How to Find the Best Bank Savings Account Interest Rate

By TurtleDog,

 

There's more to finding the best interest rates than just seeing something on television. Read on to learn how to Find the Best Bank Savings Account Interest Rate

Difficulty:

Easy

Instructions

1. • 1
     Our first three steps we'll dedicate to basic research. First, check the old newspaper. Newspapers still post best bank account savings rates in their business/financial sections. Write down the best rates from the most recognizable institutions
   • 2
     Then check the internet for bank savings account rates. Simply type in 'best savings rates' or something similar and tons of banks as well as tools for finding banks will appear. Write down the best rates from the most recognizable institutions. BE SURE TO note the APY (annual percentage yield) as this will truly tell you the interest rate you'll actually have earned over the course of the year
   • 3
     Do you have a financial adviser? Do you have access to one (for free?). If you do, ask them too, but also compare their advice to what you find in steps 1 and 2
   • 4
     Now, you've accumulated some of the highest rates from the most recognizable institutions, contact these institutions
     

     and verify 1) the interest rate (specifically the APY or annual percentage yield) 2) ) Verify the minimum amount (if any) you need to maintain in this account without penalty. 4) How often is the compounding (daily, weekly, monthly, etc) 5) and... very importantly... if there are any fees or penalties (the closer to 'none' the better :-)
   • 5
     If there are any fees or penalties that you know you will be paying, factor that into your thinking. If you have two equal savings account interest rates from two different banks, but one has penalties or fees and the other doesn't, choose the one with no penalties or fees
   • 6
     Write down the top three banking institutions that have the highest interest rate (remember APY!! ) with the most compounding. More compounding, such as daily instead of weekly, means you are earning more interest more regularly. This adds up to more money
   • 7
     Then look at these 3 bank accounts and determine which one's have 1) the right minimum balance you can afford ($0 is perfect :-) 2) The smallest minimum balance to maintain and 3) the least amount of fees and penalties
   • 8
     Lastly, since we are looking putting your hard earned cash into a bank savings account, be sure the account you select is FDIC insured. If it isn't, and you still want it, at least be sure that the non FDIC insured account makes WAY more interest than the insured ones and it is a long established institution. FDIC guarantees you'll get your money back. Anything else, if the bank loses it or someone steals it, you lose it.
   • 9
     Following the above steps should insure that you 1) find the right savings for you with the best interest annual percentage yield (APY!!) 2) With the most compounding 3) that has minimal or no fees 4) with a minimum balance you can afford
   • 10
     Thanks for reading my How to Find the Best Bank Savings Account Interest Rate