Q: Which bank offers the highest interest rates?
A: That's not quite as simple a question as it sounds, but MoneyRates.com offers a few different resources to help you decide which bank has the best interest rates for your needs.
The first order of business is to decide whether you can afford to lock up your money in a certificate of deposit, or if you'd rather keep your money flexible by looking at savings accounts or money market accounts. This decision affects how you shop for bank rates. Here's a look at the process in either case:
- If you can afford to lock your money up for a period of time, decide first how long that period can be. The longer you can commit to a CD, the higher your rate should be. Then, because the rate should be locked in by the CD, the search is pretty simple. Simply find the best CD rates you can on the MoneyRates.com CD page, and contact the bank with the most attractive rate. Check the terms of the CD to make sure that there are no unexpected twists, such as a variable CD rate. Barring any such unusual terms, you should be all set.
- If you need to keep your money flexible, the search is a little trickier because rates on savings accounts and money market accounts can vary as soon as you make your deposit. You may want to check out the latest study in the America's Best Rates series, to see which savings and money market accounts have been consistently offering high rates.
In summary, which bank offers the highest interest rates depends on what type of account you are looking for, but it is also something that can change almost daily. That's why MoneyRates.com is here--to help you sift the most recent information, and find the best rate for your situation.
Got a financial question about saving, investing, or banking? MoneyRates.com invites you to submit your questions to its "Ask the Expert" feature. Just go to the MoneyRates.com home page and look for the "Ask the Expert" box on the lower left.