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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If you are up to letting your money work for you then it is best to look around for interest bearing checking accounts. There are many banks offering interest bearing checking accounts, but it is up to you to look for it.

Here are the banks and credit unions offering checking accounts that bears interest of over 1.00%APY for November 2011. Check them out and compare which checking account is best for you.

1. Provident Credit Union Super Reward Checking at 2.26%APY. Provident Credit Union only requires $25 minimum to open the checking account and there is no monthly fee.

2. Baxter Credit Union Power Checking at 2.00%APY.  No minimum is required to open and there is no monthly fee.

3. Bank of Internet USA Rewards Checking at 1.25%APY. $100 minimum is required by Bank of Internet USA but there is no monthly fee.

4. Alliant Credit Union Free High Rate Option at 1.10%APY. There is no minimum and no monthly fee for this checking account.

5. Incredible Bank Incredible Checking at 1.06%APY. Incredible Bank requires the highest minimum amount of $1,000 to open the checking account and there is a monthly fee of $15, which may be waived if you meet certain requirements by the bank.

The above interest bearing checking accounts are the best checking accounts for November 2011. The checking accounts bears interests of more than 1.00%APY. The rest of the offers are below 1.00%APY, which we did not include. Our focus is to provide checking accounts with interest offers of more than 1.00%APY.

If you notice, credit unions and internet banks are the ones offering the best interest rates on checking accounts. Perhaps it is because internet banks do not have to pay a lot of personnel to man its banking operation. Also, credit unions operate for the benefit of its members and so these credit unions can afford to give the best to its  members.

In other words, it pays to be a credit union member since you will be the first to reap the benefits of the union. And, while you may not be comfortable banking online, you may think about using online banking since internet banks are the ones offering the best interest rate on checking accounts. In other words, it also pays to use online banking since you can reap higher interest rates while doing your banking from the comfort of your own home.

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If you are planning of getting a credit card, here are the features of Bank of America’s new BankAmericard Cash Rewards credit card:

1. No annual fee.

2. $50 cash rewards bonus after qualifying purchases. To get the $100 cash rewards bonus, you need to use your new card to make at least $100 in retail purchases within 60 days of opening your account.

3. Cash rewards with no need to sign up or register. Your rewards are automatic and they don’t expire. The cash back are as follows:

• 1% cash back on everything else
• 2% cash back on groceries
• 3% cash back on gas

You can choose to receive your cash. You can have it deposited into any of your checking or savings account, credited to your statement, or sent directly to you. You could even earn as much as $400 in cash back rewards in the first year.

4. 0% introductory APR for purchases for the first 12 statement closing dates following opening of your account and 0% introductory APR for any balance transfers made within 60 days of opening your account.

5. And, 10% customer bonus if you redeem your rewards into a Bank of America checking or savings account.

However, everything is not free. The bank charges up to $35 for late payment and up to $25 for returned payment. Also, there are transaction fees involved. For example, for cash advances, the bank charges either $10 or 4% of the amount of each transaction, whichever is greater. The same holds true for balance transfers and for purchases of wire transfers from an non-financial institution.

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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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