How you ask do you go about finding the best high yield savings accounts?  Well Google is your friend as are sites like bankrate.com. While you can look for local bank rates your best bang for the buck will usually be looking for a high yield online savings accounts.

Online high yield savings accounts are usually able to pay better interest rates because they do not have the overhead of the traditional bank.  Yes, they still have an office somewhere but instead of a bunch of branch buildings and employees they are able to use programmers in one building to take care of most of it.  They also look at only a few business lines instead of everything and the kitchen sink.

The best high yield savings accounts are found in FDIC insured banks.  You don’t want to use a non FDIC bank or account as it makes your money subject to tons of different risks.  The only risk with an FDIC account is that the government falls which makes the insurance worthless.  That is a risk I am willing to take.

So should you always go for the highest yield savings account?  Well it depends as you first want to make sure it is an FDIC insured account.  After that you will want to make sure that it is not filled with a bunch of fees to withdraw your money or anything else.  While most online banks do a good job with customer service, some do not and do all they can to nickel and dime you into oblivion.  You don’t want to give up all of your added savings in order to pay fees.  By the way banks claim they need to charge fees to pay the bills and this is a lie.  Banks want you deposits in order to loan it out.  The larger their deposit base is the more that they can loan out and make the real money.

So make sure that you are looking at several different banks both online an in person and then make sure they are FDIC inured.  After that compare high yield savings accounts for not only the yield but also the fees and convenience.  Some banks are really bad at sending you money while others are a gem to deal with.  Customer service is definitely something that you will want to look at as an unresponsive bank is not very helpful.

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