How to get best savings account rate is one of the most common question a bank can get from its customers. People in America are suffering from lower savings account rate from decades now. Well, it’s high time to rejoice in the fact that certain banks have actually considered getting the interest rates on savings account a bit higher which means more benefits to you along the way. Though there aren’t much willing to participate, still, we have curated some ways on how to get the best savings account rate. A little hike on the yield can make a huge difference when you are in desperate need of money.
Certain tips on how to get best savings account rate:
1. Do your research
A thorough research on every bank and their savings account interest rates is a must when picking the best for you. You need to get a hold of what the topmost interest rate is on the market and choose your bank accordingly with it. A bank offering 1% or 1.5% APY is the best out there. There are different types of savings accounts available with the banks such as online savings account, bonus saver accounts, high-interest savings account and many more. You need to compare all the rates and benefits associated with each and choose the best for you appropriately.
2. Check out other banks
There is a high chance that your bank is lacking behind the generous interest rates behind some other monetary benefits which are useless in long term. You need to consider other banks too. They might have lower additional benefits but adding on to your savings is a big deal they are offering and you cannot afford to miss that. You need to calculate your earnings and choose the best interest rate available on the banks accordingly. How to Get Best Savings Account Rate doesnot only associated with your bank, you have to consider otehr possibilities out there too.
3. Banks vs Credit Unions
When it comes to more interest rates on your savings, credit unions always take the cake as they are non-profit organizations unlike banks and offers more benefits and higher interest rates to its members only. Though joining a credit union requires you to clear some ground conditions but they are best if you need to store your money for a long time and do not require a near to your physical location for financial dealings.
4. Increase your savings limit
There is no bank that will offer major interest rates on some minimum savings. You need to have at least $5,000 or $10,000 in your bank accounts to turn into a savings account that will offer a rather large APY. certain types of direct or mutual funds are also helpful if you need to save the money for a longer time and wait for it to grow eventually. Savings limit improvement is oen of the best solutions on How to Get Best Savings Account Rate.
Do check out our blog post on How to Get Best Checking Account Rate.