2011 High-Yield Checking Survey
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savings
5 low-risk ways to earn higher interest

Don't accept a low rate
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Don't accept a low rate

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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