How do I Compare Tax Free Savings Accounts?
- 1). Check your tax bracket by reviewing last year's tax return. Determine your effective tax rate by dividing the total tax due by the adjusted gross income.
- 2). Contact the bank where you maintain current checking or savings account. Ask the teller for a rate sheet which shows the current yields on the bank's savings accounts.
- 3). Go to several banks in your area and ask about tax-free savings accounts they offer. Shopping around is the best way to get a superior rate. Do not forget to include credit unions in your search. These non-profit organizations often provide higher yields on savings accounts than banks.
- 4). Compare the rates on each tax-free savings account considering. Choose the account with the best interest rate yield.
- 5). Check the minimum balance requirements and charges on the accounts as well. Ensure you are able to maintain the minimum balance on the account and compare the charges for each account to make sure you get the best possible deal.
- 6). Select the bank that offers the highest yield on an interest rate, while keeping monthly charges at a minimum. Remember to compare all the charges and features a bank has to offer.
