Below we’ve listed what we think are the most important criteria to consider when comparing savings accounts.

1. Avoid Tiered Rates

First of all, if you see one of these, cut it out of the running. Tiered rates are offensive in any account. There’s simply no need for them. Fortunately, most banks have caught on, but if you find yourself considering one that hasn’t – one that still comes saddled with tiered rates – stop considering them. There are plenty of other banks out there with better rates that won’t subject you to such ridiculousness.

2. Get a Guaranteed Interest Rate

Fortunately, more banks of late are improving their interest rate guarantees. Previously, interest rates were only guaranteed to last for 12 months or so, and the most desirable bank accounts wouldn’t even offer such guarantees at all.

Today, you can find banks promising to maintain their quoted interest rate at least through the end of 2010. And in fact, many of the most desirable bank accounts are touting better rates than their guaranteed minimum. How long this will last, no one can say.

3. Get a High Interest Rate

Now we’re getting to what really matters to you – the high interest return. Of course you want the highest interest rate you can find, and as long as it’s not part of a tiered rate system, and as long as it’s guaranteed, then you should have it.

You certainly should never feel you have to settle for less than the base rate. You’d be surprised how many accounts still skimp on their accountholders like that. Shameful.

A recent search of several hundred accounts revealed that more than half of the accounts available today pay less than the base rate. That means you could conceivably be losing money, if the rate you’re getting is below the rate of inflation.

Most of the other accounts available offer the base rate exactly: no more, no less. Only about 10% of accounts currently offer more than the base rate. If you can find an account within this 10% that meets all your other criteria, you’ve found your next bank.

4. Say “No” to Withdrawal Penalties

Nowadays, many otherwise-attractive accounts note in the small print of the Terms and Conditions of their Account Agreement that no interest will be paid out to your account in any month in which a withdrawal has been made.

Easy access accounts that don’t require notice before withdrawals are made, and which don’t penalize you for making withdrawals are still out there – and aplenty. Despite how attractive the rest of an account’s terms appear, being stuck with a fee or a penalty for accessing your money is another unacceptable offense to which you need not subject yourself. The amount of the fee or penalty may balance out or be greater than the attractive interest rate. That’s how they get you.

5. Watch out for the hidden catch and any strings attached

Bonuses are all fine and good, but when it comes to deposit accounts, most bonuses are wolves in sheep’s clothing. Most deposit account bonuses come riddled with redemption requirements that inevitably cost you more time and effort than they’re worth. Many bonus terms seem benign and easy to adhere to given the size of the incentive, but most bonus terms are easy to foible, and if you make one error, the bank is liable to rescind the bonus and maybe even impose other “consequences” that may your new account not so beneficial.