We all want the best worth out of our hard-earned money. We keep trying to find new ways to invest and save our money so that not only our money brings in multiple rewards with it but also we have some savings for the future and unexpected scenarios. Investing in different schemes is now a very normal thing to do; however, a significant number of people still keep money in their savings accounts safely with their banks.

Despite the fact that the amount of money in savings accounts in all the banks is around trillions, the average interest rate that is provided by most banks is only about .06%. Various banks offer different interest rates or high yield savings accounts rates to bring in more customers to their banks. But before you think about opening a savings account, there are few things you need to look at in the fine print of every bank. While comparing the best bank saving accounts, you should always check the minimum balance you need to keep to avoid any penalty. Though in the most popular and top 10 best savings accounts the rate of interest is very paltry, the financial scenario is changing.

There are a few online-only high interest savings accounts, but they are not available in brick-mortar establishments. There are a lot of factors that you need to weigh in if you are considering moving your savings online. Start by looking into the top 10 online savings accounts. The interest that you earn from your saving accounts can be considered to be a bonus on the money that you choose to keep with your bank. But the right decision can help you to make money even though the difference, in the long run, will only be a few hundred dollars. Some of the advantages of having an online savings account are as follows:

• Better interest rates which may be slightly more than the national average.
• Many banks which provide this online service do not require the customer to maintain a minimum monthly balance.
• Online bank accounts offer modern facilities such as online banking and e-alerts.

Online savings accounts come with some disadvantages as well. In some banks accessing money can become an issue. Depositing checks of a higher amount may not be very convenient. Online banking may give you an ease of access; however, in case you need some assistance, you may not be able to contact a relationship manager. Saving accounts with high interest rate can be a great source if you want to keep some emergency money that you may require later on.

A long-term savings account may be a 5 percent interest rate savings account or a 6% interest savings account; however, a short-term plan is essential in case you require some cash on a short notice. Some of the best bank savings accounts may offer you 5% interest saving accounts, 6% interest saving accounts, or a 7% interest savings account but this is offered only with very long-term plans which extend beyond 40 years. A high-interest savings account is good for the money that you can keep aside for your future needs.

Most high-interest savings accounts are not accessible through debit cards or checks. If you are someone who makes multiple withdrawals from your bank account in a single month, then this option may not be the best one for you as most high-interest savings account have an upper limit on the withdrawals that can be done. This is because of the limited access to the money. A bank account in a physical bank is better for someone who likes to interact with representatives of the bank and clarify every query.

When it comes to matters of money, many people still prefer interaction with people in the bank. So in such cases, an online savings account cannot be enough. It is important to remember that your choice of savings account can affect your future and present quality of life. You may diversify your financial portfolio by investing in stocks or other means of investment.

Also, an online savings account does not let you make bigger financial transactions, for examples, make larger check deposits or withdraw large sums of money. In such a case it would be better to consider a brick and mortar institution.

If you need to make hard cash transactions of larger volumes, then a physical bank branch could be a more viable option for you. If you want to keep the exclusivity of dealing with a single bank branch, then online banking is not the thing for you as most of the online banking accounts do not provide the facility of taking loans or obtaining a credit card. Do a thorough research on the top 10 savings accounts and consider all these factors before you decide for saving your money.