When shopping around for high interest savings accounts there are some things to consider.  Here are our Top 5 to pay attention to.

1) Read the fine print.Know what you are getting into when you choose to open a new high interest savings account. This goes for high interest savings accounts as well as other accounts such as money market accounts and certificates of deposit (CD’s). It is important to be aware of the fees and surcharges associated with the account as well as the limits, or requirements, on withdrawals, checks, and debit card usage.

2) Understand the Fees. Make sure that the high interest savings account has minimal or no fees. You are choosing a high interest savings account to make money,  not to lose it through fees.

3) Ask for a better deal. Ask about any current deals or if there is some way for you to get better rates. Look into incentives the bank may offer if you choose to transfer all of your banking to them. These incentives may boost the rates enough to make it worth the trouble.  Banks love to see you bring them your business and personal accounts to the same institution, or to have you direct deposit part of your paycheck into a high interest savings account.

4) Beware of teaser rates. Some banks may initially offer a high rate that only lasts for a few months then goes to a lower rate. Make sure the rate you are getting is what you expect it to be, and will remain at a level you are satisfied with. Again, read the fine print.

5) Know what you are investing in. High interest savings accounts are slightly different from high-yield savings accounts. High-yield savings accounts may require a minimum balance and limit the number of withdrawals and checks on a monthly basis. They pay a higher annual percentage rate (APR) than traditional savings accounts.

Why not put your money to work for you and get better interest rates? As always, look into your different options before deciding on an investment. Not all investments are right for everybody.

Related posts:

1. 2.05% Money Market High Yield Savings Account – $1 Min – Daily Deal!
2. 3.01% APY High Interest Checking at EverBank – Daily Deal!
3. Best Online Savings Account Interest Rates

Tagged as: bank, high interest savings, high interest savings accounts, internest, savings, savings account

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