Where to find the best savings account rates (the answer may surprise you)

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by. Rob BergerPaul Sullivan of the New York Times recently reported that investors of all wealth levels are hoarding cash. Some have even missed the bull market of the last five years.  I guess some never learn.If you’re going to hold a lot of cash, however, you should get the best interest rates available.  Finding these deals proves to be a bit of challenge for several reasons.First, most brink and mortar banks offer dismal yields on FDIC insured accounts.  Second, some of the best rates come from more obscure online banks or credit unions that many consumers have never considered. And finally, for those willing to do a bit work, high yield savings accounts can be found in some unlikely places, namely with prepaid debit cards.Here’s the rundown.Online BanksThe top yields on savings accounts generally available nationwide can be found at online banks.  These banks do not have the expense of managing a network of branches, and they pass this savings on to customers in the form of higher rates and often lower costs.  Many of these institutions have become household names, such as Ally Bank and Capital One 360 (formerly ING Direct).  Others are perhaps less known, such as Synchrony Bank and FNBO Direct. continue reading »last_img read more