High Yield Savings Accounts
In this day and age, the term "high interest savings account" is a bit of a misleading term.
The economic meltdown over the past couple of months has resulted in rock-bottom interest rates as the Fed tries to re-ignite the economy.
This is great if you are paying a mortgage.
This is not so great if you are trying to generate interest income via your savings account.
The days of receiving 4-5% annual interest through your savings account are over, at least for the time being.
Instead, you need to be content with much lower rates. However, 1.35% interest is better than no interest.
If you are looking for a better interest rate, then this is the page for you.
Here are some of the latest deals that I have spotted that you might just be interested in:
Capital One Bank, 1.35% APY, $1,000 Minimum Deposit
American Express Bank, FSB, 1.30% APY, Zero Minimum Deposit
ING Direct, 1.10% APY, Zero Minimum Deposit
APY = (Annual Percentage Yield)
Of the three offers listed above, I would say that the ING Direct offer is the easiest to sign up for. ING Direct advertises that you can have an account opened within just five minutes, and I can personally verify that this is the case.
Two of the three companies (American Express and ING Direct) don't require a minimum deposit, while Capital One Bank requires a minimum deposit of $1,000.
As far as I am aware, all three of the offers above have zero monthly service fees.
We will be adding to this page in the future, so please keep an eye out!
Filed under: General Knowledge