Best High Yield Interest Savings Accounts » Uncategorized

Ally Bank High Yield CD

admin — Mon, 21 Dec 2009 06:16:18 +0000

So I was looking around for CD rates, and Ally Bank has a good one that would work for people who do not have a lot of money to put it. They have a CD that has no minimum, and if you sign up for a 1 year term CD, you would get 1.85%. Now, considering there is no minimum to open this Certificate of Deposit, this is a good deal. I know that a lot of other banks have a minimum of anywhere from $1,000 to $5,000 to get a CD with a rate that is actually lower than that. Make sure that you will not be needing any money that you are putting into the CD, because if you call back your CD, you will get a reduced amount of earnings from the interest. So it is best that you just keep the money in there until it matures.

Just for a quick comparison for the Ally High Yield CD, here is what Bank of America is offering you for a 1 year CD:
* 12 month term with 1.01% APY4
* $5,000 minimum opening balance

Now, Ally has no minimum. BofA has a 5 grand minimum. The interest rate alone makes it a no brainer over who you would go with. There were other places that I looked at. HSBC offers CDs, but they had a 1.5% CD rate for one year, and I believe the minimum to open one was 2,000 but I could be wrong.

7 More Bank Failures – 2 From California

admin — Mon, 21 Dec 2009 05:43:53 +0000

The associated press had reported that 7 more banks had failed, bringing the total number of bank failures for this year to 140. When you see something like this, it really makes you wonder whether your money is truly safe. Now, unless you have more than the amount of money the FDIC is insuring, you have no serious concerns since the FDIC takes over the banks and reimburses everyone for the insured amount. The one thing you might have to worry about is how long your money might be inaccessible. If you are really worried that you might have an account with a bank that could fail, you could just open an account with a bank that the government has been supporting. Obviously, the government is not going to let BofA or Chase fail, so those are two options. Another way is to simply have two different bank accounts.

Importance of High Interest Savings Accounts

admin — Tue, 15 Dec 2009 18:31:36 +0000

It is important for you to keep your savings in a high interest savings account. This is especially important if you are the kind of person who likes to keep thousands of dollars in cash sitting around the house. Why, do you ask? Because inflation eats away at your money. As time goes on, our dollar is devalued. You remember your parents saying a piece of candy used to cost a nickle? The reason that same piece of candy that use to cost a nickle is now a dollar is because of inflation. So next year, that $10,000 that is sitting in your safe at home is not going to have the same purchase power that it has now. One way to help defend yourself against inflation is to keep that money in a high interest account. There are better ways to defend yourself from inflation, but that is one way that a lot of people are comfortable with doing. Other ways would be investing in a business, real estate, etc., but I know that a lot of people are not too familiar and probably want a low risk method. Savings bonds are also a great idea since they could earn more interest than a savings account, but they are not as liquid.

In today’s economy, you need to make sure you are getting the best bang for your buck. Don’t let any money making opportunity slip by, especially if it is as easy as putting your money to work in a savings account. There is no reason to have your money sitting in an account earning you no money. It should always be in a high interest bank account so you are getting some kind of money from it.

1/4th of Americans do not have Bank Accounts

admin — Fri, 04 Dec 2009 22:20:39 +0000

That is a crazy number to swallow. The reason is because I am imagining how much those people spend on services like cash checking, pay day loans, etc. The main thing I am focusing on is the expenses those people pay to have their checks cashed. Some places will charge you $7 to have your checks cashed, and wal mart will charge you $3 to have your checks cashed. That will add up over the year. If you get paid bi-weekly and cash your checks at Wal Mart, you will pay $78. If you go to other check cashing places that charge $7, that is $182 that you blow on check cashing fees! You can get a free savings account that earns interest, and you pay nothing to have your checks cashed. I never really thought about how many people do or do not have bank accounts, but after reading the news article that says 25% of households do not have an account, I am stunned.

I am wondering what is stopping these people from opening a savings or checking account. Are they not finding free accounts to bank with, or do they simply not care for a bank account? If they are paying fees for alternative banking services like check cashing, they are really doing financial harm to themselves. Fees can eat up money and you won’t even realize it until you think about it.

Bank of America has low interest Savings Account

admin — Fri, 04 Dec 2009 20:56:28 +0000

To me, it seems that Bank of America offers low interest savings accounts. Compared to other banks like HSBC, Ally, and a few other banks, BofA’s deal on a savings account does not look enticing at all. If anyone can show me otherwise, I would like to see it. It could be that I am overlooking something on their website, but I do not see much of an offering from them with their interest rate on savings accounts.

Here is what I found on Bank of America’s website:

Growth Cash Maximizer^†
	`Standard`		`With Bonus Rate`
	`Rate`	`APY^†`	`Rate`	`APY^†`
`Less than $5,000`	`0.15`	`0.15`	`0.40`	`0.40`
`$5,000 - $9,999`	`0.15`	`0.15`	`0.40`	`0.40`
`$10,000 - $24,999`	`0.35`	`0.35`	`0.60`	`0.60`
`$25,000 - $49,999`	`0.45`	`0.45`	`0.70`	`0.70`
`$50,000 - $99,999`	`0.50`	`0.50`	`0.75`	`0.75`
`$100,000 - $499,999`	`0.50`	`0.50`	`0.75`	`0.75`
`$500,000 - $2,499,999`	`0.50`	`0.50`	`0.75`	`0.75`
`$2,500,000 and over`	`0.50`	`0.50`	`0.75`	`0.75`

Now, to me that looks like crap. I can find a handful of banks out there that will be offering a lot more interest than what you see above. That lack of interest that they offer on their accounts could be one reason why you do not really see them pushing their saving account products to anyone. If you are looking to open a savings account that will earn you some decent interest, the last place you should be looking is Bank of America.

Save Save Save

admin — Fri, 04 Dec 2009 20:35:22 +0000

No matter what the circumstances, it is really important to have a large savings account. You should have a savings account that has enough money saved to pay the bills for 6 months. That would help in case your income drops for some unseen reason and you need money to hold you in until you can get back to normal levels. Now, something drastic might not happen to a lot of people where they will need a savings to handle an emergency, but if you do not have that money when something happens to you, the consequences could be very bad. This is especially important if you have a family and only one person is bringing in the income. If that one person loses a job, then the whole family is screwed.

Banks offering great Saving Account Bonuses

admin — Sun, 22 Nov 2009 18:24:27 +0000

Banks are starting to realize there is a growing number of people who are saving money. US Bancorp announced that it has a deal where you receive $50 for depositing at least $1,000 and agree to set up a monthly automatic transfer from your checking account. Another sweet bonus on top of that is they will give you another $50 if you keep at least 1,000 in the account for 12 months. Basically, you are earning an easy 10% off of the original $1,000. Other banks are offering deals, but definitely not as good. Wells Fargo is offering 3% for their savings account up to a $150 amount.

If you are going to open a new savings account, you should take a look at what promotions there are for opening a new saving account. Obviously, not all promotions are going to be as good as the other. Now, not everyone is going to have 1,000 to open a savings account with US Bancorp, but if you do have that money to deposit, then that is a very good deal.

The number of bank promotions for savings accounts is most likely going to keep rising, since they are seeing an increase in the number of people who realize they need to save money. Instead of pushing loan products, they are starting to market their other products, mainly savings accounts.

How much should you put in your Savings Account

admin — Wed, 18 Nov 2009 22:03:09 +0000

The general rule of thumb for how much you should put in your savings account is 10% of your monthly take home income. Now, some people who are on a tight budget might look at that number and say it is impossible. For a family taking in $5,000 a month, that would mean they should be saving 500 dollars and putting it into a high yield savings account. If you are not able to put that amount of money aside, then you should start making some decisions to make the adjustment. You can make the squeeze a few ways. One way is to reduce your expenses. Any expense that is not needed can be removed. That is one way to be able to easily find the money to deposit into the savings account. Another way is to make more money to fill the difference. No matter what the situation is, you should be making a compromise to be putting 10% or more of your monthly income into your savings account each month.

Now, people who have the ability to put more than 10% aside should put more money aside. Not all the money should be dedicated to a high yield savings account. You could put the extra money into other products like bonds, CDs, stocks, etc. Although a high yield savings account will be earning you a decent interest on your money, there are more places to place your money when you are doing a good job at filling your savings account up.

Saving your money in an Account

admin — Sat, 14 Nov 2009 19:02:28 +0000

Saving money is an important habit to learn. Not everyone out there will have an easy time saving money. It can be bad when you dedicate an account to save money with, and you find yourself taking money out or “borrowing” from it. It is not a bad thing if you borrow money from your savings as long as you pay it back in a timely manner. There are many ways that you can save your money to earn interest off of it. The easiest and simplest way that people know is to save money in a savings account. When you know that a chunk of money is not going to be touched, then you should think about putting that amount into a CD or a Bond. The reason for this is you want to maximize the amount of interest that your money is earning you. If you are able to earn more interest from a bond or CD, then you should consider moving a portion of your savings into them. You should not put all of your money into one thing though. Different methods of saving money are more liquid and easier to move money than others. When you are using savings accounts to hold your money, you should make sure you are using at least two different banks. If your savings is small, then it might not bother you, but you it does not hurt to always have two different banks handling your money. You never know what happens these days, and you always want to have access to your money. Some savings accounts make it easy to open a CD or Bond because they connect accounts, so when you are looking for banks that have a good high interest savings account, you might want to take into consideration if they have any CD or Bonds available for you to easily access.

Savings Accounts that have Low Interest

admin — Sat, 14 Nov 2009 16:33:29 +0000

One bank to stay away from when you are thinking of places to open your savings account is Bank of America. When comparing them to other banks like HSBC, they fall horribly short of resembling a good interest rate. Even their CDs don’t have a decent interest rate compared to savings accounts from other banks.

This is why you always need to look around before you make a decision on sticking your savings into an account. There are a lot better deals to be had if you just do your homework before you make a decision. As of now, I am going to stick with my opinion that HSBC, ING, and Ally banks offer good savings accounts. When I come across other banks that compete I will list them here.