Perhaps the safest way to store your money and let it calmly accrue interest is in high interest savings accounts. By depositing your money in such an account, you are effectively putting your money in a bank where the bank will “grow” the money for you, at a specified rate. Of course, you want to know what the best high interest savings account is. Who offers the best rates?

Well, “best” will vary according to how much money you can deposit, how often you want to make transactions on the account, and some other minor details.

For example, you can fine an account offering a whopping (nowadays) interest rate of 3.2%, but that’s at a 2.65% bonus for the first 12 months. Meaning, after one year that gorgeous high interest rate savings account plummets into a fairly typical savings box. That 12 month bonus rate is a very common caveat on these tempting accounts. It doesn’t mean the account won’t serve you well; if there is enough money in that account the first year, you might gain a decent bundle, and depending on how low the rate will be after the first year, it may still be a worthwhile long term stop for your savings.

Another common downer on high interest saving accounts is the limitation on withdrawals. When you deposit money into an account, the bank effectively makes use of that money while you don’t need it. The more times per month you make withdrawals from the account, the less help you are of to the bank. So a high interest account will often have withdrawal restrictions. A restriction might take the form of limited number of withdrawals, or even no interest accrued in a month where a withdrawal is made.

Other accounts have great interest rates, even 5.0%, but require that you lock away the money for a year, two years, and sometimes more. If you are able to put away that money, this may be a great option.

The last common caveat on high interest rate savings accounts is the minimum deposit. Lower rated accounts may not have a minimum deposit, or a minimum of something like one dollar. Accounts with higher rates will often also require that the account maintain a minimum balance. That balance can range from $100 to $10,000. It can be anything really.

Some banks are even more exclusive. Their high interest saving account may be available only to clients who already hold another account with them.

What you need to determine is how much money you can deposit, for what length of time, and how often you will need to access the account. Other than that, it is imperative to choose only a trustworthy and experienced bank that is FDIC insured. That’s making a savings account really safe.

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