where can I get the highest interest rates on my savings account?

 
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3,269 IKU
Posted on May. 13th, 2008

The short answer right now, based on the state of the economy, is nowhere. Since your economy is dropping, and the fed keeps lowering interests rates, banks are also being forced to lower the interest rate they are paying out on savings accounts. I have an account on PayPal that I keep most of my money in to earn interest, but it is almost not worth it to keep it there right now. When I opened the account, I was earning over 5% interest. However, the latest update is that I'm earning 2.5%. With a PayPal account, you can link to your checking or other bank accounts and transfer money between them. However, you will have to wait several business days for the transfer to be complete, so it's not a good idea if you need immediate access to your money. Also, PayPal accounts are not FDIC insured, but are instead invested in Mutual Funds. Therefore, if something tragic happened to our economy, it would be possibly to lose all of the money.

As other answers have said, there are other online banks that offer high interest savings accounts, but the interest rate you earn often relates to how much money you have in the account.

Your best bet, I would say, is just check around with the banks in your area. Ask all of them what they are offering as far as interest rates for their various savings accounts. Also, check to see if there is a credit union in your area that might accept you as a member. They usually offer some of the better interest rates. Also, if it will be several months before you need the money, consider putting it into a 3- or 6-month CD. The interests rates for these aren't huge, but it is more than you can earn in a savings account.

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9,849 IKU
Posted on May. 13th, 2008

Because the feds keep lowering interest rates you're not likely to find anyplace above 3.5 - 4%. I looked into this recently, but even with money market accounts you're not going to have much luck, especially if you don't have $10,000 or so to plunk down initially. If you do have that much lying around you may be able to find something with a little bit higher rate.

I really like this website as far as researching different interest rates out there:
http://www.bankrate.com/brm/rate/chk_sav_home.asp

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107 IKU
Posted on May. 13th, 2008

Mostly all savings account interest rates are very poor right now. My best advice to you would be to open up an hsbc online account at hsbc.com. They offer about 4% interest give or take on savings accounts and give you the ability to pay bills online directly from your savings account.

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4,685 IKU
Posted on May. 12th, 2008

I have an ING account and earn great interest. They also offer CD accounts with an even higher % yield. http://home.ingdirect.com will tell u more.

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336 IKU
Posted on May. 12th, 2008

Interest rates fluctuate from bank to bank and time to time so its best to contact your local finacial establishments to discern your current situation. For example, I had to shop around in my area via Yellowbook and found the higest rate at Wachovia but you never know.

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4,175 IKU
Posted on May. 12th, 2008

If you don't need to have a physical bank building and such check out the online savings accounts offered by ING and Etrade. They are offering 3.5+ percent.

-Patrick

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