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.
![https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png](https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-320-80.png)
Sign up for Kiplinger’s Free E-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.
Get Kiplinger Today newsletter — free
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.
-
Visa Is the Worst Dow Stock Wednesday. Here's Why
Visa stock is down sharply Wednesday after the credit card company came up short of revenue expectations for its fiscal Q3.
By Joey Solitro Published
-
Another Analyst Moves to the Sidelines on Tesla Stock After Earnings
Tesla stock is spiraling Wednesday after the EV maker's big earnings miss and Wall Street has been quick to weigh in. Here's what you need to know.
By Joey Solitro Published
-
403(b) Contribution Limits for 2024
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Published
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Last updated
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
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.
By Vaishali Varu Last updated
-
How to Figure Out How Much Life Insurance You Need
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life insurance needs.
By Kimberly Lankford Last updated
-
When Is Amazon Prime Day?
Amazon Prime Amazon Prime Day 2024 runs Tuesday July 16 and Wednesday July 17, marking the 10th Prime Day event.
By Bob Niedt Last updated
-
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.
By Kaitlin Pitsker Published
-
Five Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Rates are high this year, but you can still find an affordable loan with these tips.
By Daniel Bortz Last updated