When it comes to getting the best possible interest rate on savings, it definitely pays to shop around. But the experts we've talked to say that while starting with an interest rate comparison is great, digging a little deeper can help you earn even more on your savings and do better than the average savings account interest rate overall.

Beat the Average Savings Account Interest Rate: Ask Questions.

The average savings account APY (annual percentage yield) has stayed below 1.0% for quite some time published on MyBankTracker, but averages can be deceptive. "There are more ways to get some additional yield and still maintain liquidity than many people think. But you have to ask questions," says Ed Kohlhepp, a certified financial planner and vice president of Kohlhepp Investment Advisors in Doylestown, PA. In other words, read the fine print. Check out fees and restrictions behind what looks like an above-average savings account interest rate. And keep in mind that online banks tend to offer higher returns than their brick-and-mortar counterparts because they don’t have the costs associated with maintaining physical branches.

Stay On Your Toes.

Once you've got a relationship with a bank that's answered your questions and met your expectations—both in terms of services you require and interest rates, "Don't make yourself crazy worrying if you're getting the very highest rate," Kohlhepp says. Again, he added, pay attention to details: "The best gains in savings happen when you set things up to automatically save, having funds transferred right out of checking and into your savings account. Changing accounts can disrupt that, and then it's just too easy to let a few months go by without making any contribution to savings – something always comes up."

Discover Ally Bank.

At Ally Bank, we offer a variety of savings products to help you get the most for your money—all with rates that are consistently among the most competitive in the country according to rates published on MyBankTracker. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.

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