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How can you maximize the yield on your savings account?

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Quick Answer

An individual can maximize the yield on his savings account by taking advantage of promotional rates, new customer specials and demographic specials, states Forbes. One can also register for rewards checking programs that offer higher-than-average interest rates when customers meet certain conditions.

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Full Answer

Some online banks, such as Everbank, offer new customers interest rates that are up to 10 times higher than the average national savings yield, as of 2013. Although these yields return to normal rates when the promotional period ends, most online banks offer rates than are higher than those of conventional banks. Clients who are unsatisfied with their current banking facilities can switch banks and take advantage of these rates. Many local banks also offer promotional certificate of deposit rates that are twice as much as the regular interest rate, claims Forbes.

Certain populations are eligible for participation in demographic specials that offer high yields on their savings accounts, states Forbes. Members of the U.S military serving in certain areas, for example, can participate in a savings deposit program with higher interest rates. Customers who do not meet the eligibility criteria of such programs can register for rewards checking and savings accounts. These accounts offer higher-than-average interest rates to customers who meet conditions, such as using a debit card to make a predetermined number of purchases in a month.

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