Although the interest rates in savings have been at an all-time low
, still the best savings account rates can fetch you a substantial amount of interest and other perks if you are able to judiciously select the right one. The best rates will also enable the person to be frugal and start saving on his expenditure, so that he is able to get a better rate of return on his investment.
Rates:
There are the best rates that can fetch you interest rates from as low as 2.4% to as high as 6%. The medium range is an average of about 3.5% In the best rates in US.
There is a severe competition for deposits amongst banks and they try to lure the best of customers by the use of the Best Savings Account Rates. Customers have also wizened up and they will not go in for the savings until they have researched online and found out the best of deals on offer. Many a customer has begun to realize that it is quite futile to lock up the capital in deposits, as if they were to withdraw their money before term, they would attract harsh penalty.
The rates in US are offered by FNBO Direct, Union Federal Savings Bank, OnBank, HSBC Direct, and Flagstar Bank. All of these are currently offering an interest rate of 3.5% and one could start the Savings Account with as little as $1 and there are no monthly maintenance fees too on this.