High Yield Savings Account Best Rates

by hysa | Filed under Savings Account.

Looking for the best high yield savings account? Bank’s high yield savings accounts are now offering a savings option with high interest rates. However, the competition among online high yield savings accounts is very high. Many banks offer fantastically high rates, but that rates are constantly changing. That being said, you always need to be aware of the changes from time to time. In our effort to provide the best high yield savings account rates for November 2011, following are the short list of the best online bank savings accounts with high interest rates. Not only will you have 24/7 access to your account, but that you can have peace of mind knowing that your money is safe as they are FDIC insured.

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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