Traditional savings accounts are considered to be one of the foundations for wealth building because these accounts are safe and dependable investments that are insured by the FDIC. There is a wide range in the interest rate that banks pay on savings accounts that can start as low as .25%. There are better interest rates available.Picking the best savings rates 2012 encompasses several considerations.
The best interest rates exceed the rate of inflation and increase purchasing power because traditional savings is considered a long term investment. As noted, a rate of .25% or less is unacceptable―there are more competitive rates. It is also worth taking the time to explore different bank offerings and terms.
Banks often require a hefty initial deposit to open a savings account, while others require the customer to maintain a minimum balance in their accounts to maintain the high interest rate. The following five banks are consistently listed as institutions with the best current savings rates 2012 and in many cases, without any fees, minimum balance requirements or large initial deposits requirements:
Although a high rate of return on savings is the primary concern in choosing a bank, excellent customer service is another important consideration. In today’s banking world, the best banks have professionally designed websites that are easy to navigate and understand. These banks also have professional and well-trained customer service representatives available to assist customers.