Online Savings Account Check

Real online savings account reviews from real people

Best Internet Saving Accounts – How to Find the Best Savings Account on the Internet

September 15th, 2011 by Online Savings Account Check No comments »

Unfortunately you won’t find a “one size fits all” when searching for the best internet saving accounts. We all have different tastes, preferences and needs, so our decisions will vary as well. Everything revolves around your goals, so it’s important to have those in place before you even open a savings account.

You might want to put away some money for a vacation, help put the kids through college or just set aside some emergency cash. Whatever the case may be, the best internet saving accounts should cater to you. Today, we want to cover a couple aspects of online savings accounts. Understanding the benefits of these accounts will have a major impact on your decision.

Staying away from fees is always a major issue. If your banking habits include linking a savings account to your checking account, then you want something that won’t cost tons of money in fees. This is will take some research, but it’s the only way you are going to come across the right choice.

Individuals that want to save their money for years to come won’t have to worry about the fees. All you have to do is stay above a certain account balance threshold and you will be fine.

Some of the best internet saving accounts also offer initial bonuses. Online banks are competing more than ever to get your money, so they will even offer money if you open an account. We’ve seen a steady flow of $100 bonuses over the past year, but it’s possible this could be more in the near future. So, if you’re willing to open an account for a hundred bucks, some couple of banks will give you another one hundred dollars.

You can’t forget about the interest rates either. Even though they are extremely low, they still provide some sort of financial benefit. Granted, if it’s the only reason you’re opening an account then you should wait. The average today is around 1% and even less if you’re a new customer to the bank.

Obviously 1% is going to give you a huge return, but it could provide you with a free tank of gas by the end of the year. The point is, don’t make the rates your main focus or you will end up disappointed.

These are all important areas to consider when looking at banks online. Most importantly, they must be FDIC insured. Even though you might think all banks are, some of the online versions are not. This is due to various styles of savings accounts available. What it comes down to is the people who are cautious and research the banks that interest them, they will more likely find the best internet saving accounts for them.

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Highest Saving Account Rate – What to Expect in 2011

September 15th, 2011 by Online Savings Account Check No comments »

If you’re searching for the highest saving account rate on the internet, the results will be up and down. Most local banks today have horrible rates, and they usually are transferred onto their websites. The only way to bypass these and get better rates from the same banks is by being a member for a long period of time or investing a lot of money.

Some people don’t fall under either category and they are left searching for the highest saving account rate. Well, when it comes to 2011, the average rate is around 1%. In 2010 it was at 2.80%, which wasn’t much better. Just do a little research online and you will find companies offering .85%, .50%, and sometimes lower amounts.

When you get into these types of numbers, your savings account goals will change. Even if you open an account with $100,000, a .50% rate is only going to give you $500. This is definitely not the type of math we all learned in school, especially when it comes to risk vs. profit ratios.

Today, most people expect to save money with a savings account and that is about it. If you are looking for the highest saving account rate to earn money then it’s probably best you find an alternative method. One of the first choices would be placing your money in a CD (certificate of deposit).

CDs offer a few different options based on investment amount and time period. For instance, a 1-year CD would get you somewhere around 1.30% on a $1,000 minimum. This means you can’t touch the money for a year, and when the time has elapsed you will earn $13. It doesn’t sound like much does it.

There are also CDs that come with 3-year terms. The rates are somewhat better (around 2%), but not by much. However, they only require a $100 minimum balance in most cases. Then of course you have a 5-year term that has the highest saving account rate at 2.4% and a $500 minimum balance.

When you put everything on paper it doesn’t seem like you’re making a lot of money unless you invest a lot of it. Regardless, it is something to consider, especially if your goal is to keep yourself from spending money. We know a lot of people that use CDs to save for a dream vacation or put money down on a home.

If neither one of those choices work, we recommend a money market account. You’re able to access the money, but be careful and don’t try to make too many transactions. If you go overboard then there are usually penalties. This is a way for you to have the bank do all the dirty work. You invest the money, they put it in conservative money making opportunities, and then you’re rewarded.

2011 has been an up and down battle to this point. Take the time to look over all the options and get a better understanding of the benefits offered. There is a good chance in which you will realize that the highest saving account rate isn’t the best deal available.

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Saving Account Highest Interest Rate – Are There Really Any Out There Today?

September 15th, 2011 by Online Savings Account Check No comments »

Trying to find a saving account highest interest rate is like finding a needle in a haystack. It definitely wasn’t this way at the beginning of 2008, but over time these rates have diminished significantly. It seems that everyone is pointing the figure at each other, but as citizens, we could care less.

The reason we want the highest interest rate for our savings account is so we can make additional money. We understand some people find it more important than others, but everyone should be taking advantage of it. This is basically free money, and it’s tax-free (in most cases).

So, can you really find a saving account highest interest rate plan?

Unfortunately, we have to say no. The rates today are at their lowest ever and it doesn’t look like they will be getting any better soon. The situation you’re going to run into is whether or not it’s worth it. Ask yourself these questions below and the answer will surface.

#1 How much money will I be placing in this savings account?

Knowing what type of saving habits you will be using is an essential part of the decision process. It will also help you determine whether or not the saving account highest interest rate is right for you. Individuals that put 25% to 50% of their paychecks into a savings account might not benefit from a standard account to save money.

It’s possible these individuals would benefit more by utilizing a bigger investment platform. There are online banks that offer higher interest rates if you’re willing to open an account with larger sums of money. Local banks will do this as well, but the actual rates will most likely be lower.

Individuals adding a little money here and there to their savings account won’t be worrying too much about a saving account highest interest rate list. They will be more in tune to building for their future over the long term.

#2 Will monthly fees make the interest a wash?

One of the most important factors when considering the interest rates is the monthly fees attached to an account. You have to look over all the terms and conditions associated with a savings account. There are banks that require a certain amount of money to be held in the account at all times. If by chance you dip below this threshold, then you end up paying a monthly fee.

If you take the saving account highest interest rate and compare it to your potential monthly fees, it could end up being a wash. This means you probably don’t want to open an account with this particular bank. Then again, if you plan to keep this money in the account and never attach it to your checking account, then it could be a feasible choice.

In the end, asking these two questions alone can make a huge difference on where you open a savings account. Also consider things like FDIC insurance, loyalty programs and initial bonuses. This way you can maximize your benefits, even if you don’t receive a saving account highest interest rate benefit.

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On Line Saving Accounts – Understand What to Look For Online

September 15th, 2011 by Online Savings Account Check No comments »

Anyone who tells you on line saving accounts are the same as local bank accounts is lying. There are tons of differences between the two of them, and you have to figure out what is best for you and your family. Today, we want to cover some of the major areas, so you can feel comfortable with the online banking solution that is chosen.

FDIC Insurance

One of the essentials attached to on line saving accounts is FDIC insurance. They are needed with your local banks as well, but some of the online options won’t be FDIC insured. These are companies you must stay away from, because if they go bankrupt or shut down, you could potentially lose everything.

Stick with companies that present the FDIC logo on their home page or tell you they are insured upfront. It’s the only way you will truly feel comfortable about opening a savings account with them.

Various Deposit Options

Your local banks usually require a $50 to $100 investment when you open a savings account. However, online options are a bit different. While some of them will be similar, there are others that will only require a dollar to get started. In fact, a few of them will let you open an account for nothing upfront.

This is great for the person that wants to start saving money, but can’t afford to let go of $50 to $100 right now. Unfortunately there are issues with this approach as well. It’s possible their policy requires a certain savings threshold. If you do not meet this at the end of each month you could be charged a fee.

While no one likes fees, they are still a part of the bank’s policy. Some banks don’t worry about where you account balance is at the end of each month. If you need a bank like this then do a little more research to find one.

Look for Bonuses

You can scan the internet for bonuses attached to add a little extra to your initial investment. Since there are more banks competing online for your money, a lot of them will offer additional enticements. It might be something like earning an extra $100 for opening the account or an American Express gift card.

Whatever the case may be, you should definitely take advantage of them. The only thing we ask is you read the terms and conditions. Some banks will say anything to get your business. It might look good upfront, but there is always the possibility it will look worse 6 months to a year from now.

These three areas are very important when you open any on line saving accounts. However, there are several other considerations you need to take into account. This is why researching each bank will be important.

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Discover Saving Account – 3 Powerful Tips to Benefit From a Savings Account

September 15th, 2011 by Online Savings Account Check No comments »

There are several ways to discover saving account solutions for you and your family. Your friends and family might have a great recommendation, co-workers could give you insight and or even the internet can provide you information. It really doesn’t matter how you go by finding one, as long as you know why you need to open a savings account.

After all, you could have this same account for the next 50 years, so it’s important to find the right fit for you. Today we want to discuss all the various benefits available when you discover saving account rates and other advantages. In most cases, your decision will be based on the amount of benefits available.

Here are 3 things your savings account must have when you open an account:

#1 Be FDIC Insured

You would think all banks were FDIC insured, but if you open a savings account online, they might not be covered. FDIC stands for Federal Deposit Insurance Corporation. It was originally developed because of the catastrophic losses that a lot of people experienced during the Great Depression.

This branch of the Federal Government provides a safety net for individuals that use banks. If for whatever reason the bank would go belly-up, depositors would receive their money instead of losing it. The FDIC insurance covers everything you would use at a bank except stocks, bonds, mutual funds, life insurance policies, or annuities.

If you discover saving account options on the internet, it’s imperative they are FDIC insured.

#2 Put a Target on your Savings Account

When you open a savings account it has to be targeted towards something. A lot of individuals believe it’s just something they should do for the future, but attaching goals to your account can be extremely helpful. For instance, if you’re opening an account to save money for potential healthcare ten years from now, take the initiative to plan for it.

Set aside a certain amount of money every month for this particular goal. It allows you to get into a routine of stashing those funds away without the temptation of taking it back out. The end result provides self-accomplishment and a stress-free area of your life (in this case it would be your healthcare needs).

#3 Discover Savings Account Alternatives

Due to the low interest rates that most banks offer for savings accounts, it’s a good idea to look at all your options. Investing in a Certificate of Deposit or Money Market account could be a better deal. It’s going to take a little work on your part, but an alternative choice could be the best solution.

We understand this isn’t considered a benefit from your savings account, but it’s a tip you can’t afford to dismiss. Interest rates are constantly up and down, so going where the greatest potential is will be extremely helpful.

Just consider everything we discussed here today. Eventually, you will discover saving account benefits and alternatives that will make life much easier down the road.

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Highest Saving Account Interest Rate – What Are the Rates Like in 2011?

September 15th, 2011 by Online Savings Account Check No comments »

We are constantly keeping an eye on the highest saving account interest rate numbers each day. It’s really a bit depressing when you think about it. Back in 1998, a savings account offered 6% rates. Fast forward ten years later (2008) and the percentage rate was still 5%. However, due to the real estate crash and the damage to our economy as a whole, the decline started taking place.

Upon reaching the year 2009, the average rate was only 2.75%. This was a huge dip, but it did make a minor rebound in 2010 with a 2.8%. Unfortunately, 2011 has become the lowest annual average since 1960. We are now finding the highest saving account interest rate to be around 1.5%.

Will it ever change? Well, you can find better rates now, but there are stipulations attached to them. For instance, the internet provides more opportunities when it comes to finding a better rate. However, you either have to be with a bank for an extended period of time or open an account with a large investment.

Some individuals won’t fall under either of the scenarios above, so they have to take precautionary measures instead. Let’s take a look at both sides of the spectrum and find out the best solution for you.

The Heavy Investor

If you have tons of money to invest, finding the highest saving account interest rate will be much easier. In fact, we were doing a little research the other day and came across a company that offers 6.58% if you open an account with $20,000. Receiving this type of rate would give you a little over $1,300 in return.

Individuals or families that have this kind of money should definitely look into avenues like this one. We recommend making sure the company has been around for awhile. It should also be FDIC insured and must be considered a reputable entity around the internet. Some of these places will offer a good rate in the beginning, but after the first month or two you will see a steady decline.

The Light Investor

The majority of us fall into this category. Opening a savings account is supposed to help us with future events, but the initial requirements can be overwhelming. If you have an extra $50 to spare then opening account will be easy, but finding a good rate will be hard. You should feel lucky if you find a place with a 1% rate.

However, light investors take a different approach when dealing with the highest saving account interest rate that turns out to be low. The number one priority is to save money, and if you have a savings account then you’re taking the initiative to make it happen. If by chance you earn a little extra each year, it’s just an added bonus.

Now, you already know what type of investor you’re going to be. It will give you the tools to take an approach that is best for you and your family. In the end, you want to find the highest saving account interest rate. This way you can see additional profits as much as possible.

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Top Savings Account Rates- What To Do When the Top Rates Are Low

September 15th, 2011 by Online Savings Account Check No comments »

When our economy seems to disappear overnight, the top savings account rates drop as well. What used to be high percentages are no longer available, unless you have $20,000 or more to invest. So instead of settling for a .3% or 1% rates, it’s a good idea to consider the other options out there.

We understand these alternatives are not for everyone. However, if you realize one of them complements your needs, you should consider using it.

Certificate of Deposit (CD)

The benefits associated with CDs are plentiful. The issue for some people is not being able to access the money if an emergency arises. Keep in mind, long term CDs have much better rates, so it’s basically a double-edged sword. If you’re willing to give up a portion of money for several years, this could be the best choice for you.

Plus, when you have a certificate of deposit, it’s easy to figure out what type of return you’re going to receive. While this number might fluctuate a bit, it’s going to be very close to the actual amount. Any CD will also be FDIC insured. This amount can reach as high as $100,000.

Money Markets

If you’ve contemplated using money markets, it’s definitely different from a certificate of deposit. In this scenario you would open up an account with “X” amount of dollars. The money is then taken and placed into conservative CDs, savings bonds, and various other areas. When money is made, your account is credited.

This can be a monumental benefit if you want to earn more in a shorter period of time. You also don’t have to lockdown your money for a specified period of time. In fact, money market accounts come with checks. So, if you need a little extra cash then it will be available.

Unfortunately, most of the banks out there will only allow a certain amount of transactions per month. This could have a negative effect on several people. The point is, money market accounts are a great choice when the top savings account rates are low.

You Decide

Both of these alternatives can help you build more income while waiting for the top savings account rates to rise again. The best pre-planning strategy is to write out everything you want from your new account. Savings accounts with lower rates still have an opportunity to be beneficial. After all, the goal is to save money and earn something on the side while you build for your future.

When opening a new account, take the time to consider all your options. Even though the top savings account rates are low, it doesn’t mean you have to accept what they’re offering.

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Saving Account Compare Interest Rates- 5 Factors You Must Consider

September 15th, 2011 by Online Savings Account Check No comments »

Taking to time to find a saving account, compare interest rates and choosing the right one can take weeks. This is especially true if you are looking for a bank on the internet. Since you have more options online, it also means there is more competition among the banks themselves. The point is, they will have plenty of enticements along the way.

Here are 5 factors you must take into account when doing a saving account compare interest rates system:

1. The Loyalty Programs

Several of the banks that offer better interest rates will only offer them to some of the clientele. It’s possible you could start out with a rate around 1%, but when you show them loyalty it could be increased to 2%, 3% or even higher. Experiencing these types of benefits won’t be given to you in the beginning. Instead they will come after you are a member in good standing.

2. The Deposit

Another reason you could get better rates with a bank is by the amount of money you put in your savings account. Some people have to build their savings accounts, while others already have the money and need a safe place to put it. Whatever the reason might be, there will be an initial deposit request. The higher it is (if you can afford it), the better off your rates will be.

3. Online Banks

When you look at online banking features there are different benefits at your disposal, especially when it comes to interest rates. You can look over each one of these banks individually, or you can utilize a comparison site. Whatever you decide to do, the goal is to see what type of options are available.

Once you’re able to find the best one on the internet, compare it to your local bank. The one that is better suited for your needs should be the bank you use.

4. Reduced Monthly Fees

You also have to consider the monthly fees attached to your savings account. We highly recommend putting these to the test and seeing what type of benefits you truly receive. Sometimes the monthly fees either outweigh the earnings or you end up breaking even. If you end up with this scenario then you’re just going to be wasting your time.

5. Add to Goals

Opening a savings account is all about having money for a future event. Whether you have an emergency, want to take a vacation, save for your children’s college fund, or it’s just for retirement, they are all important. Taking the time to implement a saving account compare interest rates system will add money to your overall goals.

When it’s time for you to open an account, remember the factors we have provided for you today. It’s the best saving account compare interest rates formula you can use to find the right savings account.

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Saving Rates Highest – What Rates Would You be Happy Earning?

September 15th, 2011 by Online Savings Account Check No comments »

Trying to find a bank with the saving rates highest mark is a bit difficult. A lot of this has to do with the constant fluctuation we see throughout the day when it comes to interest rates. So, instead of looking for the highest marks, you should consider figuring out what you would be happy receiving.

Due to the economic downturn, rates are at their lowest ever. We’ve seen everything from .1% to 1.5% in a normal setting. These are usually offline banking buildings in your local area. If you search for online banking streams, it’s possible to see something as high as 6% to 6.5%, but there things you have to consider when taking this route.

The Deposit Amount

In order to enjoy one of the saving rates highest marks like 6%, you usually have to open a savings account with a hefty deposit. In most cases, $20,000 is the minimum deposit amount. Since the majority of us don’t have twenty-grand to start with, this isn’t a realistic option.

There are other online banks that offer deposit amounts from $50 to as little as $0. However, this type of benefit also comes with a disadvantage. If you haven’t guessed it yet, you will receive a lower rate. It’s easy to see why the deposit amount is so important, so take the time to research them before making a decision.

The Scenario

Understanding what type of rate you would be happy with can be found through a simple scenario. Let’s say you have $100 to open a savings account, and you want to find the best rate. The local banks around your area all offer a 1% rate. This means you’re going to receive $1 a month if your account stays at $100 for a 12 month period.

This definitely doesn’t seem like it’s worth it, which is why most people will continue searching. Eventually they come across savings rates highest platform so far at 1.5%. It took hours to find it, but now you’re making $1.50 instead of a $1. Is it really worth the time to gain .50 cents?

The Best Choice

What it comes down to is you have to be willing to accept a rate at some point. You can easily narrow down the choices by figuring out what type of deposit you will be able to afford. The more money you have for the initial deposit, the better the rates might be.

We recommend looking for a reputable company that offers an affordable deposit and a decent rate. The goal to using a savings account is to build it. Over time your $100 could turn into $10,000. If the savings rate highest offer is 1%, then you made an extra $100. If you look at the big picture this could turn into a good investment.

Best of all, the savings rates highest point will change over the course of time.

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Best Savings Accounts 2011- Why There is No “Right” Answer

September 15th, 2011 by Online Savings Account Check No comments »

While you might be looking for the best savings accounts 2011 has to offer, we can’t give you a concrete answer. It has something to do with the various factors that come into play when choosing one for you and your family. The only thing we can do is provide you with a few tips on how to find the best savings account out there.

Some of these might be common sense, but they are often overlooked.

#1 The Bank must be Insured

Your local banks are all FDIC insured, but some of the online options don’t have to be. This is because they use the term “savings account” but it comes in the form of a prepaid debit card or another similar setup. In order to feel comfortable giving your money to a bank, they have to be FDIC insured.

If you’re not familiar with the Federal Deposit Insurance Corporation, it was formed in 1934 for citizens. The goal was to keep us from ever losing our money if a bank shuts down. Throughout their existence there has never been an individual or family that has lost money like back during the Great Depression.

#2 Consider Interest Rates, but don’t focus on them

We will tell you that there was a time when focusing on interest rates was more important. Today it’s not the case, because most of them are quite small. Going all the way back to 1960, 2011 has produced the lowest rates ever (average of 1%) and no one knows when they will go up again.

There are ways for you to get better rates, but it means a bigger investment while staying away from the money for a certain period of time. If you’re not willing to agree to these terms then don’t worry about the interest rates. Focus on saving the money you need to save in order to put the kids through college or take a nice vacation.

#3 Loyalty Programs

Most people are already associated with a bank. It’s possible they will offer you a bonus for opening a savings account with them. This not a guarantee, but you should definitely ask them about it. Even if they don’t waive the normal fees attached to the account or give you more money to do it, they might offer something more beneficial.

Sometimes, the only way to get better interest rates is by being a member in good standing and you’ve been with them for awhile. We have no idea what these might be so call up your bank and find out.

Then again, if nothing looks good, we suggest heading to the internet for the best savings accounts 2011 has to offer. There is a good chance you will find the perfect solution for your needs, especially since the online world provides a wider selection.