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Opt for credit card savings accounts

Some credit card companies are offering tempting online savings deals.

For example, CapitalOne InterestPlus savings paid 1.1 percent on balances of $1,000 or more in late May 2011 for anyone who opens this type of account. That's compared to average savings yields of 0.68 percent offered nationally, according to Bankrate's rate comparison tool.

An American Express online savings account also paid a high yield -- 1.15 percent.

"Since they generally don't have physical branches, they can pay higher interest rates," says Ken Paterson, vice president of research operations at Mercator Advisory Group, a research firm based in Maynard, Mass. And the accounts are insured by the Federal Deposit Insurance Corp., to $250,000, he says.


 

 

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