Building savings is an essential part of a healthy financial life. Everyone should maintain an emergency fund as a safeguard against the unexpected, such as losing your job or getting a large medical bill. Additionally, you might have other savings goals, such as taking a vacation or buying a home.

But the downside of using a typical bank account for savings is that you earn a pittance in interest. Average accounts pay a fraction of a percent, making your money grow painfully slowly. While growth isn’t the purpose of an emergency fund or other short-term savings account, if you can earn more and still keep the account safe, why not?

In this post, I’ll cover three great ways to park your personal or business savings and earn more interest. Plus, you’ll learn how to switch bank accounts as seamlessly as possible when it’s time to find a new one.

How to earn more interest on savings

While it’s possible to find a high-yield bank where you live, chances are you’ll need to use one that exists online. Internet-only banks have much less overhead than those with brick-and-mortar locations, so they tend to offer richer benefits.

Internet-only banks have much less overhead than those with brick-and-mortar locations, so they tend to offer richer benefits.

But if you’ve never used a banking institution without a local branch, it can seem a bit unsettling at first. You might worry that if something goes wrong, you won’t have somewhere to go for help.

In my experience, customer service at online institutions is better than at local branches. Instead of keeping “bankers” hours of nine to five, they have service representatives available by phone or chat 24/7.

Most online banks have great mobile apps that allow you to deposit paper checks remotely by snapping a picture. And you can make electronic transfers between accounts in a day or two. So, don’t be afraid to try the online banks that I’m going to cover because they can really pay off.

Here are some of the best ways to earn higher interest rates on personal and business funds.

1. Use a rewards checking account

While you might be searching for a high-interest savings account to earn more money, instead, using a rewards checking could be the ticket. These special accounts pay incredibly competitive rates and offer a variety of additional perks. The catch is that you must jump through some hoops to qualify for the rewards.

For instance, here are the monthly requirements for the free, online TAB Bank Kasasa Cash Checking Account, which pays 4% APY on balances up to $50,000:…

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