How to Compare Savings Accounts

In order to compare saving accounts, there are a number of things that you will want to evaluate. Here are the basics of how to compare saving accounts successfully.

Interest Rate

One of the most important things that you will want to look at is the interest rate that the savings account pays you. Ideally, you would like to find the highest interest rate that is available in the market.

Insured

You also want to make sure that the account that you are looking at is insured by the FDIC. The FDIC will insure savings accounts of up to $100,000. This means that if the bank goes under, the FDIC is going to step in and repay you for the amount that you had deposited.

Fees

You will also want to be aware of any fees that you could potentially be charged by the financial institution. You will want to find a financial institution that has low fees or does not charge any fee. Some banks will charge certain fees for account maintenance or something similar. If you are only making a small percentage return on your investment, you do not want to have to incur any additional fees.

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