Best Savings Bank Rate: 5 Tips To Find It

Finding the best savings bank rates can seem difficult considering all the choices are these days. There are literally thousands of savings banks and account options, not all of them are the same. There are some tips you should consider when looking for the best savings bank for your needs.

1. Consider looking for a good savings bank online. While this may seem a little shady to you, most banks online are FDIC insured, reputable savings institutions.
2. What interest rates does the bank offer on its accounts? This will typically vary based on the type of savings account and the balance.
3. Look for a "new" savings account. Many banks roll-out new savings programs and these new programs tend to offer higher interest rates.
4. Check with your employer. Many employers are associated with a credit union, and these credit unions may offer higher rates to preferred customers employees.
5. Ask your friends or family what bank they use. Often a bank will offer a"Tell a friend" program where they provide a cash incentive for having a friend open an account. In most cases the cash bonus will be for both you and the friend who referred you.