By Emma Patch
From Kiplinger’s Personal Finance
When interest rates rise—as they have over the past year—the outlook for savers improves. But where you keep your cash matters.
Shopping around for a higher annual percentage yield (APY) on your savings or checking account can pay off. If you switch from a savings account yielding 0.01 percent to one with a 3.5 percent rate, interest earnings could boost your balance by up to 3.6 percent in a year and 41.7 percent in 10 years, according to DepositAccounts, a bank account comparison site.
And switching to a new savings account is fairly simple. You may need to look up the routing number and account number of the checking account or other account that will fund the savings account, but otherwise the setup process can be completed online in minutes….