With interest rates at fairly high levels, a good place to keep your money in the short term is a high yield savings account. These accounts, mostly offered by online banks, allow you to stash your money away at high interest or CD rates. Transferring in and out of a savings account usually only takes 2-3 business days, and so these accounts are a great way of making the most out of your money. Why keep it in a virtually 0% interest checking account when you can earn interest while maintaining almost the same liquidity? Of course it makes sense to keep some money at hand but a high yield savings is something that everyone with savings should consider. I personally have an Emigrant Direct account to hold most of my savings.
Emigrant Direct's online branch was started in January 2005, when they opened the website and offered some of the highest rates in the country. Within 2 years, the bank was flooded with about $7 billion dollars in deposits. The internet banking market has now reached almost $90 billion and has been growing 40 to 50 percent a year since 2002. With this phenomenal growth, larger banks are getting in on the action, including Citibank and HSBC. If you are looking to put some money away, a high yield online savings account is definitely something to look into, with much higher returns than your average savings account.
Emigrant Direct still has one of the highest rates for a regular savings account at 5.05%. They also offer 5.15% APY CD accounts and up to 1.40% cash back Platinum Mastercard. They recently revamped their interface and I find it to be both secure and convenient. I switched from INGDirect to Emigrant Direct a few months ago and have not looked back. However, they have recently limited 3rd party transfers, something that doesn't affect me but may affect you. Other banks offering high CD rates and savings account include IndyMac Bank, Umbrella Bank, and HSBC.
For more information visit www.thepiggybanker.com
In a time of financial difficulties we begin to see how important it is to have a savings account, some money for unexpected situations and rainy days. We are all aware of the fact that saving money isn't easy, especially nowadays when we have so many attractions and so many things we'd like to purchase, but a savings account will definitely make a difference when you confront yourselves with s tough financial situation. Luckily for us, there are many banks out there willing to offer us high yield savings account
If you are not familiar with the term high yield savings account, you should know that this term is used for those accounts that are very competitive and that offer several perks, such as a higher annual percentage yield. Those of you, who are interested in high yield savings, should know that only certain customers can have such an account, as long as they meet at least one of the following criteria: make a significant initial deposit, keep a high balance over time and limit transactions in and out of the account.
Usually, valued customers are those who have a chance at high yield savings account and the solution for the rest of us are online banks. These high yield savings that are offered exclusively by means of the Internet represent the attraction of online banking industry. Nonetheless, if you are shopping online for a high yield savings account provider, make sure that you take into consideration other aspects besides the interest rate they have to offer.
Although interest rates are very important when choosing a high yield savings account, they shouldn't represent the only criteria when deciding which provider you will select. There are other factors that should be taken into consideration such as reliability, customer service, user friendly website interface, brand name reputation and a consistent history of providing high rates. Online you will find banks sorted in the order of the interest rate they are offering and you will be able to compare offers for high yield savings.
Some of the advantages of online high yield savings account providers are: higher interest rates which are more appealing to customers, they are FDIC-insured, better online banking interface, because the main interaction with the bank takes place online. Still, we must be fair and mention that there aren't only benefits to online high yield savings, some of the most important drawbacks being the fact that transferring money can take even a couple of days and the website can always break down. However, the greatest thing about online high yield savings account is the fact that they are actually possible and you will require a smaller initial deposit than that required by many local banks.
Another thing about these accounts is the fact that there is no guarantee that your saving rates will remain high for an indefinite period of time, since the bank can decide to change them any time. However, taking into account all the options you have at your disposal in this turbulent economic time, you will be satisfied with the benefits of high yield savings account.
Both Mark Wu & Clint Jhonson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Mark Wu has sinced written about articles on various topics from Pearls, Wedding Bells and Pearls. http://www.thepiggybanker.com - Bringing you the best CD rates, savings accounts, credit card deals, and bank promotions for the rainy day.For the original article go here:. Mark Wu's top article generates over 22200 views. to your Favourites.
Clint Jhonson has sinced written about articles on various topics from Modelling, Home Buyers Guide and Gardening. We are aware of the importance of saving money and resorting to a reliable, reputable bank, and it is our pleasure to put at your disposal our. Clint Jhonson's top article generates over 1000000 views. to your Favourites.