Don’t chase every new account with flashy 5% intro rates or a $300 bank bonuses.
I’ve researched savings accounts for more than a decade. I know that choosing the right account can mean the difference between earning an extra $1,000 or more at the end of the year, and earning next to nothing.
Stability AI largely wins UK court battle against Getty Images over copyright and trademarkBut when it comes to my personal savings, I also don’t chase every new account that has a flashy 5% intro rate or that offers a $300I have my own set of rules that I follow before fully committing. If you’re eyeing a better deal for your savings, consider them for yourself.Since I research savings accounts every day, I’m generally aware of the best offers available. And I’m okay if my account doesn’t have the highest, or APY, which is the rate of return on money in a bank account. I just make sure I’m doing much better than average.For every $100 I save, I would earn roughly 40 cents a year in an average account, or close to $4 in aand let it take you through filling out all of the fields, based on how much money you plan to sock away. You’ll see how much more money a high-yield account could give you. I only consider accounts with a long track record of competitive rates, not just promotional offers that will expire, or that cap the rate at a certain balance. My current savings account pays me close to the best rate available for my entire balance, and I’m happy.. With the economy showing signs of strain , more interest rate cuts are likely. When the Fed lowers the federal funds rate, banks often do the same on their savings accounts. One benefit of watching savings accounts practically every day is that I’ve seen for myself that the best savings accounts tend to outperform their competitors whether rates are going up or going down. Since I have a high-yield account, I’ll still probably get one of the best rates available, even if APYs drop across the board. But no one should ever stop shopping around. If I weren’t already looking at APYs nearly every day, I’d set a rule for myself to check out other savings rates at least once a month or so.That’s not to say an account is automatically off my list if there is a monthly fee. There just need to be ways to avoid it, whether that’s keeping a minimum balance, having automatic deposits, or some other easy means. Besides having no fees, I prefer institutions with easy-to-reach customer service and well-designed websites and mobile apps. So if a savings account has these other features, and I’m reasonably sure I can avoid any fee, I’ll consider it. At the same time, I keep in mind that there are a lot of great fee-free options.. But I also treat it like a trial. I’ll move some money over and live with the new bank for a short period before fully committing. It takes time to get to know the new bank, interact with customer service and experience its mobile app. So I’ll keep my old, fee-free savings account open. There’s no rule that says you have to close your old account immediately. You can have. I like having the flexibility, if necessary, to easily move my funds back to the original account and close the new one if I’m not satisfied . These are my four simple rules. If you’re looking for a better savings account, feel free to copy them. Check out your options, and if you find a contender, give it a test drive. You don’t have to make a full switch until you’re confident it’s the right move. But if you do, you may find that your money could be earning you way more than before.Here’s what you need to know about Monday’s LA Dodgers victory parade, stadium eventMan injured in police shooting after fight at Northridge homeShort-handed Lakers beat Blazers for 4th straight winDemolition begins at Valley Plaza, once the largest mall on the West CoastTop 10 moments in the 2025 World Series fans were talking about on social media
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