There are many financial tools you can use to help manage your money, and finding the best high-interest investment accounts just makes sense. You need to guarantee your money is working hard for you so you can accomplish all of your financial goals, for that reason you need to ensure that you get the highest return on your investment you possibly can.
It doesn’t really matter if you’re looking for a regular savings account or a CD, you’ll almost always find the highest rates when you go to an online bank. The reason for this is simple, the online banks don’t have nearly the overhead as a smaller, offline bank does.
Just think about all the expenses that go into an offline location: the building, utilities, property taxes, insurance, etc. An online bank will still have expenses of course but they are considerably less than with a physical building.
When shopping around for your high-interest investment accounts you can easily and quickly compare rates by visiting the website Bankrate.com. It won’t take very long at all to compare many different online banks to find out which one can give you the biggest bang for your buck.
Remember, though, interest rates are just one of the features you will want to consider, there are many other factors that you should think about. For one thing, make sure any bank you’re looking at is FDIC insured. You want your money to be as safe as possible and this is one layer of security you want to make sure you have.
Another thing to keep in mind is that generally the higher the interest rate the longer the term. If you know that you’re going to want to have access to your money in a few months to pay for college tuition, a vacation, or a wedding you might want to reconsider your investment options. The money is these high yield accounts are not very liquid: you won’t be able to get it out quickly. That’s why you get to earn a high-interest rate, the bank can use your money longer. Make sure you read and understand all the fine print.
You’ve no doubt heard the expression ‘substantial penalty for early withdrawal’ despite what you may have seen in the movies this doesn’t mean you’ll be shot, but you will lose a big chunk of your interest. So carefully consider the length of term before you commit to a certain type of account.
Other things you want to look at is the availability of customer service. Most online banks don’t skimp on customer service, you can often get the same or even better service since they will often offer a customer service rep 24/7 as opposed to an offline bank.
Be a smart investor with your money, make it work hard for you all day every day. To do that make sure you invest some time to find the best place for your money, online or off. There are many banks that will offer high-interest investment accounts to find the best combination of great rates and great service and you’ll be on your way to a better financial future.