A Quick Way to Compare Savings Accounts

by FinancialTips4U

Having a savings account is a great way to make your hard earned cash work harder for you. But is your money doing all it could be doing while sitting in that savings account?

Having a savings account is a great way to make your hard earned cash work harder for you.  But is your money doing all it could be doing while sitting in that savings account?  Have you heard about high yield savings accounts or online savings accounts and wonder what you could be missing out on?  The truth is, the grass may actually be greener on the other side – and your money could be doing more for you.  Here’s a quick and easy way to compare savings accounts to make sure you get exactly what you want when it comes to your money.

Compare Rates Online for the Best Deals

Many people think of savings accounts as being all about the numbers.  But the interest rate isn’t the only thing you should look at.  While it’s true that a great interest rate will help grow your savings even faster, there are other points to consider, such as customer service, additional features (like online banking), how often you have access to your money, and so forth.  The best way to compare savings accounts is to check online through trusted authority sites such as Bankrate.com. They provide reviews on the top rated banks and the most competitive savings accounts, so these sites are a good place to start your search.

Make Sure You Have the Features You Want

The second important consideration while you compare savings accounts is the type of features you’ll need.  Perhaps you can’t live without online bill pay and access to your accounts online.  Maybe you travel often and enjoy the convenience and accessibility of a network of ATMs.  There is no one “right” savings account for everyone, and different banks (and even different types of savings accounts) have different features. 

Nearly all savings accounts have some type of minimum balance required for you to get the aforementioned interest rate.  But apart from that, you’ll also want to consider how many withdrawals you can make, whether you can link accounts to each other (such as a savings and a checking account for overdraft protection) and whether or not you get the benefit of compound interest with your savings account.

Added Protection and Peace of Mind

Perhaps the most important feature to look for when you compare savings accounts is whether or not those deposits are FDIC insured.  The FDIC is a government entity originally created in the 1930s.  Back then, when banks closed their doors, your money could be gone for good and you’d have no way of getting it back. 

Today, FDIC member banks insure deposits  up to $250,000 per deposit type, per customer.  This includes your checking account and your savings account, as well as certain other banking products like money market accounts and CDs. 

These are just a few of the best ways to compare savings accounts.  Finding the one that’s right for you doesn’t have to involve a lot of trial and trouble.  It simply means finding the features you want along with a competitive rate that helps your money work to its fullest, so that you can achieve your financial goals.  A little online comparison shopping can make the whole process go much more smoothly, and there are plenty of trusted websites to help.

Finding the Best Savings Account

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Updated: 11/12/2011, FinancialTips4U
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