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Savings Account Rates - Savings Accounts - CD Rates - Search for CD Rates Today

Savings Account Rates – Savings Accounts

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There are many different variation of savings accounts available and the corresponding savings account rates earn investors interest in many different ways. Having a very good understanding how interest is compounded and the different between the annual percentage rate and annual percentage yield will go along away. 

Most people have a savings account to save money and have their money earn interest. Most savings accounts don't have maintenance fees or monthly fees to maintain the account. There always is a big different in the savings rates that are available and searching for the best rates can help you earn more money by getting a higher savings rate on your account.

Savings accounts are available at local bank and credit union branches so you can start searching locally Another option is to search online for the best online savings account rates. Online savings rates are usually higher than brick and mortar savings rates.

In fact, some banks only operate online offering online savings accounts at better rates because their overhead is lower. All you're banking is done online. You can transfer money into and out of the account. Some banks also offer ATM cards so you can have access to cash at ATM machines, you might pay a transaction fee for this convenience.

All savings accounts are limited to six withdrawls per month or billing cycle. This restriction is a government regulation designed to keep people from using savings accounts, which are FDIC insured for up to $250,000, as transactional accounts which are not insured.

If you need to make more than six withdrawals you should get a checking account. If you make more than six withdrawals consistently the bank or credit union will convert your account to a checking account.

Current savings account rates these days are only averaging 0.14% but like I said in the beginging of this article you can find rates as high as 1.15% or even higher.

Author: Stacy Everest
August 26th, 2011