Best High Interest Saving Accounts

Last Revised on September 5, 2009

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Everybody who has a bank account knows about the two most basic types of account you can open there – checking and saving accounts. But a lot of people are not aware of CDs (Certificate of Deposits) that usually pays higher interest rates. These days CD rates and interest rates on saving accounts are not much different, and a lot of financial expert are actually recommending depositing your money in a high interest yielding saving accounts because with CDs you have to put your money for a year or so that you can’t touch until it matures. There are lots of high interest saving accounts out there, but we have collected the best of the best and list of highest interest rate paying saving accounts, that you can start both online as well as in person in a bank. Savings have an advantage over many other types of account since it not only pays higher interest rates, but it gives you the flexibility of using the money in there anytime you want without any complicate paper works.
As of right now, ShoreBank and Presidential Online Banks are the only two that are offering interest rates higher than 2.0% annual percentage yield.

Compare the best high interest rate paying saving accounts

Bank APY
(%)
Minimum
Balance
ShoreBank Direct online savings account 2.15 $1
First Trade Union Bank savings account 2.06 2,500
Bank of Internet USA Advantage savings account 2.02 100
UFBDirect savings account 2.01 500
Tennesse Commerce Bank 3.01 $250
Lending Club 9.05 $25
Ever Bank 3.01 $1500

For new customers 3.01% 3-Month Bonus Rate. Low $1,500 initial-deposit requirement. No-fee Online and Mobile Banking. Up to six withdrawals per month.

ShoreBank 2.15 500
Bank of the Internet 2.05 $1000
Discover Bank 2.01 $2500

Low opening deposit plus no minimum balance. Make fast and free online money transfers. Set up automatic transfers from any checking or savings account.

Smart Pig 2.05 $25
Valley Community Bank 2.27% $100,000
Choice Bank Financial 2.26% $0

RateBuilder Savings – New money only, 2.26% APY is a 30-day introductory rate, then reverts to rate tiers. No more than six withdrawals or transfers per month.

Discover Bank online savings account 2.00 500

I have recently being seeing a lot of ads about Ally Bank Interest Rates, it is especially their FDIC insured CD at great rates. You have to open a new CD account and you could earn Up to 3.20% APY depending upon how much and for how long you want to put the money with them.

On a side note, please remember that the interest rates keeps on changing. Therefore, although I will try to keep the above high interest yielding saving account upto date, it is not always possible to be accurate on everything at one time. Here are few good tips to look for when you are looking for a good high interest rate paying saving account – they shouldn’t have any kind of fees, whatsoever. Keep the fees to the minimum, or try to avoid at all cost. Secondly, if those saving accounts are online, there should be fast transfer processing between two accounts. It should be easy to open whether online or in person. Customer service is a number two priority. The top priority when looking for a best saving account is that it pays high interest rates, without any catch – meaning it shouldn’t have any minimum opening account balance of $100,000 or more.

As always, please feel free to leave suggestions, ask any questions for help or simply discuss the topic. We highly appreciate your involvement and input everyday. If find it helpful, please share it with your friends by using one of the buttons below.

4 Responses to “Best High Interest Saving Accounts”

  1. guy from bank rates Says:
    August 11th, 2009 at 12:23 pm

    If you are looking for high interest yeilding accounts and you don’t need those money for a long period of time, why not consider bonds? Treasury notes are good ones too. The thing to keep into consideration is whether that account is FCIC insured or not, and if it what is the maximum amount is that guaranteed insured. Remember some of those banks few years ago when they went bankrupt and people who had put money over $100,000 or something lost some of their money. That’s awful.

    I think you meant to say FDIC insured right?

  2. Mr. Almost Broke Says:
    August 11th, 2009 at 11:31 pm

    I want to know which type of account has the highest interest rates? I have $3,500 that my aunt gave to me but I don’t know what type of account give the best interest rates. I am leaning between savings and interest paying checking account in my local bank. Unfortunately, the manager there told me there told me that the interest rates have fallen almost down to half of what it was a year ago. Help me please.

  3. Bank Rates Guy Says:
    August 27th, 2009 at 9:29 pm

    Yeah, I mean FDIC insured. Sorry about that. Anyways, I did some research and found some more high interest rates offered by various banks in different account that you can add to the list. Here are the top 10 highest interest rates banking accounts:

    1st. Heartland Direct Savings Account: 2.30% APY
    2nd. Nexity Money Market Account: 2.26% APY
    3rd. GMAC Bank Savings Account: 2.25% APY
    4. Umbrella Bank Money Market Account: 2.25% APY
    5. Corus Bank Money Market Account: 2.20% APY
    6. Flagstar Bank Money Market Account: 2.20% APY
    7. iGO Banking Savings Account: 2.12% APY
    8. AIG Money Market Account: 2.11% APY
    9. Bank of Internet USA Savings Account: 2.06% APY
    10. State Farm Bank Money Market Account: 2.05% APY

    Thanks for your contribution buddy. It shows how much attention you pay to these things. I really appreciate that.

  4. ING Direct Says:
    September 5th, 2009 at 10:43 pm

    How in the world ING Direct Savings and HSBC online not mentioned here? They offer the top notch service with highest interest rates in the market right now.

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