Savings Account Interest

I'll open a savings account, but all seem to say that the stated interest rate may change after account opening. How do I know which account will give me the best rate of interest, if any changes at any time for any reason?

RTES are variable and not fixed. They vary with the market and what the Fed rate is at a time. When the rate cuts by the Fed in general that may lead banks to cut rates.

CD's are savings accounts established for specific periods. So, if you prefer a fixed rate, you can go. The savings rate can not simply go down, they could also go up ... which makes it less attractive CD's at times.

There are sites like bankrate.com that rates uptoday list of all the savings and CDs on the market. It is not easy to keep switching between companies and opening new accounts, but just to get a slightly higher rate. So best to find a company that is always in the forefront of the highest rates. For example, savings, Emmigrantdirect.com is always the highest. ING past, but their focus is now on spending a lot of publicity and balances with lower rates.

If you're not ready for online savings accounts such as these, do research in local banks. Many offer historically the worst rate. Thus CD is perhaps the best option then. Do some research on CD rates of all. Also, check with local credit unions. They can offer higher rates in general, because they are not profi thungry that most regional banks.

short form: You do not know. Rate savings accounts are determined by individual banks based on what they want. How many want to attract new deposits is in fact the main factor.

Do not open a savings account.

You need to buy municipal bonds.

Look for banks that have files ... Over the years, consitantly be in the top 5% rate. Examples of FDIC insured banks (online) who did this are;
www.GMACBank.com
www.HSBCDirect.om
www.INGDirect.com