Taking Advantage of High Yield Savings Accounts

High yield savings accounts are a bit of the rage these days given the economy is in the toilet.  So if you are putting money, such as your emergency fund, into a savings account, make sure you are getting the best rate.  Let's review a few of the offerings that we would recommend.

A high yield savings account is a bank account, usually online, where you can earn a small, but safe return on your cash.

At Asset Wealth Development would recommend that you check some of the popular websites for information on high yield savings accounts, such as MoneyRates (http://www.money-rates.com/) and Bank Rate (http://www.bankrate.com/).  Starting with those two websites is the best place to find the latest and greatest offers, after all, you are shopping for the best bang for your buck.

Other Offers for High Yield Savings Accounts include our sponsors:

Note that some of the higher rates are just “intro” rates (or teaser rates as we like to call them).  Bank Rate even provides a star rating for banks to provide indication as to the bank’s safety and financial stability. 

Commonly, you have to meet at least four requirements in order to receive a high yield savings account. Make a sufficiently large enough initial deposit, keep a high balance over time, limit transactions in and out of the account, and have other banking relationships along with the high-yield account.

Most banks will ask that you have a checking account with them so that it is easier for you to transfer and affectively change anything as a “total” banking customer with them. Banks have followed a credo that implies high yield savings accounts “only” to valued customers.

Getting a competitive rate on your savings while keeping it liquid is always a good feeling.  Please make sure that the bank you choose is FDIC or NCUSIF insured.  The two sites mentioned are the best that we have found, but if you have a better site please suggest it to us through our contact us page.

Review our other AWD Investing Blog articles.  Happy Safe Investing.