02 Aug How do I find a high interest account for my savings?

Q. I know interest rates are higher, and I should probably get a better paying account for my savings. How do I choose? My bank’s rates are still paltry compared to what I’ve heard my friends say.
— Investor

A. You’re correct that interest rates are really attractive these days.

It’s true, though, that your bank very well may not be the highest payer. For that, you will need to shop around.

The best way to shop for higher interest rates is online.

Sites such as BankRate.com offer lists of what’s out there. Just know what some of the highest rates are offered by banks that only offer online services, meaning that you won’t be able to walk into a branch for services.

You’ll be able to establish an account and link it to your checking account, so you’ll be able to transfer out money as needed.

Just make sure the account is FDIC-insured, so you’re covered for deposits of up to $250,000 per depositor, per insured bank, in the rare event that the bank fails.

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This story was originally published on Aug. 2, 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.