The interest my bank is paying is pitiful. I have heard that there are online banks which give a much higher percentage than what I am receiving locally. How does one find a reliable bank like that and how would I get started?

We invested in a Federal Agency step up note<?> which is paying 3+% and it is tied up for 4 years. I understand that some online banks pay higher and it is not locked up for a specific time. We are too old to do long term investing.

Regards, Syl

If you are from the uk try http://www.smile.co.uk/ they give you a good rate. I've seen the adverts but can't remember what the rate is and I can't see it on there site - you have to fill in your details.

Good luck

See www.bankrate.com for rates.

Also, please don't tell how much on here, but the more you have to invest the better yield you can get.

If you have a larger sum, never accept what the bank offers you, negotiate with them, just like you were borrowing money. I never accept what the sign on the bank says it is paying, if I can't get .2 percent higher I would merely drive to the next bank. And sometimes you can get a little more than that.

You did not say how much more than 3 you were getting, there is hardly any bank payinig over 4 right now with my guess that 3.5 is about average.

And always check to see that they are FDIC insured, so that you can't lose your money either.