Currently, Baxter Credit Union Rainy Day Savings is at 3.00%APY. This is if you meet the credit union’s requirements:

Here is how the Rainy Savings Account works:

1. Open a Rainy Savings Account with any amount up to $1,000. In other words, initial deposit cannot exceed $1,000;

2. Make a deposit of $25, but no more than $500 into the account each month for 12 consecutive months. In other words, a minimum of $25 and a maximum of $500 is required;

3.  During this period, your account balance will earn an APY of 1.50%;

4. After the 12 month period, your APY will double bumping up to 3.00%APY.

A chart below shows how this type of savings account works:

Rainy Day Savings
after first 12 months	3.00%
first consecutive 12 months	1.50%

The best part of the Rainy Days Savings account is you will continually earn the 3.00%APY for so as long as you keep a monthly deposit into the savings account. Otherwise, you will only earn the regular savings account rate of 0.05%APY.

Please note that there is no withdrawal allowed for the first 90 days. Otherwise, a $25 early withdrawal penalty will be charged to your account. Also, membership is required to open the account.

If you are not a member and you are based in Minnesota, your best bet is Ultima Bank of Minnesota’s Smart Savings.

SMART Savings stands for School Money at Right Time designed specifically for young adults who are 18 years of age and below. It seeks to compliment the student checking. When student reaches the age of 19, the SMART Savings is automatically converted into a regular savings account, which currently has an APY of 0.15%.

Students under age 18 cannot apply for the SMART Savings online but  must visit one of Ultima Bank’s locations. If you are interested in applying for this account, please note that if you make a certain withdrawal before your 18th birthday, you may be slapped with a penalty equivalent to six months of interest.

Interest is calculated daily and is compounded and credited to your account quarterly.

Here are the advantages of opening the SMART Savings account:

1. An APY of 2.02%.

2. No minimum deposit requirement.

3. No minimum balance requirement.

4. Free direct deposit.

However, to qualify, you must be at least 18 years of age or younger. To make the most of your deposit, avoid making early withdrawals prior to age 18 otherwise the bank will charge you a penalty equivalent to six months of interest.

Established in 1904, Ultima Bank of Minnesota is a community bank based in Winger, Minnesota. It is a member of FDIC.

If you like banking with PNC and is comfortable and used to working on new technologies then this may be good for you. PNC Bank offers $100 when you get a Virtual Wallet with Performance Spend where you can manage your checking, short-term savings and long-term savings all in one place. Mobile Banking with PNC is free.

To take advantage of this $100 offer, here is what you need to do:

1. Open a personal checking account through June 30, 2012, which is available online. Or, you can print a coupon online and bring it to your local branch. The $100 offer will be applied automatically when you open your account online.

2. A qualifying direct deposit of at least $750 must be received;

3.  You must make at least 10 purchases with your issued PNC check card;

4. These 10 purchases must be posted within 60 days of account opening; and

5. Your personal checking account must remain open.

PNC bank will credit the $100 reward to your account within 60 days after the above conditions are met. This will be reflected in your account and will be identified as a “Cash Trans Promo Reward.”

Please note that this $100 offer is not available in all 50 states but are available only to the following states: AL, DC, DE, FL, GA, IL, IN, KY, MD, MI, MO, NC, NJ, OH, PA, SC, VA and WI. This offer which is set to expire in June may be extended by the bank so check with PNC for updates.

While it is hard to find the best high yield savings account if you are looking for one, we have gathered one for you. These are just for reference purposes only as savings account rates changes anytime at the discretion of the bank. The best way is to check the bank’s website or to call the bank itself to confirm the high yield saving account posted for the day.

Here are the top five high yield saving account rates that may give you a good return in your savings:

1. State Farm Federal Credit Union – Share Savings at 1.01%APY

2. SalemFivedirect – eOne Savings at 1.00%APY

3. Alliant Credit Union – High-Yield Savings at 1.00%APY

4. Colorado Federal Savings Bank – Online Savings Account at 0.85%APY

5. Discover and Clear Sky Accounts – Online Savings at 0.85%APY

Bear in mind that Credit Unions allow savings deposits from credit union members only and so if you are not check if you are related to someone who is a member because you may qualify. If not, choose from among the banks that do not require membership. Online savings can be great for those who are comfortable banking online. If you are, you will have complete access to your savings account anywhere and at anytime.

You can compare the above savings account offer from what was offered sometime in February 2012.