Inquire with both brick-and-mortar banks and online banks to find the highest savings interest rates available, according to Forbes. Review rates offered by credit unions and pre-paid debit cards to see if you qualify for high rates for the savings accounts offered. Requirements to qualify for higher rates include minimum balance limits as well as direct deposit sign-up, according to Forbes.
Review traditional savings account interest rates for all banks and credit unions you are considering, and expand your search to include money market accounts and certificates of deposit. Money market accounts and CDs often offer higher rates of interest than regular savings accounts, as indicated by Charles Schwab.
Certificates of Deposits require a deposit to be held for a predetermined period of time and are federally insured through FDIC. You can choose a deposit amount and a length of maturity to earn the highest rate of interest available through the bank you choose, as stated by Charles Schwab.
Money market accounts typically earn a higher rate of interest than traditional savings accounts while not requiring a deposit to be held until maturity, states Ally Bank. Money market accounts often require a minimum balance to receive the higher interest rates, but some banks, such as Ally Bank, offer money market accounts with no minimum balance requirement.