Traditional savings accounts can be very useful savings tools but often present one significant limitation, low interest rates. High yield savings accounts are available from both traditional banks and from online banks with online savings accounts. High yield savings accounts offer significantly higher rates of return compared to conventional savings accounts and make these accounts desirable banking products. However, the best interest rate may not be available at the local bank and consumers will have to search and compare high yield savings accounts in order to obtain the highest bank rates available.
The increased rate of return available with high yield savings accounts makes searching for the best high yield savings account well worth the limited time it takes to find and compare the best high yield savings accounts available.
Although the yield on the savings account is often the most important factor in deciding which savings account is the best account to hold your hard earned dollar, other account features may also be important in establishing which high savings account is the overall best bank account.
It is better to compare these features thoroughly before choosing a new high yield savings account. Comparing bank interest rates and features will also help with your overall banking needs before transferring an existing high yield savings account or opening a new bank account with another financial institution offering the features of your choice.
Websites such as www.selectcdrates.com are great place to start to compare high yield savings accounts. Select the high yield savings accounts you wish to compare from the lists of bank rates available on the website. Rank the bank accounts in the descending order with those yielding higher interest rates at the top of the list. Once a search of the top five or ten best savings rates are reviewed on the web site, call the banks listed to review the features available with the account as well as any other products or services found at the bank that may be of interest to you. This will help you find the best bank and bank savings account that matches your financial needs.
Carefully go through the terms and conditions for each of the high yield savings accounts. Some choose to provide you interest at higher rates only if you maintain a certain minimum balance in your account. A few of these accounts need a minimum deposit to be made to initiate the account with the amount needed varying widely between banks.
Also, there may be ceiling limits on withdrawals or on the number of withdrawals for a specific period of time. The bank will usually charge a fee for withdrawals above the limit. Alternatively, they may refuse to credit you the interest at higher rates. Clarify these aspects before choosing to open the savings account.
It is better to choose a high yield savings account with a lower interest rate having a smaller minimum balance requirement if that matches your financial needs and current condition. If you cannot meet the minimum balance requirement, you may end up paying hefty sums to the bank as penalty instead of earning high interest. First decide on the savings account balance that you intend to keep. Then choose the high yield savings account that is giving the highest rate of interest with that option.
Check out whether you can deposit the funds directly to the savings account. It will be also be very beneficial if the bank account comes with features to easily transfer funds to other accounts in order to gain quick access to your funds.
Always check the other features at the bank such as other account types available, customer service access, online banking access and more before making the final choice. Choose the high yield savings account and bank that best suits your banking demands and which provides the greatest rate of return.
For more information on the top ten savings account rates or money market accoount rates please see Money Market Account Rates or Savings Account Rates. To see more information on the best online banks refer to Best Online Bank and to see some of the best online savings accounts available see Best Online Savings Account. Current Bank promotions and deals can be found at Bank Deals.
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