Step 1
If you’ve been a loyal customer of a bank or credit union, see whether your institution will give you a higher interest rate on a savings or money market deposit account. Some banks, for example, offer higher rates on savings accounts if you have a checking account with them, too.
Step 2
Compare what your bank offers with high-yielding accounts you find at www.depositaccounts.com and www.bankrate.com. Both tools show nationally available accounts that have the best interest rates, and you can enter your state or zip code to see the accounts from local institutions as well.
Step 3
Before you commit to an account, compare fees, such as monthly or annual charges, withdrawal penalties and inactivity fees. Also, check for minimum deposit or balance requirements, as well as any limit on how much of your deposit earns interest. Make sure your account is protected by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.
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The payoff
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