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  • Home
  • Savings
  • CD Rates
  • Mortgages
  • Bank Games
    • Bank Game: Financial Football
    • Bank Game: Road Trip to Savings will Make or Break You
    • Jet-Ski Your Debt Away
  • Articles
    • We Are Rich
    • Time or Money
    • 7 Correct Money Principles
    • A Penny Saved Is A penny Earned
    • Slash Spending – Boost Your Money Market Account
    • Save Money on Household Utilities by Going Green
    • Saving Money and Sanity with Realistic Savings Goals
    • Money Resolutions: 3 Steps to Keep Them
    • How to Earn 13 Times the National Average Savings Rate FDIC Insured
    • 3 Easy Rules for Saving Without Budgeting
    • Budget According To Priorities Not Impulses
    • How Market Linked Certificates of Deposits Work
    • 15 Money Saving Tips That Will Beef Up Your Savings Account
    • Simple Steps to Getting a Savings Account
    • Savings Tips for Thriving in the Recession
    • 10 Simple Ways to Save Money Now
    • Real Money Saving Tips- From Real People
    • Just What Is a Savings Account?
    • What is a Rainy Day Savings Account?
    • Money Market Account vs. Savings Account Comparison
    • How to Find and Reduce Hidden Expenses
    • Is Your Bank Doomed to Fail? 5 Ways You Can Protect Your Savings Account
    • Traditional IRAs

Best Online Savings Account Rates

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Best Online Savings Account RatesIn order to find the best online savings account rates it is important to understand how online accounts may differ from your local bank and why you may be able to acquire higher interest rates online. Many of the accounts that are offered online will include higher interest rates based on the type of investments that particular bank is using. In order to select the appropriate bank it is important that you check on the track record of the bank and to understand what type of features their online savings account will include.

Online Savings Account Rates

Compared to the traditional savings account that you likely have with your local bank, your ability to earn interest can almost triple by using an online bank. The online savings account rates are much higher, some even as high as 1.25% with a chance to earn more interest over time. These banks are highly competitive against one another and it helps to look at a comparison of the interest rates, penalties, withdrawal limitations, and minimum balance requirements.

The Best Online Savings Account

As you do your research to try and find the best online savings account you need to be aware that some of the best companies to work with may not be the big names. Chase Bank, HSBC, ING Direct, and could have lower interest rates from some of the smaller banks that are not as well known. This is why it is so important to do your research and to look for the various features of the accounts and to find the company that will be able to provide you with the highest savings account rates. There are 2 key aspects to consider when you are shopping around for a good online savings account:

  1. No minimum balance requirements
  2. High yield

Why Online Savings?

Many people are back and forth on the way they save money. Some people do not use online savings accounts as they feel that CDs or money market accounts can offer a higher interest rate. While these accounts may offer more money in interest, they may not offer you the same type of flexibility as the best online savings accounts can provide. You need to look at your financial situation and determine if you may need instant access to this money for whatever reason. Job security is one of the factors that can help you to make your decision between an online savings account and a CD or another small-interest account.

Ease of Use

As you are focused on saving money it is important to find out what type of online banking options are available with the savings account. Most of the best online savings accounts will provide you with access to direct deposit and you can even schedule a monthly deposit to the account. A bank that provides you with the best service will have multiple options to help you deposit and withdrawal the money from your account. Customer service is another important thing to consider as you seek out the best online saving account.

Compare the nation’s Best Savings Account Rates with the Rates Comparisson chart on RateCatcher.com

Filed Under: Online Banking, Online Savings Accounts, Personal finance, Savings Accounts  Tagged: best online saving account, best online savings accounts, best saving account rates, cd, highest savings account rates, money market account, online savings account rates, online savings accounts rates, top savings account rates

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Advertiser Disclosure: Many of the deposit account listings appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit Union deposits are insured by the National Credit Union Administration. Many banks and credit unions show different rates on their own websites. Identify yourself as a Bankrate consumer to get the rates displayed in the listings above. If you are dissatisfied by the institution you choose or believe you have received an inaccurate quote, please let us know.

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APY

APY or the annual percentage yield is the real rate of return of an investment over a period of a year taking into account the effect of compounding interest.

Compound Interest

Compound interest occurs when the interest earned on an account is credited back to the account and then interest is earned on the new total balance.

Depositor Insurance

All banks and credit unions listed or reviewed on this site are either FDIC insured or for credit unions NCUA insured. Currently FDIC and NCUA insurance provide insurance up to $250,000 per depositor per institution.

National Average Savings Rate Calculation

The national average calculations were obtained from the Weekly National Rates published by the FDIC.gov website.

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