Why Consistent Interest Rates Are Important

Savers who are constantly in search of the top savings rates might wind up having to switch banks constantly. It becomes a major inconvenience -- to the point where it may be wiser and less tedious to find a bank that can keep rates competitive rather than to jump from bank to bank for the best rates.

The Rate Bait

It’s not surprising that some of the top savings rates are found at new online banks, which are known for offering extraordinary rates to attract new customers and deposits. Also, because they lack the costs of maintaining a physical presence, online banks can continue to support outstanding rates.

Finding a bank that has a track record of maintaining good rates could lead to fewer worries that your bank will slash rates and reduce your savings potential. This way, you can just focus on putting more money into the savings account, not finding a new bank.