Many people are confused to find high interest savings account which could benefit them the most. There are plenty of savings account schemes by banks today making the life difficult for a normal account holder to choose the best. There are few simple tips that can help the confused lot to find their best account. The discussion would cover the following points:

1) Check Effective Rate
2) Check Hidden Charges
3) Check Bonus Rates (if any)

1) Check Effective Rate

Banks generally announce the rates they offer in terms of APR and APY. APR is a simple rate that gets multiplied to the capital added with previous month’s interest, while APY (Annual Percentage Yield) is a direct measure of how much one would get upon maturity. Since APR and APY are fundamentally different it is important to compare banks either by APR or APY but not both.

2) Check Hidden Charges

There could be a bank which would offer a very high rate when compared to other banks. But you need to be careful enough to check for any hidden charges. Hidden charges may take many forms. The simplest could be the charges associated with transactions. Many banks offer only a limited number of free transactions. Transacting further would attract a service charge at the end of statement cycle. (On the other hand there could be banks with no limit on free transactions but with lesser interest rates.)

3) Check Bonus Rates (if any)

Some banks offer bonus rates for short term periods of about 3 months after opening an account. This could be considered as an added benefit and forms an important metric to compare banks.

Do you want to read more to find best savings account rates offered by top banks (US).

Check here: http://www.bestsavingsaccountrates.net

Regards,
Kamalkk Kannan
Author: http://www.bestsavingsaccountrates.net