Ok i know there are a billion things you can do with money but right now my eye is on a high interest savings account. I want to put what i have in my current savings account in it becuase well i'm not earning really anything with this one. Does anybody have suggestions of who to go through? or what to look for? Any catch to watch out for? I know the interest rate will change daily and understand that.
Hi Callme,
I suggest that you check out
http://www.bankrate.com as an initial starting point for interest rates.
Some "catches" to watch for:
Realize that interest rates for savings will be based upon how much you are saving/saved. The more money you can bring to a financial institution the more likely you will get a higher percentage in interest.
Realize also that using any banks "standard" savings rates is being very conservative. This means you will not be getting alot. Basically it is a couple steps up from keeping cash stashed under your mattress. (The next lower step is keeping the monies in non-interest bearing checking account).
This is a rough example:
Bank offers standard savings account at 3% for any amount of monies unless you choose to go to another level and have the monies for that type of account.
Other accounts could be an offer of 4% for those with $5000 to $10000.
And continues to offer 5% for those over $10000.
There are variations but I hope you get the idea.
Another item to watch out for is any "service fees" that could be applied if your account balance falls outside of its savings range. This can be pricey.
Hope this helps.
