Find Higher Rates for Your Savings
You'll have to search harder to find decent yields.
Only a few years ago, Internet savings accounts that paid 3.5% were a mouse click away. Now, you’re lucky if you can earn more than 1% on your savings -- unless you tie up your funds for five years. Online banks’ low overhead (they have no branches, after all) used to work to your advantage, but it no longer seems to matter. So you need to do your homework now more than ever to find the best parking place for your funds.
Start by checking out rates for both savings and money market deposit accounts (they are almost equal now) at www.bankrate.com or www.mybanktracker.com. Then go to www.checkingfinder.com to see what community banks and credit unions are offering (see The Credit Union Advantage). You may earn as much as 4% in a high-yield checking account if you agree to bank online and use your debit card ten to 12 times a month. (For help comparing your options, see How to Find a Local Bank.)
Some high-yielding accounts are available only to local customers. For example, Westfield Bank’s Dream Big Savings pays 1% and requires just $100 to open an account, but only Ohio residents are eligible. Amalgamated Bank, with branches in California, Nevada, New Jersey, New York and Washington, D.C., is offering a 1% yield on its Hardworking Money Market account to branch customers. OneWest Bank, in Southern California, restricts its tiered Personal Savings and Premium Money Market accounts, which pay up to 1% and 1.1%, respectively, to local residents. Branch customers in the Mid Atlantic region who deposit $10,000 in Capital One’s Simple Savings account earn the same 1.15% that the bank offers online.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
New $6,000 'Senior Bonus' Deduction: What It Means for Taxpayers Over Age 65
Tax Changes If you’re an older adult, a new bonus tax deduction could provide a valuable tax benefit. Here's how it works.
-
Walmart Plus Members Will Soon Have Their Choice Between Two Streaming Services
Discover which streaming service is coming to the platform.
-
Amazon Resale: Where Amazon Prime Returns Become Your Online Bargains
Feature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
Roth IRA Contribution Limits for 2025
Roth IRAs Roth IRAs allow you to fund your retirement with after-tax dollars while you're working, and then withdraw those contributions and earnings tax-free when you retire. Here's a look at 2025 limits and income-based phaseouts.
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
-
How Much Life Insurance Do You Need?
insurance When assessing how much life insurance you need, take a systematic approach instead of relying on rules of thumb.
-
When Is Amazon Prime Day? Everything We Know, Plus the Best Deals on Apple, Samsung and More
Amazon Prime Amazon Prime Day is four days this year. Here are the key details you need to know, plus some of our favorite deals to shop during the sale.
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
Five Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.