Finding the best savings interest rates

Because savings interest rates usually range from about 0.2 percent to 2 percent, savings accounts are typically used for a secure investment versus a long-term money-making investment. Despite the low savings interest rates, savings accounts can be a great option for anyone seeking a place to securely stow away cash. Below are some tips for getting the most out of your savings account and finding the highest savings interest rates.

Search for high-yield savings interest rates

If you can handle managing your money online, you may get a better return with high-yield savings accounts. Online-based high-yield savings accounts have minimal upfront costs because they operate almost entirely online, therefore they can offer you better savings interest rates. You may find high-yield savings accounts locally, too, as competition increases between virtual savings accounts and brick-and-mortar accounts. You can find high-yield savings accounts on's High Yield Rates for MMA and Savings Account chart.

Avoid savings accounts with fees and minimums

Before you open a savings account, make sure there are no fees or minimum balances for the account. You may have to open the account with a small investment of $1 to $25, but confirm there are no fees if it drops below the initial deposit. With savings accounts, you should have the freedom to move or withdraw your money as needed without incurring a fee.

Put your savings on autopilot

Talk with your bank to setup automatic deposits from your paycheck directly into your savings account. If you aren't in the habit of saving, this is a great way to energize the habit without any effort. If you don't see available funds in your checking account, you won't miss it as much.

Test options with's savings calculator

Using's savings calculator, you can see the results of your autopilot savings deposits. Experiment with different savings interest rates, deposit amounts and terms. Learning about your savings options will help you create firm, attainable goals.

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