Think of a savings account like a loan to a bank. Banks borrow the money from you to loan it to someone else. Your goal should be to maximize the rate you charge banks to borrow your money. Fortunately, the top choices are simple: online banks and credit unions offer the best returns. We've looked looked at hundreds of offers to find the best for you.
If you open a Certificate of Deposit (CD), understand how much interest you forfeit for early breakage.
The amount can be up to 6 months, by law.
You don’t need a traditional branch bank for a savings account.
If you have big cash deposits or write lots of cashiers checks, then okay. But the rate difference between online banks and traditional banks is huge!
Don’t withdraw more than six times per month.
Regulation D limits the number of times you can take money out of a savings account to six.
Make sure the interest compounds daily.
Earn interest every day, so the next day you earn interest on a higher balance, which includes the interest already learned.
Make sure your deposit is FDIC insured.
All US bank deposits are insured up to $250,000; if you deposit more, then open accounts at multiple banks.
Your Savings (high to low)
Your Savings (low to high)
% Reward (high to low)
% Reward (low to high)
Interest Rate (high to low)
Interest Rate (low to high)
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Once you click to apply for an offer, you will be directed to the financial institution's website at which point you should give the fine print a gut check
While we trudge through the fine print for you, we are only offering a summary not all the intricate, legal conditions (which is why you wanted our opinion anyway, right?).
Be sure you do understand the full terms provided by the financial institution before signing the dotted line, or lets be real, clicking the "I Agree" button.
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