GMAC Bank has currently updated its online high yield savings rates. The bank is now offering 2.25%APY on deposits with balances of $0 to $5,000 or more. The rate is by far one of the best in the financial market.

To open an account, a minimum deposit of $1 is required. The savings rate you will then get is the rate in effect as of the date your initial deposit is received by the bank. Please note however that the rates may change after opening your account.

If you want to see your money grow,  a high yield savings account rate of 2.25%APY to start with is not really that bad.

A high yield savings account at 2.30% APY is now being offered by CNB Bank Direct. Deposits of even a minimum of  $1.00 can start earning interest.

The bank is FDIC insured up to the amount permitted by law. Other than that, you’ll have access to your account 24 hours a day, seven days a week. The most important part is there is no monthly service fee and you can make up to six withdrawals per month with no limit on number of deposits. To play safe, a deposit of up to the amount covered by insurance would be ideal.

Update: The high yield savings account offered by CNB Bank Direct fell by .10%APY or 2.20%APY in its rate change of April 14, 2009. It is no longer 2.30%APY as offered in March. This goes to show that savings rates continues to fall.