High Interest Rate Savings Account

Are you looking for a high interest rate savings account? With the stock market and real estate in turmoil, you might have considered other options to invest your money. How about putting your money in a high interest rate online savings account? These high interest rate savings accounts not only give you better than average interest, but they are also guaranteed by the FDIC. Online savings accounts are similar to traditional savings accounts in nearly every way except there’s no physical building for you to go to make your deposits and withdrawals. Instead everything is done online. The reason for this is in order for the bank to give you such a high interest they have to cut costs somewhere else. By not having a physical banking center, they save costs on staffing, utilities, rent, and other fees associated with having an anchor store.

To find the highest interest rate savings accounts, you can go to savings account comparison website. These types of website help you compare several online savings accounts using different criteria. You can search for high interest rate savings account according to the highest interest, the lowest minimum deposit, or one with no fees. The best savings account would be one that has all of those qualities just mentioned.

Be sure the high interest rate savings accounts are FDIC insured. To do this, go to the FDIC website and find the bank that is offering the high interest account. If you deposit your money in an account that is not FDIC insured, you run the risk of loosing your money. If the bank goes out of business one day, then you would have little recourse to recover your money. With FDIC insurance, if the bank does go out of business, then FDIC will give back to you the amount of your deposit up to $250K.

When you’ve found the high interest rate savings account that suits you, go to that bank’s website and sign up and deposit your money. The great thing about high interest rate savings accounts is that you can link it to your checking account or other savings accounts. Transferring money into the account is usually free and you are allowed six free transfers out of your account every month. With your money in a high interest rate savings account, you’ll be growing your wealth exponentially faster.