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High Yield Interest Savings Account

Updated on April 11, 2010

Are you banging your head against the wall lately because your stocks or real estate investments have taken a plunge?  You may feel that there’s nowhere you can safely put your money which will earn you a nice return.  But actually, there is once place you can still put your money which will at least keep your money from succumbing to inflation.  And your funds would also be guaranteed, meaning you would never lose it.  You should put your money in a high yield interest savings account.  The interest rate of a high yield interest savings account is much higher than any normal savings account.  The only thing you’ll have to trade off is the fact that you can’t do any transactions in-store.  All transactions must be done online.  If you are willing to do that, then a high yield interest savings account is for you.

There are several things you should look at when choosing a high yield savings account.  For one, you need to make sure the bank is FDIC insured.  If it’s not, don’t even think about putting your money with them.  The reason is that FDIC guarantees your deposits up to $250,000.  If the bank fails, FDIC will pay back to you your balance.  The bank is not FDIC insured, then you might as well kiss your money goodbye.  You can check if they are FDIC insured by looking up the bank on the FDIC website.  Other things you should look for in a high yield interest savings account is whether or not they charge fees on your deposit.  Fees will reduce your earnings making it useless to deposit your money there.  Next you want to find out if there is a minimum balance you need to keep in the account.  The best account would be one where there is no minimum deposit.  That way you can take out as much money as you want and not worry about fees again.  Another thing is to find out what the minimum opening deposit is.  If you need to deposit a large chunk of money that you don’t have, then you can’t open the account.  Finally, you’ll want to find the high yield savings account which has the highest APY.  Do some comparisons and figure out which account is best for you.

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