Visit for latest information and tips about Online Banks & Online Bank Rates

Maximize Your Opportunities To Earn The Highest Interest Rates On Savings Accounts

Posted on January 22, 2013 | in Online Banks | by

Higher Interest RatesWith increase in the number of unemployment rates, the Federal reserve has been left with no other alternative than to keep interest rates low until the unemployment rate falls below 6.5%. This is a beneficial step in the direction of reducing inflation rates as well. Though useful in so many ways, these policies have negatively influenced the consumer-bank relationships.

With savings bank interests hitting an all-time low, investors have been compelled to withdraw their savings from accounts. Some of the major problems faced by most investors include:

1.      Low Interest Rates – This is no new revelation, as these days the national average is also estimated to be less than 0.10%. The interest rates are discouragingly low, and this has lowered the morale of most investors.

2.      Repeated Petitions – Most individuals have grown sick and tired of making petitions at banks, which seem to pay a deaf ear to the grievances of investors.

3.      Curt Replies and Stringent Policies – Most individuals are aware of the changing relationship of consumers and banks. Banks tend to send back most of the investors thoroughly disappointed.

In this changing scenario, banking on saving banks is probably the least advisable thing to do. If however, you can enjoy high yields and profitable interest rates with banks, why would you mind? Read along to know how to maximize your interest rates with savings accounts:

1.      Reward Checking and Savings Accounts – There is finally some relief, as you can avail services of reward checking and savings accounts together. Certain small banks have been offering a higher interest rate to customers who meet certain qualifications listed out by bankers.

2.      Demographic Specials – Though banks have disappointed the baby boomers with lower interest rates, the millennial kids have something substantial to cheer about. Banks are offering favorable interest rates to young adults and kids planning to open savings accounts.

3.      Online Bank Accounts – Online bank rates are way lower than the rates of their brick and mortar counterparts. It is imperative for individuals to brush up their Internet literacy. Most online bank accounts are easy to create. These accounts enable people to evade the tiresome real-life transactions. These online banks give customers the opportunity to get greater interest rates without much effort.

4.      Use Saving Calculators –  Saving calculators help an individual determine the amount of money you need to put away to enjoy higher yield. Its zero-error calculative capabilities are an advantage for most investors, as these help you plan in a better manner.

5.      Choose Your Savings Account Type – Every savings account has a different set of advantages and disadvantages. You need to know the type that goes on to be profitable for you. Consider conducting a proper research, so that you can enjoy the best deals.

Most investors sadly remain unaware of latest banking developments. This ignorance leads to an increased likelihood of banking errors. You need to familiarize yourself well in advance to avoid such possibilities. It is best to remain aware of latest consumer friendly offers that most banks offer.

Read More about Online Bank Rates here

 

TAGS: , , , , , , , , ,

Leave a Reply