Best Savings Interest .org: High Interest Savings Accounts. The unknown secret

 
 
 
 
 
 
 

Best Savings Interest...

Hi I'm Ashley. I was very lucky to have a friend in banking who told me about the latest trends: high interest savings accounts. That's why I've created this site. To teach people how and where to get the best high interest savings accounts.

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It is becoming more and more difficult for consumers and investors to choose a great high interest savings account. The plethora of offers and the hidden fees and charges from all the different offers makes selecting the best account a daunting task. If you are looking for the best high interest savings account for your investing purposes then this guide will show you the top three things to look after. Do not waste your time on anything else.

 

The first thing to look for is your basic rate that the bank will charge. This will come in two different forms, the APR and the APY. APR is a percentage or number that will get multiplied times the account balance plus the interest from last month. APY, or Annual Percentage Yield is just a measuring stick for how much a consumer could earn over a years time. It is crucial to not mix these two measurements up. When comparing different banks and offers you want to makes sure that you are comparing apples to apples. These two stats are quite different.

The second thing to check when looking for a high interest savings account is all the hidden charges that will occur when you sign up for an account. For example you may come across a bank with a huge interest rate for a savings account. The fine print may reveal that there are a limited number of transactions allowed per month. Upon going over the transaction limit you could receive a penalty charge at the end of the month. So when comparing two banks with different interest rates it is important to get the whole picture. This is just one of the many hidden fees you may encounter at a bank.

The last thing to evaluate is bonus offers. I have a few friends who always take advantage of this. Some banks will have short term bonus offers for people lasting only a few months after an account is opened. I have a friend with horrible credit who was still able to obtain a credit card during this bonus period. So pay attention to bonus rates when calculating an offers full effect.
 
 
 
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The world of investing is changing as fast as ever. This is especially true for standard savings accounts at your local bank. In the past it was extremely difficult to get a decent high interest savings account or checking account. In fact it was near impossible to make any real money in interest. It is time to abandon this truth and realize that times are different and the banks are giving you a break if you know where to look.

 

A perfect example of this would be my grandmother. I attempted to explain to her that her brick and mortar bank was stuck in the 1950s and her interest rate was proof of it. She was accumulating less than 40 cents of interest per month. I tried to explain to her that the latest high interest savings account could make her 40 dollars a month.

It my be a hard task to get people change something that has become a habit for so long. My grandmother has been using the same bank for the last 30 years. You can imagine my difficulties trying to convince her that her investments were better spent elsewhere. There is a plethora of online banks that are offering superb high yield interest rates. Take EMigrant Direct bank for example. They are offering a 5% interest rate on basic savings accounts. What does that mean to you? If you put in a thousand dollars a month you will earn fifty dollars in interest. Can you honestly say that you are making that big a return at your current bank? Is it not worth the switch?

Guess what? You can usually with these online banks you can link your current savings account to your new high interest savings account so the transfering of money is instant and does not require you to even leave your house. Online banking is so easy you would be fool to ignore it.

I can think of a thousand reasons why you should consider chaning your bank and getting a high interest savings account. If you can think of even one reason to do so, it would be worth it to execute this plan and make it happen. Good luck.