How can you find the best savings account interest rate? You need to learn how to compare rates and search for not only the best interest rate on savings accounts but also to find the banks that will provide you with consistently higher interest rates and better customer service from all the other banks. Here are some tips that will be able to help you to find the best banks to work with.
Online Savings Account
The best savings account interest rates are usually found with online banks. The online savings accounts can give you a higher interest rate because the online banks do not have as many overhead costs to deal with, allowing them to send more money to their customers. Not only will the online banks be able to provide you with the best rates on savings accounts, many of them do not have tight restrictions on the account, making it easy for you to move your money around when you need to. Here are the top 10 banks for savings accounts:
- Capital One Bank
- Ally Bank
- ING Direct
- US Bank
- American Express Bank
- Zion’s Bank
- Cashmere Valley Bank
The Interest Rate
The Federal Reserve is responsible for setting the interest rate on savings accounts. This is why the rate will fluctuate often and you can see new leaders with the interest rate war almost on a daily basis. The more you research and compare rates on savings accounts, the easier it will be for you to find the best bank to work with for your situation. Use the online bank comparison tools in order to find the banks that are offering the highest interest rates and then talk to your local bank to see what they can offer to you. Some local banks will be able to reduce their fees and other things in order to offer you the best savings account interest rate possible.
What To Look For
Since the high interest savings accounts can easily give you 5X the Nations Savings Rate, you need to look online and compare rates and a few other things. Account fees and minimum balance requirements are important to look at as well when you are searching for the best banks to work with. You also need to research the online account access. How easy will it be for you to navigate the website? Can you transfer money quickly? Are there fees if your account balance falls below a certain limit? Will you need to pay a monthly service charge just for using the account? How about customer service? You also need to find out how easy it is for you to get in touch with a customer service representative when you need them. Research some bank reviews that will give you honest opinions of how the bank deals with their customers and how they manage their accounts. Getting some feedback from actual customers makes it much easier for you to be able to select the best bank to work with.
Ally Online Savings Account
The Ally online savings account has been rated as one of the best online savings accounts 2011 and looks to continue their streak of being the best online savings account 2012. The Ally online savings account does not have a minimum balance requirement to open the account and it does not include any monthly account fees. You are also able to earn daily compounded interest as well as the protection of the FDIC.
ING Direct Savings Account
The ING Direct savings account or “orange savings” has consistently been among of the top of the comparison charts for 2011. The interest rates remain close to 1% as possible but it is the online account access, friendly customer service, and zero account fees that continue to make ING Direct one of the most popular ways to save your money with an online bank.
USAA Savings Account
USAA is a bank that is exclusive as they only provide service to military members and their families. Many of their customers may not have served in the military but had grandparents or others that did, which allows them to be eligible for USAA. The USAA savings account is one of the best savings accounts out there as it is easy to use and can help you to connect your other accounts to it as well like your insurance account, auto loans, home loans, money market accounts, etc. The USAA savings account interest rate allows you to earn twice the national average on savings accounts. You will need at least $25 to open the savings account to start earning interest money.
Chase Savings Account
For individuals that link to have ATM access to their savings account, the Chase Savings Account is a smart move. Chase currently offers access to 16,500 ATMs not to mention their easy online access, online branch locator, and automatic savings program that all aid in helping you to build up your savings. Most of the services provided with the Chase Savings Account are free but you will need a $25 initial deposit amount to open the account and a $300 minimum daily balance in the account. Chase offers a lot of promotions, which can make investing your money into their savings account worthwhile. If you have a checking account or another account with Chase, your $4 monthly fee will be waived.
US Bank Savings Account
US Bank has a number of different savings account options for you to choose from. This makes it easy for you to find the best savings account for your needs. Most of the accounts will ask for a $25 deposit to open the account and some of the accounts have a $4 monthly maintenance fee. The interest rate on savings will vary based on the amount of money you are willing to deposit into the savings account.
As you can see there are many differences between these 5 banks. This is why it is so important that you use the online bank comparison tools when you are trying to find the best interest rate on savings accounts. The more research you do, the more information you will have to work with so you can find the best banks to grow your savings account!