In these volatile financial times high interest rate savings accounts are sought out more since they represent a safe way to invest. Similar to before the big crash in the 1920’s, many people have invested in stocks, bonds or other financial instruments. But after the crash of 1929 investing again with confidence would take years. One difference from then to now is that FDIC insured savings accounts did not exist nor did high interest online savings accounts.
Although not a mirror image, people are again investing hard earned money into volatile investments. However since the great crash of 1929 we have a safe option for investing our money, high interest rate savings accounts.
High interest rate savings accounts are a god send. Especially since we all like money, in particular money that is made by just leaving our deposits in an account of a bank or financial institution. However, you will find that most banks provide savings accounts with very small interest. So how do you get a savings account with a high interest rate?
Really, there is no mystery to achieving this. A large sum of money to deposit is one sure way. It takes money to make money is an old saying that in the past summed this up. You could qualify for a savings account with a high interest rate only with a deposit of a minimum of $10,000 in the past. These types of high interest accounts used to be available only to the big depositor.
Today a high interest savings account is actually in the reach of the average person. The only requirement is a little research. Thats it, the internet has made it easy to find and compare high interest rate savings accounts online. You will find these from reputable and recognizable financial institutions online and even traditional brick and mortar banks.
In the past people actually pooled together in order to accumulate enough money for the initial deposit on high interest rate savings accounts. It is no longer a requirement to have a large deposit to reap the benefits of a high interest savings account. In fact some savings accounts offered online require no minimum deposit or balance at all.
Financial institutions that are online only like ING Direct often provide a more aggressive annual percentage rates for their internet savings accounts than many brick and mortar banks can offer. You reap the benefits, since operating online allows for low overhead costs, that is no banking location, no financial officers, no branches to manage. These higher interest rates are usually the big draw for those interested in opening high interest rate savings accounts online.
There are many financial institutions for you to choose from when looking for the best savings account rate for you. Make sure to know exactly what is offered through your research, restrictions and perks alike. You will find that the competitiveness of banking in general and specifically online makes it easy to find the best and compare high interest rate savings accounts.