How to Compare Savings Account Plans from Different Banks

The above referenced sites, bankrate.com and money-rates.com, can also be used to compare banks either locally or nationally. Both sites allow users to select either national or local when searching. Local search is done by zip code and brings up local banking branches as well as competitive on-line banks. The search discloses any minimal balance requirements, transfer restrictions and any fees associated with an account.

Both searches disclose important information about each institution such as recommendations from an investment magazine such as Money and whether the institution is covered by the Federal Deposit Insurance Corporation (FDIC). Users can also elect to search for a high yield or high interest savings account on these sites.

Many local banks post their current interest rates either in their lobby along with those of their local competitors. If you have a good relationship with your bank, you may want to call and get their current interest rates. Many will offer a higher interest rate with automatic deposits or if you have additional accounts with them.