How Do You Get the Best Interest Rates With Bank Savings Accounts?


Quick Answer

Consumers seeking the best interest rates on bank savings accounts should look at banks offering online savings accounts. Although annual percentage yield earnings on savings account deposits change frequently, on average, online savings accounts outperform traditional accounts offered at brick-and-mortar banks. A listing of the top 10 banks offering the best savings accounts for consumers is featured at sites such as U.S. News & World Report, as of 2015.

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Full Answer

Online banks such as Ally Bank are able to offer customers higher interest earnings on savings accounts, because they don't have a network of brick-and-mortar branches to maintain. Savings are passed onto online banking customers in the form of higher earnings. A good way to find the highest interest rate yields is to compare rates at different banks. Ally Bank makes the top 10 list, and consumers can visit its Compare Savings page for research purposes.

Other financial institutions that offer high-ranking savings accounts include GE Capital Bank and My Savings Direct. In addition to high interest rates, these banks offer consumers other perks such as no minimum deposit to open an account. Consumers also save on fees. Ally Bank savings accounts have no monthly maintenance fees, while GE Capital Bank accounts are free of transaction fees.

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