Banks are desperate of savings these days that they are offering slightly higher rates than usual. But this always comes with a catch. There are a lot of fine prints to read and it pays to study them carefully to avoid confusion and disappointment later. Still, this doesn’t negate the purpose of being the safest place to entrust your cash. The FDIC has imposed stricter laws to ensure that no depositor is going to lose his money. Some banks also offer higher interest rates on checking accounts as long as you do your banking online and hit the withdraw machine only a few times each month.

CD’s or time deposits is also one alternative to let your money earn some return. Some depositors choose to divide their money among different banks to cushion the other deposits in case one will not fare as well as the others. However, experts warn that, a bank that offers a slightly higher interest rate than the others displays a desperate structure since it is obvious it is struggling to get more cash.

Banks are just the safest place to put your cash but it is still prudent to use your best judgement and understand the system carefully. Hidden charges that seem like loose change at face value will accumulate in the long run up to your eyeballs if you’re not careful.