Obviously, today with the very low interest rates being offered, finding a bank that will give you the highest rates possible for your checking and savings account is very important. Some banks have higher rates than others, so finding the top one is important to maximizing your return on investment.

So how do you go about finding the best rates available? First of all, you need to know what you are looking for rates on.

Today, there are very few banks that still only offer checking's and savings accounts-almost all of them have branched out into things such as certificates of deposit, IRA's, loans, etc.

Therefore, what you are looking for will affect your choice, because some banks offer the beset rates for one of these, and are at the bottom of the list in other departments.

First off, if you are looking for checking and savings accounts or certificates of deposit, check on the internet. Typically, banks that do business solely online offer the best bank rates, and usually about one or two percent higher than most other banks, simply because they have fewer expenses than banks with a physical presence.

They don't have to worry about keeping up physical branches, which is why they can give you the better interest rates. I'd highly recommend you look into these banks, as you can get the most bang for your buck. Just do a search on banks that are solely online, and many will come up.

Also, many of these banks actually offer lower interest rates on loans and mortgages, again for the reason that they have fewer expenses, and therefore can afford to. Of course, if it was this cut and dry everybody would go with an internet bank, right? Correct.

There are drawbacks as well, such as the fact that you often times can't get to it when out and about, for the simple fact that most of these banks don't have ATM machines. However, as long as you remember to bring your credit card wherever you go, you should be in business.

Also, of course, if you receive checks from either other businesses or personal checks, you are out of luck when it comes to cashing these in, since the only way to get money into your account is through a direct deposit.

Therefore, you want to be sure virtually all of your money comes from direct deposit or bank transfers before going with a solely online bank. Should you go with one of these banks?

That really depends on your individual needs. Yes, they will offer you the best rates, but at a price. The bottom line is, the bank should be just a temporary holding spot for your money until you find a better investment, and believe me, there are many available out there.

While finding the best bank rates is nice, it really isn't all that important, as you will only have your money in there for a short period of time.