High Interest Bank Accounts

We all want to have our money work as hard for us as we do for it.  That's why finding high interest bank accounts just makes so much sense. For the most part, you'll find higher interest rates at online banks.  Since a traditional offline brick and mortar bank has a limited customer pool and high overhead they simply can't offer the attractive rates that an online bank can. 

An online bank can draw customers from practically anywhere, not just one town, so they have a much bigger customer base.  Online banks also don't have all the expensive overhead of a flashy building and a lot of tellers and other employees so they can afford to pay a little more interest and still make money.

Besides the high interest rates, you'll get other advantages from banking online.  The biggest is time savings.  If you think about all the time you waste on banking, you'll find it adds up to a lot of lost hours.  You have to drive to your bank, very often you have to wait in line, and wait for the teller to complete your transaction.  It all adds up and it can all be eliminated with online banking.

Of course before you open an account with a bank, online or off, you want to make sure you understand all the fine print.  Many banks will require you to make a fairly high initial deposit and oftentimes your interest rate will vary depending on the account balance.  Some banks may limit the number of free transactions you get each month.  There may be fees if you go over the established number of transactions.  You may also be required to keep a minimum deposit amount.  If you go over that amount you can incur fairly significant fees.

Some other things to keep in mind when looking for a bank are:

         1. How easy is their website to use? Is it easy to navigate and find everything you're looking for?  Since this will be the only way you can conduct business with the bank you'll want to make sure that the website isn't down very often. 

                 2. Is the bank FDIC insured?  This is the best way for you to make sure your money is protected.  Don't open an account that isn't FDIC insured. 

                  3. How easy is it to contact someone in customer service?  If you ever have a problem or have a question, you won't want to have to wait for days to get your answer, you'll want to have access to someone right away, preferably 24/7. 

Now more than ever, it's imperative that we get the most out of our money.  We should be very careful of all the investments we make and that includes finding the best high interest bank accounts.  Whether you choose to open a savings or a checking account, take some time to look around.  Don't assume that all banks will pay pretty much the same rates, they don't.  Find the best bank for you and your needs and make sure they offer everything you need.