Looking for a high interest online savings account? If so, good for you. It only makes sense to invest a few extra minutes of your own time to make sure that you get an account that will really put your money to work for you. Get the absolute most out of any and all of your investment strategies by finding those banks that can provide you with not only great rates, but top notch service too.

With few exceptions, you can get a better rate with an online bank that you can with one that is off line. There are several reasons for this but the one single overriding reason is that an online bank simply doesn’t have the overhead as a brick and mortar location and they tend to pass that savings on to their customers in the form of higher interest payments.

Even in today’s internet age some people aren’t totally comfortable with the concept of an online bank, that’s why those banks have to be willing to work hard to earn the business and trust of their customers. Just remember that while finding a great rate is very important, it’s not the only thing to consider. A great rate won’t do you any good if you’re unable to contact a qualified customer service rep when you need one.

The truth is though that many online banks can actually have better customer service in that it is usually available 24 hours a day 7 days a week. Your local bank may not offer such easy access to customer service.

Another thing to keep in mind is that most banks, online or off, will have various restrictions when it comes to the amount of money needed to open the account as well as the minimum balance required to keep the account open. Usually the higher the interest rate, the higher the minimum amount required to stay in the account.

Make sure that your online bank is also FDIC insured. Many people don’t realize that even an online bank can be covered by federal deposit insurance. You want to keep your money as safe as possible so make sure that any bank where you are planning on putting your money is insured.

If you don’t need access to your money but you want to safely earn as much money from your high interest online savings as you can, you may want to also look into opening a certificate of deposit (CD). You can usually earn quite a bit more, but your money isn’t as liquid and if you try to take it out before the term is over you can lose a big chunk of your interest. Still, if you know you won’t need the money, you can earn more interest in a safe way so this may be an option.

When you start looking for the best rates for an online account you can make your search a little quicker and easier by going to Bankrate.com to compare rates of many online banks, it can save you a lot of time and help you make the most money by finding the

best high interest online savings all in one place.

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