10 Apr How can I get a high interest rate with a traditional bank?

Q. What’s the best way to choose a high interest money market savings account without going online?
— Investor

A. We don’t want to say it’s impossible, but…

There’s pretty much no question that online-only accounts are paying the highest interest rates.

That’s generally because they have far less overhead than traditional banks.

Even though rates on Certificates of Deposit have gone up as the Fed has raised rates, traditional bank savings accounts aren’t offering interest rates that are especially impressive.

We recommend you reconsider an online-only offering.

It’s going to take some research on your part.

Start at BankRate.com, which will show you offers from all kinds of banks and for all kinds of products. Just read the fine print to make sure you understand how and when you can access your money.

If you still don’t want to go online, you’ll have to the same kind of legwork.

Good luck to you.

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This story was originally published on April 10, 2023.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.