Don't be afraid to use Internet banks4 of 7Online banks are a good bet for higher yields."They make it easy," Tumin says. "They don't have minimum balances and do have online transfer features." They're also usually covered by the FDIC, so your money is insured up to $250,000 per account.And some juicy rates are found in unexpected places. For example, American Express offers an FDIC-insured, high-yield savings account online that paid 1.15 percent APY in mid-March. There are no fees or minimum balances. And Sallie Mae had a similar online account with a 1.1 percent APR rate.Though much banking is done in physical branches, online banks such as Sallie Mae are just as good. SmartyPig, a free online piggy bank with a twist, is another option. It recently paid a high 1.35 percent APY rate. But you'll need to set a savings goal and deal with some restrictions. For example, partial or periodic savings account withdrawals aren't allowed. You have to withdraw the full amount.« Back to the 2011 High-Yield Checking Survey. Related Articles:Savings goal calculatorPros of savings accountsFind great savings rateBest savings interest ratesRelated Links:Is online checking for you?Simple savings calculatorHow do I ladder CDs?Checking account tips advertisement
Online banks are a good bet for higher yields.
"They make it easy," Tumin says. "They don't have minimum balances and do have online transfer features." They're also usually covered by the FDIC, so your money is insured up to $250,000 per account.
And some juicy rates are found in unexpected places. For example, American Express offers an FDIC-insured, high-yield savings account online that paid 1.15 percent APY in mid-March. There are no fees or minimum balances. And Sallie Mae had a similar online account with a 1.1 percent APR rate.
Though much banking is done in physical branches, online banks such as Sallie Mae are just as good. SmartyPig, a free online piggy bank with a twist, is another option. It recently paid a high 1.35 percent APY rate. But you'll need to set a savings goal and deal with some restrictions. For example, partial or periodic savings account withdrawals aren't allowed. You have to withdraw the full amount.
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