To get the best from your accounts, it is important to find to be in a savings account rather than checking account. There are few points to follow to maximize your savings:

• The account holder must complete, a minimum required transaction for a month as the default rate is at 0.06%.

The high yield accounts won’t have monthly fees won’t earn a higher rate but won’t is penalized for not meeting the bank’s criteria.

The balance limits affect the higher interest rate. Some banks cap the interest rates at $25000 while giving 2% interest.

Online bank savings account interest rates are higher than those with offices and they do not charge monthly fees.

You can set up a CD Ladder in the way you get interested in every year, rather than bulk at the end of the term.

Since credit unions are not for profit organizations, their interest in higher than traditional banks.

You can also look for a high yield checking account as it requires a minimum of $1. However, if you have more than $100 regularly you will get higher interest rates.

There are companies providing 12% interest, however, there is a catch. It is for accounts having a balance less than $500. With $6000/year you will earn around $325.

There are low-risk ways to increase deposits like rewards checking, Certificate of Deposit(CDs) and bank incentives.

Big Banks do not offer higher interest rates, so consider putting money in Online Banks, Credit Unions or Community Banks.

Lesser known institutions are a safe bet for higher returns if they are registered with Federal Deposit Insurance Corporation or National Credit Union Administration.

Also, note that in addition to the interest paid, banks charge monthly/annual fees for accounts. Select banks with offer zero annual fees which will be a saving on its own. Banks with highest savings interest rates, charge monthly or annual fees.