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How To Find The Best Interest Rate On Saving Accounts

Getting a great interest rate for your savings account can have a substantial impact on your financial future. The best interest rates on savings accounts aren’t always found at the neighborhood brick-and-mortar banks — they are frequently offered by online banks. This article provides an overview on how to find the best interest rates in the marketplace.

Search Online For A Great Interest Rate On Savings Accounts

learn about the interest rate on saving accounts

No matter what your financial goals are, selecting a savings account with a great interest rate is a crucial step in making the most of your funds. Technology has made it simple to find the best interest rates in the marketplace; researching your savings account options online is an easy way to find solid options. 

When researching your account options, note that online banks frequently offer better interest rates than traditional neighborhood banks. Online banks have lower overhead than physical bank branches and are able to pass this savings through to their customers. Be sure to review your online bank options when shopping around for your savings account. 

Calculate A Savings Account’s Yield

Interest rates may feel impersonal when you are researching your savings account choices. Try calculating an interest rate’s impact on your account balance to make its actual effect easier to appreciate. 

For help calculating your savings account’s yield, check out our online calculator. We’ll show you how your money can develop over various time frames up to 60 months.

Great Interest Rates With Synchrony Bank

Synchrony Bank offers award-winning high yield savings accounts with interest rates that go well beyond the national average.+ In addition to great interest rates, Synchrony Bank customers have no minimum balance obligations and no monthly maintenance fees. With a savings account from Synchrony Bank, you’ll have peace of mind knowing your savings account is insured by the FDIC up to $250,000 per depositor, per insured bank for each ownership category.

To find a high yield savings account with a great interest rate, call 1-844-345-5789 or visit Synchrony Bank online today.

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Sources:

Investopedia: http://www.investopedia.com/terms/s/savingsaccount.asp

+National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed.


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