Category Archives: Savings Interest Rates
Savings accounts rates are tied to the Federal Reserve Board and set interest rates. When the Federal Reserve Board keeps interest rates low savings accounts suffer. To find better savings rates you may need to look to CD rates, avoid rising bank fees by using your own banks ATM machines, and consider activating prepaid cards.
1. Monetary Supply And Demand- The interest rates for savings accounts can be affected by the supply and demand of the currency in circulation, and more demand and less supply can lead to higher rates being offered.
2. Inflation- Even the best online banking choices will be affected by inflation, as well as the opposite which is deflation.
A savings account calculator is used to help show you how much you need to save and how often your interest needs to be compounded to meet your financial goals. The more often interest is compounded the more money that is earned, so if it is compounded daily instead of yearly this can be a significant difference. If you have fixed rate savings accounts with a two percent interest rate and a one hundred thousand dollar balance,
The best savings account interest rates are not located in the USA, and the rates offered by these banks can be incredible. The highest interest savings account will offer you the best return for the money you save, and should also have no risk of any losses. There are several countries which have financial institutions that offer some of the best savings account interest rates, some which are more than six percent at a time when one percent is considered a good deal here in the USA.
1. Aldermore 1 Year Fixed Rate Savings- This is one of the best fixed rate savings accounts named by financial experts. A rate of 3.45% is fixed when the account is opened, and will not change for one year. The minimum required is one thousand pounds, and the maximum allowed is one million pounds.
Finding the highest interest savings account online may seem like an incredible deal, because of the high interest rates paid and the security of this option. A savings account is not an investment, where you risk a capital loss. The high yield savings offered could be offset by additional features and extra fees that may cause this choice to be less than ideal though. Make sure to check out any highest interest savings account closely, and read the fine print carefully, if you do decide to use one of these online financial institutions. Only deal with those which are FDIC insured, to protect against any losses.