First let me explain what should you do to identify the high interest Bank account. You can check the following data either by comparing the bank websites or by visiting the bank directly.
Check the terms:
Some of the banks offers best savings account interest rates initially. But the interest rates would drop drastically as per the terms. So you should thoroughly check the terms of investment before signing any document.
Compare the rates:
The banks offer best savings interest rates in APY and APR. You have to check the both before investing your money. i will give you an example of how to calculate the interest rates. For example you have made a deposit of $2000 when you have opened an account and after that you are depositing $100 each week in that savings account. So after three months the total amount deposited in the savings account would be ($2000 + ($100*12)) = $3200 is the total deposited amount. Most of the American and UK banks deposits the interest amounts quarterly. Then the total accrued interest for the above deposit would be $169.8 considering the best savings interest rates to be 5.3%. APY is called as “Annual Percentage Yield” and it is measure of the amount that would be accrued on maturity.
Value Added Services:
1. Some of the largest American banks offer valued added services along with high interest bank accounts, like “Keep the Change”. I will explain how this feature works. When you spend your money through your bank account, the amount spent is rounded of to the nearest dollar and the difference amount is credited to your savings account. This way small amounts gets collected to your high interest savings account.
2. Another valued added feature is, you can allow the banks to take a small amount from your pay cheque and deposit directly to your savings account. If you do not have the habit of saving your money, but this way the bank will take some of your pay cheque amount and deposit in your savings account.
Some of the banks offer poor customer service once we open the high interest bank account. They will delay the closing of the account and in some cases they would charge some prepayment fine in case of premature closing of the account. So you have to check carefully on all of the services before you open a account.
Some of the banks would have hidden charges that would not be conveyed when you open an account. So it is your duty to check on the hidden charges before you open a savings account.
Some of the banks offer value added bonus rates for opening the savings account in their bank. So you have to check if that would be beneficial for you.