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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

Your Guide To The Best Online Savings

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Best Online SavingsHow can you find the best online savings accounts? It is not an easy process so you need to use bank comparison tools that can help you to look at the interest rates, account fees, and many other things that will help you to open an account to maximize your ability to save. Typically people only search for the interest rate when they are comparing savings accounts. This can be a big mistake as you have to consider the account fees as they could reduce your potential to earn more money.

Online banks pay a higher interest rate from traditional banks. This is due to their lower overhead costs and ability to pass along the savings to their customers. Many of them do not have as many branch locations so you do need to consider how often you visit the bank when you are deciding if online banks are the best option for you to take. There is a significant difference between an online savings account and a high interest money market account. Some of the best online banks to work with include the following:

  • ING Direct
  • Ally Bank
  • E-Loan
  • Sallie Mae

The comparison charts change often, which is why you need to use them and stay on top of the rates. Most banks will not charge you for closing your account, which allows you to move your money so you can take advantage of the best online savings out there. Just be weary of become a “rate chaser” as this won’t do you any good. You need to select a bank that offers a competitive rate, lower account fees, and can really offer you quality customer service so you do have a chance to save.

As you are comparing online banks to find one that can give you the best ability to save, you need to make sure you look at the security of your investment. You need to have a bank that will be secured by the FDIC and also has a secure website. This way you know that your money is protected and safe.

Filed Under: Online Savings Accounts, Savings Accounts  Tagged: Ally Bank, bank comparison tools, best online banks, Best online savings, comparing online banks, comparing savings accounts, competitive rate, E-loan, FDIC, high interest money market account, ING Direct, online banks, online savings, online savings account, Sallie Mae

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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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