Can you get high-interest savings accounts offline? Well, that depends on what you mean by high interest. You can compare rates with several of your local branch banks to find the one that offers the highest rates. You may be surprised at how much fluctuation can be from one bank to another. But, for the most part, if you want really high rates, you will almost always find a better rate with an online account.
Finding the best rate from an online bank is easy. All you need to do is visit the website Bankrate.com to compare interest rates from one bank to another. once you’ve narrowed down the best rate, you can visit that bank’s website to check out other restrictions. An online bank I use and can recommend without any reservations is Marcus by Goldman Sachs, which can be found at Marcus.
It is important to look over many aspects of the bank before you open an account. Interest rates are a very important thing to consider. A 1% difference in rates could make a difference in your money. Depending on the rate, how much you have invested, and how long it stays invested, a higher rate could earn you tens of thousands of dollars more in interest, which is worth a little bit of your time.
Of course, looking for a bank with friendly and knowledgeable customer service is very important too. You must have someone to talk to if and when you have a problem. Another thing to consider is the minimum amount required to open an account. Generally speaking, with high-interest savings accounts, the better the rate, the more money you’ll need to deposit to open the account. You will also need to keep a minimum account balance in the account. Find out all of these things before you open your account.
Also, make sure that the bank you choose is FDIC insured. You may not realize it, but even an online account can be covered by federal insurance. If the bank you are considering needs to be FDIC-insured, do yourself a favor and keep looking. Use every available resource to keep your money safe. For more on FDIC insurance, visit FDIC.
CDs can offer you another option regarding safe and high-paying savings accounts. This type of account does pay better than a regular savings account, but you need to commit to keeping your money in the account for a set period. The length of the term can vary; the longer the term, the higher the interest in most cases, but to get the interest, you will need to be willing to keep the money in the CD. If you get your money out early, you will sacrifice a big lump of the interest you’ve earned. For more information on CDs, visit High-Interest CDs.
There is more than one option available when you are looking for the best rate of return for your money. Whether you look at an online bank, an offline bank, a regular savings account, or a CD, there are many ways to increase the amount of money your money earns you drastically. Use these tips to find the best high-interest savings accounts for your money.
If you are in or near the metro Nashville area and need assistance locating high-yield accounts, contact me directly. For all others, seek out a fee-only Financial Advisor to assist you.
