Comparative shopping is the key to getting the best deals possible – whether it be buying your first home, getting your first car loan, or looking for the best interest CDs. The same is also true for banking. When in doubt of the offers your bank provides, shop around and seek better offers such as higher interest savings accounts – this allows you to be actively participating in your personal financial activities.
If your bank is only paying below 1% on the interest on your savings account – you’ll be surprised on how many banks out there that do pay a higher interest on savings accounts. You may even find a savings account with up to 3% if you search around long enough. Most often you’ll find these higher interest rates on savings accounts through online banks. Since online banks do not have a lot of overhead – as they are usually not physical banks – they do not need to operate on a lot of cash.
Some online banks you may want to do some research on for high interest savings accounts or even high interest checking accounts are: Bank of Internet, Discover Bank, ING Direct, E*Trade Bank, E-Loan, andFNBO Direct. Also, feel free to look around on this site, there are some good posts that explain how to help you find great deals on high interest savings accounts rates or any other rates that you might be interested.