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What to look for in a savings account

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Even though interest rates have increased somewhat this year, finding a good savings account can still be pretty challenging.

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Brick-and-mortar banks tend to pay paltry rates (I'm looking at you Bank of America) and their accounts are often laden with fees.

Even worse, many of the accounts require you to jump through hoops like a circus animal in order to obtain even the meager benefits offered by the account.

On the other hand, big banks offer convenience, which is why most Americans settle for the low interest rates and high fees.

Certainly, having a branch close by and access to a teller when you need one is valuable for some consumers.

However, thanks to technology and innovation, many of us never need to step foot in a local branch.

Online banks and credit unions now offer spectacular features that give their customers easier access to their money, simple ways to execute inter-bank transfers, and a host of other tools that typical banks lack.

Even better, they tend to offer interest rates that can be as much as 20 times higher than the big banks.

Check out today's list of the features you'll want to look for when shopping for a new savings account.

A little research up front could net you hundreds or even thousands of dollars in additional interest.

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