The Best High Yield Savings Accounts

by Kristina on June 21, 2012 · 1 comment

DINKS Finance has to once again thank our great friends from Bankrate who have compiled a list of all the best High Yield Savings Accounts available right now for consumers. If you are like me then you find it comforting to have access to cash immediately just in case you have a financial emergency, but you also feel that your hard earned money should be earning some interest, no matter how small of an amount that it may be.

High Yield Savings Accounts are a wonderful asset to a well balanced investment portfolio. Bankrate has been very gracious and identified the top-yielding online savings accounts, some of which are currently paying over 1% interest.

If you are looking for a safe place to hoard your cash then check out this list of the best High Yield Savings Accounts:

Cit Bank is currently offering 1.05% on balances over $25,000.  If you don’t have $25,000 to save then the interest rate is 0.90% on lower balances. Cit Bank is a member of FDIC. This High Yield Savings Account has no monthly fees and does not offer checks.

Barclays is currently offering 1.00% on all deposits in their High Yield Savings Account. There are no monthly or maintenance fees. This account does not offer checks and it is FDIC insured.  Barclay’s is a member of the ATM alliance along with Bank of America and BNP Paribas.

Ever Bank is rated 3 out of 5 stars and they are currently offering 0.91% on their High Yield Savings Accounts.  There is a minimum initial deposit of $1500 required to open the account and a balance of at least $5000 is required to avoid the monthly fee of $8.95.  Checks are allowed and Ever Bank is currently offering an introductory rate of 1.05%.

Union Federal Saving Bank is currently offering 0.90% on their High Yield Savings Account.  Union Federal is a FDIC member and clients can open their account online with no maintenance or monthly account fees.

Ally Bank is rated 5 stars and they are currently offering 0.84% on their High Yield Savings Account.  There is no initial deposit required to open an account with Ally Bank and there is also no minimum monthly balance requirement.  Clients can open their Ally Bank account online and fund it with money from any other financial institution.

MetLife Bank is currently offering 0.85% interest on all balances of $10,000 or more.  You may know MetLife as an insurance company, but they also offer personal financial services. Check writing is allowed on this High Yield Savings Account.

My Bonus Recommendation:

TD Bank clients can maximize their earnings when they maintain a higher balance with tiered interest rates in the TD High Yield Savings Account.  There is no minimum initial deposit required and TD Bank offers clients who also have a TD checking account an interest rate bonus on their TD High Yield Savings Account.  The monthly maintenance fee is waived if you are at least 62 years old or if you maintain a minimum balance of $10,000. The TD High Yield Savings Account also offers free money orders, stop payments, and incoming wire transfers.

Photo by AdamB