The Best Online Bank for You

Some of the most common questions that we continue to receive relate to your selection of stock brokers, insurance companies, and savings accounts. Today we’ll tackle the last point…how exactly do you find the best place to stash your savings? In two words: Go online.

Selecting the best place for your short-term money
Over at Money, Matter, and More Musings, Golbguru has an informative post detailing what he looks for in a savings account:

• Easy synchronization with other bank accounts
• High interest rates
• No fees
• FDIC insured

But what is “FDIC Insured”? And how much interest is acceptable?
If you feel as though you’re still kind of lost with the terminology and concepts, then you need a to check out Bankrate.com, one of the most trusted financial sites on the Web. They provide consumer tips, definitions of terms, and even real-time rates for savings accounts, credit cards, and mortgage loans.

Mama used to say
Of course, slick marketing pages and fancy websites are one thing…but word-of-mouth from trusted people is usually the most effective form of endorsement. So be sure to ask your friends and family members about their experiences with various banks and credit unions. You may be shocked to learn just how easy it is to earn an impressive 5% interest rate on the dollars that are currently asleep in your checking account.