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When you compare savings rates before opening a savings account, be sure to compare all the available banks and savings institutions before making your decision. Don't limit yourself to large institutions with easily recognizable names, because it's possible that they won't be as competitive as smaller banks could be. In addition, small regional banks often offer other incentives to help get your business.
When looking at smaller banks, you do need to make sure that they're FDIC insured. FDIC insurance guarantees you up to $100,000 in the event that your savings institution goes under. It's important to remember that FDIC insurance does not protect you against investment losses from poor investment choices, so don't expect reimbursement from investment losses.
Luckily, most online savings rate comparison tools give you access to many different savings institutions, both large and small. If the tool does not give you information regarding FDIC insurance, you can always visit the website of the savings institution and look for the FDIC insurance logo.