Have you checked the yield on your savings account lately?  If you have a regular savings account at a branch of your local bank you are probably getting less than 1/2% interest on your money.  Worse than that, they may be charging you a monthly fee if you don't meet their minimum balance requirements.  If you have a regular savings account with a credit union you are still probably getting less than 1% interest on your money.  Having your savings account at a branch of your local financial institution is certainly convenient, but you are paying a price for that convenience with a lower interest rate and/or higher fees.

High Interest Savings Accounts

If you think 1% interest is the best you can do on a federally insured savings account, think again.  The highest yielding savings accounts are now paying around 3.25%.  That is not for a money market fund or a money market account, but a FDIC insured regular bank savings account.  Some of these banks allow you to open a high yield savings account with a little as a one dollar deposit.  Most of these banks also do not require a minimum balance to avoid fees.

Where Can You Find A High Yield Savings Account?

The highest yielding savings accounts are generally online savings accounts with a federally insured bank.  Online savings accounts can be found at an online bank or the website of your local bank.  Online savings accounts don't require the bank to staff a local branch to serve you.  This reduces the bank's operating costs, which allows the bank to pay higher interest and change lower fees.

If you are tired of getting less than 1% interest on your savings, consider opening a high interest online savings account.

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