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 lik
ely to observe. Gravitational radiation emitted during this phase will have
to be dug out of noise by matched-filtering (correlating) the detector out
put with a bank of several 10(5) templates, making the computational resour
ces required quite demanding, though not formidable. We propose an interpol
ation 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 of similar to4 smaller than required by the usual
approach, when the minimal overlap between the template bank and an arbitr
ary signal (the so-called minimal match) is 0.97. The method is amenable to
easy implementation, and the various detector projects might benefit by ad
opting it to reduce the computational costs of inspiraling neutron star and
black hole binary searches.