What Each Individual Should Look for in a Savings Account

Banks bid in live auctions for your business.

If you're an individual looking for the best savings account, there are several factors you should keep in mind. For many, low (or no) fees and high rates are at the top of the list.
Read more below.

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High Rates

One of the best ways to ensure your savings account is getting a high rate is by opening a High-Yield Savings account - which is a fancy way of referring to "a savings account with a high rate" - you'll get a great return on your investment, and if you deposit your money in a Member FDIC bank (such as the ones in the MoneyAisle network), your account will be insured up to $250,000 per individual.

Low Fees

Beware the dreaded Savings Account fee - before opening your account you should make sure you know what sort of actions can cause a fee to be charged (Money Market accounts, for example, often charge a fee after a set number of withdrawals per month), based on minimum account balance or other factors. Each individual bank has different policies, and you should keep yourself informed.

MoneyAisle

One way to get a great rate on your savings account is by running a MoneyAisle auction for a High-Yield Savings account: it's free, fast, easy, and there's no commitment to buy. All you need to do is enter how much money you plan to deposit into your account and your location and let MoneyAisle do the rest by having many banks bid in a live auction for your business. At the end, the bank that bids the highest overall rate (after several iterative rounds) emerges as the winner and presents you with that rate, which you have the option of accepting or declining.

Each individual auction is unique, and there are no fees or catches attached with running one. Try it out for yourself by registering for an account or running a Test-Drive!

Related Articles:
The Online Savings Account
Getting the Best Savings Account
Finding the Best Savings Account Rates
Savings Account Interest Rates
Getting a Great Savings Account APY
What to Look for in a Savings Account