how to maximize earnings from a savings account
although most major banks offer low interest rates on their savings accounts many banks and credit unions provide much higher returns in particular online banks offer some of the highest savings account rates because they don t have physical branches or have very few they spend less on overhead and can often offer higher more competitive deposit rates as a result the key is to shop around starting with the bank where you hold your checking account even if that institution doesn t offer a competitive savings account rate it will give you a frame of reference for how much more you can earn by moving your savings or opening an additional account elsewhere as you shop for the best rates however beware of account features that can curtail your earnings or even drain them some promotional savings accounts will only offer the attractive rate they re advertising for a short period of time others will cap the balance that can earn the promotional rate with dollar amounts above that maximum earning a paltry rate even worse is a savings account with fees that cut into the interest you earn each month 