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Banking

The banking industry provides individuals and businesses with financial services, including a place to save money in relative safety. Now, instead of only brick-and-mortar banks, many allow digital transactions. Some are digital only. Banks that offer digital services or that are digital only must comply with ever-changing regulations that protect consumers and reduce the risk of financial instability.

Banking and Interest Rates

Most banks offer very little interest on your money, especially for checking accounts. Meanwhile, they use your money to make loans. Some banks, usually digital banks, offer higher interest rates for savings accounts.

When you start a savings account, whether to put money away for a rainy day or to save for retirement, you should choose a bank with a higher interest rate so your money grows faster. Banks such as Capital One offer high-interest savings accounts that pay more than some CDs and money market accounts.

Fees

Before opening an account at any bank, whether at a brick-and-mortar bank or an online bank, check into the bank’s fees. Most banks will post their fees on their websites, but if you don’t see them or the fee schedule is not clear, always call the bank to check for the specific type of account you want to open.

Bank fees add up over a year and only take money out of your pocket – money that could make a difference in buying groceries, paying bills or buying prescriptions. Instead of cutting down on something you really shouldn’t cut down on, check your current accounts for bank fees. If they are high, shop around for a bank that has lower fees, or that doesn’t charge a fee at all.

Locating the Best Bank Accounts

Browse through our blogs to learn more about various bank accounts and banking practices. Use this information to make informed choices about high-yield interest bank accounts, checking, savings, money markets, CDs and more.