Don't accept a low rate6 of 7Don't just depend on big, brick banks. Credit unions or community banks can offer rates worth chasing.The amount of money kept in low-yielding money market funds is staggering. But there is lots of competition for that money, which can be easily moved out of a savings account.According to McBride, the average savings account nationwide earns just 0.17 percent in interest; the highest-yielding one pays 1.25 percent. That's a big spread. "You want to cast a wide net," he says.That means you can't park your money and forget it. Plan to move your money frequently. "Few banks stay rate leaders for over a year," Tumin says. "They end up dropping their rate."« Back to the 2011 High-Yield Checking Survey. Related Articles:Savings goal calculatorPros of savings accountsFind great savings rateBest savings interest ratesRelated Links:Is online checking for you?Simple savings calculatorHow do I ladder CDs?Checking account tips advertisement
Don't just depend on big, brick banks. Credit unions or community banks can offer rates worth chasing.
The amount of money kept in low-yielding money market funds is staggering. But there is lots of competition for that money, which can be easily moved out of a savings account.
According to McBride, the average savings account nationwide earns just 0.17 percent in interest; the highest-yielding one pays 1.25 percent. That's a big spread. "You want to cast a wide net," he says.
That means you can't park your money and forget it. Plan to move your money frequently. "Few banks stay rate leaders for over a year," Tumin says. "They end up dropping their rate."
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