Squeeze the most interest out of your savings

I don’t know about you, but I’m not too happy about the recent rise in debit card fees – judging from protests, not many people are thrilled. But despite their faults in debit card land, banks and other institutions are offering more ways to build your nest egg. I’ve been flirting with a few ways to get better returns from my money, and so far they’ve been working. With a little elbow grease, you can start seeing better returns as well.

Up the ante

If you put in more money, chances are you’re going to get more out. Accounts with $25,000 or more generally offer higher rates. Wells Fargo and other large national banks are currently offering high yield savings accounts that pay out three to four times more than their regular accounts.

If you can afford it, search online for accounts with high minimums and high yields. Many sites offer rate comparison tools that give you the opportunity to compare yields on accounts throughout the country. But don’t settle for savings accounts; look at money market accounts and other interest-bearing FDIC insured investment vehicles.

Look for incentives

Many banks are now offering incentives. Bank of America and BBVA Compass both have programs that reward customers for saving more. Both programs match your investment up to a certain amount of money.

Look for banks with incentive programs, but make sure that the fees and lower yields don’t eat away the benefit of the incentives.

Save with your credit card company

Because credit card companies don’t necessarily have branches that they have to maintain, they can offer higher yields. Some of the bigger credit companies – like CapitalOne and American Express – are offering savings accounts with slightly better rates. Just make sure that the accounts are insured by the FDIC.