Q:

How do you find savings accounts with the best interest rates?

A:

Quick Answer

Bankrate publishes a list of the savings accounts offered by banks that have the highest interest rates. As of July 30, 2015, Synchrony Bank's interest rate of 1.05 percent is the highest rate on a savings account without minimum deposit. Credit unions tend to have high-yield savings accounts, recommends Forbes.

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Full Answer

While Synchrony Bank's rate is the highest for savings accounts without minimum deposit, EverBank offers an introductory rate of 1.4 percent interest for six months on a minimum deposit of $1,500, according to Bankrate. The EverBank rate drops to 0.61 percent after that period.

Savings account interest rates vary widely. Some traditional banks pay rates as low as 0.01 percent, reports Forbes. Since many customers are unable to access credit union savings accounts, Forbes suggests that the average customer use an online bank such as Ally, Capital One 360, Synchrony Bank or FNBO Direct..

For customers who can use them, Forbes reports that credit union savings accounts pay interest rates as high as 4 percent. While banks are open to the public, credit unions are not-for-profit member organizations, according to MyCreditUnion.gov. Credit unions have criteria for membership. For example, Pelican State Credit Union savings accounts pay an interest rate of 4.01 percent as of July 2015, but only residents of Rapides Parish, La., or employees of certain organizations or their immediate families can join the credit union, according to its website.

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