Savings accounts that earn high interest (well above the national average) can be found, but it usually takes some looking. MoneyStasher posts many of these savings accounts so that you don’t have to waste your own time searching… We can’t cover every deal, though, so we’ve put together some tips that can help you find an amazing rate.
Credit unions and small local banks usually offer the best savings rates and really should be your first stop. Smaller banks and credit unions have to really work hard to attract new customers, and offering high interest rates on large savings accounts is an easy way to attract new customers and capitol.
Lobbyists for banks tried to make it hard for people to join credit unions, therefore you need to be able to qualify for membership at your local CU. The thing is, membership requirements to most credit unions are simple. You may need to live in a certain county, or work in a certain industry, but requirements are usually so broad that almost anyone can qualify. There are even websites out there that can match you to a credit union based on information you enter! Even if, somehow, you don’t qualify for a local credit union you can still check with local banks that are not credit unions.
Finding great rates is easy, just don’t be fooled by ridiculous rates for a balance level that you will not reach or maintain. You need to compare rates that applies to your expected average balance, and not max rates.
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