Lots of people do not think to check the interest rates on their checking accounts, both when they open it and periodically (remember, banks can change their rates so you should be sure to monitor your account). If you regularly keep a balance in your account, and your Downey bank does not offer a high interest rate, you could be missing out on a great money-making opportunity. You don’t want to be the person that is being left out in the cold while everyone is taking advantage of great rates on their accounts.

When you choose a Downey savings account, you want to find a bank that will best meet your savings needs. Look for a bank that offers the highest interest rates at your minimum balance with the lowest fees. Many Downey banks require you to keep a certain balance to earn the quoted APY and to avoid fees. Banks requiring a higher minimum balance typically offer larger interest rates.

One of the best ways to grow your savings in Downey, beyond getting the best interest rates from your bank, is to set-up an automatic savings plan. You can work with your bank to automatically take any amount from a checking account or a pay check that is direct deposited or from other accounts and add to your savings account each month. This way, you know your savings account is growing every month no matter what with the automatic amount plus the interest payments from your bank based on the bank rate.