One of the best things about the explosion of online financial services and advice is the ability to do plenty of research before making a decision.
It used to be that you stuck with one bank for your daily money management, mortgage, savings and investment accounts — but there’s almost no reason to do that today. There’s no benefit to being brand loyal to a bank or credit union, unless they consistently have the best rates for what you need.
Whether it’s for a mortgage, a refinance, a high-yield online savings account, or an investment account, you can now find the provider that fits you best and does the most for your money.
Comparing Savings and Loan Rates
Over the past few years, a number of comparison tools designed to help you find the right account have been created, making it easier than ever to make sure your money works as hard as you do.
The folks over at Get Rich Slowly have a great tool to compare high-yield online savings accounts, including rates, minimum required amounts, and feedback from users.
If you use Mint, which knows your current account rates through your connected accounts, you’ll automatically get recommendations on higher-yielding savings accounts, cheaper investment accounts, and places to get a better rate on your mortgage.
On the lending front, companies like LendingTree have established themselves as popular tools to compare loan options.
Here’s the Point: Go Shopping For Your Best Rates
If you want to make sure you’re getting the best rates for your money – whether it’s a high rate for your savings, a low rate for your loans, or the lowest fees possible for your investments – shop around.
It’s not hard to compare your options, and there’s plenty of people who want your business. Find what works best for you, and don’t settle for the first option you see or blindly use one bank because that’s what you’ve always done.
Be smart, and make sure the rate you’re getting is the right one.
