As the global economic crisis still looms finding a great deal on your savings account seems less and less likely. The volatility in the financial markets makes things like money market funds, highly attractive several years ago, totally unattractive now. Bank free savings account s are paying very little and finding an investment that will make you much money at all is like hitting the lottery.
Luckily, there are still a few great savings account deals to be found. You just have to know where to look for these deals, and it is not your local bank. To find the best savings account deals in 2010 you need to look to nontraditional sources. Credit card companies, loan companies and insurance companies are all offering savings accounts that pay higher than a traditional bank. Also, online banks, who have offered higher interest rates for so long, continue to provide excellent rates on Internet savings accounts.
In 2010 these institutions have provided high interest ratesavings account deals:
Sallie Mae
Capital One
Discover
American Express
None of these are your typical local bank. They all have offered rates in excess of one percent. Several years ago one percent would have been unreasonably low, but in this market where bank savings account rates are lower than a quarter of a percent, one percent is excellent.
Online banks like Ally and ING continue offering very competitive rates on internet savings account also in excess of one percent. Sallie Mae, American Express, Ally and ING require a dollar or less to open, and none of these institutions require you to maintain a minimum balance.
There are many other banks that offer competitive on line savings account rates, and these rates can change at any moment without notice. So if you are looking for the best high yield savings account deals in 2010 it is best to check the competition often to ensure that you don’t miss out on a great opportunity.
One of the best ways to keep track of the current rates for savings and money market accounts (not money market funds) is by checking often at bankrate.com. Bankrate.com is an incredible resource that offers current rates on everything from credit cards to mortgages and checking and savings accounts. They advertise as being comprehensive, objective, and free. They are all of those things.
Keep in mind that interest rate shouldn’t be your only consideration when opening an account, the relationship you have with your local bank may make keeping your savings there more important or offer you other benefits that you won’t want to lose.
Even in this economy there are some great savings account deals to be had. Finding them is not always easy, but with tools like bankrate.com it doesn’t have to be impossible. Look at all the pros and cons before moving your accounts, including your comfort level with online accounts and non-bank offerings. If you want the best rates, make the switch and start earning more today.