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As the economic conditions worsen, the government is taking several measures to stimulate the economy by cutting key interest rates . This has affected the interest rates offered by banks for checking , saving accounts and certificates of deposits. Compared to investment in  stock markets , bank deposits are saving as there is no erosion of the principal but it important to check the interest rates at different banks to get the best deals. MonitorBankRates.com provides updated information on the bank rates offered by the banks.

Savings accounts are suitable if most of your transactions are deposits and you do not need to make many withdrawals. Online savings accounts allow you to easily monitor the balance in your bank account from the convenience of your home. Some banks offer tiered interest rates depending on the balance in your account, and the account can be opened online after providing the mandatory details.

If you make a large number of withdrawals from your bank account, it is advisable to open a checking account. Since checking accounts offer a low interest rate for larger balances, some banks like Chase bank offer a cash bonus if you sign up with them. Others with waive your ATM fees if you make a certain number of debit card purchases, direct deposit, bill payment and receive your monthly statement in the electronic format.