Best High Yield Savings Account Rates Of 2011.
Posted: August 4th, 2011 | Author: Joe | Filed under: Banking, Saving | Tags: high Yield Savings, online banking, online savings, Savings | No Comments »Just as there are buyer’s markets and sellers markets in real estate, so there are saver’s markets and spender’s markets in banking. It’s by design, although the Federal Reserve may prefer to look at low interest rates as spurring investment rather than spending, but the truth of the matter is that low interest rates typical spur more debt than more investing.
Alas, such is the state of savings rates today – pitiful!
But just because rates are low, doesn’t mean there aren’t better choices than the 0.01% local banks seem to give. Here’s a list of the highest yielding savings accounts as of August, 2011 (in order of rate, highest to lowest):
- Everbank offers high-yield money market account with an APY of 1.01%. The minimum deposit is $1,500 and there’s an $8.95 per month fee whenever your balance is less than $5,000 and a $10 transaction fee for every transaction over the monthly limit. (click the link above for details)
- Incredible Bank offers a checking account with 1.21% APY with a $1,000 minimum deposit to open. There’s a list of additional fees though.
- SFGI Direct offers a 1.11% APY savings account with a $500 minimum to open.
- Discover Bank has a 1.15% APY online savings account with a $500 minimum to open. click here for fees
- CNB Bank Direct offers 1.15% APY on its high-yield savings account with a $1 minimum balance. No mention of fees
- Sallie Mae Bank has a 1.10% APY high-yield savings account with an additional 10% rewards match on Upromise accounts.
- SmartyPig is offering 1.10% APY on its savings account.
- Capital One has an online savings account that pays 1.10% APY on balances over $1000. If you have a Capital One credit card, you can earn a 10% bonus on your interest earned.
- Nationwide Bank is paying 0.50% APY with a $300 minimum balance. (click the link above for fees)
- OneWest Bank has a Green Savings account that currently pays 1.00% APY, with no minimum.
- iGOBanking is providing a 1.01% APY with no fees and no minimums.
- One of my favorites, ING Direct is paying 1.00% APY with no minimums on its Orange Savings account Note: If you’re interested in ING, you can get an extra $25 when you open with one of these referral codes (email me if they have expired, and I’ll send you a fresh one)
- American Express offers a 1.00% APY high-yield savings account with no fees and no minimums.
- Dollar Savings Direct has an APY of 0.90% with no fees and a $1000 minimum balance.
- FNBO Direct has an 0.85% APY online savings account with a $1 minimum deposit.
- The HSBC online savings account currently provides an 0.80% APY. There are no fees and no minimums, but you need at least $1 to open the account. HSBC is my other high yield savings account (ING is the 1st), and I’ve had no complaints.
- Emigrant Direct also offers 0.80% APY with no fees and no minimums.
You’ll likely notice a trend as you go down the list – as the yield drops, so do the fees and additional requirements. Also, many have implemented new fees and requirements due to the Frank-Dodd financial regulation passed by Congress after the recent financial meltdown. You didn’t think the banks were going to pay those new regulation fees out of pocket, did you? 
