Finding the Best Savings Account Rates

When you're looking for the best savings account rates, try and weigh a few different factors while searching. For many people, getting the best APY, or interest rate, is important: it means that you're getting the most out of your savings account.
Read more below.

What is the difference between APY and interest rate?

Annual Percentage Yield (APY) is the percentage rate on interest-bearing deposit accounts that reflects the total interest to be earned on an account based on the interest rate and frequency of compounding for a 365-day period.

The Interest rate (or simple interest rate) is the annual rate of interest paid on a savings account which does not reflect the compounding of interest within that year.

There's very little difference between the two: the thing to remember is that the APY projects what interest you're going to obtain through your savings account rates over the course of a year - the interest earned snowballs in on itself - your interest earned is earning interest over the course of a given year.

Great Savings Account Rates: MoneyAisle

One way to make sure you're getting great savings account rates, in the form of an amazing APY, is to use the reverse auctions pioneered by MoneyAisle. In traditional auctions, many buyers bid for one item. MoneyAisle turns this on its head, by having many banks competing to give the buyer (you) the best savings account rates within our system at the time of your auction.

To try it out for yourself, just register for an account and run an auction for a High-Yield Savings account - you'll get to see the auction take place in just a few minutes and you'll get a great APY. Your savings deserve no less.

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