Whether you shop around for a savings account in person or on the Internet, you should compare the:

• Interest rate. Online savings accounts may offer better rates. Even a brick and mortar bank in your neighborhood may offer special rates through its Web site. Make sure it’s not just an introductory rate that will last a few months. Look at whether interest is credited daily, monthly or quarterly. Your money will grow faster if interest is credited daily.

• Minimum balance requirements. Financial institutions have different minimum balance requirements. Watch out for maintenance fees.

To become an investor, you need to build a nest egg. You can get started by arranging for a small amount to be deducted automatically from your checking account each month and deposited in your savings account.

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