Final answer:
Credit unions typically offer the highest interest rates on savings, as they are not-for-profit organizations serving their members, compared to for-profit commercial and savings banks (4).
Step-by-step explanation:
For someone who wants to earn the highest interest rates on their savings, choosing the right type of financial institution is key. Among commercial banks, savings banks, investment banks, and credit unions, the best option is typically a credit union.
Credit unions often provide higher interest rates on savings accounts than their counterparts. These institutions are not-for-profit organizations that serve their members, which can result in better rates and lower fees compared to for-profit banks and investment banks. Commercial and savings banks tend to offer competitive services but may not provide the highest interest rates on savings accounts. Investment banks are geared towards investments and securities, not traditional savings accounts.