To find the highest savings rate, compare rates with multiple banks and be on the lookout for hidden fees, advises Ally.com. Compare online banks to traditional brick-and-mortar establishments to determine which has the best rates to offer.
Checking the savings rates at multiple banks is simplified when comparing rates at sites such as Bankrate.com, BankAHolic.com and MyBankTracker.com, notes Ally.com. These sites let visitors see what banks and which types of savings accounts offer the most competitive rates.
Online banks such as Capital One 360, FNBO Direct, Synchrony Bank and Ally Bank offer the highest yields on savings accounts as of 2015, states Forbes.com. Because these banks do not operate through branches, the savings are passed on to the customers. Traditional banks may offer better rates, however, so checking with online and brick-and-mortar banks is important.
Credit unions also offer competitive savings rates, as do some prepaid debit card accounts. For example, some cards offer a six percent yield on balances in excess of a particular amount, such as $5,000, notes Ally.com.
When comparing savings accounts and certificate of deposit savings account offers, look for fees associated with the account before deciding which to choose. Avoid accounts that have minimum balance requirements that might be difficult to meet or that charge a fee for or limit transaction activity, as this cuts into the actual savings yield.