Every person who wants to invest well and carefully with his hard earned money researches on which facility it is best to store his earnings. One of the ways to help you find which bank would be the best home for your money is by going to Bankrate.com. This site is like the eBay of anything available for your financial needs. By using this site, you do not need to manually check out each bank and search for their interest rates especially if you are considering opening a savings account. The steps below highlight which points you need to keep in mind while searching for a high yielding savings account for your cash. All you need is your desktop or laptop and your Internet connection to do the background check and research.
- Going to the Bankrate.com website. The first thing you need to do is to visit the website of Bankrate and, from there, locate the tab for Checking and Savings account. Once you see this tab, click on it.
- Selecting the type of account you want to start. Once you have selected the Checking and Savings tab, you will see a dropdown list of Account options that you can canvass for. If you are planning to start a high yielding savings account then select the “High Yield/MMA Savings” entry. There is a button to the side of the dropdown list labeled “Go” so select that to start the search for the best rates for this type of savings account.
- Checking the amount of balance you want to start with and maintain. Once you are in this section, you would need to select the range of maintaining balance you are planning to start with your savings account. All banks have different interest rates depending on how big of an investment you are willing to make. Naturally, the banks would want to encourage you to invest more so bigger interest rates are given to those who are willing to put in more money. Be sure to select a range that is very realistic and close to your target amount so that you can choose wisely.
- Viewing the search results. Once you have identified these parameters, you can view the search results depending on the range of your investment. Review the APY or the Annual Percentage Yield, which are the earnings you can expect from your money. Naturally, the higher this number is, the better for your investment. When you select a particular rate via the radio button displayed, another round of search results will be displayed. From this new batch of search results, you can assess which bank you want to invest with. Choose a reputable bank and preferably with a very accessible branch so that it will not be too much of a hassle for you to do some paper work and errands with that bank. Choose the bank with the least amount of fees for you. From this selection you can see the lowest possible maintaining balance for your type of account. You can also check the bank policies and see which ones are most agreeable to you.
Once you have selected from the search result, you can narrow down the
banks and rates that you can do intensive research on. Depending in your
specific needs, one bank may provide more options from you compared to
others. Ask around from your friends with similar accounts for first
hand reviews of the banks and their personnel.