Different Banks Different Rates

Unhappy with the interest rate on your savings account? Consider switching banks. Rates are low all over, but some banks pay more than others.

Money-Rates.com recently published a study on savings account rates available nationwide. A highlight from their research:

"depending on where you bank, you could be earning 100 times more -- or less -- interest than other depositors in comparable accounts at other institutions."

This means you could be leaving money on the table -- why not earn more if it's available?

For many, it's hardly worth it to switch banks just for a better interest rate. Before you go to the trouble of filling out applications and moving money, figure out how much more you'll really earn. If you keep a small balance in your account, the difference may be just a few bucks over the course of a year. If, on the other hand, you've got a lot of cash in savings, a switch may be in order.

Want an easy way to earn more? Money-Rates.com found that online banks generally pay four times as much as brick and mortar banks. An internet bank account will be an improvement compared to almost any traditional savings account.

Further reading:

• Online Banking 101