Last Updated Mar 28, 2008.
The most popular savings accounts
- WaMu 3.30% APY Savings Account ($1 min)
- E-TRADE 3.01% APY Savings Account ($1 min)
- WT Direct 3.56% APY Savings Account ($10,000 min)
Savings accounts are a great way to establish a “rainy day fund” in the event of emergencies. The best savings accounts are from banks that offer high interest rates and friendly customer service. By establishing a savings bank account, you can rest assured that you will have money in case of emergency. Whether someone loses their job, is unable to work for a long period of time, or has to take care of someone ill, these bank accounts wiill help steady their finances for a specific period of time.
The best savings accounts available are those that offer competitive interest rates. Some of the other bank accounts may offer incentives for saving so much per month, year, etc. Many money market accounts are available with high interest yield to up your savings just because you leave your money alone in your account.
How do Bank Interest Rates Work?
Take for example, a savings deposit of $1,000 when opening the account, and $50 each week after. After 3 months, you would have $1,600. Most banks pay interest on a quarterly basis.Let’s imagine your interest rate is 5.3%. Your quarterly interest on your $1,600, would be $84.90. After 1 year of keeping the same savings routine, you would yield $4,408.28. That’s only 1 year of savings. This demonstrates how important finding one of the best savings accounts out there is to your financial health.
Features of Savings Accounts
Some financial institutions such as Bank of America have created “Keep The Change,” a savings feature on their account. Each account holder can choose to implement this program with their account. Every purchase that is made is rounded to the nearest dollar and that difference is transferred to their savings accounts. This is another great way to save yet even more money and helps managing a check book even easier for those math deficient individuals.
Another way for help with savings is by finding a bank that allows direct deposit within your account from your paycheck. Some people simply cannot save, however by choosing an amount from each paycheck that will be placed in their savings. They are able to do so with the help of their bank.
Best Ways to get the Best Rates
Ask bankers for the best ways to find the best savings accounts. Ultimately, each person’s needs vary. From the spending habits to monthly bills and salary, all of these factor into how much money someone can save comfortably within their life time. The best savings accounts allow you to yield large amounts of money by placing minimum amounts within an account. By finding a high interest rate account, you are giving yourself more money in the long run. What could be better?
No matter where you live, the best savings accounts out there can be found. Do a quick online search or simply walk into any bank and ask for their rates. Be sure to talk to many banks before committing to one account. Great deals are out there, without savings accounts, banks would go broke! They need our money, so find the bank that is most serious about helping you because you helped them. Find the best savings account today!