  The final inspiral phase in the evolution of a compact binary consisting of
black holes and/or neutron stars is among the most probable events that a
network of ground-based interferometric gravitational wave detectors is likely
to observe. Gravitational radiation emitted during this phase will have to be
dug out of noise by matched-filtering (correlating) the detector output with a
bank of several $10^5$ templates, making the computational resources required
quite demanding, though not formidable. We propose an interpolation method for
evaluating the correlation between template waveforms and the detector output
and show that the method is effective in substantially reducing the number of
templates required. Indeed, the number of templates needed could be a factor
$\sim 4$ smaller than required by the usual approach, when the minimal overlap
between the template bank and an arbitrary signal (the so-called {\it minimal
match}) is 0.97. The method is amenable to easy implementation, and the various
detector projects might benefit by adopting it to reduce the computational
costs of inspiraling neutron star and black hole binary search.
