What is a High Savings Account Yield

What is meant by "high savings yield" or "high savings account yield"?

Online banking has made it possible to have a high savings yield. Because online banks do not have the high overhead of traditional banking institutions, they are able to pass the savings on to the consumer in the form of higher interest earnings on their deposits. The terms high savings yield and high savings account yield are used to describe this higher interest earning account.

What my your choices if I want a high savings yield?

If you search online for "high savings yield" or "high savings account yield" you will come up with many different options to choose from. The most well known institutions that offer high savings account yield are ING Direct, HSBCDirect, and CitibankDirect.

Is my high yield savings account FDIC insured?

High yield savings accounts are typically FDIC insured up to $250,000. There are higher insurance limits in some circumstances. Federal Deposit Insurance Corporation (FDIC) is an independentagency of the United States government that protects consumers against the loss of their deposits if their bank or financial institution fails.

How do I access my money?

You will usually be able to acces your money by writing a check or using an ATM machine. You can also link your account to a checking account where you can transfer funds online.

How much interest can I earn with a high savings yield?

High yield savings accounts typically earn 2% higher than traditional savings accounts. Consider opening a high yield savings account if you prefer to do your banking online and you want to earn a higher interest on your money than what a traditional bank will pay.

When deciding on where to open your account, keep the following questions in mind:

When it comes to deciding where to open your money market account, consider the follwing:

Do I need minimum deposit amount?

What are the fees?

What's the interest rate?

Are there limits on how often you can withdraw money?

Are there limits on how much cash you can withdraw at one time?

Is the account FDIC insured?

Is there overdraft protection?

How soon after funds are deposited are they available?