Interest rates vary and generally range from 0.2 percent to 2 percent. If you are trying to save your money, of course you want high interest savings accounts to help you get a return on your investment into the account. Accounts meant for saving are used as secure investments and not long term money making, but they are a great place to stow money and gain a little more cash in the meantime. Here are a few tips to help you find high interest savings accounts that will help you reach your money saving goals.
High yield savings accounts have very small upfront costs because they operate online and don’t have overhead costs. You can get better savings rates when you use these accounts. There can be some such accounts on a local level, but competition has increased over the years between virtual accounts and those you find in your local bank. The lower the costs are for you up front, the better off you are when it comes to interest rates later.
A lot of accounts will charge you fees up front or force you to maintain a minimum balance. With any account, you may have to open it with a small investment ranging between $1 and $25, but you should confirm before you make the move that there are no fees if your balance drops below that range. High interest accounts will not penalize you if you withdraw your money and you should never have a recurring fee.
Some accounts go up in interest rates when you have a certain amount of money in them. You might want to set it up to have your paycheck directly deposited into your savings account. This is a great way to start the savings process and bolster the balance to get you higher interest rates. If the funds are not in your checking account, it is easier to leave them alone.
When you are looking for high interest options to help you save, shop around and do a little research. You don’t want to jump on the first account you find and sign up. Instead, compare and contrast the options and make the banks compete with one another. If you search a bit extra, you will likely find a better deal than the original savings account you were checking out online or locally.