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How to find the best savings account, according to experts

Before you open an account, do your research to make sure you get the best rates and benefits you can. Getty Images

Savers today are in a great position to benefit from rising interest rates — and they have plenty of options when it comes to maximizing those rates via a competitive savings account.

High-yield savings accounts from online banks today carry top interest rates and have added features, like no fees, flexible minimums and easy account access to help anyone boost their savings balance over time and keep their money secure.

But with so many different high-yield savings accounts earning 4% to 4.5% or even more, choosing the best one for you may seem daunting. To help you find the best account for your goals, we've rounded up some expert tips for making the most of any savings account search. 

Start by comparing today's top savings rates here to see how much more you could be earning.

How to find the best savings account

Here's what experts recommend doing in your search for the best savings account today:

Do your research

First, start becoming familiar with the different options available to you today — from recommendations online or from people in your life.

"Do your research," says Dan Herron, CFP, founder of Elemental Wealth Advisors. "I know this sounds obvious, but a lot of people just open an account with the first provider they see.  Do your research, ask your family or friends and reach out to your advisor for their recommendation. You want to be comfortable with the place your money resides."

Rather than potentially losing out by opening the first account you come across, researching can help you become familiar with what your savings options actually are. Use your current balance and your future savings goals to determine how high of an interest rate you should aim for, whether you mind an account with a minimum balance requirement, how to avoid fees and more. 

Begin your search with some of today's best savings account rates.

Look for specific details and features

Once you have an idea of what's available, you may want to take a closer look at the features that matter most to you. While interest rates are important, they're not the only thing that can set a great savings account apart. 

"Besides the interest rate, it's advisable to find out how easy it is to transfer cash from the high-yield savings account to a checking account," says Cathy Curtis, CFP and Founder of Curtis Financial Planning. Often, this is by electronic transfer but some banks also offer wire transfers or paper checks — and the timing can vary widely. 

Other things to look for may include whether there's an option for ATM access, any transfer limits and ancillary fees.

Shop around and compare

After you've done your research to find what's available and know what features you want to get out of your savings account, you'll be in a solid position to start comparing specific options.

"Make sure to shop around for rates on high-yield savings accounts, as there is a wide range of what banks are paying," says Trent Porter, CFP, founder of Priority Financial Partners. Many top accounts today earn at least 4% APY, but you can find plenty of high-yield savings accounts closer to 4.5% or more — and some accounts even earn up to 4.85% APY with no fees.

As you compare these different accounts, look for one that gets you a combination of high yield and features that will help you meet your financial goals.

Curtis also recommends looking at customer reviews for information about the bank's service and how easy it is to navigate the online site or mobile app. This can be especially crucial for high-yield accounts with online banks, since they may not offer the same personal attention as a brick-and-mortar bank.

Shop for high-yield savings accounts with great rates here now.

The bottom line

The best savings account for you may be an individual decision, but there are a few things anyone can consider to help narrow down the choices. The experts we spoke with recommend first doing research (online and in-person) on what your options are, looking for different account details that can make it easier to save and then comparing specific accounts to find the best rate. Following these steps to choose a high-yield account today can help you start saving sooner — and maximizing high interest rates for as long as possible.

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