For savings, the best way is to look for a high yield savings account since it gives you a much better savings account rate compared to a regular savings account. There are many banks offering high yield savings accounts however only a few are offering the best high yield saving account.

We have gathered below the best high yield savings accounts offered by banks that are FDIC insured and Credit Unions with accounts also covered by insurance:

1. UFB Direct. UFB Direct tops on our list of banks offering a high yield saving account. UFB Direct offers 1.30%APY on its Airline Rewards Savings and the minimum amount to open is $100 only with no monthly fee.

2. Alliant Credit Union. As a credit union, you must be aware that you can only avail of its high yield savings account offer if you are a member of the credit union. Alliant Credit Union currently offers 1.15%APY on its high yield savings. Only $5 is the minimum amount required to open and there is no monthly fee. However, in order to be entitled to the APY, you must have a minimum account balance of $100.

3. smartypig. SmartyPig, a free online piggy bank and a leader in social banking, offers 1.10%APY on its SmartyPig Savings Account. SmartyPig requires $25 minimum amount to open, but there is no monthly fee. Also, your  account with SmartyPig is covered by FDIC insurance and funds are deposited with BBVA Compass. BBVA Compass is a leading U.S. banking franchise with operations in the Sunbelt Region.

4. Clear Sky Accounts. Offers Clear Sky Savings Account at 1.04%APY. Only $1 minimum to open with zero monthly fee. Clear Sky Accounts is brought to you by Chesapeake Bank of Virginia.

5. State Farm Federal Credit Union. The credit union offers 1.01%APY on its share savings account. Only $5 minimum to open and there is no monthly fee. However, as a credit union, this offer is only available to credit union members.

6. Discover and CNBBankDirect offers 1.00%APY on their respective online savings and high yield savings account.  While Discover Bank requires $500 as the minimum amount to open its online savings account, CNBBankDirect only requires $1 to open. Both banks however requires no monthly fee for maintaining your savings account.

Start your 2012 with a savings goal in mind and at the end of the year you will be very grateful for doing yourself a big favor. It’s not too late to start to build wealth. With a small fraction of your income each month, you are guaranteed to have something to get you through when times get rough for you.

You can compare the above high yield savings account rates with our previous month compilation of banks offering the best high yield saving account and see for yourself if the rates are up or down. But, be that as it may, there is no reason not to save for your own future.

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DISCOVER BANK. Discover Bank offers a solid savings account with a fast opening process 24/7. The current interest rate for Discover Bank is 1.00% APY. This has a low opening deposit plus no minimum balance. And, it has set up automatic transfers from any checking or savings account.

AMERICAN EXPRESS. American Express is a well known and trusted bank. Earn a competitive rate with easy access to your money. No need to switch banks if you are comfortable banking with them. You can make deposits and withdrawals to your personal savings account electronically by linking your existing account at another bank in a few simple steps. Current savings account offer from American Express is 1.00% APY. There is no minimums and no fees to open or maintain a high yield savings account with them.

SALLIEMAE. SallieMae is now offering a high yield savings account boasting no fees and no minimum balance. The process to open a savings account takes less than ten minutes and the current interest rate is 1.00% APY.  It has a 10% annual match on Upromise earnings with easy online account management, 24 hours a day. To be eligible for SallieMae’s Upromise earnings, you need to link your high yield savings account with your Upromise account within 90 days of opening your high yield savings account (HYSA).

ALLY BANK.  Ally Bank’s rates are among the most competitive in the country. Ally Bank was selected by Kiplinger Magazine as the best savings account for 2009. Currently, Ally Bank sports an interest rate of 0.89% APY effective November 4, 2011. You can open and fund with any amount and there is no monthly maintenance fees.

FNBO DIRECT. FNBO offers no fees and no minimum balance requirement. You can open an account with as little as a dollar. You can also get access to your money anytime and save with the confidence of superior online security. Plus, it has easy transfer options where you can send money to and from your accounts easily. Today’s current rate is .70% APY.

ING DIRECT. ING Direct has “Online Security Guarantee,” an assurance on online banking safety. ING Direct offers no fees and no minimum balance requirement. It has a great website and never had any customer service problems. Favorite feature is the ability to split account into several labeled sub-accounts. ING Direct offers a current interest rate of 0.90% APY. As an update: Capital One purchased ING Direct early this year. The acquisition is currently under review.

EVER BANK. “Best of the Web” by Forbes.com five years in a row and “Best of the Breed” by Money Magazine, EverBank is a remarkable story of growth, stability and innovation. One of the many banks to offer direct access to the global market, Everbank has a variety of products and has a minimum opening balance of $1,500. Their high yield savings account has an interest rate of 0.76% APY.

HSBC. The bank offers a high yield savings account rate of 0.80% APY and has no minimum balance requirement. You can open an account with only $1 to start. You can access to 24/7 customer support. HSBC ranked “Best Customer Service in 2006” by Kiplinger’s Personal Finance magazine and “Best of Breed” by Money Magazine in 2007. You can connect your high yield savings account to as many checking accounts as you want, regardless of what bank they are with.

BANK OF INTERNET USA. With no fees or balance requirements, their high yield savings account earns 0.80% APY.  You have a minimum requirement of $100 to open an account and you have free ATM card available upon request.

There are still lots of factors to consider in choosing high yield savings accounts. There are many offers that sounds great, but you have to be very careful in entering into any bank transaction for it may disappoint you at a later time if you will not give much thought about it. Before doing anything, double check the bank you are interested in and check their history and records. It will not only give you a good glimpse of the bank but it makes you realize if it is well worth it to let them borrow or use your money.

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Sovereign Bank, for example, has a lot of hot promotional offers. Here are Sovereign Bank’s promotions:

1. Sovereign Bank Student Banking. With Sovereign Student Banking, a student who opens up a Free Student Checking Account will get up to $50 cash bonus. The Sovereign Student Banking is designed to give students easy and convenient banking. The student-friendly features of Sovereign Bank’s Student Checking Account not only offers a $25 cash bonus, but also another $25 cash bonus when the student use his/her new Debit MasterCard to make at least 5 purchases. A total of $50 in cash bonus.

Sovereign Bank Student Banking has no minimum balance and no monthly fee, no fee to use other bank’s ATMs in the US, first order of check is free, no annual fee or monthly fee with Sovereign Bank Debit MasterCard, unlimited phone, branch and ATM banking and more.

2. Use your Sovereign Bank Debit MasterCard and you could win a VIP Grammy experience. You should use your Debit MasterCard between November 1 and December 31, 2011 to be automatically entered for a chance to win one of two Grand Price Packages. The Grand Price is a 4 day/3 night trip for the winner and a guest to Los Angeles for a VIP Experience at the 54th Annual Grammy Awards on February 12, 2012. Winners will receive the following:

• 5 star hotel accommodation
• $300 MasterCard gift card and gift bag
• Sightseeing tour
• Dinner on the town
• Pre-event makeover
• Tickets to the 54th Grammy Awards
• Official Grammy Celebration After Party

No purchase is necessary however this offer is available only to residents of CT, DE, MD, MA, NJ, NY, NH, PA and RI who must be 18 years old by November 1, 2011.

3. Boost Your Business with $50,000. Have a business? Open a Sovereign business checking account and be automatically entered to win up to $50,000 in Boost Your Business Sweepstakes.

• 1st Prize is $50,000.00
• 2nd Prize is $25,000.00
• 3rd Prize is $10,000.00

The sweepstakes starts October 22, 2011 and ends December 31, 2011 and is open to for-profit businesses that are authorized to do business in and that have demonstrable business activities in at least one of the following states: CT, DE, MD, MA, NH, NJ, NY, PA and RI.

4. Sovereign Goal Savings Account. The Sovereign Goal Savings Account allows you to reach your savings goal and lets you earn bonuses in the process. However, this savings account promotion requires a Sovereign checking account and at least one recurring automatic transfer per month from your checking account to your Goal Savings account in order to qualify for the bonus. Your bonus could reach to as much as $125 depending on how much savings you have accumulated.

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With stocks going up and down and a very high unemployment rate which is at 9.1%, according to the U.S. Department of Labor Bureau of Labor Statistics, and an unpredictable weather, it is very unlikely to know what is going to happen next. But, one thing for sure, is that you can make your money work harder for you like putting it in a high yield savings account or a high yield money market account. While you may not be able to predict what lies ahead for you, you will be able to protect yourself by being smart in protecting your finances.

There are 4 steps that are deemed very important if you want to protect yourself:

1. Know what to spend. It is very important that you keep track of what you are spending. It is ideal to do this each month. It is good to keep a record of your expenses like coffee and gas to rent, mortgage, utilities and more. By the end of the month, you will know exactly how much money is spent and where it is going. There are software programs that can help you with this.

2. Trim your expenses whenever you can. In other words, just live within your means. If you cannot afford, don’t buy. For example, you can rent movies and games at your local library and it’s free. One way of trimming expenses is by dropping a telephone landline and just use your mobile phone as your primary number. It is more convenient and very practical.

3. Minimize discretionary spending. Before going out for shopping, check what it is that you really need. Once in the shopping center, you will know what to grab and what to do away with. Ask yourself before grabbing that item, is this something that I really need? Or, is this just a want? If it’s a need, go for it, but be sure to shop around for the best value.

4. Save for emergencies. The more you have to put money away for emergency during tough times. The ideal way is to have something to cover 3-6 months of living expenses in case of hardships. One way of putting this money for emergency is by placing it on an FDIC insured savings accounts or money market accounts that are high yield savings accounts. It is likewise important that you have easy access to these funds.

A high yield savings account is a great way to grow your money to prepare you for any emergency. It is FDIC insured and gives a high yield rate of return on your savings. You can check the highest yield savings accounts for October 2011 to get you started. You may also want to check SFGI Direct savings account, which is currently at 1.11%APY.

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There are so many banks offering high yield savings accounts, but if you are looking for the highest yield savings account, you may wonder which among these banks is offering the highest yield savings accounts.

It is important for us to understand that we need to look into the stability of the bank too other than the coverage of FDIC insurance in our deposits. In this way, we will have peace of mind.

Examples of banks offering high yield savings accounts for October 2011 are:

1. American Express, which currently offers a high yield savings account at 1.00%APY;
2. CNB Bank Direct High Yield Savings Account at 1.05%APY;
3. First Trade Union Bank High and Mighty Savings at 0.90%APY;
4. MetLife High Yield Savings Account at 0.25%APY;
5. TD Bank high yield savings at 0.05%APY; and
6. Alliant High Yield Savings at 1.15%APY.

But, banks offering the highest yield savings accounts are those that pay you while you do everyday banking with them.

UFB Direct is a bank that pays you airline mileage for your everyday banking. UFB Direct offers an airline reward savings, considered to be the highest yield savings account, currently at 1.30%APY. With only $100 minimum amount to open and no monthly fee, UFB Direct beats other banks which charges ridiculous fees.

Please be aware that UFB Direct, a division of Bofl Federal Bank, is an internet only bank. In other words, if you want to avail of this type of savings account with the highest yield, you must be comfortable banking online.

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