Olivia Conway

These days it is more important than ever to get the most for your money, and that includes getting the highest interest rate for your savings. Whether your savings account is intended to provide a rainy day fund or a parking place between investments, getting the highest interest rate will help you get the best possible return on the money you have. While finding those great interest rates may not be as easy as it once was, there are some strategies you can use to increase your return and keep your savings growing.

FDIC Insurance is an Absolute Must
While FDIC insurance coverage has always been important it is an absolute necessity in these times of increasing bank failures. After all the return of your money is even more important than the return on your money. Before you put a single penny into a high yield savings account be sure to check the bank’s status at FDIC.gov. You will need the name of the institution and the city and state where it is headquartered. This step will take only a few minutes of your time but will provide you with invaluable peace of mind.

Check Your Local Rates First
Before you go farther afield it is a good idea to check the interest rates in your local area first. You may get lucky and find a bank in your area with some truly impressive rates. And if you are able to invest locally you will have a convenient way to deposit checks and get funds when you need them.

Cast Your Net Widely
If your local search comes up empty you may need to cast your net a bit wider. Fortunately there are a number of excellent banks out there, and they can provide some excellent interest rates. Online banks in particular can be sources of some great high yield savings accounts, so if you don’t mind the online only status you may be able to get some great deals. . As mentioned earlier it is essential that the bank be fully FDIC insured, but if that coverage is in place an online bank is just as safe as a brick and mortar one.