For customers looking to grow their money in a low-risk account, low-interest rates can be very frustrating in the search to increase wealth. However, finding the best savings rate involves more than knowing your account’s APY. Understanding other factors such as how your bank compounds interest and how long you keep your money in a regular savings account greatly affects your earnings.

Higher balance equals higher rates

At many large commercial banks, getting the best savings rate begins with maintaining a bigger balance in a money market savings account. Money market accounts typically carry terms that vary from regular savings accounts, but they also carry higher interest rates than regular savings accounts. While a few tenths of 1 percentage point sounds small, that increase can make a noticeable difference for account balances of thousands of dollars.

Go direct

Many customers find the best savings rate with high-interest savings accounts at direct online banks such as Ally and Capital One Direct. While some online banks lack the convenience of in-person banking and ATM deposits, customers can perform all account maintenance online and on-the-go with mobile banking tools. These FDIC-insured banks typically offer rates that range from 1 percent to 1.4 percent.

Know the rules

Be sure to read the fine print before you select a bank and open a new account. Even though a higher APY may seem like the best savings rate, many institutions carry penalties for going below monthly minimums and requirements for a minimum amount of direct deposits. Federal banking laws also restrict the number of monthly withdrawals that can be made from savings accounts.

Whether you are beginning to plan your financial future or are nearing retirement age, finding the best savings rate can be a big step toward turning your money into more. You can compare the most up-to-date list of the best savings rates with Bankrate’s money market account table.