Banking (MP) We all need to save money if we’re going to get ahead of the rat race. And choosing the best savings accounts rates is the kind of thing smart people do to not only save money but, make more of it. So, before you simply walk into your nearest bank branch and settle for what they happen to be offering, I want you to know a little about your options.
The best high-yield savings accounts can offer rates well above the national average and provide better accessibility than even CDs. One thing to remember is rates are always changing. I’ll say this most online savings accounts are great compared to traditional brick and mortar type banks. And you can rest assured all the high yield online savings account are FDIC insured, unlike some peer lending and stock market companies.
Savings Accounts 101
A bank savings account is a convenient place to store your savings while you figure out your next move. Most banks and credit unions offer savings accounts as a simple way for consumers to keep their extra funds safe. Credit unions often require a savings account to be opened as a part of the membership process. Savings accounts are considered to be the most straightforward of bank accounts, but they do have a few particular features I think would interest you:
- Transaction Limits – By law, you are permitted 6 withdrawals or outgoing transfers per month from a savings account. If you make more than 6 withdrawals or transfers in a given month, you may be charged a fee from your bank or credit union, and continued violations could result in account closure.
- Variable Rates – Savings account rates can change without notice and tend to shift daily at the discretion of the bank or credit union. The interest rate you receive when you open the account may not be the same rate next year.
- Fees – lots of savings accounts carry monthly maintenance or service fees and have minimum balance requirements. Make sure to read your account’s fee schedule before signing up.
Best Savings Account Rates
Interest rates on savings accounts vary greatly between banks. That is why you should always check the rates for as many banks and credit unions to find the best savings accounts rates available. MoneyPacers compares savings accounts rates from the top banks around so you don’t have to do all the work. Below are the top bank savings accounts rates we found.
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