How to Find The Best Online Savings Account Rates

Savings accounts are excellent ways to keep money in reserve for emergencies or save for upcoming expenses, such as appliances, automobiles, and vacations. While savings accounts should not be viewed as investments, since they rarely earn interest faster than inflation, it is nice to earn some interest. Here's the way to find the best rates online.

		Go to BankRate.com and click the Checking & Savings tab. This will let you search for various types of Checking and Savings accounts.
		Under the "Savings" heading, select "High Yield MMA/Savings" and click "Go".
		Select "MMA and savings account" and click "Next". This will bring you to a list of banks.
	Look at the list of banks to compare fees and minimum balances. Before setting up an account, make sure that the bank is FDIC insured. Some popular banks include ING Direct, Emigrant Direct, E*Trade Bank, HSBC Direct, iGOBanking, FNBO Direct, and GMAC Direct.
	Do a web search to see if other customers have posted online complaints about these banks.
	Open the account.

• Some banks take more time than others to complete transfers.
• You can search the FDIC database to ensure that the bank is indeed FDIC insured.
• You may only be allowed 6 transactions per month. Remember, these are savings accounts, not checking accounts, and are intended primarily for holding money, not transacting it.

• Most high yield accounts only allow for electronic transfers from your existing checking and savings accounts. If the bank has a branch in your area, you will probably not be allowed to access you account at the branch, but rather only online.