Records are made to be broken and every time the Olympic Games are on, there seem to be more records made in running, swimming or jumping. Those athletes who manage to break records are the medal winners. Everyone these days likes to see fast results in whatever they do. We like to get to places faster, so we build faster cars and planes. We like to fit more into our days, so we live at a faster pace.

Better still, we like to see our savings grow faster. Traditionally, this has not been quite so easy. But these days, there are many products on the market and each time a new one is offered, it has to have some special appeal to make it more attractive. This may be in the form of lower fees, higher interest or more features. Depending on your needs, you may choose lower interest rates to get certain features that you need. In other cases, you may prefer to seek out the high interest rate that some savings accounts offer.

To grow your savings in record time, you need to find a high yield savings account that offers an excellent interest rate, but charges no fees. And even more important than the actual interest rate offered is when it is both calculated and accredited. With most savings accounts interest is calculated daily and credited monthly. This is excellent because you then are paid interest on your interest.

Many electronic accounts give competitive interest rates, but some have a catch. For instance, if you make any withdrawals, you get no interest at all for that month, or if you fail to deposit a certain amount during one month, then interest is also forfeited. However, it is possible to use your automatic deposit feature so that you don’t forget to make a deposit.