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May 31, 2010

High Interest Savings Account

High interest savings account refers to bank savings accounts that pay a higher annual percentage yield than traditional accounts. Prior to the banking crisis, the average rate of interest for savings accounts varied between 2-1/2 and 5-percent. Today, the average interest rate is less than 1-percent.

It is crucial for consumers to comparison shop high interest savings account providers in order to obtain the highest return on investment. Financial experts recommend seeking out banks that compound interest daily. Many banks compound interest on a monthly or quarterly basis which can substantially reduce the accrued interest; defeating the purpose of placing your money into a high interest savings account.

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