I normally don’t chase the highest interest rates when it comes to savings accounts. The rates fluctuate quite a bit and I don’t have that much in savings, so the interest I would earn on a 0.5% rate difference would be negligible. But I know that there are a bunch of you out there who will drive an extra 10 miles to fill your tank with gas that is 2 cents cheaper – you know who you are! 
I am told that it is the thrill of the hunt that drives the cheap-gas hunters. Well, there is a similar breed who won’t stop until they find the absolute highest rate for their savings accounts, CDs, etc. Lucky for you I just found out about a very helpful tool to help you hunt down the best rates.
It’s called BankFox.com and is really a pretty simple site. It seems their sole purpose for existing is to help customers find the best bank for them. They allow you to filter your search for a bank with a variety of criteria…
- Bank Location
- Bank Size
- Minimum Balance required
- Bank Financial Health
- How you can apply (online or at a branch)
They then also allow you to filter to find a bank that offers any of the following features…
- Online Banking
- ATM or Debit Card
- Regular Checks
- Online Bill Pay
- Refunds ATM Fees
- Overdraft Protection
- Accepts Mail Deposits
- Provides Online Statements
- Checking Account not required
- Online ACHs
- Joint Accounts
So, after selecting your criteria, BankFox then lists your results showing the highest interest rate banks first descending to the lower rate banks. So, needless to say, they make it pretty easy to find whatever kind of bank you might be looking for.
Alerts for interest rate changes
As you may or may not know, banks are not required to inform you when their savings or money market rates change. This has to drive you rate-chasers out there crazy! They help you out a bit by offering free email alerts any time your bank’s rate changes.
I heard some concern about this feature thinking that you might need to enter your bank account information – not at all true. You just select the banks you want to get alerts on and provide your email address and now you’ll be informed of any future rate changes.
What I like about it
As I mentioned I don’t really chase the bank with the best interest rate, but I do care about it. At this point, I still like ING Direct as my favorite online bank. They always have decent interest rates, but I stay with them because of their features and customer service.
I like the BankFox site because it allows you to search by criteria other than the highest interest rate. Some of us are willing to pay 2 cents more for our gas in exchange for convenience.
A few of the available rates on savings accounts
The rates listed were current when published, please check the website of the bank for most current rates.
| Name | Interest Rate | Minimum Balance | Notes | ||
| SmartyPig | 2.01% APY | $25 | Account requires monthly contribution of at least $10. | ||
| ING Direct | 1.30% APY | $1 | They offer a $25 bonus for new customers opening an account with at least $250. Find out more here. | ||
| Virtual Bank | 0.75% APY | $1 | They offer a $20 bonus for new customers opening an account with at least $100. Find out more here. | ||
| HSBC | 1.35% APY | $1 | |||
| Everbank | 1.77% APY | $1500 | 3-month bonus rate of 2.51%. Monthly fee of $8.95 for balances less than $5000 | ||
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Seems like a well-done site. Very informative. I’ll bookmark it. Thanks for finding this!