Highest Interest Savings Account- Which One Should I Choose?

Highest interest savings account – Anyone who is interested in starting to build up their finances will be interested in the Highest interest savings account. If you are in the market for an account that pays high returns, you need to know what is available out there and the pros and cons of each account. Here we will look at what could be the Highest Interest Savings Account that you can obtain.

Money Market Account

First up on our list is the Money Market Account. This type of account tends to generate the highest savings interest. You can access this kind of account at banks and credit unions. Here are some of the characteristics that you can expect with a Money Market account:

Highest Savings Account Interest Rate-
money market accounts often have better rates than a regular savings account.

Higher Balance Or Initial Deposit Requirements-
You have to put in a sizable lump sum into a Money Market account. You may be asked to put in £1000 and up to start and maintain a money market account. If you fall short of your obligations you may incur monthly fees,

Access To Your Money-
This is one of the advantages of a money market account. You can have access to your money if you need to. You may be issued a debit card or a checkbook. However, there will be limits on how much you can withdraw. After all, it is meant to encourage you to save.

Most money market accounts allow 6 withdrawals per month before you will incur additional charges.

Insured-
This feature brings some comfort to potential investors. Money market accounts are insured, so your money is protected by law.

Statements-
You will also receive a statement via regular mail or email from your bank or credit union every month. Your statement is the way you can reconcile your account to make sure that the money you are depositing is safely in your account.

Fees-
There will be a fee attached to your money market account. We recommend that you shop around for an account with fees that you feel comfortable with.

Highest Interest Savings Account –
Certificates Of Deposit

Next on our list of Highest interest savings account is the Certificate of deposit.
Let’s start with a definition, a certificate of deposit is a financial product that pays a high-interest rate in exchange for leaving a previously specified amount of money untouched for a stipulated period of time. Here is what you can expect:

No Access To Your Funds-
So as the definition just expressed you will not have access to your money and attempting to access your money will result in penalties. By penalty, we mean that you will have to pay a withdrawal fee to get your money. Some may find this arrangement unfair but remember you have essentially broken a contract.

Length Of Certificate Of Deposit term-
Typically you can have a certificate of deposit for anywhere between 6 months to 5 years. It goes without saying the longer you have a certificate for, the better your interest will be.

Large Deposits-
it is also important to know that if you put a large sum of money into the certificate of deposit, you have a better chance of receiving a higher interest rate.

Accessibility-
You can get a certificate of deposit anywhere, all banks, brokerage firms, and credit unions offer some type of credit of deposit.

Safe investment-
Your certificate of deposit is safe. You are guaranteed to get what you were promised at the end of the term. There is nothing volatile about a certificate of deposit. Your lump sum is also insured.

Highest Interest Savings Account –
Cash Management Accounts

Another one of the Highest interest savings account is a Cash Management Account. This may be the first time you are hearing about a Cash Management account. It is essentially an account with a financial institution that gives you the power to manage your cash transactions through a portal.

Control Of Your Account-
A cash management account allows you to monitor your money at any point in time.

Visibility-
You can see all your cash movements.

High-Interest Rates-
These accounts offer insanely good rates, that are often comparable with high yield savings accounts. The rates are usually calculated daily and paid monthly.

Access To Funds-
So electronic transfers to a cash management account are the easiest way to get money into your account. Withdrawal and depositing by other traditional means are more challenging.

High Yield Savings Account

As the name suggests you can expect the Highest savings account interest rate. You can typically earn 25 to 25 times the interest that you would make with a standard savings account. You can shop around for this type of account. However, we recommend checking out High Yield Savings accounts in online banks. They often have the highest interest rate.

Saving Account Interest-
Your interest will be compounded in a High Yield Savings Account. You can ask how the interest will be compounded. Interest can either be compounded annually, semi-annually, quarterly, monthly, or daily.

Transfers-
Electronic transfers are easy to set up for this type of accounts.

Fees-
There will be fees for this type of accounts. So, we recommend shopping around so that you can get the best deal.

Protection-
One of the best things about these accounts is that your investment is protected, so you don’t have to worry about losing your lump sum.

Limited access to your money-
Most of these accounts do not offer chequing accounts or ATM cards. You put money into this type of account by bank transfer or mobile check deposit.

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You can look forward to annual rewards of up to 28%. This offer compounds your rewards on a 7% quarterly reward rate. The application process is super easy, just visit the Prosperity Pardner site and will be on your way!