Years ago, I had a savings account with an online bank that had an interest rate of 5.05%! Not unlike finding a gallon of gas for under $4.00, rates that high are impossible to find today. The recession hit, rates dropped, and I moved my money. That same savings account now has an APY of 0.05%. Earlier this week, I was reevaluating my financial goals and looked into interest rates on savings account to get the most out of my money. I was not pleased. With the Federal Reserve Bank planning to keep interest rates low for the next couple of years, I encourage you all to shop around for the best rates too. Most big banks offer a rate somewhere around 0.01% (I almost laughed when the financial representative at my bank gave me their rate over the phone), but some online banks without as much overhead offer a higher rate. Go to Bankrate.com and check your local credit unions for the best rate that is right for your situation. Also, if you don’t need the money immediately, you may also look into certificates of deposit (CD) that match your time horizon.