Saving Account Interest Rate

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Getting the Best Saving Account Interest

You’ve been doing business with your own bank for a number of a long time. Up to now, you have usually assumed you were finding a pretty good saving accounts interest rate. However, you aren’t so sure of in which now. Before you pull your account, why not perform some investigating and see how your current bank steps up to other institutions Here are some ideas on where you should look.

If your financial institution has a major competitor in town, then the first place you want to check for a competing saving account interest is with that competitor. Do make sure you realize exactly what type of preserving account you have, so you will be sure to compare apples to oranges. As an example, if you do not use a minimum balance requirement in order to command the particular saving account interest that you have wit your present bank, make sure the same holds true with the competitor. The concept is to get the best interest, but not at the chance of committing yourself to a scenario that could create fines down the road.

You may also want to check online. There are a number of reputable online banking establishments these days. Getting a great interest rate from one of them may prove to be really simple. As with the brick and mortar banks, you want to ensure the terms are ones you could live with, and also that you’ll be able to talk to a person when you a need to do so. Internet banking is great, but don’t think you have to give up a person’s element. You can have a great saving account interest rate with an online financial institution and still hear a human voice now and then.

Regardless of whether you stay with your existing bank, move to another one in town, or take advantage of an online situation, the important thing is to manage your finances so that you command the most effective saving account rate of interest possible without placing yourself into a prospective financial crisis. Make sure you know what your commitment involves, and be honest with ourselves about your ability in order to comply. If you do this particular, then you will be happy with not only your saving accounts interest rate, but also with all the structure in place for your financial future.

Comments: 62

  1. Tobias February 21, 2013 at 9:52 pm Reply

    Many years ago as a teenage I ran up my Discover card’s balance and foolishly stopped paying the bill. The interest rate was of no concern to a 17 year old , I was smacked with the harsh reality of 24%. I just forgot about the damn thing, and several months later my personal saving account was struck for the remaining balance.

    How did this happen ? Was there a judgement ?

    Is there any bank account that cannot be invaded by third party contestants regarless of any past “credit problems” ?

  2. Jared February 26, 2013 at 8:19 am Reply

    i live in New York , i would like to open a saving account, i need your help to choose the bank depending on the interest rate and the fees . i have a checking account with chase bank now, i don t know if it will be better for me to open a saving account in the same bank.
    thank you for your help

  3. Ross April 12, 2013 at 11:57 am Reply

    I am a minor and have around $600.00 and was wanting to know what bank has the highest saving account rates. I have viewed Bank of America and they seem to be ok are there any others?

  4. Laurence May 17, 2013 at 5:09 am Reply

    I want to open up a saving account. I don’t know where would be best to open up one. Should I open it up at my local bank or a credit union? I heard that credit unions are better because we can create a relationship with them so late you can get lower interest rate for loans. For credit unions, do you need good credit to join? Can someone explain to me more about saving accounts? Thanks!

  5. Mervin May 20, 2013 at 4:52 am Reply

    If they want to make depositing money in saving accounts an unattracive choice then that’s a lousy policy , because the other choices are risky . Besides , this policy didn’t have much effect on the falling stock markets . The Fed only in few months reduced the interest rate from over 4 percent to 1.5 percent . Isn’t it better to fix the rate and make the people choose how they should deal with their money ?

  6. Mohamed May 21, 2013 at 5:40 am Reply

    I’m working multiple jobs to save up towards a $100,000 in 5-7 years. What type of bank savings account (and which bank?) offers the highest interest rate? And, if it is a cd, can I add to it or do i only open it with one large sum and then no more adding. I know there are terms for withdrawing from a cd but I’m not sure about making regular deposits to a cd.

  7. Dannie June 3, 2013 at 11:51 am Reply

    I had only 62 dollars in my saving accounts. Just about to deposit some more but somehow it turned to 162 dollars. What does that mean or do? bad thing or good thing?

  8. Joe June 5, 2013 at 4:25 am Reply

    I’m a college student currently and going to DePaul University in Chicago starting next August but I was looking at what option do I have available to start saving money that has a good interest rate. I already have a Bank of America savings account but their interest rate is extremely low. Would love anyone opinion. Thank You!

  9. Gwyneth June 9, 2013 at 4:40 am Reply

    for example the annual interest rate is 1% with $1000 in the saving account how does it work? =S

  10. Camilla June 22, 2013 at 6:52 am Reply

    I would like to know what country, what bank, offers the best interest rates for my money
    about 100K USD, to be saved in such account
    the best I have found commecially is about 6% annual
    but this is nowhere near the best in the world
    so, where is it and what bank offers it?

  11. Werner June 22, 2013 at 9:40 pm Reply

    I want to open a saving account maybe later and was wondering what is the best bank that has the absoubly best interest rate?One that you get alot of interest?

  12. Jestine June 23, 2013 at 1:29 am Reply

    I’m starting a savings account but the interest rate is very bad. When will this change or likely to change? For the meantime i’m going to continue to save but frustrated that i’m getting less than 1% of interest or something like that.

  13. Alvaro June 25, 2013 at 11:03 pm Reply

    I have $10,000.00 that I plan to put into savings. I am considering a standard savings account, but the interest rate is very low. What are some other ways to save this money? I plan to keep half of it in reserve in case I need to use out of it, and half to save at all times.

  14. Keith July 6, 2013 at 12:38 am Reply

    I was thinking of opening an online saving account with IceSave as the interest rate is 6.30 %. How safe is your money here as this bank and ICICI are not signed up to the banking code of practice here in the UK?

    What about your money going missing or identity being stolen.

    I have the full Macafee suite on the PC to stop spyware and all that but what happens if the money walks, do you get it back?

  15. Nathanael July 6, 2013 at 12:39 am Reply

    I am trying to find the best high interest rate saving account to start saving up money?

  16. Karly July 29, 2013 at 7:47 am Reply

    I’m looking to open a money market saving account. I have a checking account with Chase and am contemplating opening a saving account with a different institution because the interest rate would be nearly 4 points higher than with Chase. I’m mainly concerned whether this has any effect on credit score. I know that having multiple credit cards has a negative effect on your credit rating, and wonder if having multiple savings/checking accounts with numerous banks has a similar effect. Thank you!

  17. Rosendo August 6, 2013 at 10:32 am Reply

    I need to know how much I’ll be able to save if I deposit $1,000 monthly on an interest savings account with .20% interest rate?

  18. Jennifer August 22, 2013 at 6:39 pm Reply

    I have two separate saving accounts with 1500 dollars in each one. One account has an interest rate of 5 percent and the other is 8 percent. How much money would the accounts have at the end of the year.

  19. Evie August 22, 2013 at 9:28 pm Reply

    I heard that there is an online bank name Ally, which does provide better interest rate than my current bank. I am thinking to open a saving account with Ally for emergency use only (to use the interest rate to make earn more interest than my current bank), I will be using my current bank for daily basis. Do you think this financial move is good or bad? If this is not that good, can you give me some advice to make more money? Thank You. (By the way, I have two part-time jobs already, so do not tell me to get another job).

  20. Felica August 30, 2013 at 5:55 am Reply

    1. Finally, I m bout to open a saving and checking account. What bank has the highest rate and no/less fee to pay??

    2. Do banks usually do the interest rate monthly or annually??

  21. Bettina October 9, 2013 at 10:41 am Reply

    I plan on hoping up a saving account and putting in $1500 I looking for a bank with a high interest rate. If you know any please let me know

  22. Del October 10, 2013 at 12:26 pm Reply

    Do they have saving accounts as well? What about interest rates?

  23. Fabiola October 10, 2013 at 11:31 pm Reply

    I want to open a saving account maybe later and was wondering what is the best bank that has the absoubly best interest rate?One that you get alot of interest?

  24. Vivian October 10, 2013 at 11:31 pm Reply

    I need to know Indian Post saving account interest over the past 10 years. Anybody have these rates?Thank you in advance.

  25. Nikia October 10, 2013 at 11:32 pm Reply

    In united states, how old I need to be able to open a saving account?
    Can an unrelated adults sponsor(or whatever) for me to open one?
    What documents do I need?

    Thank you!
    ****please don’t offend

  26. Mira October 19, 2013 at 5:27 am Reply

    Hello,

    Does anyone know the best interest rate deals at the moment for saving 60,000 euros in a Spanish account. An example of an account that you could access (take the money out when you want) compared to one you can’t touch and the two reflecting interest rates would be great.

    Many Thanks!

  27. Hung October 28, 2013 at 5:18 pm Reply

    I just closed out a safe deposit box I have had for about 12 years. I found some cash in the safe deposit box that I forgot about and now I am wondering how much cash I can deposit into a saving account without having a problem for having all the cash I have?

  28. Benedict November 27, 2013 at 2:39 am Reply

    Hey everybody, I am planning to visit the Philippines for vacation, my question is can I open a saving account so handle all my financial.
    i dnt want to be walking around wit a lot money on me

    so can i open a saving account on the national banks in the Philippines??

    Thank u in advance πŸ™‚

  29. Domingo December 7, 2013 at 11:50 am Reply

    Let’s say I put 10 000 pounds on a saving account with an interest rate of 3.5%. After a year my gross profit will be 350 pounds. How much tax will I have to pay of this 350? Will it be deducted automatically by a bank or will I have to pay it myself?

  30. Domitila December 20, 2013 at 5:46 pm Reply

    They have annual yield interest rate of 0.10%, which is really little. Is that all I will be earning if I transfer it to the traditional IRA? Wouldn’t it be better if I withdraw it out and place it in a saving account that have around annual 2% interest rate?

  31. Marianela January 4, 2014 at 6:52 pm Reply

    I have a savings account with a 1.25% interest rate with ING Direct. I was wondering what percent of my monthly income should go into my savings. I’ve heard 10% and 20%. I am using this savings as a down payment on a house. Possibly 10-15,000 dollars. But I am really interested in knowing what percent of your monthly income is good to have in savings.

  32. Adolfo January 15, 2014 at 10:51 am Reply

    I currently have a saving account with TD, and getting zero interest paid on the account.

  33. Noel February 2, 2014 at 5:35 pm Reply

    hi all:)
    we all want to try and do the best for our kids…….. i am thinking of saving the child benefit element in an account for babies future education or something. i am interested in your opinion as to the best accounts for this. i would not want him to access this fund till 18 or 21 and i would want to be in control of it till then. not looking for huge risky things it is just 20 quid a week πŸ™‚
    Before yu have a go, i am no scrounging, everyone even the queen gets child benefit.
    πŸ˜›

  34. Casey February 2, 2014 at 8:57 pm Reply

    I have 1 PlayStation, with 2 account, the primary account has PS+ the second account does not. I want to have only 1 account on my PS3, so my wife and I can have an unified account, but we cant get her Alice in Wonderland game save to copy to my thumb drive, i guess its protected(not really helpful). Is there a way to get her save into my PS+ cloud, is there an option to move a save from 1 account to another within the same PlayStation?

  35. Blaine February 21, 2014 at 10:06 pm Reply

    how bank calculate interest on saving account, daily, quarterly or annually

  36. Stewart February 21, 2014 at 10:06 pm Reply

    I am 14, i have a halifax visa electron card and i have a standard kids bank account with abbey which i use to save. I want a current account that offers me visa/visa electron and also a savings account that offers me the most. I am saving for a laptop and have a Β£130 a month income. thanks in advance

  37. Omer February 21, 2014 at 10:08 pm Reply

    With inflation higher than interest rates on saving accounts, does that mean saving money will just make it lose value and worth less?

    Like if i put Β£1000 into the bank, in 1 years time, even after interest added on, i will be able to buy less with the Β£1000 + interest than i would be able to now??

    Am i wasting my time saving money?

  38. Gabriel February 21, 2014 at 10:42 pm Reply

    so i hear that saving up when you’re young pays off when you get older. i’d like to start saving when i get a job hopefully soon. my bank gives me 0.5% interest rate. now, does that mean that they wait until the end of the year to give me that extra money?? what if i have like $1000 halfway through the year but only $500 at the end of the year? will interest only build on the $500 because it was at the end of the year?? if i save $50 a month, that’s $600 in a year. and 0.5% would be $300. is that right??

  39. Annabel February 22, 2014 at 12:50 am Reply

    When filing taxes, does the amount of money you have in checking/saving accounts impact anything? Or is it just based on income?

    Meaning does having a large amount in your account hurt you? (tax wise)

    Thanks

  40. Wilford February 22, 2014 at 12:50 am Reply

    i am looking to open a bank account to save up money for when i need it. i am making an appointment with my bank to discuss this with them but i would like to go to my bank with some knowledge of what options i have. i have Β£600 to put in initially and am looking for an account with has a good interest rating but i can also access my money whenever.

  41. Raelene February 22, 2014 at 12:50 am Reply

    I open a saving account in SBI bank what is the interest of 3 lac?

  42. Samatha February 22, 2014 at 12:50 am Reply

    I want to open a savings account but I don’t know which one to choose. Each bank has a variety of options all with interest rates well under 2 percent. But then there’s always a type of account with no minimum balance, no fees, and an interest rate of 3 percent. I don’t get it. What’s the catch? And how is an online savings different than a regular savings? And what’s even the purpose of a money market account now with so many savings accounts offering higher rates? Are these all effects of the U.S.’s dwindling economy? I know I ask a lot of questions but if anyone has all the answers, It’ll be greatly appreciated.
    Funny you mention that because I’m with Citibank and I they were considering selling themselves on Friday. I’m looking to move to another bank, but do you think it’s still safe even with the federal regulations increasing deposit insurance from 100K to 250K?

  43. Kiera February 22, 2014 at 5:13 am Reply

    Hi ,
    I know this question may be asked before but I have a specific query .

    I have around 20000 CAD in my TD canada trus checking account which is not earning any interest. Could someone please suggest me that which bank will give me most interest on savings account. I searched on internet and found out that ally bank gives the most which is 2%.

    Also I can open a NRI/NRO account in Citibank which will actually open a rupee checking account for an interest rate of 9% for atleast a year. The biggest concern is that Rupee is continuously depriciating against CAD in the recent past. Would it be a wise thing to go for that??

    Would appriciate if someone can tell me the most interest earning method with least risk.

    Your hep will be appreciated

  44. Junita February 22, 2014 at 5:23 am Reply

    I would like to open a foreign bank account in any country.

  45. Trang February 22, 2014 at 6:33 am Reply

    I’m a bit intermediate on credit. Now what I’m trying to understand is interest rates because I would like to get a credit card in order to escape the harsh world of “overdraft fees” on a debit card. So for instance I buy something that costs $20.00, and I have 30 days from the time I purchased it to pay back the merchant. If I don’t pay them in the 30 day time frame, is that when the interest rate kick in? I’m assuming it does because I’ve always been told, “DO NOT CHARGE ANYTHING YOU CAN’T AFFORD!!!”

  46. Terrell February 22, 2014 at 8:20 am Reply

    I am so confused. I am opening a savings account & the rates are: Interest – 0.45%, APY – 0.45%.

    Does this mean that I must pay or they pay me? Sorry, I just don’t get it.

  47. Jeanene February 25, 2014 at 1:21 pm Reply

    My sister bought ‘Minecraft’, and ever since then I’ve used her account to play.
    But I want my own one now, and was wondering if there was a way to get my game save from her account to mine so I do’t have to start over πŸ™‚

    Thanks to whoever answers πŸ™‚
    I did as you said, except I can’t seem to find the “saves” file/folder you were talking about :/

  48. Luke February 25, 2014 at 1:22 pm Reply

    what is diffrence of ppf account & saving account interest

  49. Shanna February 25, 2014 at 1:22 pm Reply

    I have about 10k in the saving account, but the interest is too low, Annual Percentage Yield: 0.2500 . I wonder if this is normal, or there is other way to invest. Thanks a lot
    I know CD has a higher interest. but I am now sure that I will or not use my money. so if the rate 0.25% is normal in saving account? if there is other possible bank provide a higher rate in saving account?

    Thanks a lot πŸ™‚
    I checked the online banks but I am really afraid of the security problems, And My question is the localbank’s interest rate 0,25% is normal? Thanks a lot πŸ˜›

  50. Jestine February 28, 2014 at 1:51 am Reply

    I have been with my girlfriend for almost four years. We have plans to get married next spring. But it bugs me that she considers her saving account as her money. The reason why it bugs me so much is because all of my income gets used for something bills, entertainment, food, ect. She able to put a lot of money into saving because of this. I feel since the reason she able to put so much into saving is because we use all of my income then the saving account should be consider ours. But she does not see it this way because she brings home more money than me and tells me that I have issues with money. I don’t want to spend the money or want access to it I just want it to be considered our money and not just hers.

    We are not living together I stay at my dad’s house until we are married and we split the bills 50/50.Yes I pay the bills at her house but that’s only because she bought the house for us to move into after we are married. But once all of the bills are paid what I have left over gets spent and what she has left over goes into her saving account and she considers that her money and not mine.

    This is the 3rd time I have posted this. I keep getting the same answer. We have talked about this many times and we cannot work this out. Its been a huge problem with us since we got engaged. She is not saving for marriage my 2nd job is to save for marriage and she says that she will match what I save. I am talking about day to day. In the past few years her saving account has grown to a very large number and I feel it’s due to the fact that I cover pretty much all of the expenses above and be on the bills that are split 50/50. If I was not in the picture she would not be able to put all of that money into her saving account so I think that she should at least consider it to be ours and not just hers.

    I am seriously thinking about breaking up with her over this. Please tell me if I am being crazy or not.

  51. Darron February 28, 2014 at 5:35 am Reply

    Describe two different types of savings account including the rate of interest and benefits, the name of the account and for whom it is for.

  52. Perry March 9, 2014 at 2:56 pm Reply

    If just focused on its %, it seems it would be better to move the money to the foreign bank with good %. But is there really good idea ? What is bad aspect ? Need to pay transaction fee for both banks…. Currency exchanging fee and etc.. ???

  53. Perry March 13, 2014 at 10:53 pm Reply

    1. Is the interest rate monthly or annually?

  54. Irving March 13, 2014 at 10:53 pm Reply

    I’m thinking of opening a saving account and transfer Β£500 each month.
    Which one is best?

  55. Willie March 13, 2014 at 10:53 pm Reply

    how do i save bioshock 2 without a windows live account

  56. India March 13, 2014 at 10:55 pm Reply

    I have a checking account w/ Wamu and a certain amount in it. I know it doesn’t have interest rate – basically, if I got $1,000 in there, then if I were to withdraw $500, there would be only $500 left. And if I deposit $200, there would now be $700. Basically, it’s deposit/withdraw type of account.

    Now, I just got a gift from a relative for $35K. That money will be use to pay new monthly mortgage. Now, someone told me to put that money in a saving account. However, I am confused on what it means to have an interest rate for them. For $25K to $49K, the interest rate on a “Guaranteed Great Rate Money Market Account” is 1.88 and APY of 1.73.

    Does that mean, money get deducted each time I deposit from my saving account? Say, I deposit $2,000, then it would only be (2,000 – 37.6) = $1962.4 that gets deposited?

    In that case, wouldn’t it be better getting an additional checking account without the deduction? or monthly service charge?

  57. Jayne March 13, 2014 at 10:55 pm Reply

    i know etrade is mostly known for trading stock but is the saving account a good idea to use with the 3.3% apy. just need some information about it.

  58. Billi March 27, 2014 at 7:25 pm Reply

    So I was curious how many parents have a savings / college account for their children. ( if it is ok if ask this )

    I have been speaking a lot lately with friends about children’s savings / college accounts. I have got many mixed responses from thats a stupid idea to its a great idea to you put too much or too little in it.

    I figured at 200/month for 10 ( but still 8 more years of savings will be added in this= we were just arguing the 10 year number) years that is 24,000$ Which seems like a lot but is it for college? I had scholarships and my parents paid the rest. My husbands college bill was like 4 times that amount.

    So what is a good target goal to save for? Is 200$ a month too little? too much? We have triplets too so we are actually doing 3x this.. which is why we thought that was a good number.

    Anyways what do you moms thing? Do you save? How much? A good $ goal for them?

    – I do believe in my kids working for stuff but at the same time I think College should be an obligation not an option.. and I don’t want them to use money as an excuse..
    Add – I ask here because I am talking about $ for babies πŸ™‚
    I was hoping my children get scholarships – not because we are cheap or broke by any means but I think that shows them working for something..

    If they do and have all this money saved up – would you give it to them? Or what? I don’t want them to be spoiled!

    But yes you are right with all other expenses with college saving more might be a better idea.
    Cohens mommy – completely agreed.
    We use to put more money in but like I said people were saying that was too much for college ! lol πŸ™‚

    Some said 100,000$ for school… I suppose with housing and etc and assuming a minimum 4 year degree that is a good goal..

    We shall add more … Grandparents and stuff also give money on birthday and other occasions – so that is nice πŸ™‚

  59. Patsy March 31, 2014 at 12:45 pm Reply

    List me all the Interest Rates offered by all the banks in Singapore (Standard Chartered, DBS, OCBC, OUB, etc etc) with regards to basic deposit and savings account. Or you have any risk-free highest interest rates for lump sum deposits. Singapore only!

  60. Marcellus April 22, 2014 at 1:21 am Reply

    so if i put $100 dollars in saving, in one moth how much would i have
    weak in maths

  61. Mira April 22, 2014 at 8:29 pm Reply

    sorry i know i asked this already but i forgot to inlcude something
    i just turn 18 in july so i kind of want to know about the financial world.. i want to open and bank account with chase because thats one of the closet bank where i live… what kind of account should i open? or should i open both checking or savings? all i know is that you get interest with a savings account an i know its not much but whatever… as for checking all i know it that its for your bills and so you can write checks but i need more info like when i deposit money where is it going like into my savings or checking? can you just try to explain it as simple as you can lol please…and a debit card…if i get the debit card when ordering stuff online would the money come out of my checking or savings? i literally shop online i never go to the store lol…. do you put $$ in your checking account or is it like a credit card? i know its a stupid question but im just starting off so i want some help and and im still in HS,i graduate in 2013 and i dont have a job right about now so should i open an account or just wait till am like in college

  62. Mariann June 10, 2014 at 8:48 pm Reply

    (Assume 8%) Knutson saves $4,000 per year (assume year-end) for 20 years. He then spends $70,000 for a new car. The remainder earns interest for 30 more years.
    A. How much will Knutson have at the end of 50 years?

    B. If Knutson wishes to draw equal annual year-end amounts for 15 years, how much can he withdraw each year? Assume the fund continues to draw interest during these 15 years.

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