Is it time to open a savings account? One thing you’ll want to keep an eye out for is just how much the savings account offers in way of interest. This will allow you to deposit money and earn more as long as it sits in the account. Check out these tips to ensure you find the best interest earning savings account.

Talk to Your Bank

Do you already have a checking account with a bank? This is a great place to start with a savings account! It will make it easier than ever to deposit money you get from work or other income sources and transfer it to a back if you ever need to access your savings for an expense. Banks will also sometimes offer incentives to have both a checking account and savings account with them, including the reduction of fees you need to pay.

Look at Other Banks and Online Options

Don’t have a checking account yet? Research is a good idea either way as it’s possible your current bank doesn’t have the best option for your savings. Financial institutions tend to offer very different interest rates, minimum balance requirements, minimum initial deposits, and perks. Online savings accounts can also have higher interest rates available to individuals, but you may be limited on how you can access the money. You’ll want to find the best one for your finances and needs.

Google is a great place to start. Simply searching for “savings accounts” in your area will probably turn up plenty of resources. If the bank’s website doesn’t contain details about their savings accounts, you may have to do some extra digging or give them a call to get this information.

Think About Joining a Credit Union

Credit unions are also a route to consider when it comes to savings accounts. Since their account holders have a stake in the company, these financial organizations tend to give the patrons higher interest rates and better perks in general. You likely have a few different options for credit unions right in your area.

Research is a must though as credit unions are only available to members and not every individual is eligible. Requirements may be locale-based, military history or job-based, or something else. Also note that some credit unions only have branches in a certain area of the country and might not work if you travel regularly. You’ll want to compare just like you did with banks as not every credit union is identical to the next.

Finding an Interest Earning Savings Account

A savings account can certainly help you on your way towards financial goals, whether that be saving up for an emergency fund, helping to cover education, a vacation, or something else. That doesn’t mean you should go with the first savings account you come across. By shopping around at different banks, online financial institutions, and credit unions, you can uncover the best ones that offer high interest rates. This will help ensure you’re getting a healthy return on the money you deposit.