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How to Get the Best Interest Rate for Your Savings Account

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A savings account is an excellent place to securely store your money, and it can be linked to your checking account for maximum financial efficiency. The downside is that interest rates on savings accounts are frustratingly low, and many economists expect them to stay that way for the next few years. The most generous rates on these accounts barely reach 1 percent.

Despite the low interest rates available out there, however, it still is worth it for you to expend some time and energy to obtain the most optimal rate possible. Learn here a few tips on how to get the best interest rate for your savings account.

Shop Around

If you want to get the highest interest rate for your savings account, you have to shop around for the best offers on a regular basis. Of course, given that interest rates are expected to stay at record lows for the next five years, finding options that will provide you with some reasonable level of reward is not going to be easy.

Use the Internet to do a quick search for the best interest rates. The Internet is the best resource to utilize in your rate shopping, as the highest rates for savings accounts are to be found online. There are many websites that list the best rates, such as BestCashCow.com and Bankrate.com. Gather offers and search for additional information about the banks and credit unions you are interested in. Feel free to check out different institutions to find out what kind of interest rates they offer.

Of course, in addition to being able to go online to get information, you can always get information by calling a financial institution on the phone or by visiting one of its branches in person.

Compare Multiple Offers

Once you've got your offers in front of you, you can compare different types of savings accounts to see which has the best interest rates and features for your situation. Keep in mind that some banks offer high interest rates in exchange for you complying with certain requirements, such as that you sign up for electronic statements, pay bills online, or maintain a checking account at the bank. Once you know for sure what the best offer is and what it takes to qualify for that offer, you can make a decision.

You should also know that most banks require a minimum opening deposit of just one dollar into a new savings account.

Sign Up for an Online Savings Account

Online savings accounts are becoming more popular every day, and to get the best interest rate, you will need to go with an offer for one of these accounts. When you sign up for an online account, you pay lower fees and enjoy higher interest rates than normal. Be aware that online savings account customers are generally required to do most of their transactions online or using an ATM.

Consider a Longer Term

You definitely should consider holding your money in your savings account for a good while, as the longer you leave money in your account, the higher the interest rates you will receive. By the same token, you might have to pay an early withdrawal fee if you cash in your funds before the maturity date. Keep in mind that some banks require you to keep a minimum balance in order to earn interest, often an amount in the area of $500.