest savings interest rates by going to the Savings Accounts website. The website has a list of the top 10 Savings Accounts that have high interest rates.
The best online saving account with a high interest is the Capital One savings account. Some other good online savings accounts with a high interest are Discover, American Express, Barclays and many more.
Some of the fifty highest money market rates and high interest savings accounts can be found at many banks. For instance, PNC offers high interest saving accounts.
It's exactly like low interest savings accounts except this time it's high. This way you can save more money in a high interest savings accounts. You have got to be high not to get this account.
WaMu is the best provider of High Interest Rate Savings Accounts.
High interest savings accounts are savings accounts that banks give you that let you earn lots of interest with benefits. They usually are the toughest to get because you need to deposit a certain amount of money.
There are several banks that offer high interest savings accounts. ING Direct has a good reputation for offering a high interest rate with excellent customer service. Ally National Bank and American Express also provide high interest rates on their savings accounts.
Bank of America offers very high interest savings in NY.
One can find the highest savings interest rates by going to the Savings Accounts website. The website has a list of the top 10 Savings Accounts that have high interest rates.
The best online saving account with a high interest is the Capital One savings account. Some other good online savings accounts with a high interest are Discover, American Express, Barclays and many more.
Some of the fifty highest money market rates and high interest savings accounts can be found at many banks. For instance, PNC offers high interest saving accounts.
There are several banks that offer online savings accounts with high interest payouts. The best banks to use for this are Suntrust and America's First Bank.
Chase currently offers an interest rate of .5 on their savings accounts. These are not high rates.
Savings accounts with traditional banks typically do not have high interest rates. Banks such as Ally or ING Direct offer slightly higher interest rates that are approximately .75 to 1 percent.
Yes, most high interest savings accounts require a minimum balance. Since it is high interest, it is usually a high minimum account balance as well.