According to some financial experts, more and more people are beginning to hoard their stores of cash. It doesn't matter what your level of wealth is, if you have a little money to spare, you want to keep it for yourself. Still, we've known for several generations now that keeping it in your home is not the wisest decision. You not only run the risk of theft, but you're missing out on the interest rates that could inevitably increase your wealth. So, if you want to really make your money work for you, then it is necessary for you to find the best savings account interest rates possible.
Online Banks
We live in a world where the Internet is king and it can pay royally when you bank online. With many online banks saving money from having to maintain a string of brick and mortar facilities, the savings are often passed on to the customer through interest rates. Banks like Ally Bank and Capital One offer higher interest rates that are comparably better than most traditional bank facilities. Interest rates do fluctuate from time to time but it is well worth your while to check them out.
Credit Unions
You can also find some pretty favorable rates from credit unions as long as you qualify for a membership. You may be expected to meet certain requirements and maintain a minimum balance but as long as you do, you'll be able to earn a tidy little sum of interest in the process. The challenge with credit unions is in qualifying to become a member so check them all out very carefully and hopefully you'll find one that will suit your needs very well.
Prepaid Debit Cards
You might think that prepaid debit cards can be a trap where all your money is sucked down by monthly fees but if you choose the right one you'll discover that you can find some of the best savings account interest rates on the market today. Some of these cards have been able to pay as much as 6% interest on your account balance, which is far better than what other traditional banks may provide. Take your time and shop around for the best deal and always make sure that you ask for any eligibility requirements, restrictions on usage and other information that may cost you in the end.
The bottom line is that if you plan on increasing your wealth, you have two options. You can continue to save in the comfort of your own home but worry about the risk of losing it by theft or fire, or you can find a financial institution that offers the best savings account interest rates possible for your unique needs. That way your money will continue to grow and you will be able to build your wealth that much faster.
Most of us will have to ask and answer these questions at some point in our lives because without a savings account we tend to live from one paycheck to the next. We want to have a nice little nest egg that works best for us so that we can see our money work for us for a change.