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If you're looking for a high interest online savings account, you'll find that you have some options. The problem is that many of these are through banks you haven't heard of - mostly because they don't have any brick-and-mortar locations you're familiar with. You can still get a great high interest rate savings account, though, even if you don't recognize the name of the bank. All it takes is a little bit of research. The main thing to look for is whether the bank that you're considering using for your high interest online savings account is FDIC-insured. If it's not, pass it by and look for one that is.
Without FDIC-insured status, it won't matter how great of a high interest rate savings account you get. If something happens and the bank goes under, your money will go with it and the the FDIC (Federal Deposit Insurance Corporation) won't be under any obligation to help you get that money back. Do your research and create your high interest online savings account at a bank that offers the highest rate and that's completely FDIC-insured.
|Sheri Ann Richerson|